Industrials · NYSE: SMR
NuScale: how the business works
NuScale designs small nuclear reactor modules and has no binding order for one yet; it earned $31.5 million of revenue in FY2025, mostly from plant engineering services, and lost $355.8 million.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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NuScale Power Corporation · Corvallis, Oregon · Founded 2007
Updated for Q3 FY2026 · checked
- Revenue, FY2025
- $31.5M
- Net loss to Class A stockholders, FY2025
- −$355.8M
- Revenue, Q3 FY2026
- $0.28M
- Cash and investments, Sep 30, 2026
- $1,864.1M
- Full-time employees, Dec 31, 2025
- 428
The short version
NuScale in 5 points
1 · What it sells
NuScale designs small nuclear reactor modules of 77 megawatts each and has no binding order for one; its FY2025 revenue of $31.5 million came mostly from plant engineering services.
2 · Who pays it
Fluor, then a related party, paid 76.0% of NuScale's FY2025 revenue and all other customers 24.0%, and NuScale reported no Fluor revenue in the first nine months of FY2026.
3 · What it keeps from $100
Of every $100 that came in during FY2025, costs took $1,267.2, mostly a one-time ENTRA1 milestone, and NuScale lost $625.0; its loss from operations was $689.6 million, or $182.2 million without the milestone.
4 · Where the operating profit comes from
NuScale reports one segment and has no operating profit: its FY2025 loss from operations was $689.6 million, and $25.3 million of investment income on its cash was its main income besides revenue.
5 · The one thing to watch
NuScale's CEO said in August 2025 he expected hard contracts by the end of 2025, and its FY2025 10-K reports no binding contract to deliver modules, with Q3 FY2026 revenue at $0.28 million.
Sources: From NuScale's FY2025 10-K, Q3 FY2026 10-Q and Aug 7, 2025 earnings call · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of NuScale's money go?
NuScale · FY2025
Receipt for every $100
| Cost of sales | $35.2 |
|---|---|
| Research and development | $80.0 |
| General and administrative, without the ENTRA1 milestone | $179.9 |
| One-time ENTRA1 milestone expense | $891.3 |
| Other operating expenses | $80.2 |
| Foreign income taxes | $0.6 |
| Borne by Class B unit holders (reduced the loss) | −$542.2 |
| Loss to Class A stockholders (costs above money in) | −$625.0 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2025 10-K. Money in was revenue of $31.5 million plus $25.3 million of investment income and $0.1 million of government cost share, $56.9 million in total. Costs came to $1,267.2 per $100 that came in, mostly the one-time ENTRA1 milestone. Class B unit holders bore $542.2, so the loss to Class A stockholders was $625.0. The base is small: these lines show how far spending exceeded money in, not a margin on sales. Stock-based pay ($19.2 million) sits inside the cost lines.
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02The business in one line
What does NuScale do?
Customers pay NuScale for engineering and license work on planned nuclear plants, but its costs are far larger; share sales pay for the gap, and no customer has a binding order for its modules.
- Revenue was $31.5 million in FY2025 and $0.28 million in Q3 FY2026, after engineering work with Fluor ended in late 2025.
- FY2025 costs included a one-time $507.4 million expense to ENTRA1, its sales partner. NuScale sold $1,299.7 million of new shares, net, that year.
03Who pays it
Who pays NuScale?
Fluor Corporation (then a related party)
76%
of revenue
Paid $23.9 million, or 76.0%, of FY2025 revenue, for engineering work completed in late 2025. NuScale reported no Fluor revenue in the first nine months of FY2026.
All other customers
24%
of revenue
Paid 24.0% of FY2025 revenue. NuScale's 10-K names one customer, RoPower in Romania. NuScale says it recognized $63.1 million from Q2 2024 to Q4 2025 from license fees and engineering for the RoPower project, including FEED Phase 2 work done as a subcontractor to Fluor.
ENTRA1 Energy (prospective customer, no module sold)
Not disclosed
NuScale's exclusive global commercialization partner. ENTRA1 signed a non-binding agreement for 72 modules, for a Tennessee Valley Authority (TVA) program of up to 6 gigawatts, announced Sep 2, 2025.
- Fluor Corporation (then a related party)76%
- All other customers24%
Customer concentration
One related party, Fluor, paid 76.0% of FY2025 revenue, 11.4% in FY2024 and 74.1% in FY2023. Revenue in the first nine months of FY2026 was $0.9 million, with none from Fluor.
- Largest customer
- 76%
04Why it makes money
Why does NuScale make money?
NuScale does not make money yet: share sales pay for design and sales work, and engineering fees and interest are its only income.
Module sales need a binding customer order, and none exists yet. Until then, costs run far above revenue. The loss from operations was $174.3 million in FY2021 and $689.6 million in FY2025, or $182.2 million without the ENTRA1 milestone (Cityfort calculation from the FY2025 10-K).
Loss from operations (US$ million)
−$174.3−$689.6
FY2021 to FY2025
- NuScale sells new shares: $1,299.7 million net in FY2025
- Cash and investments reached $1,864.1 million at Sep 30, 2026
- The money pays for design, licensing and staff: research and development was $18.0 million in Q3 FY2026
- ENTRA1 markets the modules, and NuScale expensed a $507.4 million milestone to it in FY2025
- Engineering and license work on planned plants brings revenue: $31.5 million in FY2025
- Module sales would need a binding order, which no customer has signed yet
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up NuScale?
Power plant and module-related services
96%NuScale reports one segment, so this is a type of revenue. It covers engineering and license work for planned plants: 95.5% of FY2025 revenue.
Revenue $30.1M
Energy Exploration Centers
4%4.0% of FY2025 revenue, up from $0.5 million in FY2024.
Revenue $1.3M
Other
0%0.4% of FY2025 revenue.
Revenue $0.1M
How the mix changed
- Power plant and module-related services
- Energy Exploration Centers
- Other
Revenue by segment, FY2023 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has NuScale done?
Revenue
$31.5MFY2025
Revenue rose from $2.9 million in FY2021 to $37.0 million in FY2024, fell to $31.5 million in FY2025, and was $0.9 million in the first nine months of FY2026 after engineering work with Fluor ended in late 2025.
US$
See the numbers
Net profit
−$356MFY2025
The loss to Class A stockholders reached $355.8 million in FY2025, including the one-time $507.4 million ENTRA1 milestone expense; total net loss, $664.5 million, was larger because Class B unit holders bore part of it.
US$
See the numbers
Profit kept per $100 of revenue
−$1130.3FY2025
The loss to Class A stockholders per $100 of revenue was $255.9 in FY2023, $368.8 in FY2024 and $1,130.3 in FY2025; FY2021 and FY2022 are not shown because the loss covers a different entity or part of the year.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
−$460MFY2025
Free cash flow was an outflow every year, $460.1 million in FY2025 including a $247.5 million ENTRA1 milestone payment; stock-based pay was $19.2 million, or 60.9% of revenue.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends Dec 31. FY2021 is NuScale Power, LLC before the May 2, 2022 merger, with no per-share figure; the FY2022 per-share loss covers May 2 to Dec 31, 2022. Net loss is the part attributable to Class A stockholders. Q4 figures are the full year minus the first nine months (Cityfort calculation from the FY2025 10-K and the Q3 FY2026 and Q3 FY2024 10-Qs).). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Total net loss was $664.5 million, including the one-time $507.4 million ENTRA1 milestone expense; $308.7 million of it fell to Class B unit holders, mostly Fluor until it exchanged its units in 2025.
Download NuScale's yearly and quarterly numbers (CSV, with source ids)
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
Sources (9)
- Form 10-K, fiscal year 2023 (year ended Dec 31, 2023)
- Form 10-K, fiscal year 2022 (year ended Dec 31, 2022)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Form 10-Q, Q3 FY2024 (quarter ended Sep 30, 2024)
- Earnings release, fourth quarter and full year 2024 (Form 8-K Exhibit 99.1)
- Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Earnings release, third quarter 2026 (Form 8-K Exhibit 99.1)
07Who runs it
Who runs NuScale, and did they deliver?
John L. Hopkins
President and Chief Executive Officer · since 2012
CEO and a director since December 2012. FY2025 total pay was $4,084,073, per the 2026 proxy.
R. Ramsey Hamady
Chief Financial Officer · since 2023
CFO since August 2023.
Clayton Scott
Chief Commercial Officer · since 2023
Chief Commercial Officer since August 2023, after joining NuScale in 2022 to lead business development.
What they said, and what happened
2 missed · 4 too early to tell
Said on Aug 7, 2025
CEO John Hopkins said on the Q2 FY2025 call: "we're still forecasting having what I call hard contracts in place by the end of this year 2025."
MissedWhat happened
The FY2025 10-K, filed Feb 26, 2026, says NuScale has not entered into a binding contract with a customer to deliver modules. The Sep 2, 2025 TVA program agreement is non-binding.
Said on Nov 6, 2025
CEO John Hopkins said on the Q3 FY2025 call that 12 modules were under production for the first plant, which he hoped would start commercial operation by the end of the decade.
Too early to tellWhat happened
Long-lead materials for 12 modules are in production, and NuScale signed a Doosan fabrication contract in October 2026. No binding module order is reported.
Said on Feb 26, 2026
NuScale said on the Q4 FY2025 call that "drafting of a definitive PPA is underway" between ENTRA1 and TVA.
Too early to tellWhat happened
The Q3 FY2026 10-Q says the next phase depends on one or more power purchase agreements between ENTRA1 and TVA, and reports none signed.
Said on Feb 26, 2026
NuScale said on the Q4 FY2025 call that it expected RoPower's pre-construction (pre-EPC) work to begin in Q2 2026.
MissedWhat happened
The Q3 FY2026 10-Q says NuScale does not expect a pre-EPC contract until RoPower has secured financing. Revenue was $0.08 million in Q2 FY2026 and $0.28 million in Q3 FY2026.
Said on May 7, 2026
CFO Ramsey Hamady said on the Q1 FY2026 call: "We're hopeful that TVA can come across the line at some point later this year."
Too early to tellWhat happened
No power purchase agreement between ENTRA1 and TVA was reported in the Q3 FY2026 10-Q, filed Nov 5, 2026.
Said on May 7, 2026
CFO Ramsey Hamady said on the Q1 FY2026 call: "I hope to be operationally cash flow positive by the end of this year."
Too early to tellWhat happened
Operating cash outflow was $58.2 million in Q2 FY2026 and $28.6 million in Q3 FY2026 (Cityfort calculation from the Q1 to Q3 FY2026 10-Qs).
Sources (10)
- Definitive proxy statement (DEF 14A), 2026 annual meeting
- Second quarter 2025 earnings call transcript (Aug 7, 2025)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Third quarter 2025 earnings call transcript (Nov 6, 2025)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Fourth quarter 2025 earnings call transcript (Feb 26, 2026)
- Third quarter 2026 earnings presentation
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- First quarter 2026 earnings call transcript (May 7, 2026)
- Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026)
08What could go wrong
What could go wrong for NuScale?
- Demand
No binding order for a module
NuScale's FY2025 10-K says it has not entered into a binding contract with a customer to deliver modules. The 72-module TVA program agreement is non-binding.
Watch A signed power purchase agreement between ENTRA1 and TVA, or any binding module order.
- Concentration
Relies on one sales partner
ENTRA1 is NuScale's exclusive global commercialization partner. NuScale owes further milestone contributions when projects reach a binding power agreement (35%) and a module order (50%). The FY2025 10-K puts the second payment at about $16 million per module; the third payment's amount is not stated.
Watch Any new ENTRA1 milestone expense in a 10-Q, and ENTRA1's progress with TVA.
- Execution
Revenue has nearly stopped
Revenue was $0.9 million in the first nine months of FY2026, against $29.7 million a year earlier, after engineering work with Fluor ended. NuScale does not expect RoPower to sign a pre-construction contract until it secures financing.
Watch Quarterly revenue, and any RoPower financing news.
- Cash and liquidity
Losses are paid for by selling shares
Class A and Class B shares together rose 55.1%, from 277.1 million at Dec 31, 2024 to 429.9 million at Oct 30, 2026. A new $750.0 million share sale agreement was signed on Aug 11, 2026. Each new share reduces existing owners' percentage.
Watch The share count on the next 10-K cover, and sales under the Aug 11, 2026 agreement.
- Competition
Rivals already run small reactors
NuScale's FY2025 10-K says Rosatom and China National Nuclear Corporation operate commercial small modular reactors and may have more government funding. It also says nuclear power may not be cost competitive in some markets.
Watch Other reactor designs receiving NRC approval, and customer choices in the TVA program.
- Execution
Supplier commitments wait for an order
NuScale's 10-K says its supply base is constrained, and that until it has a binding order its ability to secure supplier commitments may be limited. Long-lead parts are made overseas, and tariffs would raise costs.
Watch Further supplier contracts like the October 2026 Doosan contract.
- Legal
Class action and derivative suits
A class action filed Feb 18, 2026 alleges misleading statements about ENTRA1, and derivative suits followed on Mar 24 and Oct 28, 2026. NuScale has moved to dismiss the class action and says a loss cannot be estimated.
Watch The court's ruling on the motion to dismiss; the reply brief is due Dec 16, 2026.
Sources (5)
09Both sides
What do supporters and critics point to?
What supporters point to
- NuScale says its design is the only small modular reactor with an NRC Standard Design Approval, with a second approval in May 2025.
- NuScale held $1,864.1 million of cash and investments at Sep 30, 2026, and reported no debt.
- ENTRA1 signed a non-binding agreement for 72 modules, for a TVA program of up to 6 gigawatts.
- Long-lead materials for the first 12 modules are in production, and NuScale signed a Doosan fabrication contract in October 2026.
What critics point to
- NuScale's FY2025 10-K says it has no binding contract to deliver modules; its CEO had said in August 2025 he expected hard contracts by the end of 2025.
- Revenue was $0.9 million in the first nine months of FY2026, against $29.7 million a year earlier.
- FY2025 included a one-time $507.4 million expense to ENTRA1, and more milestone payments are due if projects advance.
- Class A and Class B shares together rose 55.1% from Dec 31, 2024 to Oct 30, 2026.
- A class action filed in February 2026 alleges misleading statements about ENTRA1; NuScale has moved to dismiss it.
10What to watch next
What should you watch next at NuScale?
Next event
Q4 FY2026 results
Date not announced yet.
Q4 FY2026 results
NuScale has not announced a date; last year's Q4 results came on Feb 26, 2026. This page runs through Q3 FY2026, when revenue was $0.28 million and the loss to Class A stockholders $43.7 million.
An ENTRA1 and TVA power agreement
The Q3 FY2026 10-Q says the program's next phase depends on power purchase agreements between ENTRA1 and TVA. A binding agreement would also trigger NuScale's second milestone payment.
Share sales and the share count
NuScale signed a $750.0 million share sale agreement on Aug 11, 2026, with no sales through Sep 30, 2026. There were 410,568,229 Class A shares at Oct 30, 2026.
11Key facts
Key facts about NuScale
- What does NuScale Power do?
- NuScale Power Corporation designs small modular nuclear reactors called NuScale Power Modules, each rated at 77 megawatts of electricity, for plants of 4, 6 or 12 modules. As of its FY2025 10-K, NuScale had no binding contract with a customer to deliver a module.
- How does NuScale Power make money?
- NuScale Power earns revenue from engineering, license and other services for planned nuclear plants. Revenue was $31.5 million in FY2025, of which $30.1 million came from power plant and module-related services, and $0.9 million in the first nine months of FY2026.
- What is NuScale Power's business model?
- NuScale Power plans to sell its reactor modules and related services, with ENTRA1 Energy as its exclusive global commercialization partner. Under an Aug 27, 2025 agreement, NuScale pays ENTRA1 milestone contributions per module as projects advance; the first was a $507.4 million expense in FY2025.
- Is NuScale Power profitable?
- No. NuScale Power's net loss to Class A stockholders was $355.8 million in FY2025, including a one-time $507.4 million ENTRA1 milestone expense, and $43.7 million in Q3 FY2026. Its FY2025 loss from operations was $689.6 million.
- What is NuScale Power's revenue by segment?
- NuScale Power reports one segment. By type of service, its FY2025 revenue of $31.5 million was $30.1 million from power plant and module-related services (95.5%), $1.3 million from Energy Exploration Centers (4.0%) and $0.1 million of other revenue (0.4%).
- Who are NuScale Power's customers?
- Fluor Corporation, then a related party, paid $23.9 million, or 76.0%, of NuScale Power's FY2025 revenue. NuScale's FY2025 10-K names RoPower, a Romanian power company, as its one customer and ENTRA1 as a prospective customer. NuScale reported no revenue from Fluor in the first nine months of FY2026.
- Who owns NuScale Power?
- Van Eck reported 8.5% and BlackRock 6.5% of NuScale Power's Class A stock at Jun 30, 2026, and Vanguard Capital Management 5.25% at Sep 30, 2026, per their Schedule 13GA filing by anyone who owns more than 5% of a company's shares and does not seek control. Learn more filings. Officers and directors held 1.28% of Class A at Mar 30, 2026, per the 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more.
- What is the NuScale Power Module?
- The NuScale Power Module is a small light-water nuclear reactor rated at 77 megawatts of electricity. The US Nuclear Regulatory Commission approved NuScale's 6-module, 77-megawatt design in May 2025, after its 12-module, 50-megawatt design in September 2020.
- How much cash does NuScale Power have?
- NuScale Power held $1,864.1 million of cash, cash equivalents and short- and long-term investments at Sep 30, 2026, and reported no debt. It sold $1,000.0 million of new Class A shares, before costs, in the first nine months of FY2026.
Sources (7)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Schedule 13G/A by Van Eck Associates Corporation on NuScale Class A stock
- Schedule 13G by BlackRock, Inc. on NuScale Class A stock
- Schedule 13G by Vanguard Capital Management on NuScale Class A stock
- Definitive proxy statement (DEF 14A), 2026 annual meeting
- Third quarter 2026 earnings presentation
Terms on this page
- Capital expenditures (capex)
- Customer concentration
- Debt-to-equity
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Market cap
- Net debt
- Net margin
- Revenue vs net income
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does NuScale sell?
NuScale Power Module (no binding order yet)
A small light-water reactor rated at 77 megawatts of electricity. Plants hold 4 modules (308 megawatts), 6 (462 megawatts) or 12 (924 megawatts). Long-lead materials for the first 12 modules are in production.
Plant engineering and license services
Design, engineering and license work for planned plants, such as the RoPower project in Romania. This was $30.1 million, or 95.5%, of FY2025 revenue.
Energy Exploration Centers
A separate revenue line in NuScale's filings: $1.3 million in FY2025, or 4.0% of revenue. The filings used here do not break it down further.
What it does
- Does: Designs reactor modules and holds the NRC design approvals for them
- Does: Sells engineering and license services, $31.5 million in FY2025
- Does: Owns 513 issued patents, with 268 pending, across 21 jurisdictions
What it does not do
- Does not: Does not build, own or run power plants itself
- Does not: Has no binding contract with a customer to deliver a module, as of its FY2025 10-K
- Does not: Does not report separate segments: it has one reportable segment
13How the money flows
13How the money flows · FY2025
How does money flow through NuScale?
Money in
- Revenue (engineering, license and other services)$31.5M
- Investment income ($25.3M) and government cost share ($0.1M)$25.5M
The company
NuScale
$56.9M came in
Money out
- Cost of sales$20M
- Research and development$45.5M
- General and administrative, without the ENTRA1 milestone ($609.8M in total)$102M
- One-time ENTRA1 milestone expense$507M
- Other operating expenses$45.6M
- Foreign income taxes$0.3M
- Share of the loss borne by Class B unit holders (reduced the loss)−$309M
- Net loss to Class A stockholders−$356M
- Customers paid NuScale $31.5 million in FY2025; Fluor, then a related party, paid $23.9 million of it.
- Interest and other investment income on its cash added $25.3 million.
- Cost of sales took $20.0 million, research $45.5 million, other operating costs $45.6 million and overhead $102.4 million.
- A one-time $507.4 million milestone expense to ENTRA1 took the loss from operations to $689.6 million.
- Class B unit holders bore $308.7 million of the loss, so the loss to Class A stockholders was $355.8 million.
14What it needs to run
14What it needs to run
What does NuScale need to run?
Regulatory approval
The Nuclear Regulatory Commission (NRC), the US nuclear regulator, approved NuScale's 12-module design in September 2020 and its 6-module, 77-megawatt design in May 2025. A customer still needs its own construction and operating license.
Suppliers
Outside suppliers build the modules. Doosan Enerbility supplies long-lead materials, and in October 2026 signed a contract to fabricate a major component of the first module. NuScale's 10-K says its supply base is constrained.
A sales partner
ENTRA1 Energy is NuScale's exclusive global commercialization partner. NuScale pays it $34.8 million a year under a sales and marketing agreement, plus milestone contributions as projects advance.
Outside capital
Operations used $459.6 million of cash in FY2025 and $401.4 million in the first nine months of FY2026. Selling new shares has paid for it.
People
428 full-time employees at Dec 31, 2025, down from 556 at Dec 31, 2022. NuScale cut 154 jobs, 28% of staff, in January 2024.
15Competitors and what protects it
15Competitors and what protects it
Who does NuScale compete with?
Rosatom
Operates commercial small modular reactors in Russia, per NuScale's FY2025 10-K. NuScale says these designs are not approved by the NRC or outside their home country.
China National Nuclear Corporation
Operates commercial small modular reactors in China, per NuScale's FY2025 10-K, which says such competitors may have more government funding.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- NRC design approval3 of 5
NuScale says it has the only small modular reactor with an NRC Standard Design Approval, first granted in September 2020, with a second in May 2025. It is a design approval, not a license to build a plant.
- Patents2 of 5
513 issued patents and 268 pending across 21 jurisdictions at Dec 31, 2025. The 10-K says protection is not guaranteed in every country.
Weak spot
No binding order
NuScale's FY2025 10-K says it has not entered into a binding contract with a customer to deliver modules, and that its suppliers may not commit until it does.
16Where growth could come from
16Where growth could come from
Where could NuScale's growth come from?
CFO Ramsey Hamady said on the May 7, 2026 earnings call: "I hope to be operationally cash flow positive by the end of this year." Operating cash outflow was $58.2 million in Q2 FY2026 and $28.6 million in Q3 FY2026 (Cityfort calculation from the Q1 to Q3 FY2026 10-Qs).
ENTRA1 and the TVA program
Early72 modules, up to 6 gigawatts (non-binding)
ENTRA1 signed a non-binding agreement for 72 modules, announced Sep 2, 2025. NuScale's Q3 FY2026 10-Q says the next phase depends on power purchase agreements between ENTRA1 and TVA, and that ENTRA1 continues to advance discussions.
Status: Early, too early to judge.
RoPower plant in Romania
Behind$63.1M of revenue, Q2 2024 to Q4 2025
On Feb 26, 2026, NuScale said it expected RoPower to begin pre-construction (pre-EPC) work in Q2 2026. Its Q3 FY2026 10-Q says it does not expect a pre-EPC contract until RoPower has secured financing.
Status: Behind, behind the company's own plan.
Second NRC design approval
Working77 megawatts per module, approved May 2025
The NRC approved the 6-module, 77-megawatt design in May 2025. NuScale says US customers can now reference it for faster construction and operating licenses.
Status: Working, on track against what the company said.
Module supply chain
EarlyLong-lead materials for 12 modules
Materials such as forgings for the first 12 modules are in production. In October 2026 NuScale signed a contract with Doosan to fabricate the upper reactor coolant system of the first module.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (9)
- First quarter 2026 earnings call transcript (May 7, 2026)
- Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Third quarter 2026 earnings presentation
- Second quarter 2026 earnings call transcript (Aug 5, 2026)
- Fourth quarter 2025 earnings presentation
- Fourth quarter 2025 earnings call transcript (Feb 26, 2026)
17Financial strength and debt
17Financial strength · Sep 30, 2026
How much debt does NuScale have?
- Total debt$0M
- Cash and investments$1.9B
- Net cash (cash minus debt)$1.9B
- Net worth (shareholders' money)$2.0B
- Debt to equity
- 0×
- $ of debt for every $1 of shareholders' money
- Net cash of $1,864.1 million is a Cityfort calculation from the Q3 FY2026 10-Q: cash and equivalents of $513.4 million, short-term investments of $420.0 million and long-term investments of $930.7 million, with no debt. The company's Q3 FY2026 release states $1.9 billion.
- Restricted cash of $5.2 million is not counted. Total equity of $1,974.4 million includes the Class B unit holders' share.
- The first ENTRA1 milestone was paid in two parts: $247.5 million in 2025 and $259.9 million in January 2026. NuScale had no milestone liability at Sep 30, 2026.
- Contractual commitments at Dec 31, 2025 totaled $398.0 million, of which $339.0 million was due in 2026, including that $259.9 million payment.
18Who owns it
18Who owns it · ownership as of Mar 30, 2026
Who owns NuScale?
- Officers and directors (as a group), shares
- 1.3%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did NuScale's insiders report trading?
NuScale's insiders made 40 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported no purchases and 19 sales (111.8 million shares) in the open market or privately (codes P and S).
6 of the 19 sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 36 other share transactions (M: 19, A: 15, C: 2).
They also report 30 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- M
- exercise or conversion of an option or other derivative, exempt under Rule 16b-3
- C
- conversion of a derivative security
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 55 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of NuScale's Form 4 filings on EDGAR.
Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Sources (7)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Definitive proxy statement (DEF 14A), 2026 annual meeting
- Schedule 13G/A by Van Eck Associates Corporation on NuScale Class A stock
- Schedule 13G by BlackRock, Inc. on NuScale Class A stock
- Schedule 13G by Vanguard Capital Management on NuScale Class A stock
- Schedule 13D/A (Amendment No. 9) by Fluor Corporation on NuScale Class A stock
19What it does with profit
19What it does with profit
What does NuScale do with its profit?
Money raised · May 2, 2022
Merger with Spring Valley Acquisition Corp., a blank-check company, brought in $341.5 million net.
$341M
Money raised · Dec 31, 2024
During FY2024: $205.4 million from warrant exercises and $204.6 million net from at-the-market share sales. All warrants were redeemed or exercised by Dec 31, 2024.
$410M
Money raised · Dec 31, 2025
During FY2025: at-the-market sales of 57.1 million Class A shares, $1,299.7 million net, including $750.0 million gross in Q4 under the Nov 7, 2025 agreement.
$1.3B
Money raised · Jun 30, 2026
The 2026 at-the-market program was completed in June 2026: 89.7 million Class A shares at an average of $11.14 a share, $1,000.0 million gross and $984.5 million net, per the Q3 FY2026 10-Q.
$1.0B
Money raised · Aug 11, 2026
A new at-the-market agreement for up to $750.0 million. No shares were sold under it through Sep 30, 2026.
Sources (7)
- Form 10-K, fiscal year 2023 (year ended Dec 31, 2023)
- Form 10-K, fiscal year 2022 (year ended Dec 31, 2022)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Earnings release, fourth quarter and full year 2025 (Form 8-K Exhibit 99.1)
- Form 8-K: $750 million at-the-market sales agreement (Nov 7, 2025)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 8-K: $750 million at-the-market sales agreement (Aug 11, 2026)
20Governance signals
20Governance signals
What do NuScale's governance filings show?
- Auditor
- Ernst & Young LLP, since 2018
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- Fluor, then a related party, paid $23.9 million of NuScale's FY2025 revenue. In November 2025 Fluor exchanged its remaining 110.9 million NuScale LLC units for Class A shares; the exchange agreement cut NuScale's tax receivable payments to Fluor by 50%. Under that tax receivable agreement, NuScale pays certain pre-merger holders 85% of the tax benefits it gets from unit exchanges.
- Credit rating
- No public credit rating found in a search of rating agency sites on Nov 7, 2026
Flags to know about
other · Nov 5, 2026
Securities class action
Truedson v. NuScale Power Corporation et al. (District of Oregon, filed Feb 18, 2026) alleges misleading statements about ENTRA1's experience and capabilities, for a class period of Mar 3, 2025 to Nov 6, 2025. It also alleges Fluor sold shares while holding material nonpublic information. NuScale moved to dismiss on Sep 25, 2026, and says a loss cannot be estimated.
other · Nov 5, 2026
Shareholder derivative suits
Two derivative suits in the District of Oregon rest on the same alleged facts as the class action. Leigh v. Hopkins et al., filed Mar 24, 2026, was stayed on Jun 9, 2026 until the class action is resolved. Harwood v. Hopkins et al. was filed on Oct 28, 2026.
disclosure · Feb 26, 2026
A control weakness, since fixed
NuScale reported a material weakness in IT general controls and process controls in its FY2024 10-K. It said this was remediated, and controls were effective, at Dec 31, 2025.
other · Dec 17, 2025
More shares authorized
Stockholders raised the number of authorized Class A shares from 332 million to 662 million at a special meeting on Dec 16, 2025. The Q3 FY2026 release lists the limited number of authorized shares available as a risk.
related party · Feb 26, 2026
Up-C structure
NuScale Power Corporation is a holding company whose only material asset is its interest in NuScale Power, LLC. Part of each loss falls to Class B unit holders, so the page shows the loss to Class A stockholders and the total separately.
Sources (5)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 8-K: authorized Class A shares increased to 662 million (special meeting Dec 16, 2025)
- Earnings release, third quarter 2026 (Form 8-K Exhibit 99.1)
- Form 10-K, fiscal year 2022 (year ended Dec 31, 2022)
21What the market paid
21What the market paid · price as of Nov 5, 2026
What did the market pay for NuScale on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: NuScale Class A stock closed at $4.37, from Nasdaq's historical price table for this NYSE-listed share. Market value = $4.37 × 429,900,247 Class A and Class B shares (Oct 30, 2026) = about $1,878.7 million (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q). Class B shares have no economic rights but can be exchanged, with their paired NuScale LLC units, for Class A one-for-one; Class A alone gives $1,794.2 million. P/E (price ÷ earnings per share) is not shown because NuScale has net losses.
- Share price
- $4.37
- Market value (market cap)
- $1.9B
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
688.4×
$1.9B market value ÷ $2.7M revenue (four quarters to Sep 30, 2026) = 688.4×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 10-Ks and 10-Qs. Source: SMR historical daily prices, Nasdaq historical table for an NYSE-listed share (close of Nov 5, 2026: $4.37); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Form 10-K, fiscal year 2025 (year ended Dec 31, 2025) and 3 more
How price ratios workFree cash flow yield
−24.5%
−$460M free cash flow (FY2025) ÷ $1.9B market value = −24.5%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: SMR historical daily prices, Nasdaq historical table for an NYSE-listed share (close of Nov 5, 2026: $4.37); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
What free cash flow means
Shares used for the market value: 429.9 million ($4.37 × 429.9 million shares ≈ $1.9B). Source: Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Form 10-K, fiscal year 2025 (year ended Dec 31, 2025); Definitive proxy statement (DEF 14A), 2026 annual meeting
Source: SMR historical daily prices, Nasdaq historical table for an NYSE-listed share (close of Nov 5, 2026: $4.37); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
Sources (7)
- SMR historical daily prices, Nasdaq historical table for an NYSE-listed share (close of Nov 5, 2026: $4.37)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Earnings release, third quarter 2026 (Form 8-K Exhibit 99.1)
- Definitive proxy statement (DEF 14A), 2026 annual meeting
22How it got here
22How it got here
How did NuScale get here?
2007
Milestone
Founded
NuScale was founded in 2007 and licensed its first reactor patents from Oregon State University that year.
2020
Milestone
First NRC design approval
In September 2020 the NRC granted a Standard Design Approval for NuScale's 12-module design, at 50 megawatts per module.
2022
Business-model change
Listed through a merger
NuScale merged with Spring Valley Acquisition Corp., a blank-check company, on May 2, 2022, bringing in $341.5 million net.
2024
Crisis
Job cuts
NuScale announced a cut of 154 jobs, 28% of its workforce, on Jan 5, 2024.
2025
Milestone
Second NRC design approval
In May 2025 the NRC approved the 6-module, 77-megawatt design.
2025
Business-model change
ENTRA1 deal and TVA program
NuScale signed a milestones agreement with ENTRA1 on Aug 27, 2025. A non-binding 72-module TVA program, announced Sep 2, 2025, triggered a $507.4 million milestone expense.
2025
Business-model change
Fluor exchanged its units
Fluor exchanged 15.0 million units in August 2025 and its remaining 110.9 million in November 2025 for Class A shares. It fell below 5% after a sale on Apr 15, 2026.
2026
Crisis
Class action filed
A securities class action was filed on Feb 18, 2026, alleging misleading statements about ENTRA1.
2026
Milestone
Doosan fabrication contract
In October 2026 NuScale signed a contract with Doosan to fabricate the upper reactor coolant system of its first module.
Sources (6)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Form 10-K, fiscal year 2022 (year ended Dec 31, 2022)
- Form 10-K, fiscal year 2023 (year ended Dec 31, 2023)
- Schedule 13D/A (Amendment No. 9) by Fluor Corporation on NuScale Class A stock
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Third quarter 2026 earnings presentation
23Sources and changes
Where every number on this page comes from
Sources (27 documents)
- S1Form 10-K, fiscal year 2025 (year ended Dec 31, 2025) · NuScale Power Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2026
- S2Form 10-K, fiscal year 2023 (year ended Dec 31, 2023) · NuScale Power Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Mar 15, 2024
- S3Form 10-K, fiscal year 2022 (year ended Dec 31, 2022) · NuScale Power Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Mar 16, 2023
- S4Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) · NuScale Power Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
- S5Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026) · NuScale Power Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
- S6Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026) · NuScale Power Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
- S7Form 10-Q, Q3 FY2024 (quarter ended Sep 30, 2024) · NuScale Power Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 8, 2024
- S8Earnings release, third quarter 2026 (Form 8-K Exhibit 99.1) · NuScale Power Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
- S9Earnings release, fourth quarter and full year 2025 (Form 8-K Exhibit 99.1) · NuScale Power Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2026
- S10Earnings release, fourth quarter and full year 2024 (Form 8-K Exhibit 99.1) · NuScale Power Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Mar 3, 2025
- S11Definitive proxy statement (DEF 14A), 2026 annual meeting · NuScale Power Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 15, 2026
- S12Schedule 13D/A (Amendment No. 9) by Fluor Corporation on NuScale Class A stock · Fluor Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 17, 2026
- S13Schedule 13G/A by Van Eck Associates Corporation on NuScale Class A stock · Van Eck Associates Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 14, 2026
- S14Schedule 13G by BlackRock, Inc. on NuScale Class A stock · BlackRock, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2026
- S15Schedule 13G by Vanguard Capital Management on NuScale Class A stock · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
- S16Schedule 13G/A by The Goldman Sachs Group, Inc. on NuScale Class A stock · The Goldman Sachs Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 11, 2026
- S17Form 8-K: authorized Class A shares increased to 662 million (special meeting Dec 16, 2025) · NuScale Power Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Dec 17, 2025
- S18Form 8-K: $750 million at-the-market sales agreement (Nov 7, 2025) · NuScale Power Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 7, 2025
- S19Form 8-K: $750 million at-the-market sales agreement (Aug 11, 2026) · NuScale Power Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 11, 2026
- S20Third quarter 2026 earnings presentation · NuScale Power Corporation (investor relations) · Tier 1: company or exchange filing · Nov 5, 2026
- S21Fourth quarter 2025 earnings presentation · NuScale Power Corporation (investor relations) · Tier 1: company or exchange filing · Feb 26, 2026
- S22Third quarter 2025 earnings call transcript (Nov 6, 2025) · NuScale Power Corporation (investor relations; transcript by S&P Global Market Intelligence) · Tier 1: company or exchange filing · Nov 6, 2025
- S23Fourth quarter 2025 earnings call transcript (Feb 26, 2026) · NuScale Power Corporation (investor relations; transcript by S&P Global Market Intelligence) · Tier 1: company or exchange filing · Feb 26, 2026
- S24First quarter 2026 earnings call transcript (May 7, 2026) · NuScale Power Corporation (investor relations; transcript by S&P Global Market Intelligence) · Tier 1: company or exchange filing · May 7, 2026
- S25Second quarter 2026 earnings call transcript (Aug 5, 2026) · NuScale Power Corporation (investor relations; transcript by S&P Global Market Intelligence) · Tier 1: company or exchange filing · Aug 5, 2026
- S26SMR historical daily prices, Nasdaq historical table for an NYSE-listed share (close of Nov 5, 2026: $4.37) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
- S27Second quarter 2025 earnings call transcript (Aug 7, 2025) · NuScale Power Corporation (investor relations; transcript by S&P Global Market Intelligence) · Tier 1: company or exchange filing · Aug 7, 2025
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)
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