NuScale Power Corporation (SMR) — Company Research

NuScale Power Corporation (NYSE: SMR) is a US small modular reactor (SMR) developer whose NuScale Power Module (NPM) — a light-water nuclear reactor generating 77 MWe — is the only SMR design with U.S. Nuclear Regulatory Commission (NRC) design approval (per the FY2025 10-K, Item 1, filed early 2026). For the year ended December 31, 2025 the Company reported revenue of $31.5 million, an operating loss of -$689.6 million (per EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2025-12-31), and a net loss of -$355.8 million (per the FY2025 10-K, Item 7). Per the Q1 2026 earnings release (2026-05-07): Q1 2026 revenue collapsed 95.5% year over year to $0.6 million (versus $13.4 million in Q1 2025), with operating cash outflow of $314.7 million; liquidity stood at approximately $1.0 billion at 2026-03-31 and was over $1.2 billion by early May. The stock last traded at $11.40 against a 52-week range of $8.85 to $57.42 — down approximately 80% from the high (per yfinance, pulled 2026-05-26). NuScale Power employed 428 people as of the most recent disclosure (per yfinance).

1. Company Snapshot

2. Bull Case vs Bear Case

Bull Case

• Only NRC-design-approved SMR. Per the FY2025 10-K (Item 1, filed early 2026): the NuScale Power Module (NPM) — a 77 MWe light-water reactor — is the only SMR design with U.S. NRC design approval, giving the Company a multi-year regulatory head-start versus competing SMR designs.
• Liquidity of >$1.2 billion supports multi-year build-out. Per the Q1 2026 earnings release (2026-05-07): liquidity stood at approximately $1.0 billion at 2026-03-31 and was over $1.2 billion by early May 2026 (cash, equivalents and short-term investments), providing capital to support supply chain and commercialisation through the first deployments.
• Active customer pipeline outside the cancelled UAMPS deal. Per ENTRA1/TVA announcement (September 2025) and SN Nuclearelectrica announcement (per the Q1 2026 release, 2026-05-07): TVA and ENTRA1 Energy agreed to up to 6 GW of NuScale-based capacity for TVA's 7-state service territory, and Romania's SN Nuclearelectrica shareholders approved proceeding with the RoPower project to deploy six NPMs at the former Doicești coal-plant site.
• Negative-EV / cash-rich balance sheet. Per the FY2025 10-K (balance sheet, filed early 2026) and yfinance: total cash and short-term investments were $1.25 billion at 2025-12-31, against total debt of approximately $5.7 million (per yfinance, pulled 2026-05-26) — enterprise value of $3.00 billion is well below the $3.95 billion market cap.
• Federal policy tailwind for new nuclear. Per the FY2025 10-K (Item 1): the policy backdrop for new nuclear capacity in the US has shifted favourably with bipartisan support for SMRs and federal funding programmes; this is not company-specific but is a real demand-side tailwind.

Bear Case

• Q1 2026 revenue collapsed 95.5% YoY to $0.6 million. Per the Q1 2026 release (2026-05-07): revenue fell from $13.4 million (Q1 2025) to $0.6 million (Q1 2026) on completion of major projects in late 2025; the Company missed analyst estimates of $4.99 million by 88.6%.
• FY2025 operating loss widened to -$689.6 million. Per the FY2025 10-K (Item 7) and EDGAR XBRL: operating loss widened sharply from -$138.7 million (FY2024) to -$689.6 million (FY2025), reflecting a large one-time charge concentrated in Q3 2025 of approximately -$538.4 million (per yfinance quarterly financials).
• Severe historical dilution. Per the FY2025 10-K (balance sheet) and yfinance: shares outstanding rose from 69.4 million (FY2022) to 318.5 million (FY2025) and 346.1 million at 2026-05-26 — a 5x increase in three years to fund the burn.
• Major insider/strategic-investor selling by Fluor Corp. Per insider_transactions via yfinance (pulled 2026-05-26): Fluor Corporation — a Director and former >10% holder — sold approximately 39.9 million shares across 2026-04-09, 2026-04-15 and 2026-04-21 at $9.30, $11.63 and $11.81 respectively, for total proceeds of approximately $435 million. Fluor's stake unwind represents a material structural overhang.
• No commercial deployment delivered yet. Per the FY2025 10-K (Item 1) and the Q1 2026 release (2026-05-07): NuScale's customer pipeline (TVA/ENTRA1, RoPower, Standard Power and others) consists of agreements, MOUs and project-development phases rather than reactor units in commercial operation; first revenue from a deployed NPM is years away.

3. What Does NuScale Power Actually Do?

NuScale Power designs and licenses small modular nuclear reactors. Its core product is the NuScale Power Module (NPM), a light-water reactor that generates 77 MWe of electrical output (per the FY2025 10-K, Item 1). The Company sells:

In plain English, NuScale is at the late pre-commercial / early-deployment stage of the SMR industry: NRC has approved its NPM design, and the Company is now building the supply chain (with Doosan Heavy Industries as a key fabrication partner) and pursuing front-end engineering and project-development work with utilities and energy customers. Revenue in this period is "design and licensing" revenue — not product revenue. Commercial revenue per NPM begins only once a customer takes delivery, which is not yet happening.

4. The Business Model

Per the FY2025 10-K (Item 1, filed early 2026): NuScale Power's business model is to license its proprietary NPM design to customers — typically utilities, energy companies and industrial off-takers — and supply ongoing engineering, training and operations services, with revenue recognised across the project lifecycle from FEED studies through plant delivery. Today the model is entirely pre-commercial: the cash is going into design refinement, supply-chain build-out (long-lead nuclear components), regulatory licensing for individual deployment sites, and front-end engineering with prospective customers.

The economic moat the Company describes rests on three elements (per the FY2025 10-K, Item 1): first, the only NRC-design-approved SMR; second, integrated IP across the NPM core, fuel design, safety systems and modular plant design; and third, an industrial-supply-chain partnership with Doosan Heavy Industries for the NPM reactor pressure vessel and other long-lead components. The economics will only turn material once orders convert to construction starts and NPM units are delivered into operation — a multi-year horizon.

5. Financial Health

5-year income trend (per the FY2025 10-K Item 7 and yfinance annual financials; FY2021 partial data only):

Per the FY2025 10-K (Item 7) and yfinance quarterly financials: the FY2025 -$689.6M operating loss includes a large one-time charge of approximately -$538.4 million concentrated in Q3 2025 — substantially larger than FY2024's full-year operating loss. The specific composition of that Q3 2025 charge is not extracted in this report's source data.

Balance sheet (per the FY2025 10-K, balance sheet, filed early 2026):

Per yfinance (pulled 2026-05-26): total debt is approximately $5.7 million at the most recent reporting period — effectively a debt-free balance sheet.

Quarterly trend, last 5 quarters (per yfinance quarterly financials):

The revenue ramp shown FY2022 → FY2024 reversed in FY2025; Q1 2026 is essentially zero revenue because the Company is between FEED-study cohorts (per the Q1 2026 release, 2026-05-07).

6. Valuation & Market Data

Raw market data only — no commentary on cheap or expensive.

7. What Are They Building / What's Coming

Per the FY2025 10-K (Item 1, filed early 2026), the Q1 2026 earnings release (2026-05-07) and named public announcements:

• TVA / ENTRA1 Energy framework — up to 6 GW. Per the ENTRA1/TVA announcement (September 2025): Tennessee Valley Authority and ENTRA1 Energy agreed to a framework for up to 6 GW of baseload power across TVA's 7-state service territory using NuScale NPM technology — the largest committed pipeline to date.
• RoPower (Romania) — six NPMs at Doicești. Per the Q1 2026 release (2026-05-07): SN Nuclearelectrica SA shareholders approved proceeding with the next phase of the RoPower project — a six-NPM plant (~462 MWe) at the former Doicești coal-plant site.
• Standard Power and other US data-center / industrial customers. Per the FY2025 10-K (Item 1, filed early 2026): NuScale has front-end engineering agreements with prospective US customers including Standard Power (Pennsylvania / Ohio data-centre nuclear deployment) and other industrial off-takers.
• Supply-chain build-out with Doosan Heavy Industries. Per the FY2025 10-K (Item 1, filed early 2026): NuScale has begun manufacturing long-lead components (reactor pressure vessels and other forgings) with Doosan Heavy Industries in advance of customer deployment commitments.
• NRC site licensing and combined operating-licence applications. Per the FY2025 10-K (Item 1, filed early 2026): NuScale supports customers' NRC combined-operating-licence applications site-by-site; the regulatory licensing pathway is the gating item for moving from FEED to construction.

8. Competitive Landscape

NuScale competes against an emerging set of SMR developers and legacy nuclear primes. Peer comparison (per yfinance, pulled 2026-05-26; all figures in USD).

The peer market-data rows above are not in this report's source data — at publish time the pipeline pulled only NuScale's yfinance data. Named SMR competitors per the FY2025 10-K and public industry coverage include privately-held X-energy, Westinghouse / TerraPower, Holtec International, Rolls-Royce SMR (UK), and the early-revenue developer Oklo; legacy nuclear primes include Cameco (uranium upstream) and BWXT.

9. Leadership and Ownership

Per the FY2025 10-K (Item 1) and insider transaction filings via yfinance (pulled 2026-05-26): John L. Hopkins is Chief Executive Officer; specific executive-team detail beyond the publicly-disclosed leadership is not separately extracted in this report's source data.

Top institutional shareholders as of 2026-03-31 (per yfinance institutional_holders, pulled 2026-05-26):

Per yfinance (pulled 2026-05-26): institutional ownership totals 51.93% and insider ownership totals 1.97%. Recent insider activity (per insider_transactions via yfinance, pulled 2026-05-26):

• 2026-04-09 to 2026-04-21: Fluor Corporation (Director / former >10% holder) sold approximately 39.9 million shares across three batches at $9.30, $11.63 and $11.81 for total proceeds of approximately $435 million — a material strategic-investor unwind.
• 2026-03-04: Chief Operating Officer Carl M. Fisher sold 49,277 shares at $12.64 (approximately $623k).
• 2026-03-25: Officer David A. Tonnel sold 2,290 shares at $11.84.

10. Risks and Challenges

• No commercial product revenue yet (Concentration): Per the FY2025 10-K (Item 1, filed early 2026): NuScale has not delivered an NPM into commercial operation; revenue to date is design / licensing / FEED-study revenue, which is lumpy and concentration-driven.
• History of widening losses and large 2025 one-time charge (Financial): Per the FY2025 10-K (Item 7): operating loss widened from -$138.7M (FY2024) to -$689.6M (FY2025), of which approximately -$538.4M was a Q3 2025 one-time charge.
• Heavy dilution and ongoing capital need (Financial): Per the FY2025 10-K (balance sheet, filed early 2026): shares outstanding rose 5x in three years (69.4M FY2022 to 318.5M FY2025); further equity issuance is likely as NuScale builds supply-chain inventory ahead of commercial deliveries.
• NRC and site-specific licensing risk for new deployments (Regulatory): Per the FY2025 10-K (Item 1A, filed early 2026): each customer-site deployment requires NRC combined-operating-licence approval; schedule slippage on any individual site delays revenue recognition.
• Strategic-investor unwind by Fluor (Concentration): Per insider_transactions via yfinance (pulled 2026-05-26): Fluor Corporation sold approximately $435 million of NuScale stock in April 2026 — a material structural overhang and signal-sensitive event for the equity market.
• Customer-pipeline conversion risk (Market & Demand): Per the FY2025 10-K (Item 1, filed early 2026) and the Q1 2026 release (2026-05-07): the customer pipeline (TVA/ENTRA1, RoPower, Standard Power and others) is at the agreement / FEED stage rather than the construction-start stage — conversion is multi-year and not guaranteed.
• Manufacturing and supply-chain dependence (Operational): Per the FY2025 10-K (Item 1, filed early 2026): the NPM supply chain depends heavily on Doosan Heavy Industries and a small number of long-lead-component suppliers; any disruption could delay first deployments.
• Competition from non-public and large SMR/nuclear developers (Competitive): Per the FY2025 10-K (Item 1, filed early 2026): named and public SMR / nuclear competitors include BWX Technologies, Westinghouse / TerraPower, Holtec International, Rolls-Royce SMR, X-energy and Oklo, plus legacy nuclear primes.
• Public-perception and political risk for new nuclear (Market & Demand): Per the FY2025 10-K (Item 1A, filed early 2026): public-perception, ratepayer-impact and political risk affect customer willingness to commit to first-of-a-kind SMR deployments.
• Cybersecurity and operational-technology risk (Cyber & Physical): Per the FY2025 10-K (Item 1C and Item 1A, filed early 2026): nuclear operational technology and design IP are sensitive to cyber-attacks and information-security incidents.
• High short interest amplifies volatility (Concentration): Per yfinance shortPercentOfFloat (pulled 2026-05-26): short interest is 21.5% of float — beta is 2.25 — meaning idiosyncratic news flow translates into large price moves.

11. Recent Developments

Most recent first.

• 2026-05-07 — Q1 2026 results: revenue -95.5% YoY, EPS -$0.14, liquidity $1.0bn+: Q1 2026 revenue collapsed to $0.6 million (vs $13.4 million Q1 2025), missing the $4.99 million estimate by 88.6%; EPS -$0.14 missed -$0.13 estimate by $0.01; operating cash outflow $314.7 million, driven mainly by a $264.2 million drop in accounts payable and accrued expenses; liquidity $1.0 billion at 2026-03-31, growing to $1.2 billion by early May. Source: NuScale Power Q1 2026 release, 2026-05-07.
• 2026-04-21 — Fluor Corp sells 13.5M shares at $11.81 (~$159M): The third of three April 2026 sales batches by NuScale's strategic shareholder, bringing total April proceeds to approximately $435 million. Source: [insider transactions via yfinance, pulled 2026-05-26].
• 2026-04-15 — Fluor Corp sells 12.9M shares at $11.63 (~$150M): Second of three April 2026 sales batches. Source: [insider transactions via yfinance, pulled 2026-05-26].

NuScale's official X (Twitter) handle is @NuScale_Power. No additional independently link-verifiable X items within the 30-day window are included in this report's source data.

12. Key Dates Coming Up

• Q2 2026 earnings — date not disclosed in this report's source data: Q1 2026 was reported on 2026-05-07 (per NuScale IR).
• RoPower (Romania) — next-phase deployment milestones: Per the Q1 2026 release (2026-05-07): SN Nuclearelectrica SA approved proceeding with the six-NPM RoPower deployment at the former Doicești coal site; specific construction-start dates are not disclosed in this report's source data.
• TVA / ENTRA1 Energy multi-GW framework: Per the ENTRA1 announcement (September 2025): the multi-gigawatt framework with TVA contemplates phased deployment across TVA's 7-state service territory; specific site-by-site licensing and construction-start timing is not disclosed in this report's source data.
• NRC site licensing applications and Doosan long-lead manufacturing: Per the FY2025 10-K (Item 1, filed early 2026): NRC combined-operating-licence applications and Doosan reactor-pressure-vessel deliveries are the gating items for first deployments; timing is not disclosed in this report's source data.

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