NuScale Narrows Q2 Loss Amidst Continued Zero Revenue

Ticker: SMR · Form: 10-Q · Filed: Aug 7, 2025

Sentiment: bearish

Topics: Nuclear Energy, Small Modular Reactors, Clean Energy, R&D, Pre-Revenue, Growth Stock, Speculative Investment

Related Tickers: SMR, GE, BWXT, XOM

TL;DR

**NuScale is still burning cash with no revenue, but at least they're burning less of it – a long-term bet with high risk.**

AI Summary

NuScale Power Corp. reported no revenue for the three and six months ended June 30, 2025, consistent with the prior year periods. The company's net loss for the three months ended June 30, 2025, was $45.2 million, a decrease from a net loss of $50.1 million in the same period of 2024. For the six months ended June 30, 2025, the net loss was $90.3 million, an improvement from a net loss of $100.2 million in the first half of 2024. This reduction in net loss is primarily due to decreased operating expenses. NuScale continues to focus on the development and commercialization of its small modular reactor (SMR) technology, with significant expenditures in research and development. The company's strategic outlook remains centered on securing future contracts and advancing its SMR design, despite the ongoing lack of revenue generation.

Why It Matters

NuScale's continued lack of revenue, despite a reduced net loss, signals the long-term, capital-intensive nature of SMR development, impacting investor patience and valuation. For employees, the sustained R&D focus offers job stability in a cutting-edge field, but the absence of commercial contracts could raise future concerns. Customers, primarily utilities, are watching for concrete project milestones and regulatory approvals, which are crucial for widespread adoption and competitive positioning against traditional energy sources and other SMR developers. The broader market for clean energy and nuclear technology will view NuScale's progress as a bellwether for the viability and timeline of advanced nuclear solutions.

Risk Assessment

Risk Level: high — NuScale Power Corp. reported no revenue for both the three and six months ended June 30, 2025, and the prior year periods, indicating a complete reliance on external funding for operations. The company's net loss of $90.3 million for the first six months of 2025, despite being an improvement, highlights significant ongoing cash burn without a clear path to profitability in the near term.

Analyst Insight

Investors should maintain a cautious stance, recognizing NuScale as a speculative, long-term growth play dependent on future SMR commercialization. Monitor closely for significant contract announcements, regulatory approvals, and any shifts in cash burn rates, as these will be critical indicators of future viability.

Financial Highlights

debt To Equity
N/A
revenue
$0
operating Margin
N/A
total Assets
N/A
total Debt
N/A
net Income
-$45.2M
eps
N/A
gross Margin
N/A
cash Position
N/A
revenue Growth
N/A

Key Numbers

Key Players & Entities

FAQ

What was NuScale Power's revenue for the second quarter of 2025?

NuScale Power Corp. reported no revenue for the three months ended June 30, 2025, consistent with the prior year period.

How did NuScale Power's net loss change in Q2 2025 compared to Q2 2024?

NuScale Power's net loss for the three months ended June 30, 2025, was $45.2 million, an improvement from a net loss of $50.1 million in the same period of 2024.

What is NuScale Power's strategic focus given its current financial results?

NuScale Power's strategic focus remains on the development and commercialization of its small modular reactor (SMR) technology, with ongoing significant expenditures in research and development.

What are the primary risks for investors in NuScale Power?

The primary risks for investors include the company's continued lack of revenue, significant ongoing net losses ($90.3 million for H1 2025), and reliance on future contracts and regulatory approvals for its SMR technology.

How does NuScale Power fund its operations without revenue?

NuScale Power funds its operations through external capital, as evidenced by its continued net losses and zero revenue generation, indicating a reliance on investor funding.

What is the long-term outlook for NuScale Power's SMR technology?

The long-term outlook for NuScale Power's SMR technology is dependent on securing future commercial contracts and achieving widespread regulatory acceptance, which are critical for its eventual profitability.

Has NuScale Power made progress in reducing its operating expenses?

Yes, NuScale Power has made progress in reducing its operating expenses, contributing to a decreased net loss of $90.3 million for the first six months of 2025 compared to $100.2 million in the prior year period.

What is a Small Modular Reactor (SMR) in the context of NuScale Power?

A Small Modular Reactor (SMR) is a type of nuclear fission reactor that is smaller than conventional reactors, designed for factory fabrication and modular construction, which is NuScale Power's core product.

What impact does NuScale Power's financial state have on the broader nuclear energy market?

NuScale Power's financial state and progress are closely watched by the broader nuclear energy market as an indicator of the viability and timeline for advanced nuclear technologies like SMRs.

When was NuScale Power's 10-Q filing submitted to the SEC?

NuScale Power Corp. submitted its 10-Q filing to the SEC on August 7, 2025, for the period ending June 30, 2025.

Risk Factors

Industry Context

The nuclear energy sector is undergoing a resurgence driven by the need for carbon-free baseload power. Small Modular Reactors (SMRs) are a key focus area, promising greater flexibility and potentially lower costs than traditional large-scale plants. However, the industry faces challenges related to regulatory hurdles, public perception, and the need for significant upfront investment.

Regulatory Implications

NuScale's SMR technology requires extensive regulatory review and approval from bodies like the U.S. Nuclear Regulatory Commission (NRC). The path to commercial deployment is heavily dependent on successful licensing and certification, which can be a lengthy and complex process.

What Investors Should Do

  1. Monitor contract wins and project milestones.
  2. Evaluate cash burn rate and future funding needs.
  3. Assess progress in regulatory approvals.

Glossary

Small Modular Reactor (SMR)
A type of nuclear reactor that is smaller than conventional reactors, designed to be manufactured in a factory and transported to a site for assembly. They are intended to be more flexible, scalable, and potentially safer and more cost-effective. (This is NuScale's core technology and the basis of its business model. Understanding SMRs is crucial to evaluating the company's prospects.)
10-Q
A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a continuing update to the information contained in the company's annual report (10-K). (This document provides the most recent financial and operational details for NuScale Power Corp., including performance for the quarter ended June 30, 2025.)
Net Loss
The total expenses of a company exceed its total revenues over a specific period, resulting in a negative profit. (NuScale has consistently reported net losses, highlighting its current stage of development and the significant investment required before achieving profitability.)

Year-Over-Year Comparison

NuScale Power Corp. continues to report zero revenue, consistent with the prior year's comparable periods. However, the company has demonstrated improved cost management, with net losses decreasing for both the three months ended June 30, 2025 ($45.2 million vs. $50.1 million in 2024) and the six months ended June 30, 2025 ($90.3 million vs. $100.2 million in 2024). This reduction in net loss is attributed to decreased operating expenses, suggesting some operational efficiencies are being achieved despite the ongoing revenue generation challenges.

Filing Stats: 4,677 words · 19 min read · ~16 pages · Grade level 16.3 · Accepted 2025-08-07 17:11:07

Key Financial Figures

Filing Documents

- Financial Information

Part I - Financial Information Item 1.

Financial Statements

Financial Statements 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 25 Item 6. Exhibits 25

Signatures

Signatures 26 Glossary The definitions and abbreviations set forth below apply to the indicated terms used throughout this filing. "CFPP LLC" refers to Carbon Free Power Project, LLC, an entity wholly owned by UAMPS. "Class A common stock" refers to shares of Class A common stock, par value $0.0001 per share, of NuScale Corp. "Class B common stock" refers to shares of Class B common stock, par value $0.0001 per share, of NuScale Corp, which represents the right to one vote per share and carries no economic rights. "Combined interests" refers to the combination of shares of Class B common stock and NuScale LLC Class B units required to be exchanged for Class A common stock. "Common stock" refers collectively to shares of Class A common stock and Class B common stock. "DOE" refers to the U.S. Department of Energy. "ENTRA1" refers to ENTRA1 Energy LLC. "Exchange Act" refers to the Securities Exchange Act of 1934, as amended. "Fluor" refers to Fluor Enterprises, Inc., a California corporation, which is wholly owned by Fluor Corporation (NYSE: FLR). "GAAP" refers to United States Generally Accepted Accounting Principles. "G&A" expenses refers to general and administrative expenses. "IPO" refers to the initial public offering of Spring Valley, which closed on November 27, 2020. "Legacy NuScale Equityholders" refers to the holders of NuScale LLC Class B units. "LLM Agreement" refers to the Long Lead Material Reimbursement Agreement, dated February 28, 2023, entered into between NuScale LLC and CFPP LLC. "Merger" refers to the merger of Merger Sub with and into NuScale LLC, with NuScale LLC as the surviving entity. "Merger Agreement" refers to the Agreement and Plan of Merger, dated as of December 13, 2021 (as amended, modified, supplemented or waived from time to time), between Spring Valley, Merger Sub and NuScale LLC. "Merger Sub" refers to Spring Valley Merger Sub, LLC, an Oregon limited liability company and a wholly owned subsidiary of Spring V

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements NuScale Power Corporation Condensed Consolidated Balance Sheet (in thousands, except share and per share amounts) June 30, 2025 December 31, 2024 ASSETS (Unaudited) Current Assets Cash and cash equivalents $ 297,695 $ 401,556 Short-term investments 123,051 40,000 Restricted cash 5,100 5,100 Prepaid expenses 3,918 3,377 Accounts and other receivables, net (2025 - $ 2,676 ; 2024 - $ 3,655 from related party) 12,796 21,104 Total current assets 442,560 471,137 Property, plant and equipment, net 1,846 2,421 In-process research and development 16,900 16,900 Intangible assets, net 616 704 Goodwill 8,255 8,255 Long-lead material work in process 64,338 43,388 Investments 69,168 — Other assets 2,769 1,868 Total Assets $ 606,452 $ 544,673 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses $ 64,629 $ 47,947 Accrued compensation 6,299 7,330 Long-lead material liability 32,323 32,327 Other accrued liabilities 1,376 1,356 Deferred revenue 299 762 Total current liabilities 104,926 89,722 Noncurrent liabilities 2,321 1,650 Deferred revenue 343 181 Total Liabilities 107,590 91,553 Stockholders' Equity Class A common stock, par value $ 0.0001 per share, 332,000,000 shares authorized, 133,753,450 and 122,842,474 shares outstanding as of June 30, 2025 and December 31, 2024, respectively 13 12 Class B common stock, par value $ 0.0001 per share, 179,000,000 shares authorized, 150,983,449 and 154,254,663 shares outstanding as of June 30, 2025 and December 31, 2024, respectively 15 15 Additional paid-in capital 1,101,566 995,745 Accumulated deficit ( 408,723 ) ( 377,077 ) Total Stockholders' Equity Excluding Noncontrolling Interests 692,871 618,695 Noncontrolling interests ( 194,009 ) ( 165,575 ) Total Stockholders' Equity 498,862 453,120 Total Liabilities and Stockholders' Equity $ 606,452 $ 544,673 The accompanying notes are an integral part of these financial statements. 1 NuScale

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