NuScale Power Reports Third Quarter 2025 Results

NuScale Power Corporation (NYSE: SMR) (“NuScale”, “NuScale Power” or the “Company”), the industry-leading provider of proprietary and innovative advanced SMR nuclear technology, today announced results for the third quarter ended September 30, 2025.

“NuScale is honored that our technology was selected for ENTRA1’s historic agreement with the Tennessee Valley Authority which marks the largest SMR deployment program in U.S. history,” said John Hopkins, NuScale President and Chief Executive Officer. “This program underscores how, as the first and only SMR technology provider to obtain U.S. Nuclear Regulatory Commission design approval, NuScale is leading the industry and is ready for commercial deployment. We look forward to continuing to work with our global strategic partner ENTRA1 on commercializing and deploying NuScale Power Modules (“NPMs”) into ENTRA1 Energy Plants to meet America’s demand for reliable, carbon-free baseload power for AI data centers, critical mining, semiconductor manufacturing, and other key energy-intensive industries that are driving our nation’s economic future.”

Liquidity & Capital Resources

• Ended the third quarter with cash, cash equivalents, and short- and long-term investments of $753.8 million.

• Sold 13.2 million shares through an at-the-market ("ATM") program during the third quarter, generating $475.2 million in gross proceeds.

Comparison of the Three Months Ended September 30, 2025 and September 30, 2024

• Revenue and cost of sales increased by $7.8 million and $5.2 million, respectively, during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to engineering services in support of advancing RoPower’s goal of deploying an SMR power plant powered by six NPMs in Romania.

• Research and development (“R&D”) expenses decreased $1.1 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily as a result of the Company signing revenue-generating contracts that allow personnel to transition from R&D to commercial projects, resulting in an increase in Cost of sales and a reduction in R&D expenses.

• General and administrative expenses (“G&A”) increased $502.2 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, attributable to (a) the recognition of Milestone Contribution 1 of $495.0 million under NuScale’s Partnership Milestones Agreement with ENTRA1, (b) higher strategic business development costs of $3.6 million, both resulting from increased commercialization efforts, (c) $2.2 million in legal and accounting fees and (d) $1.1 million in higher compensation and equity-based compensation expense.

• Other expenses decreased $1.1 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, as a result of the Company’s increased commercial activities, allowing engineering & project personnel to work on commercial projects, resulting in an increase in Cost of sales and lower Other expenses.

• Investment income increased $3.8 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily as a result of the Company’s stronger cash position and higher investments in cash equivalents, short-term investments and longer-term investments.

Conference Call:

NuScale will host a conference call today at 5:00 p.m. ET. A live webcast of the presentation will be available by dialing [phone] with conference ID 4347254 or by visiting the Quarterly Results page of the Company’s website.

A replay of the webcast will be available for 30 days.

About NuScale Power

Founded in 2007, NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. The NuScale Power Module, the company’s groundbreaking SMR technology, is a small, safe, pressurized water reactor that can each generate 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross), and can be scaled to meet customer needs through an array of flexible configurations up to 924 MWe (12 modules) of output.

As the first and only SMR to have its designs certified by the U.S. Nuclear Regulatory Commission, NuScale is well-positioned to serve diverse customers across the world by supplying nuclear energy for electrical generation, data centers, district heating, desalination, commercial-scale hydrogen production, and other process heat applications.

To learn more, visit NuScale Power’s website or follow us on LinkedIn, Facebook, Instagram, X, and YouTube.

Forward Looking Statements

This release contains forward-looking statements (including without limitation statements containing words such as "will," "believes," "expects," “anticipates,” "plans" or other similar expressions). These forward-looking statements include statements relating to our strategic and operational plans, expectations (including regarding our market positioning, our progress toward deploying our technology, the Partnership Milestones Agreement, the RoPower Plant; the market for nuclear energy and providing energy technology for communities around the world), future growth, and the outlook of our business.

Actual results may differ materially as a result of a number of factors, including, among other things, our liquidity and ability to raise capital; requirements under our Tax Receivable Agreement; our ability to enter into binding contracts with customers to deliver NPMs; competition for commercial SMRs; delays in the development and manufacturing of NPMs and related technology; the possibility that we may incur losses in the future and may not be able to achieve or maintain profitability; the cost of electricity generated from nuclear sources or our NPMs may not be cost competitive; the market for SMRs is not yet established and may not achieve growth as expected; our dependence on our relationships with ENTRA1, Fluor and other strategic investors and partners; risks related to the Partnership Milestones Agreement with ENTRA1; our ability to manage our growth effectively; our need for additional funding in the future; manufacturing and construction issues; loss of government funding; the politically sensitive environment we operating in and the public perception of nuclear energy; our dependence on senior management and other highly skilled personnel; our ability to obtain design approvals internationally; our customers’ ability to obtain required regulatory approvals on a timely basis or at all; compliance with environmental laws and evolving government laws and regulations; the impact of changing trade policies and new or increased tariffs; risks related to cybersecurity; changes in tax laws; existing or future litigation and regulatory proceedings; our ability to protect our intellectual property; our limited number of authorized shares available for issuance; the price of our Class A common stock may be volatile; resales of a majority of our shares that are or will be outstanding may cause the price of our stock to drop; risks related to our largest stockholder; additional sales of our common stock or exercise of our options could result in dilution to our stockholders; we have and may in the future be subject to short selling strategies; and our ability to remediate the material weakness in our financial reporting. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, our results may differ materially from its expectations and projections.

Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission (the “SEC”), including the general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Reports on Form 10-Q and in subsequent filings we make with the SEC. The referenced SEC filings are available either publicly or upon request from NuScale's Investor Relations Department at [e-mail]. The Company disclaims any intent or obligation other than as required by law to update or revise any forward-looking statements.

NuScale Power Corporation   Condensed Consolidated Balance Sheet (Unaudited)
(in thousands, except share and per share amounts)		September 30, 2025				December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents		$	407,585			$	401,556
Short-term investments			284,200				40,000
Restricted cash			5,100				5,100
Prepaid expenses			7,746				3,377
Accounts and other receivables, net (2025 - $5,186; 2024 - $3,655 from related party)			15,187				21,104
Total current assets			719,818				471,137
Property, plant and equipment, net			2,118				2,421
In-process research and development			16,900				16,900
Intangible assets, net			571				704
Goodwill			8,255				8,255
Long-lead material work in process			63,315				43,388
Investments			61,991				—
Other assets			10,167				1,868
Total Assets		$	883,135			$	544,673
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses		$	403,415			$	47,947
Accrued compensation			8,700				7,330
Long-lead material liability			32,323				32,327
Other accrued liabilities			560				1,356
Deferred revenue			630				762
Total current liabilities			445,628				89,722
Noncurrent liabilities			2,209				1,650
Deferred revenue			482				181
Total Liabilities			448,319				91,553
Stockholders’ Equity
Class A common stock, par value $0.0001 per share, 332,000,000 shares authorized, 167,595,781 and 122,842,474 shares outstanding as of September 30, 2025 and December 31, 2024, respectively			17				12
Class B common stock, par value $0.0001 per share, 179,000,000 shares authorized, 130,817,571 and 154,254,663 shares outstanding as of September 30, 2025 and December 31, 2024, respectively			13				15
Additional paid-in capital			1,510,720				995,745
Accumulated deficit			(682,042	)			(377,077	)
Total Stockholders’ Equity Excluding Noncontrolling Interests			828,708				618,695
Noncontrolling interests			(393,892	)			(165,575	)
Total Stockholders' Equity			434,816				453,120
Total Liabilities and Stockholders' Equity		$	883,135			$	544,673

NuScale Power Corporation   Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share amounts)		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Revenue (2025 - $7,873 and $22,573; 2024 - $47 and $570 from related party)		$	8,242			$	475			$	29,671			$	2,821
Cost of sales			(5,533	)			(295	)			(18,179	)			(1,880	)
Gross Margin			2,709				180				11,492				941
Research and development expenses			11,054				12,160				31,987				37,447
General and administrative expenses			519,222				17,021				565,009				53,207
Other expenses (2025 - $0 and $0; 2024 - $0 and $108 from related party)			10,873				12,018				31,345				37,157
Loss From Operations			(538,440	)			(41,019	)			(616,849	)			(126,870	)
Sponsored cost share			33				660				117				6,504
Change in fair value of warrant liabilities			—				(7,191	)			—				(52,969	)
Investment income			5,761				2,008				16,424				5,275
Loss Before Income Taxes			(532,646	)			(45,542	)			(600,308	)			(168,060	)
Foreign income taxes			—				12				342				12
Net Loss			(532,646	)			(45,554	)			(600,650	)			(168,072	)
Net loss attributable to noncontrolling interests			(259,327	)			(28,095	)			(295,685	)			(106,424	)
Net Loss Attributable to Class A Common Stockholders		$	(273,319	)		$	(17,459	)		$	(304,965	)		$	(61,648	)
Loss per Share of Class A Common Stock:
Basic and Diluted		$	(1.85	)		$	(0.18	)		$	(1.37	)		$	(0.70	)
Weighted-Average Shares of Class A Common Stock Outstanding:
Basic and Diluted			147,685,584				95,197,500				223,201,115				88,137,939

NuScale Power Corporation   Condensed Consolidated Statements of Cash Flows (Unaudited)
		Nine Months Ended September 30,
		2025				2024
OPERATING CASH FLOW
Net Loss		$	(600,650	)		$	(168,072	)
Adjustments to reconcile net loss to operating cash flow:
Depreciation and amortization			911				1,419
Equity-based compensation expense			14,495				10,442
Disposal of property, plant and equipment			46				57
Impairment of intangible asset			—				71
Gain on insurance proceeds received for damage to property, plant and equipment			—				(122	)
Change in fair value of warrant liabilities			—				52,969
Other changes in assets and liabilities:
Prepaid expenses and other assets			(12,149	)			8,474
Accounts and other receivables (2025 - $(1,531); 2024 - $2,642 from related party)			5,916				2,157
Long-lead material work in process			(19,927	)			(5,248	)
Long-lead material liability			(4	)			741
Accounts payable and accrued expenses (2025 - $0; 2024 - $2,847 from related party)			354,072				(2,044	)
Nonrefundable customer deposit			—				20,000
Net change in right of use assets and lease liabilities			(156	)			(1,476	)
Deferred revenue			169				(820	)
Accrued compensation			1,371				(797	)
Net Cash Used in Operating Activities			(255,906	)			(82,249	)
INVESTING CASH FLOW
Proceeds from sale of short-term investments			102,788				—
Proceeds from sale of investments			43,976				—
Purchase of short-term investments			(346,988	)			(45,000	)
Purchase of investments			(105,967	)			—
Purchase of property, plant and equipment			(141	)			—
Insurance proceeds received for damage to property, plant and equipment			—				195
Net Cash Used in Investing Activities			(306,332	)			(44,805	)
FINANCING CASH FLOW
Proceeds from the issuance of common stock, net of issuance fees			562,370				103,842
Proceeds from exercise of common share options			5,897				14,575
Net Cash Provided by Financing Activities			568,267				118,417
Net Change in Cash, Cash Equivalents and Restricted Cash			6,029				(8,637	)
Cash, cash equivalents and restricted cash:
Beginning of period			406,656				125,365
End of period		$	412,685			$	116,728
Summary of Noncash Investing and Financing Activities:
Accrued foreign income tax withholding to noncontrolling interests		$	416			$	—
Plant, property and equipment in accounts payable			380				—
Supplemental disclosures of cash flow information:
Foreign income taxes paid		$	1,600			$	3,212

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20251106784127/en/

The Nuscale Power Stock at the time of publication of the news with a fall of -14,43 % to 32,44USD on NYSE stock exchange (06. November 2025, 21:59 Uhr).