Nuscale Power Corp. (SMR)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$10.7M

Revenue growth

-81.0%

Net income, last twelve months

-$415.7M

Gross margin

23.5%

Operating margin

-6854.0%

Net margin

-3888.7%

Free cash flow

-$778.8M

Return on equity

-20.2%

Market value

$2.1B

Cash

$766.5M

Debt

$0

Debt to equity

0.00

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 5 August 2026.

• TVA discussions toward definitive agreement. ENTRA1, NuScale's exclusive global strategic partner, continues discussions with TVA toward a definitive power purchase agreement for what the release calls potentially the largest nuclear deployment program in U.S. history.
• RoPower conditions on Romanian vote. NuScale is working with Nuclearelectrica and RoPower Nuclear to meet conditions tied to the Nuclearelectrica shareholder vote. The vote concerns a project to deploy six NPMs at a former coal plant site in Doicești, Romania.
• First-quarter TVA capacity framing. The first-quarter release described the TVA program as up to 6 gigawatts of NuScale SMR capacity. The second-quarter release gives no capacity figure for the program.
• Paragon awarded HIPS design contract. NuScale awarded Paragon, a supplier of safety-related products, a contract to complete final design development of the Highly Integrated Protection System, which the release calls a supply chain readiness milestone.
• R&D rose on module readiness work. R&D rose $6.6 million to $18,429 thousand. The release cites $7.1 million of higher costs to advance the technological readiness and design maturity of NPM components, partly offset by $0.6 million lower regulatory costs.
• Module output and configuration described. The release says each NuScale Power Module generates 77 MWe, with configurations scalable up to 924 MWe across 12 modules.
• Cash and investments reached $1.9 billion. Cash, cash equivalents and short- and long-term investments were $1.9 billion at June 30, 2026, against $1.0 billion at March 31, 2026, per the first-quarter release.
• Share sales raised $984 million. Proceeds from issuing common stock, net of fees, were $984,475 thousand in the six months, against $37,261 thousand in the first quarter. Class A shares outstanding reached 410,367,790 at June 30.
• Operating cash used rose to $373 million. Net cash used in operating activities was $372,860 thousand for the six months, against $56,107 thousand a year earlier. The release shows a $268,201 thousand outflow in accounts payable and accrued expenses.
• Equity rose to $2.0 billion. Total stockholders' equity was $2,013,657 thousand at June 30, 2026, against $1,113,551 thousand at December 31, 2025.
• Equipment purchases of $2.0 million. Purchases of property, plant and equipment were $1,953 thousand for the six months. The statement shows no amount for the prior-year period.
• Revenue fell to $75 thousand. Revenue was $75 thousand for the quarter, down $8.0 million. The release attributes this to FEED Phase 2 work for RoPower, completed in late 2025, with no comparable 2026 activity.
• Six-month revenue fell to $640 thousand. Six-month revenue was $640 thousand, against $21,429 thousand a year earlier, of which $14,700 thousand was from a related party.
• Gross margin was $(152) thousand. Gross margin was $(152) thousand for the quarter, against $1,781 thousand a year earlier. Cost of sales was $(227) thousand, against $(6,273) thousand.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 109 held.

Every filing

The newest filings with the SEC of 301 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

594 funds held it at 30 Jun 2026: 319 added and 97 trimmed in the quarter. The largest:

What the company does

NuScale develops small modular nuclear reactor technology. Its core product is the NuScale Power Module (NPM), a light water reactor that can generate 77 MWe, and a plant can hold from one to twelve modules. The company reports a single segment, and all revenue it has generated to date comes from engineering and licensing fees and services to potential customers. It had 428 full-time employees at 31 December 2025 and holds 513 issued patents, with 268 more pending.

What it makes

Each NPM places the reactor core, helical coil steam generators and pressurizer inside one reactor pressure vessel, enclosed in a steel containment vessel. The integral reactor measures 65 feet tall and 9 feet in diameter, and the containment vessel measures 76 feet tall and 15 feet in diameter. The reactor is cooled by natural circulation, so it uses no reactor coolant pumps or large bore piping. The company says each module can be fabricated entirely in a factory and shipped by rail, truck or barge to the plant site.

Plants come in typical sizes of 12 modules (924 MWe), six modules (462 MWe) and four modules (308 MWe). A plant can start with one module and add more later. Each module runs for approximately 20 months before refuelling, and modules are refuelled one at a time, each outage taking approximately 10 days. The approved control room design lets three licensed operators run up to 12 modules.

How it earns money

The company says it expects to sell major nuclear equipment to customers, including the NPMs, the reactor building crane, nuclear fuel and module handling equipment. A customer deploying a plant is granted a technology license, and NuScale provides the design and licensing basis information needed to seek regulatory approval.

The company also says it expects to offer services starting approximately five years before a plant's commercial operation date and continuing through the plant's life. These include:

- licensing support - start-up testing and commissioning support - accredited training - fuel loading and movement - fuel management - outage planning - operations and maintenance program management

Approvals and regulation

The United States Nuclear Regulatory Commission (NRC) oversees licensing of nuclear sites in the United States. In September 2020 the company's 12-module design, approved at 50 MWe per NPM, received a design approval (SDA), which the company says made it the first and only SMR to do so. In May 2025 the NRC approved a second SDA application for the 6-unit 77 MWe NPM design. Customers in the United States can reference these approvals when seeking construction and operating licences under 10 CFR Part 52.

The company says the NRC approved its method for sizing the emergency planning zone, which allows a 300-yard site-boundary zone at most United States sites. Currently operating commercial plants in the United States are required to have a 10-mile radius zone. In December 2024 the company completed a Technical Safety Review of Design Safety with the IAEA. Export of nuclear technology and hardware is controlled under 10 CFR Part 810, administered by the DOE, and 10 CFR Part 110, administered by the NRC.

Customers and partners

The company works with one customer and one prospective customer.

- RoPower Nuclear S.A. This joint venture of S.N. Nuclearelectrica S.A. and Nova Power & Gas S.A. is planning a plant using the 6-unit 77 MWe design at the Doicesti Power Station site in Romania. NuScale and RoPower signed a technology licensing agreement in July 2024. NuScale supported the FEED Phase 2 engineering work as a subcontractor to Fluor, a related party. - ENTRA1. ENTRA1 holds the exclusive worldwide rights to commercialize, distribute, sell and develop NuScale products, services and power plants. Under a Partnership Milestones Agreement signed on 27 August 2025, NuScale is named key supplier of SMR technology for future ENTRA1 Energy Projects. ENTRA1 has a non-binding agreement relating to 72 NPMs. On 2 September 2025 ENTRA1 and the Tennessee Valley Authority signed a non-binding agreement to collaborate on plants providing up to 6 gigawatts of new nuclear generation. If ENTRA1 declines a commercial opportunity, NuScale may pursue it on its own.

Suppliers and manufacturing

The company has ordered long-lead items for the first twelve NPM upper reactor vessels from Doosan Enerbility Co., Ltd., its manufacturing partner. These include forgings, tubing, tube bending machines and weld materials. Manufacturing trials for steam generator tubes and vessel cladding processes have been completed. Other named suppliers include Framatome for fuel assemblies, Honeywell International Inc. for control systems, Paragon Energy Solutions for protection systems and PaR Systems, Inc. for the reactor building crane. The company also lists IHI Corporation, Curtiss-Wright Corporation, Fluor, Sargent & Lundy, LLC, JGC Holdings Corporation, GS Energy Corporation and Samsung C&T Corporation among its partners.

People, research and competitors

The workforce is concentrated around Houston, Texas, and Corvallis, Oregon, with employees in 42 states and the District of Columbia. The company reports 159 advanced degrees among its staff, including 22 Ph.Ds. Its 781 issued or pending patents are filed across 21 jurisdictions. Roughly one-third relate to the safety system, one-third to power production and the rest to other areas such as software and module operability.

NuScale runs research collaborations with universities, national laboratories and industrial partners. Its Energy Exploration (E2) Centers, which are control room simulators, operate in 11 facilities across the United States, Europe, Asia and Africa. The company is also developing a micro-reactor of 0.01 MWe to 10 MWe.

The company names its competitors as other power generation technologies, including traditional baseload, renewables, long duration storage and other nuclear reactors. Commercial SMRs already operate in China and Russia, and some other reactor developers have NRC applications under review.

*From NuScale's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1822966/000182296626000018/smr-20251231.htm)*

From the company's 10-K.