NuScale Power (SMR) Q4 2025 earnings summary

Executive summary

• Achieved NRC approval for 77 MW standard design ahead of schedule, reinforcing 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, and completed a nonbinding agreement for deployment.

• Completed FEED 2 study for RoPower's six-module SMR plant in Romania, generating $63.1 million in revenue over 18 months.

• Strengthened cash position to $1.3 billion at year-end 2025, including $750 million raised in Q4 through an at-the-market equity program.

• Released studies validating SMR use for process steam and electricity in industrial and chemical plant applications.

Financial highlights

• Liquidity increased to $1.3 billion at December 31, 2025, up from $754 million at September 30, 2025, and $442 million at end of 2024.

• 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 revenue.

• Recognized $63.1 million in revenue from RoPower licensing and engineering work between Q2 2024 and Q4 2025.

• General and administrative expenses surged to $609.8 million, primarily due to a $507.4 million milestone payment 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

• Anticipates service revenues from ENTRA1/TVA projects post-PPA, with expected revenue streams larger than RoPower due to project scale.

• Pre-EPC activities for RoPower in Romania to begin in Q2 2026, lasting up to 15 months, including development of a Class 2 cost estimate.

• Emphasis on advancing commercialization and manufacturing readiness for SMR technology in 2026.

• No formal guidance provided, but liquidity and capital position deemed sufficient for ongoing operations and project execution.

• RoPower project advanced to the next phase following shareholder approval in February 2026.