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NuScale Power
NuScale Power (SMR) investor relations material
NuScale Power Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved NRC approval for 77 MW SMR design ahead of schedule, maintaining first-mover status in SMR technology.
Advanced the largest U.S. nuclear deployment program with ENTRA1 and TVA, targeting up to 6 GW using NuScale technology, with a nonbinding agreement and four sites identified.
Completed Phase 2 FEED study for RoPower's six-module SMR plant in Romania, marking a key milestone and generating $63.1 million in revenue over 18 months.
Strengthened cash position to $1.3 billion at year-end 2025, supported by a $750 million capital raise in Q4 2025.
Released studies validating SMR use for process steam and electricity in chemical plants, and launched an AI project at Oak Ridge to enhance fuel efficiency.
Financial highlights
Reported 2025 revenue of $31.5 million, down from $37 million in 2024, mainly due to lower RoPower licensing revenue, partially offset by higher Fluor Phase 2 engineering revenue.
Recognized $63.1 million in revenue from RoPower licensing and engineering work between Q2 2024 and Q4 2025.
Cost of sales rose to $20 million from $4.9 million year-over-year, driven by increased engineering services for Fluor.
General and administrative expenses surged to $609.8 million, primarily due to a $507.4 million Milestone Contribution under the PMA with ENTRA1.
Net loss attributable to Class A common stockholders was $355.8 million, compared to $136.6 million in 2024.
Outlook and guidance
Focus for 2026 is on commercialization and manufacturing readiness for SMR technology, with service revenues from ENTRA1/TVA projects expected to exceed RoPower revenues.
Pre-EPC activities for RoPower in Romania to begin in Q2 2026, lasting up to 15 months.
RoPower project advanced to the next phase following shareholder approval in February 2026.
No formal guidance provided, but liquidity and capital position deemed sufficient for ongoing operations and project execution.
Detail ENTRA1 Milestone 1 deliverables
How will $1.3B cash support 2026 commercialization?
RoPower project status after FEED study completion?
Post-TVA PPA, what revenue streams activate?
Doosan's capacity: How confident in 6GW scale?
New SMR applications: What commercial traction?
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Next NuScale Power earnings date
Q1 202611 May, 2026
NuScale Power
Next NuScale Power earnings date
Q1 202611 May, 2026
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Frequently asked questions
NuScale Power Corporation is an energy technology company that designs and develops small modular reactors (SMRs) for nuclear power generation. Its SMR technology is designed to provide scalable, flexible, and safe nuclear power solutions with reduced environmental impact. NuScale's reactors are intended for a range of applications, including electricity generation, industrial heating, and desalination. The company aims to offer a clean energy alternative to help meet global energy demands while reducing carbon emissions, targeting both domestic and international markets. The company is headquartered in Portland, Oregon, and its shares are listed on the NYSE.
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