NuScale Power Corporation (SMR) — Company Research

NuScale Power Corporation (NYSE: SMR) is a US small modular reactor (SMR) developer whose NuScale Power Module (NPM) is a light-water nuclear reactor that can generate 77 MWe (per the FY2025 10-K, Item 1, filed 2026-02-26). For the year ended December 31, 2025 the Company reported total revenue of $31.5 million (per yfinance annual financials, Total Revenue 2025-12-31), an operating loss of -$689.6 million (per EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2025-12-31), a total net loss including noncontrolling interests of approximately -$664.5 million, and a net loss attributable to Class A (NuScale Power Corporation) shareholders of -$355.8 million (per yfinance annual financials, 2025-12-31). NuScale operates as an up-C holding company whose only material asset is its interest in NuScale LLC (per the FY2025 10-K, Item 1A, filed 2026-02-26), so a large share of the total loss — about $308.7 million in FY2025 — is allocated to noncontrolling interests rather than to Class A shareholders. The stock last traded at $11.40 against a 52-week range of $8.85 to $57.42 — down roughly 80% from the high (per yfinance, pulled 2026-05-26). NuScale employed 428 full-time people (per yfinance fullTimeEmployees, pulled 2026-05-26). The next earnings date is not disclosed in this report's source data.

1. Company Snapshot

Field	Value
Name	NuScale Power Corporation (per the FY2025 10-K, cover page, filed 2026-02-26)
Ticker / Exchange	SMR / NYSE (per the FY2025 10-K, Item 5, filed 2026-02-26)
Sector / Industry	Industrials / Specialty Industrial Machinery (per yfinance, pulled 2026-05-26)
Market cap	$3.95bn (per yfinance, pulled 2026-05-26)
Enterprise value	$3.00bn (per yfinance, pulled 2026-05-26) — EV below market cap because cash exceeds debt
FY2025 revenue	$31.5M (per yfinance annual financials, Total Revenue 2025-12-31)
FY2025 operating income (EDGAR XBRL)	-$689.6M (per EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2025-12-31)
FY2025 free cash flow	-$162.0M (per yfinance freeCashflow, pulled 2026-05-26)
Gross margin (TTM)	23.84% (per yfinance, pulled 2026-05-26)
Net margin (FY2025)	not meaningful — Class A net loss -$355.8M on revenue $31.5M (per yfinance annual financials, 2025-12-31)
Employees	428 (per yfinance fullTimeEmployees, pulled 2026-05-26)
CEO	John Lawrence Hopkins (Chief Executive Officer, per insider transactions via yfinance, pulled 2026-05-26)
Headquarters	Corvallis, Oregon (per the FY2025 10-K, Item 2, filed 2026-02-26)
Website	nuscalepower.com (per yfinance, pulled 2026-05-26)
Fiscal year-end	December 31 (per the FY2025 10-K, filed 2026-02-26)
Next earnings	not disclosed in this report's source data
Dividend yield	None — Company has never declared or paid a dividend (per the FY2025 10-K, Item 5, filed 2026-02-26)
52-week high	$57.42 (per yfinance, pulled 2026-05-26)
52-week low	$8.85 (per yfinance, pulled 2026-05-26)
Short interest	21.5% of float (per yfinance shortPercentOfFloat, pulled 2026-05-26)

2. Bull Case vs Bear Case

Bull Case

• First and only SMR designs approved by the NRC. Per the FY2025 10-K (Item 1, filed 2026-02-26): in September 2020 the Company's 12-module design (approved at 50 MWe per NPM) "became the first and only SMR to receive an SDA from the Nuclear Regulatory Commission", and in May 2025 "the NRC finalized their review and approved the Company's second SDA application and the associated licensing topical reports for NuScale's 6-unit 77 MWe NPM design." This gives the Company a regulatory head-start, with two NRC-approved standard designs that US customers can reference for expedited licensing.
• Cash-rich, near-debt-free balance sheet. Per yfinance annual financials (2025-12-31) and yfinance (pulled 2026-05-26): cash, equivalents and short-term investments totalled $1,254.2 million at 2025-12-31 against total debt of approximately $5.7 million; enterprise value of $3.00 billion sits below the $3.95 billion market cap.
• Named customer and strategic-partner pipeline. Per the FY2025 10-K (Item 1 and Item 7, filed 2026-02-26): NuScale has one international customer, RoPower Nuclear S.A. (a joint venture of S.N. Nuclearelectrica S.A. and Nova Power & Gas S.A.) developing a 6-unit 77 MWe plant at the Doicesti Power Station site in Romania, and ENTRA1 Energy is its exclusive global commercialization partner; on September 2, 2025 the Tennessee Valley Authority announced a non-binding agreement under which ENTRA1 and TVA will collaborate to develop up to 6 gigawatts of new nuclear power generation using NuScale's SMR equipment.
• Federal policy tailwind for new nuclear. Per the FY2025 10-K (Item 7, filed 2026-02-26): "the United States government has identified nuclear technology as imperative to the country's national security objectives and ordered the expansion of American nuclear energy capacity to 400 gigawatts by 2050, or nearly 400% the current capacity." This is a demand-side tailwind rather than company-specific revenue.
• Substantial cumulative technology investment and IP base. Per the FY2025 10-K (Item 1, filed 2026-02-26): "Since 2007, over $1.8 billion has been invested in the development of NuScale technology, including more than $578.3 million from DOE under a series of cost-share programs, and we have received 513 patents globally, with an additional 268 patent applications currently pending."

Bear Case

• No binding customer contract to deliver NPMs. Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We have not yet entered into a binding contract with a customer to deliver NPMs, and there is no guarantee that we will be able to do so", and the Company "has not yet delivered NPMs to customers." Revenue to date arises only from engineering and licensing fees.
• FY2025 operating loss widened sharply to -$689.6 million. Per EDGAR XBRL (OperatingIncomeLoss, period ending 2025-12-31) and yfinance annual financials: operating loss widened from -$138.7 million (FY2024) to -$689.6 million (FY2025), with much of the deterioration concentrated in Q3 2025 (operating loss of -$538.4 million that quarter, per yfinance quarterly financials).
• Severe historical dilution. Per yfinance annual balance sheet: shares outstanding rose from 69.4 million (FY2022) to 318.5 million (FY2025), reaching 346.1 million by the 2026-05-26 pull (per yfinance) — roughly a 5x increase in three years to fund the cash burn.
• Strategic-investor selling by Fluor Corp. Per insider transactions via yfinance (pulled 2026-05-26): Fluor Corp — a Director / former >10% holder — sold shares across 2026-04-09 ($9.30), 2026-04-15 ($11.63) and 2026-04-21 ($11.81) totalling approximately 39.9 million shares for proceeds of roughly $435 million. This is a material structural overhang.
• Significant ongoing funding need. Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We have incurred significant losses since inception, we expect to incur losses in the future, and we may not be able to achieve or maintain profitability", and "We expect we will require additional future funding to fund operations and commercialization, and such financing may not be available on acceptable terms."

3. What Does NuScale Power Actually Do?

NuScale Power develops and licenses small modular nuclear reactor technology. Its core product is the NuScale Power Module (NPM), a light-water reactor that can generate 77 MWe (per the FY2025 10-K, Item 1, filed 2026-02-26). All revenue generated to date comes from engineering and licensing fees and services.

Service line	Description
NuScale Power Module (NPM)	Light-water SMR generating 77 MWe; per the FY2025 10-K (Item 1, filed 2026-02-26) the NPMs "allow for scalability from one to twelve modules in a single installation, with typical scales of 12-module (924 MWe), six-module (462 MWe) and four-module (308 MWe) versions."
Diversified services suite	Per the FY2025 10-K (Item 1, filed 2026-02-26): planned services "include licensing support, testing, training, fuel supply services and program management, among others", with service revenue expected "to begin approximately five years prior to a power plant's commercial operation date and to extend throughout the life of the power plant."
Engineering and licensing fees	Per the FY2025 10-K (Item 7, filed 2026-02-26): "All revenue that we have generated to date arises from engineering and licensing fees and services provided to potential customers, including those as a result of the FEED services."

In plain English, NuScale is at the late pre-commercial stage of the SMR industry. The NRC has approved two of its standard designs (the 50 MWe 12-module design in 2020 and the 6-unit 77 MWe design in May 2025), and the Company is now pursuing front-end engineering and project-development work with customers such as RoPower in Romania and the ENTRA1/TVA framework in the US. Revenue in this period is engineering- and licensing-fee revenue, not NPM product revenue; commercial revenue from a delivered NPM has not yet begun.

4. The Business Model

Per the FY2025 10-K (Item 1 and Item 7, filed 2026-02-26): NuScale's business model is to commercialize its NPM design and, in addition to the sale of NPMs, "offer a diversified suite of services throughout the development and operating life of the power plant." ENTRA1 Energy "holds the exclusive rights for the worldwide commercialization, distribution, sales and development of our products, services and power plants", and NuScale "collaborates on joint development initiatives and financially contributes alongside the partnership in joint activities which may be recoverable as part of its development costs." Today the model is entirely pre-commercial: cash is going into design work, long-lead-material manufacturing, regulatory licensing and front-end engineering.

The moat the Company describes rests on its regulatory and technology position (per the FY2025 10-K, Item 1, filed 2026-02-26): two NRC-approved standard designs that US customers can reference for expedited construction and operating licensing, an integrated, simplified NPM that "integrates the reactor core, steam generators and pressurizer in a single factory-built vessel and eliminates the need for reactor coolant circulating pumps, large bore piping and other components", and a substantial patent portfolio (513 patents granted, 268 applications pending). NuScale also notes it operates under an up-C structure: "NuScale Corp is a holding company with no material assets other than its ownership of NuScale LLC units" (per the FY2025 10-K, Item 1A, filed 2026-02-26), and is party to a Tax Receivable Agreement under which it pays certain Legacy NuScale Equityholders a share of realized tax benefits. The economics will only turn material once orders convert into construction starts and NPM units are delivered.

5. Financial Health

5-year income trend (per yfinance annual financials; operating income per EDGAR XBRL where noted; FY2021 partial data only):

FY	Revenue	Operating income	Net income (Class A)	Diluted EPS	Free cash flow
FY2025	$31.5M	-$689.6M (EDGAR XBRL)	-$355.8M	not disclosed in this report's source data	-$162.0M (per yfinance freeCashflow)
FY2024	$37.0M	-$138.7M	-$136.6M	-$1.47	-$108.7M
FY2023	$22.8M	-$275.6M	-$58.4M	-$0.80	-$185.0M
FY2022	$11.8M	-$230.0M	-$57.1M	-$0.51	-$150.9M
FY2021	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	-$2.35	not disclosed in this report's source data

Per yfinance annual financials (2025-12-31): because NuScale consolidates NuScale LLC under an up-C / noncontrolling-interest structure, the FY2025 total net loss including noncontrolling interests was approximately -$664.5 million, of which about $308.7 million was allocated to noncontrolling interests, leaving -$355.8 million attributable to Class A (NuScale Power Corporation) shareholders — the figure yfinance reports as Net Income. The operating loss widened to -$689.6 million, with the largest single-quarter deterioration in Q3 2025 (operating loss -$538.4 million that quarter); the specific composition of that Q3 charge is not disclosed in this report's source data.

Balance sheet (per yfinance annual balance sheet):

FY	Cash & equiv (+ ST inv)	Total debt	Stockholders' equity	Shares outstanding	Buybacks
FY2025	$1,254.2M ($836.4M cash + $417.8M ST inv)	not disclosed in this report's source data (≈$5.7M total per yfinance, pulled 2026-05-26)	$1,168.8M	318.5M	$0
FY2024	$441.6M	not disclosed in this report's source data	$618.7M	122.8M	$0
FY2023	$120.3M	$1.5M	$93.5M	76.9M	$0
FY2022	$267.7M	$1.6M	$296.8M	69.4M	$0

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

Quarterly trend, last 5 quarters (per yfinance quarterly financials; net income shown is the Class A figure):

Quarter	Revenue	Operating income	Net income (Class A)	Diluted EPS
Q1 2026 (2026-03-31)	$0.6M	-$57.5M	-$44.0M	-$0.14
Q4 2025 (2025-12-31)	$1.8M	-$72.7M	-$50.8M	not disclosed in this report's source data
Q3 2025 (2025-09-30)	$8.2M	-$538.4M	-$273.3M	-$1.85
Q2 2025 (2025-06-30)	$8.1M	-$43.1M	-$17.6M	-$0.13
Q1 2025 (2025-03-31)	$13.4M	-$35.3M	-$14.0M	-$0.11

Per yfinance quarterly financials: revenue declined from $13.4 million in Q1 2025 to $0.6 million in Q1 2026 (Total Revenue 2026-03-31 = $565k), a decline consistent with engineering/licensing-fee revenue being lumpy and project-phase dependent. Cash, equivalents and short-term investments stood at $890.1 million at 2026-03-31 (per yfinance quarterly balance sheet).

6. Valuation & Market Data

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

Metric	Value
Share price	$11.40 (per yfinance, pulled 2026-05-26)
Previous close	$11.33 (per yfinance, pulled 2026-05-26)
Day range	$11.14 – $11.81 (per yfinance, pulled 2026-05-26)
52-week high / low	$57.42 / $8.85 (per yfinance, pulled 2026-05-26)
Market cap	$3.95bn (per yfinance, pulled 2026-05-26)
Enterprise value	$3.00bn (per yfinance, pulled 2026-05-26)
Shares outstanding	346.1M (per yfinance, pulled 2026-05-26; 318.5M reported at 2025-12-31 per yfinance annual balance sheet)
Float	339.3M (per yfinance, pulled 2026-05-26)
Avg daily volume (10d)	31.46M (per yfinance averageVolume10days, pulled 2026-05-26)
Volume (latest)	28.07M (per yfinance, pulled 2026-05-26)
Beta	2.25 (per yfinance, pulled 2026-05-26)
Trailing P/E (GAAP)	not disclosed in this report's source data — net loss in TTM (per yfinance, pulled 2026-05-26)
Forward P/E	-17.01 (per yfinance, pulled 2026-05-26)
P/S (TTM)	211.35 (per yfinance, pulled 2026-05-26)
P/B	3.11 (per yfinance, pulled 2026-05-26)
EV / Revenue (TTM)	160.92 (per yfinance enterpriseToRevenue, pulled 2026-05-26)
EV / EBITDA	-14.79 (per yfinance enterpriseToEbitda, pulled 2026-05-26)
P / FCF	not disclosed in this report's source data — FCF negative (per yfinance, pulled 2026-05-26)
Gross margin (TTM)	23.84% (per yfinance, pulled 2026-05-26)
Operating margin (TTM GAAP)	-10181.24% (per yfinance, pulled 2026-05-26 — distorted by near-zero TTM revenue)
Net margin (TTM)	not meaningful — net loss with near-zero revenue (per yfinance, pulled 2026-05-26)
ROE	-83.05% (per yfinance returnOnEquity, pulled 2026-05-26)
ROA	-14.46% (per yfinance returnOnAssets, pulled 2026-05-26)
Debt-to-equity	very low — total debt only ~$5.7M (per yfinance, pulled 2026-05-26)
Current ratio	29.36 (per yfinance, pulled 2026-05-26)
Dividend yield	None — Company has never paid a dividend (per the FY2025 10-K, Item 5, filed 2026-02-26)
Short interest	21.5% of float (per yfinance shortPercentOfFloat, pulled 2026-05-26)
Put / call ratio	not disclosed in this report's source data

7. What Are They Building / What's Coming

Per the FY2025 10-K (Item 1 and Item 7, filed 2026-02-26):

• RoPower (Romania) — 6-unit 77 MWe plant at Doicesti. Per the FY2025 10-K (Item 7, filed 2026-02-26): "On February 12, 2026 the Romanian Government approved the investment decision for the Doicesti SMR plant project, allowing for the ability to seek secured financing to further feasibility studies, and site-specific design work prior to any construction moving forward." During the coming months "RoPower is authorized to advance the licensing and geotechnical work, finalize a pre-engineering, procurement and construction (EPC) contract, and begin negotiating contracts for long lead items", with pre-EPC activities of "an estimated duration of up to 15 months."
• ENTRA1 / TVA framework — up to 6 GW. Per the FY2025 10-K (Item 7, filed 2026-02-26): "On September 2, 2025, the Tennessee Valley Authority (TVA) announced the signing of a non-binding agreement under which ENTRA1 and TVA will collaborate to develop plants to provide TVA with up to 6 gigawatts of new nuclear power generation, with ENTRA1's immediate strategy being the utilization of NuScale's SMR equipment inside ENTRA1 Energy Plants."
• Partnership Milestones Agreement (PMA) with ENTRA1. Per the FY2025 10-K (Item 7, filed 2026-02-26): "On August 27, 2025, NuScale LLC and ENTRA1 executed a PMA. Under the PMA, NuScale is named the key supplier to future ENTRA1 Energy Projects ... The PMA also includes a negotiated maximum sale price for each NPM to be delivered and installed in an ENTRA1 Energy Project, subject to adjustments."
• Long-lead-material manufacturing. Per the FY2025 10-K (Item 7, filed 2026-02-26): "the Company has already begun manufacturing certain long-lead materials that will be used to build the NPMs, while also placing advance orders with many of our supply chain partners to expedite the build."
• Country-level and site-level regulatory approvals. Per the FY2025 10-K (Item 7, filed 2026-02-26): "country-level approvals of our NPM design" and customer site-approvals are described as "critical in maintaining our competitive advantage" and key to broader adoption.

8. Competitive Landscape

Peer market data was not pulled for competitors in this report's source data — at publish time the pipeline pulled only NuScale's yfinance data.

Company	Ticker	Market cap	Revenue (TTM)	Gross margin	P/S
NuScale Power Corporation	SMR	$3.95bn	$18.7M (per yfinance totalRevenue TTM, pulled 2026-05-26)	23.84%	211.35

Per the FY2025 10-K (Item 1A, filed 2026-02-26): NuScale states "We face competition from other nuclear reactor technologies and from competitors in China and Russia that currently operate commercial SMRs and may have advantages in marketing their SMRs to potential customers." Per the FY2025 10-K (Item 5, filed 2026-02-26): for its stock-performance peer group the Company lists "Ballard Power Systems Inc., Bloom Energy Corporation, BWX Technologies, Inc., Enphase Energy, Inc., Enovix Corporation, FuelCell Energy, Inc., Plug Power Inc., Oklo Inc. and SolarEdge Technologies, Inc." — a market-performance comparison group rather than a list of direct SMR product competitors. Specific competitor market-cap, revenue and margin data are not disclosed in this report's source data.

9. Leadership and Ownership

Per the FY2025 10-K (Item 1A, filed 2026-02-26) and insider transaction filings via yfinance (pulled 2026-05-26): NuScale identifies the following named officers in recent insider filings — John Lawrence Hopkins, Chief Executive Officer; Robert Ramsey Hamady, Chief Financial Officer; Carl M. Fisher, Chief Operating Officer; and Jose N. Reyes Jr., Chief Technology Officer. Further executive-team detail 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):

Holder	% held	Shares	Value (USD)
Van Eck Associates Corporation	5.79%	20,032,960	$228.4M
BlackRock Inc.	3.71%	12,849,132	$146.5M
Mirae Asset Global ETFs Holdings Ltd.	3.31%	11,452,161	$130.6M
Vanguard Portfolio Management LLC	3.16%	10,948,169	$124.8M
Vanguard Capital Management LLC	3.10%	10,732,371	$122.3M
Marex Group Plc	2.63%	9,098,178	$103.7M
Morgan Stanley	2.04%	7,052,969	$80.4M
Renaissance Technologies, LLC	1.58%	5,455,800	$62.2M
Marshall Wace LLP	1.24%	4,307,637	$49.1M
Geode Capital Management, LLC	1.08%	3,728,930	$42.5M

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):

• 2026-04-21: Fluor Corp (Director) sold 13,500,000 shares at $11.81 (~$159.4M).
• 2026-04-15: Fluor Corp (Director) sold 12,936,472 shares at $11.63 (~$150.4M).
• 2026-04-09: Fluor Corp (Beneficial Owner of more than 10%) sold 13,500,000 shares at $9.30 (~$125.6M). The three April batches total approximately 39.9 million shares for roughly $435 million.
• 2026-03-04: Carl M. Fisher (Chief Operating Officer) sold 49,277 shares at $12.64 (~$623k).
• 2026-03-03: John Lawrence Hopkins (CEO) sold 82,667 shares at $12.22 (~$1.0M); Robert Ramsey Hamady (CFO) sold 18,570 shares at $12.22 (~$227k).

10. Risks and Challenges

• No binding NPM delivery contract yet (Concentration): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We have not yet entered into a binding contract with a customer to deliver NPMs, and there is no guarantee that we will be able to do so."
• History of significant losses and going-forward losses (Financial): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We have incurred significant losses since inception, we expect to incur losses in the future, and we may not be able to achieve or maintain profitability."
• Ongoing need for additional funding (Financial): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We expect we will require additional future funding to fund operations and commercialization, and such financing may not be available on acceptable terms."
• Country-by-country approval required for overseas sales (Regulatory): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "Our design is only approved in the United States and we must obtain approvals on a country-by-country basis before we can complete the sale of our products abroad, which approvals may be delayed or denied or which may require modification to our design." Per the same item, "Our customers must obtain additional regulatory approvals before they construct power plants using our NPMs, and approvals may be denied or delayed."
• First-delivery and manufacturing execution risk (Operational): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We have not yet delivered NPMs to customers, and any setbacks we may experience during our first commercial delivery and other demonstration and commercial missions could have a material adverse effect on our business", and "Any issues or delays in the development and manufacture of NPMs and related technology may adversely affect our business and financial condition."
• Constrained supply base (Operational): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "Our supply base may not be able to scale to the production levels necessary to meet sales projections", and "Our supply base is constrained, and until we enter into a binding contract to deliver NPMs, our ability to secure commitments from our suppliers may be limited."
• Dependence on Fluor, ENTRA1 and other strategic partners (Concentration): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "Our commercialization strategy relies on our relationships with Fluor and other strategic investors and partners, such as ENTRA1, who may have interests that diverge from ours and who may not be easily replaced if their relationships terminate", and "The PMA with ENTRA1 may result in significant cash outlays in the near term without guaranteeing revenue generating activities."
• Market for SMRs not yet established (Market & Demand): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "The market for SMRs generating nuclear power is not yet established and may not achieve the growth potential we expect or may grow more slowly than expected", and "Loss of government incentives to use nuclear power may have an adverse impact on the market for SMRs."
• Public perception and political risk for nuclear (Market & Demand): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We and our customers operate in a politically sensitive environment, and the public perception of nuclear energy, including due to accidents involving nuclear power facilities, can affect our customers and us."
• Competition from other reactor technologies (Competitive): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We face competition from other nuclear reactor technologies and from competitors in China and Russia that currently operate commercial SMRs and may have advantages in marketing their SMRs to potential customers."
• Cybersecurity risk (Cyber & Physical): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We are subject to cybersecurity risk."
• Strategic-investor share selling and share-price volatility (Concentration): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "A significant portion of our outstanding shares may be sold into the market" and "The price of shares of Class A common stock may be volatile"; consistent with this, Fluor Corp sold approximately $435 million of stock across three April 2026 batches (per insider transactions via yfinance, pulled 2026-05-26), and short interest is 21.5% of float with a beta of 2.25 (per yfinance, pulled 2026-05-26).

11. Recent Developments

Most recent first.

• 2026-04-21 — Fluor Corp sells 13.5M shares at $11.81 (~$159.4M): 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 12.94M shares at $11.63 (~$150.4M): Second of three April 2026 sales batches. Source: [insider transactions via yfinance, pulled 2026-05-26].
• 2026-04-09 — Fluor Corp sells 13.5M shares at $9.30 (~$125.6M): First of three April 2026 sales batches by the former >10% holder. Source: [insider transactions via yfinance, pulled 2026-05-26].

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

12. Key Dates Coming Up

• Next earnings — date not disclosed in this report's source data: No quarterly report date is provided in this report's source data.
• RoPower (Romania) pre-EPC phase — up to ~15 months: Per the FY2025 10-K (Item 7, filed 2026-02-26): following the Romanian Government's February 12, 2026 investment-decision approval for the Doicesti SMR plant, RoPower is authorized to advance licensing and geotechnical work, finalize a pre-EPC contract and begin negotiating long-lead-item contracts; pre-EPC activities have "an estimated duration of up to 15 months." Specific construction-start dates are not disclosed in this report's source data.
• ENTRA1 / TVA up-to-6 GW framework: Per the FY2025 10-K (Item 7, filed 2026-02-26): the September 2, 2025 non-binding TVA agreement contemplates collaboration on up to 6 gigawatts of new nuclear generation; specific site-by-site licensing and construction-start timing is not disclosed in this report's source data.
• Country-level and customer site approvals: Per the FY2025 10-K (Item 7, filed 2026-02-26): country-level NPM design approvals and customer site-approvals are the gating items for moving from engineering to construction; timing is not disclosed in this report's source data.

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