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Dec 31, 2025
NuScale Power Q4 2025 Earnings Report
NuScale Power reported its fourth quarter and full year 2025 financial results, highlighting a significant capital raise and strategic progress with TVA.
Key Takeaways
NuScale Power concluded 2025 with a strengthened cash position of $1.3 billion following a $750 million ATM program. While the company faced a significant net loss due to a one-time $507.4 million milestone payment to ENTRA1, it advanced its commercialization efforts through a collaborative agreement with TVA for up to 6 GW of SMR capacity.
Strengthened liquidity significantly, ending the year with $1.3 billion in cash and investments.
Advanced the largest nuclear deployment program in U.S. history through a partnership with ENTRA1 and TVA.
Completed Phase 2 FEED study for the RoPower project in Romania, validating industrial use cases.
Maintained status as the first and only SMR technology with U.S. NRC design approval.
Forward Guidance
NuScale is focusing 2026 efforts on the commercialization of SMR technology and manufacturing readiness for the first NuScale Power Modules.
Positive Outlook
- Focus on commercialization of SMR technology.
- Ensuring full readiness for manufacturing the first NPM.
- Strong cash position to fund operations and strategic goals.
- Validation of technology for industrial process steam and electricity.
- Ongoing collaboration with TVA for large-scale deployment.
Challenges Ahead
- Potential for future losses and inability to maintain profitability.
- Dependence on strategic partners like ENTRA1 and Fluor.
- Risks related to the establishment of the SMR market.
- Potential delays in development and manufacturing of NPMs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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