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olivLaw · US equity research

NuScale Power Corporation SMR

Fabricated Plate Work (Boiler Shops) · SIC 3443 · Vertical: Fabricated metal products (SIC 344x)

5.13USD−4.47% · 1 dayClose 04 Nov 2026

NuScale Power develops small modular reactors (SMRs) based on light water technology, with a 77 MWe module, and is the only SMR company with an NRC-certified design in the United States. Its relevance is rising amid demand for carbon-free baseload power for data centers and the Romanian project, where operating losses remain high while liquidity stays solid.

At the close of 04 Nov 2026, NuScale Power Corporation (SMR) stock was 5.13 USD (−4.47% on the day), with market capitalisation 1.2 bn USD, beta 3.06, 52-week range 5.13–37.91 USD. Latest reported quarter (Q2 2026): revenue of 75.0 k USD (−99.1% YoY), net income of -47.5 m USD, diluted EPS -0.13 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.2 bn USD
shares as of 03 May 2022
P/E (TTM)
unavailable
Diluted EPS TTM -2.17 · TTM to 31 Dec 2025
E/P (TTM)
-42.30%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
3.06
Volatility (1y) 95%
52-week range
5.1337.91

Price history

Loading chart…

Technical reading

RSI (14)
30.7
weak (30–45)
Bollinger (20, 2)
4.64 – 7.06
in the lower half of the band · %B 0.20 · band width 41.3%
SMA 50 / 200
7.66 / 10.69
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.65 / -0.71
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−33.2%−1.1%−32.1 pp—
3 months−45.3%−0.5%−44.9 pp—
6 months−62.1%+4.4%−66.4 pp—
Year to date−63.8%+12.3%−76.1 pp—
1 year−85.6%+13.5%−99.1 pp+5.0%
3 years+48.7%+76.4%−27.7 pp+83.6%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−86.5%
05 Nov 2025 → 04 Nov 2026
Max drawdown (5y)
−90.4%
15 Oct 2025 → 04 Nov 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
75.0 k USD
−99.1% YoY
Net income
-47.5 m USD
unavailable YoY
Diluted EPS
-0.13
unavailable YoY
net / operating
-63,385.3% / -85,337.3%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue475.0 k34.2 m13.4 m8.1 m8.2 m1.8 m565.0 k75.0 k
Cost of revenue295.0 k3.1 m6.4 m6.3 m5.5 m1.9 m544.0 k227.0 k
Gross profit180.0 k31.2 m7.0 m1.8 m2.7 m-61.0 k21.0 k-152.0 k
Research & development12.2 m9.4 m9.1 m11.8 m11.1 m13.5 m12.8 m18.4 m
Operating income-41.0 m-11.9 m-35.3 m-43.1 m-538.4 m-72.7 m-57.5 m-64.0 m
Depreciation & amortisation——313.0 k305.0 k ≈293.0 k ≈—309.0 k334.0 k ≈
Pre-tax income-45.5 m-178.4 m-30.1 m-37.6 m-532.6 m-63.8 m-46.7 m-50.1 m
Income tax12.0 k1.9 m——————
Net income-17.5 m-75.0 m-14.0 m-17.6 m-273.3 m-50.8 m-44.0 m-47.5 m
Diluted EPS-0.18-0.69 ≈-0.11-0.13-1.85—-0.14-0.13
Operating cash flow-12.7 m ≈-26.4 m-22.8 m-33.3 m ≈-199.8 m ≈-203.7 m-314.7 m-58.2 m ≈
Capex0 ≈44.0 k67.0 k-67.0 k ≈141.0 k ≈367.0 k1.5 m431.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year202020212022202320242025
Revenue600.0 k2.9 m11.8 m22.8 m37.0 m31.5 m
Revenue YoYunavailable+377.0%+312.4%+93.2%+62.4%−15.0%
Net income-88.4 m-102.5 m-25.9 m-58.4 m-136.6 m-355.8 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS0.000.00-0.51-0.80-1.47-2.17
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailable
net %-14,731.2%-3,581.2%-219.5%-255.9%-368.8%-1,130.3%
Free cash flow-50.8 m-101.1 m-150.9 m-185.0 m-108.7 m-460.1 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
836.4 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
1.1 bn USD
Total assets
1.4 bn USD
Debt / equity
unavailable
Current ratio
4.30x
ROE
-45.4%
ROA
-36.4%
FCF margin
-1,461.7%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
22.8 m
2024
37.0 m
2025
31.5 m

SEC (XBRL)· 26 Feb 2026verified

Cost of revenue
2023
19.0 m
2024
4.9 m
2025
20.0 m

SEC (XBRL)· 26 Feb 2026verified

Gross profit
2023
3.8 m
2024
32.1 m
2025
11.4 m

SEC (XBRL)· 26 Feb 2026verified

Research & development
2023
156.1 m
2024
46.8 m
2025
45.5 m

SEC (XBRL)· 26 Feb 2026verified

Operating income
2023
-275.6 m
2024
-138.7 m
2025
-689.6 m

SEC (XBRL)· 26 Feb 2026verified

Pre-tax income
2023
-180.1 m
2024
-346.5 m
2025
-664.1 m

SEC (XBRL)· 26 Feb 2026verified

Income tax
2023
0
2024
1.9 m
2025
322.0 k

SEC (XBRL)· 26 Feb 2026verified

Net income
2023
-58.4 m
2024
-136.6 m
2025
-355.8 m

SEC (XBRL)· 26 Feb 2026verified

Diluted EPS
2023
-0.80
2024
-1.47
2025
-2.17

SEC (XBRL)· 26 Feb 2026verified

Weighted average diluted shares
2023
73.4 m
2024
93.2 m
2025
163.7 m

SEC (XBRL)· 26 Feb 2026verified

Balance sheet · USD

Cash
2023
120.3 m
2024
401.6 m
2025
836.4 m

SEC (XBRL)· 26 Feb 2026verified

Receivables
2023
—
2024
—
2025
—

SEC (XBRL)· 16 Mar 2023verified

Current assets
2023
154.5 m
2024
471.1 m
2025
1.3 bn

SEC (XBRL)· 26 Feb 2026verified

Property, plant & equipment, net
2023
4.1 m
2024
2.4 m
2025
1.9 m

SEC (XBRL)· 26 Feb 2026verified

Goodwill
2023
8.3 m
2024
8.3 m
2025
8.3 m

SEC (XBRL)· 26 Feb 2026verified

Intangibles (excl. goodwill)
2023
882.0 k
2024
704.0 k
2025
527.0 k

SEC (XBRL)· 26 Feb 2026verified

Total assets
2023
224.9 m
2024
544.7 m
2025
1.4 bn

SEC (XBRL)· 26 Feb 2026verified

Accounts payable
2023
44.9 m
2024
47.9 m
2025
286.5 m

SEC (XBRL)· 26 Feb 2026verified

Current liabilities
2023
87.5 m
2024
89.7 m
2025
296.1 m

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2023
95.5 m
2024
91.6 m
2025
299.0 m

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
129.3 m
2024
453.1 m
2025
1.1 bn

SEC (XBRL)· 26 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
-183.3 m
2024
-108.7 m
2025
-459.6 m

SEC (XBRL)· 26 Feb 2026verified

Capex
2023
1.7 m
2024
44.0 k
2025
508.0 k

SEC (XBRL)· 26 Feb 2026verified

Free cash flow
2023
-185.0 m ≈
2024
-108.7 m ≈
2025
-460.1 m ≈

SEC (XBRL)· 26 Feb 2026derived

Investing cash flow
2023
48.3 m
2024
-39.8 m
2025
-411.3 m

SEC (XBRL)· 26 Feb 2026verified

Financing cash flow
2023
16.1 m
2024
429.8 m
2025
1.3 bn

SEC (XBRL)· 26 Feb 2026verified

Share repurchases
2023
0
2024
0
2025
—

SEC (XBRL)· 03 Mar 2025verified

Computed indicators

Growth

Revenue growth (YoY)
-15.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
38.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
120.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
23.5%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
unavailable
input data missing
EBIT margin
-6,854.0%
computed by olivLawTTM to 30 Jun 2026
Net margin
-3,888.7%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-7,285.5%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-30.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-31.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-36.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
37.9x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
26.4x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-776.4 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
2.5 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-778.8 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
1,884 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
1.2 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-34.2%
computed by olivLawTTM to 30 Jun 2026
P/B
0.6x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
113.6x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-64.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
19.40
computed by olivLawbalance sheet at 30 Jun 2026

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 27.1% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

5.13 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 1.2 bn USD

Key indicators

Market capitalisation
1.2 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.6x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-30.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-3,888.7%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-15.0%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Source: SEC (XBRL)published 05 Aug 2026
verified 753derived 64

Score by group

27% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Fabricated metal products (SIC 344x)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-3,888.7%0 (vs peers)23%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth38.7%100 (on a fixed band)31%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet37.9x100 (on a fixed band)15%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-64.1%0 (on a fixed band)31%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality· partial0/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

NUSCALE POWER Corp (SMR). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 31.5 m USD in 2025; YoY growth -15.0%; net margin -3,888.7%; ROE -30.2%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 38.7%
  • Current ratio: 37.9x

What contradicts it

  • Net margin: -3,888.7%
  • FCF yield: -64.1%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Fabricated metal products (SIC 344x) · same industry group (3-digit SIC) · compared with 9 companies

Multiples and returns vs the median

P/E
—
vertical median 20.7x
EV/EBITDA
—
vertical median 12.3x
P/S
113.6x
vertical median 1.7x
above median (+6,628.7%)
P/B
0.6x
vertical median 2.4x
below median (−75.0%)
ROE
-30.2%
vertical median 5.5%
below median (−645.0%)
Net margin
-3,888.7%
vertical median 4.9%
below median (−80,069.3%)
EBIT margin
-6,854.0%
vertical median 8.3%
below median (−82,543.9%)
Revenue YoY
-15.0%
vertical median 6.4%
below median (−333.5%)
Net debt/EBITDA
—
vertical median 2.2x
Dividend yield
—
vertical median 0.1%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
VMIValmont Industries, Inc.8.1 bn15.930.8%12.1%+0.7%+2% / +92%
ACAArcosa, Inc.7.3 bn14.917.9%17.9%+12.2%+46% / +116%
GFFGriffon Corporation4.9 bn27.4185.4%6.5%−3.9%+43% / +131%
PRLBProto Labs, Inc.1.6 bn46.65.1%6.0%+6.4%+31% / +84%
SMRNUSCALE POWER Corp1.2 bn—-30.2%-3,888.7%−15.0%−86% / +49%
JBIJanus International Group, Inc.682.2 m20.76.0%3.7%unavailable−19% / −53%
IMSRTerrestrial Energy Inc.304.0 m—-36.8%—unavailable−70% / unavailable
VATEInnovate Corp.74.1 m——-1.5%+12.5%+5% / −49%
TPCSTechprecision Corp53.6 m—-15.4%-3.7%−7.0%+17% / −12%
MTENMingteng International Corporation Inc.8.4 m—-11.7%-15.3%+15.3%−100% / unavailable

1- and 3-year price returns: for SMR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    NuScale Power develops small modular reactors (SMRs) based on light water technology, with a 77 MWe module, and is the only SMR company with an NRC-certified design in the United States. Its relevance is rising amid demand for carbon-free baseload power for data centers and the Romanian project, where operating losses remain high while liquidity stays solid 13.

    SWOT

    Strengths

    • The design holds NRC certification and is the only SMR technology with such approval, which lowers regulatory risk for US customers 1.
    • Strong liquidity allows the company to fund development activities without immediate financing pressure 3.
    • The supplier network and executed agreements support readiness of the supply chain for future projects 3.

    Weaknesses

    • The company records significant operating losses and has not yet reached profitability, which could limit financial flexibility 12.
    • Revenue is volatile and depends on a small number of contracts, including those with RoPower and ENTRA1 12.
    • Obligations under the Tax Receivable Agreement and partner arrangements could reduce resources available to shareholders 1.

    Opportunities

    • Demand from data centers and government nuclear expansion programs could open large utility contracts 12.
    • If the TVA agreement becomes binding, the ENTRA1 project could advance quickly toward construction 3.
    • The Romanian project could become a European reference if financing and licensing advance 23.

    Threats

    • Delays in securing financing or approvals could push project timelines further out 2.
    • Competition from other nuclear technologies and renewables could reduce market share 1.
    • Public opinion and political sensitivity toward nuclear energy could affect project acceptance 3.

    Risks

    • Dependence on a small number of contractshigh

      Revenue and outlook depend on agreements with ENTRA1, TVA and RoPower, and failure to sign them could affect the growth plan.

    • Persistent operating losseshigh

      The company records large losses and could need additional funding if revenue is delayed.

    • Financing delays for the Romanian projectmedium

      The pre-EPC phase depends on securing financing, which could postpone the Doicesti project schedule.

    • Tax Receivable Agreement obligationsmedium

      The agreement may require substantial payments, and an accelerated payment could exceed actual tax benefits.

    • Supply chain and executionlow

      Limited suppliers and manufacturing delays could affect delivery of NPM modules.

    Investment thesis

    What would need to be true (bull case)

    • NRC-certified design and solid liquidity could allow the company to be first to capture demand for baseload nuclear power.
    • If the TVA agreement becomes binding, the project could become an important reference for nuclear expansion in the United States.
    • A supplier network of more than sixty partners could shorten delivery times for future projects.

    What would break the thesis

    • Large operating losses and the lack of recurring revenue could force the company to fund development with new capital.
    • If contracts with TVA or RoPower do not materialize, the growth plan could be postponed significantly.
    • Tax Receivable Agreement obligations and regulatory risks could reduce resources available to shareholders.

    What to watch

    • Signing of a binding power purchase agreement with TVA2026
    • Securing financing and starting the pre-EPC phase for Doicesti2026
    • Trend in operating losses and R&D spendingQ3 2026
    • ENTRA1 progress in negotiating projects with data center customersnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    NuScale aims to commercialize modular small nuclear plants based on the Light Water Nuclear Reactor NuScale Power Module, a unit that can generate 77 MWe and can scale from one to twelve modules on one site 1. The company argues that its passive design, with natural circulation and no coolant pumps, simplifies the system and reduces capital and operating costs 1. So far revenue has come from engineering and licensing fees, and over the longer term the company expects revenue from NPM sales and from services over each plant's life 1.

    Segments

    NPM module sales

    The company expects a significant share of revenue to come from selling NPM modules to governments, utilities and industrial or technology companies 1. To date this activity has not produced significant revenue, and firm contracts are still under negotiation 12.

    Services and licensing

    Planned services include licensing support, testing, training, fuel supply and program management, which could generate recurring revenue from about five years before commercial operation 1. Licensing revenue, such as from the RoPower technology agreement, has so far played an important role in revenue 1.

    Market context

    Demand for carbon-free baseload power is being driven by data center and artificial intelligence growth, and US policy and recent executive action aim to expand nuclear capacity 12. The NRC approved in May 2025 the six-module 77 MWe design, allowing US customers to use an expedited licensing route 1. However, capturing this demand depends on signing firm contracts, which had not been concluded as of the sources 23.

    Trends

    • Rising electricity demand from data centerstailwind

      Growing power use by data centers and AI could support demand for baseload nuclear power, which has a high capacity factor 12.

    • Policy support for nuclear energytailwind

      The May 2025 executive order and the goal of expanding nuclear capacity support rapid deployment of advanced technologies, but execution still depends on approvals and financing 12.

    • Delays in contracting projectsheadwind

      The Doicesti project awaits financing before pre-EPC work, and the TVA agreement is still non-binding, which could postpone expected revenue 23.

    • Rising development and administrative costsmixed

      Research and administrative expenses rose in 2026 as the company expands commercial activity, which could increase losses until revenue is contracted 2.

    Competitive position

    The analyzed sources do not detail direct competitors, but the company cites other nuclear reactor technologies and fossil or other carbon-free generators as competitive pressures 13. Other SMR designs, such as fast neutron or molten salt reactors, could compete for the same contracts, although water-cooled designs are considered lower technological risk 1.

    • Other light water reactor developers

      The company refers to competition from other nuclear technologies without naming specific firms in the sources 1.

    • Fast neutron and molten salt reactor developers

      These SMR technologies are cited as alternatives, but the sources name no specific firms 1.

    • Coal and natural gas power producers

      The sources mention fossil fuels as competing baseload sources without naming companies 1.

    • Wind and solar power producers

      Intermittent renewables compete for carbon-free demand, though they do not provide firm baseload power 1.

    News & filings

    In the press

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / NuScale Power Corporation · 26 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / NuScale Power Corporation · 05 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / NuScale Power Corporation · 05 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.