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.…
Earnings analysis · 10-Q
SMR earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.14
What stood out
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Dramatic Revenue Decline
Revenue fell to $565,000, down from $13.4 million in Q1 2025, offering a decrease of $12.8 million.
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Increased Net Loss
Net loss increased to $46.7 million compared to a loss of $30.4 million in Q1 2025.
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Higher R&D Spending
R&D expenses rose to $12.8 million from $9.1 million year-over-year.
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Improved Investment Income
Investment income increased by $5.6 million, totaling $10.8 million in Q1 2026 vs $5.2 million in Q1 2025.
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Strong Cash Position
As of March 31, 2026, cash and cash equivalents were $341.1 million with short-term investments of $549 million.
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Significant Operating Cash Flow Burn
Operating cash flow burned $314.7 million in Q1 2026 compared to $22.8 million in Q1 2025.
What to watch
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High Operating Cash Flow Burn
Operating cash flow used increased to $314.7 million from $22.8 million in Q1 2025.
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Substantial Investment in R&D
R&D expenses surged by $3.7 million year-over-year, exacerbating financial losses.
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Dependence on Future Contracts
Company's revenues are heavily reliant on future customer contracts and ongoing projects.
Management's outlook
No forward guidance was provided.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.