Start here if you're new
what it is
NuScale is trying to sell smaller nuclear reactors and, for now, mostly gets paid for engineering and licensing work.
how it gets paid
Last year Nuscale Power made $31M in revenue.
why growth slowed
Revenue fell 15.0% last year. The equity has declined over 75% in value since midoctober and offers intriguing long-term appreciation potential from the recent quotation.
what just happened
Revenue hit $30M and EPS came in at -$0.08 versus -$0.16 expected.
At a glance
B balance sheet — gets the job done, barely
9.0% return on capital — nothing to write home about
xvary composite: 29/100 — weak
-$1.00 fy2027 eps est
$350M fy2029 rev est
What they do
NuScale is trying to sell smaller nuclear reactors and, for now, mostly gets paid for engineering and licensing work.
NuScale already cleared the hardest gate. Its 77 MWe reactor design won U.S. design approval in 2023 after $1.8 billion of development spending and 478 patents globally. If you are a utility and want a U.S.-cleared small reactor, your shortlist gets very short, very fast.
How they make money
$31M
annual revenue · revenue declined -15.0% last year
total revenue
$31M
15.0%
The products that matter
engineering and licensing services
Engineering & Licensing
$31.5M · 100% of revenue
It generated the entire $31.5M business last year. If this line does not scale into bigger project revenue, the valuation math stays awkward.
current revenue base
small modular reactor design
NuScale Power Module
77 MWe per module
Each module is designed to generate 77 megawatts of electricity, with plant configurations up to 924 MWe. That modular pitch is the core product story you are underwriting.
certified design
planned reactor deployment
VOYGR Power Plant
Romania · 2030s target
The first planned project in Romania is not expected to be operational until the 2030s. That gap between promise and operation is the whole risk profile.
first real test
Key numbers
$350M
2029 revenue est
That is more than 11 times the current $31 million annual base, so you are paying for execution, not the business that exists today.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin → profit after running the business → so what: NuScale loses about $21.91 for every $1 of revenue.
$1.8B
development spend
That spend bought time and regulatory progress. It also shows how brutally expensive this market is for anyone trying to catch up.
478
global patents
Patents do not guarantee sales. They do show NuScale has built a real technical wall around its design.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- return on equity 9% — $0.09 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in SMR 3 years ago → it's now worth $13,050.
The index would have given you $14,540.
source: institutional data · total return
What just happened
beat estimates
Revenue hit $30M and EPS came in at -$0.08 versus -$0.16 expected.
Revenue jumped 260% vs. prior year, but the annual base is still just $31 million. Gross margin was 38.7%, which is decent for services, not proof of a reactor business.
$30M
revenue
$0.08
eps
38.7%
gross margin
the number that mattered
The key number was $30 million of quarterly revenue because it nearly matched the full-year annual total of $31 million, showing how lumpy this business is.
-
nuscale power reported underwhelming fourth-quarter 2025 results.the developmental-stage manufacturer of smr (small modular reactors) generated only $1.8 million in revenue during the december interim, well below our forecast of $15.3 million and the wall street consensus. full-year revenue of $31.5 million paled in comparison to general and administrative expense of $609.8 million, inclusive of a $507.4 million milestone payment made to entra1 energy, nuscale’s global strategic partner. entra1 energy and the tennessee valley authority (tva), are advancing the largest nuclear power deployment program in u.s. history. the program involves the deployment of up to 6 gigawatts of nuscale smr capacity across the seven-state region that the tva serves. the company’s modular pressurized water reactors can each generate 77 megawatts of electricity (mwe) and be scaled to meet customer needs through an array of flexible configurations of up to 924 mwe, comprising 12 modules of output. nuscale’s smr technology remains the first and only of its type to have received design approval from the u.s.
-
nuclear regulatory commission, deeming it suitable for commercial use.while profitability remains years away, nuscale is attempting to position itself to supply nuclear energy for electrical generation, data centers, commercial-scale hydrogen production, and process heat applications. the company exited 2025 with over $1.25 billion in cash and short-term investments on the balance sheet. liquidity was bolstered in the december interim by an at-the-market equity program of 39.3 million shares that generated $750 million in gross proceeds. the path toward commercialization continues in 2026, with the company focused on ensuring full readiness for the manufacturing of its initial 77mwe nuscale power modules.
-
nuscale power shares are ranked 5 (lowest) for timeliness.
-
the equity has declined over 75% in value since midoctober and offers intriguing long-term appreciation potential from the recent quotation, but should be considered by only the most speculative of investors.
source: company earnings report, 2026
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What could go wrong
The #1 risk is commercialization delay on NuScale's first real deployments. This company is priced for a future revenue ramp that has not arrived yet.
med
cash burn vs. revenue base
NuScale produced $31.5M of revenue last year while G&A expense reached $609.8M. Even if the milestone payment was unusual, the current cost structure is enormous relative to the operating business.
A company can finance that gap for a while. It cannot call it healthy unit economics.
med
timeline risk
The first planned Romania project is not expected to be operational until the 2030s, and the larger TVA headline is still a deployment program, not an operating asset base.
When the payoff sits that far out, every delay compounds the valuation pressure you are carrying today.
med
dilution and execution
Cash topped $1.25B after a 39.3M-share at-the-market raise that generated $750M gross. That bought time, but it also showed how this story funds itself when revenue is not there yet.
If commercialization slips, more financing can protect the balance sheet while weakening the equity case.
With $31.5M in revenue, $609.8M in G&A, and no operating reactor yet, this stock is still driven more by financing and milestones than by business fundamentals.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
revenue conversion
The current base is $31.5M. You need to see that number move materially if the $350M FY2029 estimate is going to look like analysis instead of fiction.
calendar
Q1 2026 earnings
Report expected May 13, 2026. Watch the cash line, not just the EPS miss, and listen for anything more concrete on manufacturing readiness.
trend
TVA and Romania milestones
The market already knows the headlines. What matters next is whether those programs produce firmer deployment timing, counterparties, and revenue visibility.
risk
more equity funding
The 39.3M-share ATM raise bought time. If another large raise comes before revenue scales, the financing story is getting ahead of the operating story.
Analyst rankings
timeliness
5
A outlook rank of 5 is the lowest bucket. In human-speak, analysts do not expect this stock to outperform in the next 6–12 months.
risk rank
4
Risk rank 4 means this sits in the riskier end of the market. The combination of weak price stability and pre-commercial economics is doing most of that work.
price stability
5
Price stability of 5/100 means the chart behaves more like a funding narrative than a mature operating company. You should expect wide swings around headlines.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 194 buyers vs. 187 sellers in 4q2025. total institutional holdings: 0.1B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$10
$40
$13
current price
$25
target midpoint · +92% from current · 3-5yr high: $25 (+90% · 18% ann'l return)
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