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NuScale Power (SMR)
NYSE:SMR
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NuScale Power
(NYSE:SMR)
Rating:42Neutral
Price Target:―
Positive Factors
Customer orders
NuScale expressed confidence in securing a 'firm' customer order by the end of 2025.
Financial performance
Cash and short-term investments increased to $527MM, indicating a healthy cash balance.
Strategic agreements
A 'Strategic Alliance Agreement' gives ENTRA1 exclusive rights for the commercialization, distribution, sales, and development of NuScale products.
Negative Factors
Execution risks
Significant execution risks remain, and the stock appears to be pricing nearly 50GW of installs by 2040.
Project delays
FID for the Romania project has seemingly been pushed from 4Q25 to late 1Q or early 2Q 2026.
Stock rating
The stock is downgraded to Neutral as analysts wait for the backlog to materialize and to get more clarity around project economics.
NuScale Power (SMR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.28B
Dividend YieldN/A
Average Volume (3M)12.09M
Price to Earnings (P/E)―
Beta (1Y)3.00
Revenue Growth62.41%
EPS Growth-85.81%
CountryUS
Employees330
SectorIndustrials
Sector Strength88
IndustryRenewable Utilities
Share Statistics
EPS (TTM)-0.11
Shares Outstanding133,386,520
10 Day Avg. Volume12,192,276
30 Day Avg. Volume12,089,237
Financial Highlights & Ratios
PEG Ratio-20.46
Price to Book (P/B)28.03
Price to Sales (P/S)0.00
P/FCF Ratio-341.22
Enterprise Value/Market Cap2.23
Enterprise Value/Revenue7.69K
Enterprise Value/Gross Profit354.39K
Enterprise Value/Ebitda-107.01
Forecast
1Y Price Target
$33.06Price Target Upside-34.16% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering11
NuScale Power Business Overview & Revenue Model
Company DescriptionNuScale Power Corporation develops and sells modular light water reactor nuclear power plants to supply energy for electrical generation, district heating, desalination, hydrogen production, and other process heat applications. It offers NuScale Power Module, a water reactor that can generate 77 megawatts of electricity (MWe); The VOYGR-12 power plant that can generate 924 MWe; and four-module VOYGR-4 and six-module VOYGR-6 plants, as well as other configurations based on customer needs. NuScale Power Corporation was founded in 2007 and is headquartered in Portland, Oregon. NuScale Power Corporation operates as a subsidiary of Fluor Enterprises, Inc.
How the Company Makes MoneyNuScale Power makes money primarily through the development and sale of its small modular reactors (SMRs). The company generates revenue by licensing its SMR technology to utility companies and other energy providers seeking to deploy nuclear power solutions. Additionally, NuScale may earn income from engineering and consulting services related to the implementation and maintenance of its nuclear reactors. Significant partnerships with government entities, such as the U.S. Department of Energy, and strategic alliances with energy companies around the world further contribute to its revenue streams by facilitating research, development, and deployment support for its advanced nuclear technologies.
NuScale Power Earnings Call Summary
Earnings Call Date:May 12, 2025
(Q1-2025)
| % Change Since: 182.24%|
Next Earnings Date:Aug 07, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted NuScale's strong revenue growth and cash position, significant progress in regulatory approvals, and advanced customer discussions. However, high operating expenses and dependency on securing future orders present challenges. The company's future success depends on executing its commercialization strategy and navigating uncertain market conditions, particularly in Romania.Q1-2025 Updates
Positive Updates
Significant Revenue Growth
NuScale reported revenue of $13.4 million for the first quarter of 2025, a substantial increase from the $1.4 million reported in the same period of the prior year. This growth was driven by engineering and licensing fees from the RoPower project.
Cash Position and Liquidity
NuScale ended the first quarter of 2025 with cash and cash equivalents of $491.4 million and short-term investments of $30 million. This was bolstered by the successful sale of 4.5 million shares through an ATM program, generating $102.4 million in gross proceeds.
Progress in Regulatory Approvals
NuScale remains the only SMR company with U.S. Nuclear Regulatory Commission design approval and anticipates the NRC approval for increasing power output per module from 50-megawatt electric to 77-megawatt electric by July 2025.
Strong Supply Chain Developments
NuScale conducted multiple prebid meetings and continued progress on long-lead material orders, showcasing a strong commitment to its supply chain readiness for a 2030 delivery of its first power module.
Advanced Customer Discussions
NuScale is in advanced discussions with potential customers, classified as upwards of 10, with some having progressed to multiple iterations of term sheets and customer site visits.
Negative Updates
Operating Expenses Remain High
Despite a reduction from the previous year, operating expenses for the quarter ended March 31, 2025, were $42.3 million, which is still a significant expenditure.
Uncertain Market Conditions in Romania
The RoPower project in Romania is progressing, but the upcoming presidential elections could potentially impact project timelines and decisions.
Dependency on Future Orders
NuScale's future revenue and cash flow heavily depend on securing a firm customer order by the end of 2025, which remains uncertain.
Company Guidance
During the first quarter of 2025, NuScale provided guidance indicating strong progress in its commercialization efforts and supply chain readiness, with a focus on meeting its 2030 delivery target for SMR deployment. The company anticipates final NRC approval for its 77-megawatt electric module by July 2025, which would solidify its position as the only near-term deployable SMR company. Key financial metrics included a significant increase in revenue to $13.4 million, up from $1.4 million the prior year, driven by the RoPower project. Operating expenses decreased to $42.3 million from $44.6 million in the previous year, underscoring cost-efficiency improvements. Cash and cash equivalents rose to $491.4 million, bolstered by $102.4 million in proceeds from share sales. The company is optimistic about securing a firm customer order by the end of 2025, with advanced discussions involving potential customers in various sectors, including AI operations, utilities, and international stakeholders.NuScale Power Financial Statement Overview
Summary
NuScale Power shows strong revenue growth and improved financial structure with decreasing reliance on debt. However, persistent negative earnings and cash flows highlight challenges in achieving profitability. The company's financial health shows signs of improvement, yet achieving stable positive cash flow and net income remains critical for long-term success.Income Statement
NuScale Power has shown significant revenue growth, increasing from $600,000 in 2020 to $37,045,000 in 2024. However, the company consistently reports negative EBIT and net income, indicating ongoing profitability challenges. Gross profit margins have improved but remain overshadowed by substantial operating losses. The trend suggests aggressive expansion or R&D activities, but the lack of profitability is a concern.30
Negative
Balance Sheet
The company's balance sheet reflects substantial equity growth, with stockholders' equity turning positive in recent years. With zero total debt in 2024, the debt-to-equity ratio is favorable, showcasing financial prudence. However, the equity ratio is low, and the company has historically negative equity, indicating ongoing recovery from financial distress. Asset growth is evident, but sustained profitability is necessary for long-term stability.40
Negative
Cash Flow
NuScale Power has managed to improve its cash position significantly, with cash and short-term investments increasing over the years. Despite negative operating cash flow, the company has successfully raised financing, supporting operations and investments. However, free cash flow remains negative, raising concerns about the sustainability of operations without new financing.35
Negative
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 37.05M | 22.81M | 11.80M | 2.86M | 600.00K |
| Gross Profit | 32.11M | 3.85M | 4.49M | 1.09M | 245.00K |
| EBITDA | -136.88M | -273.01M | -227.30M | -172.10M | -156.76M |
| Net Income | -136.62M | -58.36M | -25.91M | -102.49M | -88.39M |
Balance Sheet | |||||
| Total Assets | 544.67M | 224.86M | 348.63M | 121.20M | 47.06M |
| Cash, Cash Equivalents and Short-Term Investments | 441.56M | 120.27M | 267.69M | 77.09M | 4.86M |
| Total Debt | 0.00 | 2.94M | 1.57M | 15.48M | 35.49M |
| Total Liabilities | 91.55M | 95.52M | 71.55M | 52.80M | 74.06M |
| Stockholders Equity | 618.70M | 93.46M | 296.77M | -781.62M | -679.13M |
Cash Flow | |||||
| Free Cash Flow | -108.71M | -184.98M | -150.94M | -101.11M | -50.76M |
| Operating Cash Flow | -108.67M | -183.25M | -148.61M | -99.16M | -47.23M |
| Investing Cash Flow | -39.85M | 48.27M | -52.33M | -1.95M | -3.53M |
| Financing Cash Flow | 429.81M | 16.13M | 368.06M | 173.34M | 38.49M |
NuScale Power Technical Analysis
Neutral
50.21
Price Trends
39.21
Positive
28.11
Positive
24.89
Positive
Market Momentum
3.30
Positive
50.99
Neutral
55.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SMR, the sentiment is Neutral. The current price of 50.21 is above the 20-day moving average (MA) of 44.73, above the 50-day MA of 39.21, and above the 200-day MA of 24.89, indicating a neutral trend. The MACD of 3.30 indicates Positive momentum. The RSI at 50.99 is Neutral, neither overbought nor oversold. The STOCH value of 55.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SMR.
NuScale Power Risk Analysis
NuScale Power disclosed 45 risk factors in its most recent earnings report. NuScale Power reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NuScale Power Peers Comparison
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $6.36B | 39.69 | 4.70% | 5.28% | -1.34% | 21.62% | |
71 Outperform | $109.02B | 36.67 | 24.71% | 0.43% | 11.36% | 26.54% | |
65 Neutral | $2.76B | 51.08 | 4.18% | ― | -1.77% | -41.65% | |
65 Neutral | $5.42B | 43.31 | 5.21% | 0.54% | 1.95% | -6.57% | |
64 Neutral | $10.64B | 16.52 | 6.24% | 2.15% | 3.01% | -28.89% | |
60 Neutral | $6.58B | 32.67 | -63.28% | 4.30% | 12.46% | -388.89% | |
42 Neutral | $14.28B | ― | -32.34% | ― | 62.41% | -85.81% |
* Industrials Sector Average
Performance Comparison
SMR
NuScale Power
44.43
35.84
417.23%
ORA
Ormat Techno
88.71
13.79
18.41%
CWEN
Clearway Energy
32.40
6.30
24.14%
BEPC
Brookfield Renewable
33.86
7.36
27.77%
RNW
ReNew Energy Global
7.60
1.73
29.47%
CEG
Constellation Energy Corporation
340.77
174.80
105.32%
NuScale Power Corporate Events
Financial Disclosures
NuScale Power Schedules Q1 2025 Earnings Call
Neutral
Apr 10, 2025
NuScale Power Corporation announced it will hold a conference call on May 12, 2025, to discuss its first quarter 2025 financial results. This update is significant as it provides stakeholders with insights into the company’s operational and financial performance, potentially impacting its market positioning and investor relations.
Spark’s Take on SMR Stock
According to Spark, TipRanks’ AI Analyst, SMR is a Neutral.
NuScale Power’s stock score reflects strong revenue growth and strategic advancements in the SMR market, offset by ongoing profitability challenges and technical weaknesses. While the company shows potential with its cash reserves and strategic partnerships, its financial performance and valuation metrics suggest caution.
To see Spark’s full report on SMR stock, click here.
Financial Disclosures
NuScale Power Reschedules 2024 Earnings Call to March 2025
Neutral
Feb 25, 2025
NuScale Power Corporation has rescheduled its earnings conference call to discuss the fourth quarter and full year 2024 results, now set for March 3, 2025. This change may impact stakeholders’ expectations and planning as they await the company’s financial performance insights, which are critical for assessing NuScale’s market position and future growth potential.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.