SMR earnings analysis
What we found in SMR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
NuScale Power reported Q1 2026 financial results with revenue of $565,000, dramatically down from $13.4 million in Q1 2025, leading to a net loss of $46.7 million and a diluted EPS of -$0.14. R&D expenses increased significantly as the company emphasized technological advancement despite declining revenues, while liquidity remained strong at $341.1 million in cash.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Dramatic Revenue Decline
- Revenue fell to $565,000, down from $13.4 million in Q1 2025, offering a decrease of $12.8 million.
- Increased Net Loss
- Net loss increased to $46.7 million compared to a loss of $30.4 million in Q1 2025.
- Higher R&D Spending
- R&D expenses rose to $12.8 million from $9.1 million year-over-year.
- Improved Investment Income
- Investment income increased by $5.6 million, totaling $10.8 million in Q1 2026 vs $5.2 million in Q1 2025.
- Strong Cash Position
- As of March 31, 2026, cash and cash equivalents were $341.1 million with short-term investments of $549 million.
- Significant Operating Cash Flow Burn
- Operating cash flow burned $314.7 million in Q1 2026 compared to $22.8 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Operating Cash Flow Burn
- Operating cash flow used increased to $314.7 million from $22.8 million in Q1 2025.
- Substantial Investment in R&D
- R&D expenses surged by $3.7 million year-over-year, exacerbating financial losses.
- Dependence on Future Contracts
- Company's revenues are heavily reliant on future customer contracts and ongoing projects.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.14
- Gross margin
- 3.7%
- Operating margin
- -10188.8%
What they said about what is next.
No forward guidance was provided.
The filing reads worse than the one before it.
What came before.
- 10-K · February 26, 2026
- NuScale’s 2025 10-K emphasizes a validated product design (NRC Standard Design Approval finalized May 2025) and a long-term commercial roadmap built around factory-built NuScale Power Modules and recurring services.…
- 10-Q · November 6, 2025
- NuScale reported Q3 2025 revenue of $8,242,000 and a gross margin of $2,709,000 (32.9%), but recorded a very large operating loss of $538,440,000 and net loss of $532,646,000 for the quarter. Liquidity was materially…
- 10-Q · August 7, 2025
- NuScale Corp reported Q2 2025 revenue of $8,054,000, significantly lower than the $10,622,200 consensus estimate, marking a 24.18% revenue miss. The company also reported a diluted EPS of $(0.13), missing the estimate…
- 10-Q · May 12, 2025
- NuScale reported a large sequential and year-over-year revenue increase to $13.375M in Q1 2025 and narrower loss per Class A share of $(0.11). Gross margin widened to 52.4% and operating loss narrowed to $(35.327)M, but…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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