Every 10-Q that NuScale Power Corporation (SMR) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow SMR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SMR filings page.
NuScale Power Corporation reported a weaker first quarter of 2026 as it continues commercializing its small modular reactor technology. Revenue fell to $0.6 million from $13.4 million a year earlier, mainly because prior RoPower licensing and Fluor FEED work concluded. Net loss widened to $46.7 million from $30.4 million as research and development, general and administrative, and other operating costs increased.
Operating cash outflow was $314.7 million, largely driven by a $259.9 million Milestone Contribution payment to strategic partner ENTRA1 and higher prepayments for long-lead materials. Cash and cash equivalents were $341.1 million and short-term investments $549.0 million, with no debt outstanding. NuScale raised $37.3 million through its 2026 at-the-market equity program and has up to $962.1 million of additional Class A stock capacity available. The company also disclosed new shareholder class action and derivative lawsuits, noting potential losses from these matters cannot yet be estimated.
NuScale Power Corporation (SMR) reported Q3 2025 results. Revenue rose to $8.242 million from $0.475 million a year ago, but the company posted a net loss of $532.646 million driven by G&A of $519.222 million. The quarter included a one‑time $495.0 million expense tied to Milestone Contribution 1 under the Partnership Milestones Agreement with ENTRA1, triggered by a non‑binding agreement relating to 72 NPMs.
Liquidity strengthened via equity issuance: NuScale sold 13,216,809 Class A shares under its ATM for $462.613 million net. Cash and cash equivalents were $407.585 million and short‑term investments were $284.200 million as of September 30, 2025. The company agreed to a $32.323 million LLM settlement payment, securing ownership of long‑lead materials. Contracted cash obligations totaled $551.867 million, including $346.513 million of PMA contributions scheduled for 2025–2026.
As of October 31, 2025, shares outstanding were 167,659,304 Class A and 130,817,571 Class B. A subsequent agreement with Fluor provides for exchanging 110,936,472 Class B interests into Class A and a Tax Receivable Agreement amendment reducing any payments to Fluor by 50%.
NuScale Power Corporation (NYSE: SMR) Q2-25 10-Q highlights:
- Revenue surged to $8.1 m (up 733% YoY) as Phase-2 engineering work for Romania’s RoPower advanced; 92% of revenue came from related-party Fluor.
- 6-month revenue reached $21.4 m vs. $2.3 m YoY.
- Q2 operating loss widened modestly to ($43.1 m), but net loss nearly halved to ($37.6 m) due to the prior-year warrant liability re-measurement. GAAP EPS improved to -$0.13 from -$0.31.
- Cash burn improved: operating cash outflow -$56.1 m (-$69.5 m YoY).
- Liquidity remains strong with $297.7 m cash, $123.1 m short-term investments and $69.2 m long-term investments; no debt.
- Raised $99.8 m gross via new ATM equity program; outstanding A-shares rose to 133.9 m.
- NRC issued Standard Design Approval for 77 MWe module in May 2025, clearing the regulatory path for U.S. deployment.
- Material weakness in IT & financial controls persists; remediation plan underway.
- Company continues transition from R&D to commercialization; workforce reduced 28% in Jan 2024; long-lead material commitments total $99.5 m.
Bottom line: NuScale shows accelerating revenue and ample liquidity following SDA approval, but profitability, customer concentration and control weaknesses remain key investor watch-points.