NuScale Power Corporation Financials
NuScale Power Corporation (SMR) reported $10.7M in revenue over the twelve months to Jun 30, 2026, down 81.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Development-stage cash consumption dominates NuScale’s model, with financing inflows funding heavy operating expense rather than customer revenue.
In FY2025, revenue was$31.5M while R&D spending was$45.5M , so reported activity remained below the investment required to build the business. Operating cash flow of-$459.6M versus SG&A of$609.8M shows that cash consumption was driven more by overhead than R&D alone.
From FY2024 to FY2025, revenue slipped from
FY2025 financing cash flow of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of NuScale Power Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for NuScale Power Corporation, and counted as zero in the overall score.
NuScale Power Corporation scores 6.54, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.0B) relative to total liabilities ($299.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
NuScale Power Corporation passes 0 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
NuScale Power Corporation reported a net loss of $355.8M while operations used $459.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
NuScale Power Corporation generated $31.5M in revenue in fiscal year 2025. This represents a decrease of 15.0% from the prior year.
NuScale Power Corporation's EBITDA was -$688.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 402.9% from the prior year.
NuScale Power Corporation reported -$355.8M in net income in fiscal year 2025. This represents a decrease of 160.4% from the prior year.
NuScale Power Corporation earned -$2.17 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
NuScale Power Corporation recorded an outflow of $460.1M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 323.3% from the prior year.
NuScale Power Corporation held $836.4M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
NuScale Power Corporation's gross margin was 36.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 50.4 percentage points from the prior year.
NuScale Power Corporation's ROE was -30.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 8.4 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
NuScale Power Corporation invested $45.5M in research and development in fiscal year 2025. This represents a decrease of 2.7% from the prior year.
NuScale Power Corporation invested $508K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1054.5% from the prior year.
Not reported for fiscal year 2025.
SMR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $75K-86.7% | $565K-68.8% | $1.8M-78.1% | $8.2M+2.3% | $8.1M-39.8% | $13.4M-60.9% | $34.2M+7105.1% | $475K |
| Cost of Revenue | $227K-58.3% | $544K-70.9% | $1.9M-66.2% | $5.5M-11.8% | $6.3M-1.6% | $6.4M+108.5% | $3.1M+936.3% | $295K |
| Gross Profit | -$152K-823.8% | $21K+134.4% | -$61K-102.3% | $2.7M+52.1% | $1.8M-74.6% | $7.0M-77.5% | $31.2M+17215.0% | $180K |
| R&D Expenses | $18.4M+43.9% | $12.8M-5.5% | $13.5M+22.5% | $11.1M-6.3% | $11.8M+29.3% | $9.1M-2.6% | $9.4M-22.9% | $12.2M |
| SG&A Expenses | $26.9M+8.2% | $24.8M-44.6% | $44.8M-91.4% | $519.2M+2205.3% | $22.5M-3.2% | $23.3M+2.5% | $22.7M+33.3% | $17.0M |
| Operating Income | -$64.0M-11.3% | -$57.5M+20.9% | -$72.7M+86.5% | -$538.4M-1149.8% | -$43.1M-22.0% | -$35.3M-198.0% | -$11.9M+71.1% | -$41.0M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | $1.9M+15925.0% | $12K |
| Net Income | -$47.5M-8.0% | -$44.0M+13.4% | -$50.8M+81.4% | -$273.3M-1449.3% | -$17.6M-26.0% | -$14.0M+81.3% | -$75.0M-329.4% | -$17.5M |
| EPS (Diluted) | -$0.13+7.1% | -$0.14 | -$0.80 | -$1.85-1323.1% | -$0.13-18.2% | -$0.11+85.7% | -$0.77-327.8% | -$0.18 |
Not reported in any period shown, so not listed: Interest Expense.
SMR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.0B+78.5% | $1.1B-18.7% | $1.4B+59.9% | $883.1M+45.6% | $606.5M-1.9% | $618.1M+13.5% | $544.7M+115.0% | $253.3M |
| Current Assets | $1.1B+21.2% | $908.5M-28.6% | $1.3B+76.8% | $719.8M+62.6% | $442.6M-18.6% | $543.4M+15.3% | $471.1M+160.9% | $180.6M |
| Cash & Equivalents | $766.5M+124.7% | $341.1M-59.2% | $836.4M+105.2% | $407.6M+36.9% | $297.7M-39.4% | $491.4M+22.4% | $401.6M+259.7% | $111.6M |
| Goodwill | $8.3M0.0% | $8.3M0.0% | $8.3M0.0% | $8.3M0.0% | $8.3M0.0% | $8.3M0.0% | $8.3M0.0% | $8.3M |
| Total Liabilities | $35.5M-7.5% | $38.4M-87.1% | $299.0M+449.3% | $54.4M+163.0% | -$86.4M-0.6% | -$85.9M-16.1% | -$74.0M-179.4% | $93.2M |
| Current Liabilities | $29.1M-6.0% | $30.9M-89.5% | $296.1M | N/A | $104.9M+20.3% | $87.3M-2.7% | $89.7M+11.4% | $80.6M |
| Total Equity | $2.1B+76.7% | $1.2B-0.2% | $1.2B+41.0% | $828.7M+19.6% | $692.9M-1.6% | $704.0M+13.8% | $618.7M+286.5% | $160.1M |
| Retained Earnings | -$824.4M-6.1% | -$776.9M-6.0% | -$732.9M-7.5% | -$682.0M-66.9% | -$408.7M-4.5% | -$391.1M-3.7% | -$377.1M-24.8% | -$302.1M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Long-Term Debt.
SMR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$58.2M+81.5% | -$314.7M-54.5% | -$203.7M-2.0% | -$199.8M-499.6% | -$33.3M-46.2% | -$22.8M+13.7% | -$26.4M-107.6% | -$12.7M |
| Capital Expenditures | $431K-71.7% | $1.5M+314.7% | $367K+160.3% | $141K+110.4% | -$67K0.0% | $67K+52.3% | $44K | $0 |
| Free Cash Flow | -$58.6M+81.5% | -$316.2M-54.9% | -$204.1M-2.1% | -$199.9M-498.8% | -$33.4M-46.1% | -$22.9M+13.6% | -$26.5M-107.9% | -$12.7M |
| Investing Cash Flow | -$459.3M-110.3% | -$218.4M-108.1% | -$104.9M+31.9% | -$154.1M+5.0% | -$162.2M-1732.5% | $9.9M+100.4% | $5.0M+111.0% | -$45.0M |
| Financing Cash Flow | $947.3M+2406.6% | $37.8M-94.9% | $737.5M+59.0% | $463.8M+26463.7% | $1.7M-98.3% | $102.7M-67.0% | $311.4M+710.4% | $38.4M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
SMR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -202.7% | 3.7%+7.1pp | -3.4%-36.2pp | 32.9%+10.8pp | 22.1%-30.2pp | 52.3%-38.7pp | 91.1%+53.2pp | 37.9% |
| Operating Margin | -85337.3% | -10181.2% | -4022.2% | -6532.9% | -534.9% | -264.1% | -34.6% | -8635.6% |
| Net Margin | -63385.3% | -7790.3% | -2811.3% | -3316.2% | -219.0% | -104.7% | -219.1% | -3675.6% |
| Return on Equity | -2.3%+1.5pp | -3.8%+0.6pp | -4.3%+28.6pp | -33.0%-30.4pp | -2.5%-0.6pp | -2.0%+10.1pp | -12.1%-1.2pp | -10.9% |
| Return on Assets | -2.3%+1.5pp | -3.8%-0.2pp | -3.6%+27.4pp | -30.9%-28.0pp | -2.9%-0.6pp | -2.3%+11.5pp | -13.8%-6.9pp | -6.9% |
| Current Ratio | 37.88+8.5x | 29.36+25.1x | 4.30 | N/A | 4.22-2.0x | 6.23+1.0x | 5.25+3.0x | 2.24 |
| Debt-to-Equity | 0.020.0x | 0.03-0.2x | 0.26+0.2x | 0.07 | N/A | N/A | N/A | 0.58 |
| FCF Margin | -78150.7% | -55964.6% | -11287.1% | -2425.9% | -414.6% | -170.9% | -77.3% | -2679.6% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where NuScale Power Corporation Ranks
Frequently Asked Questions
What is NuScale Power Corporation's annual revenue?
NuScale Power Corporation (SMR) reported $31.5M in total revenue for fiscal year 2025. This represents a -15.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is NuScale Power Corporation's revenue growing?
NuScale Power Corporation (SMR) revenue declined by 15.0% year-over-year, from $37.0M to $31.5M in fiscal year 2025.
Is NuScale Power Corporation profitable?
No, NuScale Power Corporation (SMR) reported a net income of -$355.8M in fiscal year 2025.
What is NuScale Power Corporation's EBITDA?
NuScale Power Corporation (SMR) had EBITDA of -$688.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is NuScale Power Corporation's gross margin?
NuScale Power Corporation (SMR) had a gross margin of 36.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is NuScale Power Corporation's return on equity (ROE)?
NuScale Power Corporation (SMR) has a return on equity of -30.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is NuScale Power Corporation's free cash flow?
NuScale Power Corporation (SMR) recorded an outflow of $460.1M in free cash flow during fiscal year 2025. This represents a -323.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is NuScale Power Corporation's operating cash flow?
NuScale Power Corporation (SMR) recorded an outflow of $459.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are NuScale Power Corporation's total assets?
NuScale Power Corporation (SMR) had $1.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are NuScale Power Corporation's capital expenditures?
NuScale Power Corporation (SMR) invested $508K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does NuScale Power Corporation spend on research and development?
NuScale Power Corporation (SMR) invested $45.5M in research and development during fiscal year 2025.
What is NuScale Power Corporation's current ratio?
NuScale Power Corporation (SMR) had a current ratio of 4.30 as of fiscal year 2025, which is generally considered healthy.
What is NuScale Power Corporation's debt-to-equity ratio?
NuScale Power Corporation (SMR) had a debt-to-equity ratio of 0.26 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is NuScale Power Corporation's return on assets (ROA)?
NuScale Power Corporation (SMR) had a return on assets of -25.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does NuScale Power Corporation's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, NuScale Power Corporation (SMR) held $1.3B in cash, cash equivalents and investments, and reported an operating cash outflow of $459.6M over that year. Dividing the one by the other, the reported balance equals about 34 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is NuScale Power Corporation's Altman Z-Score?
NuScale Power Corporation (SMR) has an Altman Z-Score of 6.54, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is NuScale Power Corporation's Piotroski F-Score?
NuScale Power Corporation (SMR) has a Piotroski F-Score of 0 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are NuScale Power Corporation's earnings high quality?
NuScale Power Corporation (SMR) reported a net loss of $355.8M while operations used $459.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is NuScale Power Corporation?
NuScale Power Corporation (SMR) scores 42 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.