NuScale Power (SMR) Q1 2025 earnings summary

Executive summary

• Maintained leadership in SMR sector with NRC design approval and commercialization progress, targeting 2030 delivery for first modules.

• RoPower project in Romania advancing, with site decommissioned, Phase 2 FEED study underway, and class three estimate due by fall; FID expected by early Q2 2026.

• Anticipates a firm customer order by end of 2025, with advanced discussions globally, including data centers, industrial users, and coal plant conversions.

• Expanded SMR applications to hydrogen production, desalination, carbon capture, and workforce development partnerships.

• Transitioned from R&D to commercial focus, reducing workforce by 28% in early 2024 and securing a new 20-year global commercialization agreement with ENTRA1.

Financial highlights

• Revenue for Q1 2025 was $13.4 million, up from $1.4 million in Q1 2024, driven by RoPower project activities.

• Operating expenses for Q1 2025 were $42.3 million, down from $44.6 million in Q1 2024 and below the 2023 quarterly average of $69.9 million.

• Cash and cash equivalents at March 31, 2025 were $491.4 million, with short-term investments of $30 million and no debt.

• Raised $102.4 million in gross proceeds from ATM share sales during the quarter.

• Net loss attributable to Class A stockholders was $14.0 million, improved from $16.6 million in Q1 2024; gross margin increased to $7.0 million.

Outlook and guidance

• Expects NRC approval for 77 MW module uprate by July 2025, enabling expedited licensing for U.S. customers.

• Confident in securing a firm customer order in 2025, with immediate positive cash flow anticipated upon contract signing.

• Maintains at least two years of operating runway based on current cash and OpEx, with OpEx expected to remain steady or slightly increase due to supply chain investments.

• Management believes current cash resources are sufficient for at least the next twelve months, but additional funds may be needed for long-term operations.

• Commercial deployment of first module targeted for 2030.