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NuScale Power Corporation Financials

SMR
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows NuScale Power Corporation (SMR) financial statements, including the 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).

Rhea AI SMR FY2025

NuScale is still a capital-funded development business, with cash raised rather than revenue supporting a cost base that produced a $690M operating loss in FY2025.

In FY2025, operating cash burn reached -$460M while financing supplied $1.3B, so the much larger cash balance reflects external funding rather than the business turning self-funding. That matters because revenue remained tiny relative to the cost base: sales were $31.5M against roughly $655M of R&D plus SG&A, meaning balance-sheet strength and operating strength are telling very different stories.

Gross margin volatility looks more like contract mix than a durable cost advantage. It jumped to 86.7% in FY2024 and fell back to 36.3% in FY2025, which implies a lumpy revenue base where a small number of deliverables can reshape annual unit economics.

This is not a factory-heavy burn story; capital spending was only $508K in FY2025 while R&D alone was $45.5M. With a current ratio of 4.3x and $836M of cash, near-term obligations appear covered, but the operating model is still being financed mainly through capital raises rather than commercial cash generation.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Cash Runway Dilution R&D Intensity Revenue Progress Burn Trend Balance Sheet 43 / 100
Financial Health Score 43/100
Scored as: Emerging companies peer group

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.

Cash Runway
56
R&D Intensity
27
Revenue Progress
68
Burn Trend
13
Balance Sheet
91
Altman Z-Score Safe
4.79

NuScale Power Corporation scores 4.79, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.1B) 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.

Piotroski F-Score Partial
0/7

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.

Earnings Quality Low Quality
1.29x

For every $1 of reported earnings, NuScale Power Corporation generates $1.29 in operating cash flow (-$459.6M OCF vs -$355.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
$31.5M
YoY-15.0%
5Y CAGR+120.8%

NuScale Power Corporation generated $31.5M in revenue in fiscal year 2025. This represents a decrease of 15.0% from the prior year.

EBITDA
-$688.4M
YoY-402.9%

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.

Net Income
-$355.8M
YoY-160.4%

NuScale Power Corporation reported -$355.8M in net income in fiscal year 2025. This represents a decrease of 160.4% from the prior year.

EPS (Diluted)
$-2.17
YoY-47.6%

NuScale Power Corporation earned $-2.17 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 47.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$460.1M
YoY-323.3%

NuScale Power Corporation generated -$460.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 323.3% from the prior year.

Cash & Debt
$836.4M
YoY+108.3%
5Y CAGR+237.6%

NuScale Power Corporation held $836.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
N/A

Margins & Returns

Gross Margin
36.3%
YoY-50.4pp
5Y CAGR-4.5pp

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.

Operating Margin
-2190.6%
YoY-1816.1pp
5Y CAGR+24283.3pp

NuScale Power Corporation's operating margin was -2190.6% in fiscal year 2025, reflecting core business profitability. This is down 1816.1 percentage points from the prior year.

Net Margin
-1130.3%
YoY-761.5pp
5Y CAGR+13600.9pp

NuScale Power Corporation's net profit margin was -1130.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 761.5 percentage points from the prior year.

Return on Equity
-30.4%
YoY-8.4pp

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.

Capital Allocation

R&D Spending
$45.5M
YoY-2.7%
5Y CAGR-13.7%

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.

Share Buybacks
N/A
Capital Expenditures
$508K
YoY+1054.5%
5Y CAGR-32.1%

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.

SMR Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $565K-68.8% $1.8M-78.1% $8.2M+2.3% $8.1M-39.8% $13.4M-60.9% $34.2M+7105.1% $475K-50.9% $967K
Cost of Revenue $544K-70.9% $1.9M-66.2% $5.5M-11.8% $6.3M-1.6% $6.4M+108.5% $3.1M+936.3% $295K-65.3% $850K
Gross Profit $21K+134.4% -$61K-102.3% $2.7M+52.1% $1.8M-74.6% $7.0M-77.5% $31.2M+17215.0% $180K+53.8% $117K
R&D Expenses $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+0.2% $12.1M
SG&A Expenses $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+1.2% $16.8M
Operating Income -$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+2.1% -$41.9M
Interest Expense N/A N/A N/A N/A N/A N/A N/A $1.7M
Income Tax N/A N/A N/A N/A N/A $1.9M+15925.0% $12K $0
Net Income -$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+36.8% -$27.6M
EPS (Diluted) $-0.14 N/A $-1.85-1323.1% $-0.13-18.2% $-0.11 N/A $-0.18+41.9% $-0.31

SMR Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $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+10.5% $229.2M
Current Assets $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+15.5% $156.3M
Cash & Equivalents $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-14.7% $130.9M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
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 $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-31.4% $135.9M
Current Liabilities $30.9M-89.5% $296.1M N/A $104.9M+20.3% $87.3M-2.7% $89.7M+11.4% $80.6M+37.0% $58.8M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $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+17.4% $136.3M
Retained Earnings -$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-6.1% -$284.6M

SMR Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$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+64.7% -$36.0M
Capital Expenditures $1.5M+314.7% $367K N/A N/A $67K+52.3% $44K $0 $0
Free Cash Flow -$316.2M-54.9% -$204.1M N/A N/A -$22.9M+13.6% -$26.5M-107.9% -$12.7M+64.7% -$36.0M
Investing Cash Flow -$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-23176.9% $195K
Financing Cash Flow $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+10.5% $34.8M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

SMR Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 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%+25.8pp 12.1%
Operating Margin -10181.2%-6159.0pp -4022.2%+2510.7pp -6532.9%-5998.0pp -534.9%-270.8pp -264.1%-229.5pp -34.6%+8600.9pp -8635.6%-4304.9pp -4330.7%
Net Margin -7790.3%-4978.9pp -2811.3%+504.8pp -3316.2%-3097.1pp -219.0%-114.3pp -104.7%+114.4pp -219.1%+3456.5pp -3675.6%-819.6pp -2855.9%
Return on Equity -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%+9.3pp -20.3%
Return on Assets -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%+5.2pp -12.0%
Current Ratio 29.36+25.1 4.30 N/A 4.22-2.0 6.23+1.0 5.25+3.0 2.24-0.4 2.66
Debt-to-Equity 0.03-0.2 0.26+0.2 0.07+0.2 -0.120.0 -0.120.0 -0.12-0.7 0.58-0.4 1.00
FCF Margin -55964.6%-44677.5pp -11287.1% N/A N/A -170.9%-93.5pp -77.3%+2602.3pp -2679.6%+1046.6pp -3726.2%

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Frequently Asked Questions

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.

NuScale Power Corporation (SMR) revenue declined by 15% year-over-year, from $37.0M to $31.5M in fiscal year 2025.

No, NuScale Power Corporation (SMR) reported a net income of -$355.8M in fiscal year 2025, with a net profit margin of -1130.3%.

NuScale Power Corporation (SMR) reported diluted earnings per share of $-2.17 for fiscal year 2025. This represents a -47.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

NuScale Power Corporation (SMR) had EBITDA of -$688.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

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.

NuScale Power Corporation (SMR) had an operating margin of -2190.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

NuScale Power Corporation (SMR) had a net profit margin of -1130.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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.

NuScale Power Corporation (SMR) generated -$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.

NuScale Power Corporation (SMR) generated -$459.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

NuScale Power Corporation (SMR) had $1.4B in total assets as of fiscal year 2025, including both current and long-term assets.

NuScale Power Corporation (SMR) invested $508K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

NuScale Power Corporation (SMR) invested $45.5M in research and development during fiscal year 2025.

NuScale Power Corporation (SMR) had a current ratio of 4.30 as of fiscal year 2025, which is generally considered healthy.

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.

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.

Based on fiscal year 2025 data, NuScale Power Corporation (SMR) had $836.4M in cash against an annual operating cash burn of $459.6M. This gives an estimated cash runway of approximately 22 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

NuScale Power Corporation (SMR) has an Altman Z-Score of 4.79, 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.

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.

NuScale Power Corporation (SMR) has an earnings quality ratio of 1.29x, considered low quality (accrual-driven). 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.

NuScale Power Corporation (SMR) scores 43 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.

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