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NuScale Power (SMR)
NYSE:SMR
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NuScale Power
(NYSE:SMR)
Rating:42Neutral
Price Target:―
Positive Factors
Cash Position
Cash and short-term investments increased to $527MM, indicating a healthy cash balance.
Government Support
Support for nuclear has been reignited by policy and rising demand for firm power, with strong federal support for proven designs.
Regulatory Approval
NuScale received NRC Standard Design Approval for its uprated 77 MWe SMR, reducing regulatory risk and complexity.
Negative Factors
Delayed Projects
NuScale's first project with RoPower in Romania is further delayed, now with FID expected in late 2026 / early 2027.
Execution Risk
NuScale's only active project has limited near-term visibility and lacks binding contracts, posing a meaningful execution risk.
Valuation Concerns
Valuation already prices in significant growth and execution, with limited appeal given higher execution risk and more distant cash flow.
NuScale Power (SMR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.30B
Dividend YieldN/A
Average Volume (3M)13.51M
Price to Earnings (P/E)―
Beta (1Y)2.99
Revenue Growth305.08%
EPS Growth-17.22%
CountryUS
Employees330
SectorIndustrials
Sector Strength76
IndustryRenewable Utilities
Share Statistics
EPS (TTM)-0.13
Shares Outstanding133,893,370
10 Day Avg. Volume12,292,252
30 Day Avg. Volume13,514,988
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap0.50
Enterprise Value/Revenue82.99
Enterprise Value/Gross Profit116.83
Enterprise Value/Ebitda-35.80
Forecast
1Y Price Target
$39.63Price Target Upside13.10% Upside
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:Aug 07, 2025
(Q2-2025)
| % Change Since: -21.58%|
Next Earnings Date:Nov 06, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a positive outlook for NuScale, with significant achievements like the second NRC approval and strong revenue growth. However, challenges such as increased operating expenses and delays in the RoPower project timeline present concerns. The sentiment is balanced, considering both the positive achievements and the operational challenges.Q2-2025 Updates
Positive Updates
Second NRC Approval for SMR Technology
NuScale received a second approval from the U.S. Nuclear Regulatory Commission for its 77-megawatt electric design in Q2 2025, making it the only company with two NRC approvals for small modular reactors.
Significant Revenue Increase
NuScale reported revenue of $8.1 million for Q2 2025, compared to $1 million during the same period in the previous year, primarily driven by fees from the RoPower project.
Strong Liquidity Position
NuScale's total liquidity, including cash and investments, was $489.9 million as of June 30, 2025, with an increase of $359 million from the same quarter in the prior year.
Global Interest and Partnerships
NuScale continues to support international projects like RoPower in Romania and is seeing global interest from countries like Finland and Sweden.
Negative Updates
Increase in Operating Expenses
Operating expenses were $44.9 million for Q2 2025, up from $42 million in the same period the previous year, with expectations of further increases in the second half of 2025.
Delay in RoPower Project Timeline
The final investment decision for the RoPower project in Romania is now expected in late 2026 or early 2027, which is a delay from previous expectations.
Concerns Over Supply Chain and Long Lead Items
NuScale emphasized the need for long lead items and supply chain readiness, indicating potential challenges in meeting 2030 COD targets without these components.
Company Guidance
During NuScale's Second Quarter 2025 Earnings Results Conference Call, a comprehensive update on the company's progress and future guidance was provided. NuScale reported a significant increase in revenue, reaching $8.1 million for the quarter ending June 30, 2025, compared to $1 million in the same period the previous year. This surge is primarily attributed to fees from engineering and licensing work associated with the RoPower project in Romania. The company's liquidity remained robust at $489.9 million, despite a slight decrease from the prior quarter. Operating expenses increased to $44.9 million, up from $42 million in the same period last year, reflecting ongoing investment in manufacturing and supply chain readiness. Looking ahead, NuScale anticipates a further increase in operating expenses in the second half of 2025 as it continues to prepare for commercial contracts and develop its supply chain. The company's strategic partnership with ENTRA1 and regulatory advancements, including recent executive orders supporting nuclear power, are expected to contribute to an order for NuScale's power modules by the end of 2025.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 | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 56.13M | 37.05M | 22.81M | 11.80M | 2.86M | 600.00K |
| Gross Profit | 39.87M | 32.11M | 3.85M | 4.49M | 1.09M | 245.00K |
| EBITDA | -130.11M | -136.88M | -273.01M | -227.30M | -172.10M | -156.76M |
| Net Income | -124.08M | -136.62M | -58.36M | -25.91M | -102.49M | -88.39M |
Balance Sheet | ||||||
| Total Assets | 606.45M | 544.67M | 224.86M | 348.63M | 121.20M | 47.06M |
| Cash, Cash Equivalents and Short-Term Investments | 420.75M | 441.56M | 120.27M | 267.69M | 77.09M | 4.86M |
| Total Debt | 0.00 | 0.00 | 2.94M | 1.57M | 15.48M | 35.49M |
| Total Liabilities | 107.59M | 91.55M | 95.52M | 71.55M | 52.80M | 74.06M |
| Stockholders Equity | 692.87M | 618.70M | 93.46M | 114.68M | 195.86M | -29.14M |
Cash Flow | ||||||
| Free Cash Flow | -95.36M | -108.71M | -184.98M | -150.94M | -101.11M | -50.76M |
| Operating Cash Flow | -95.25M | -108.67M | -183.25M | -148.61M | -99.16M | -47.23M |
| Investing Cash Flow | -192.26M | -39.85M | 48.27M | -52.33M | -1.95M | -3.53M |
| Financing Cash Flow | 454.28M | 429.81M | 16.13M | 368.06M | 173.34M | 38.49M |
NuScale Power Technical Analysis
Neutral
35.04
Price Trends
40.94
Negative
31.31
Positive
26.38
Positive
Market Momentum
-2.44
Positive
39.37
Neutral
33.00
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 35.04 is below the 20-day moving average (MA) of 40.93, below the 50-day MA of 40.94, and above the 200-day MA of 26.38, indicating a neutral trend. The MACD of -2.44 indicates Positive momentum. The RSI at 39.37 is Neutral, neither overbought nor oversold. The STOCH value of 33.00 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 47 risk factors in its most recent earnings report. NuScale Power reported the most risks in the "Finance & Corporate" 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $5.63B | 43.00 | 5.40% | 0.51% | 2.23% | -0.82% | |
67 Neutral | $2.78B | 25.88 | 8.27% | ― | 33.19% | 486.74% | |
66 Neutral | $99.11B | 33.10 | 24.20% | 0.49% | 13.41% | 27.49% | |
64 Neutral | $10.71B | 16.03 | 7.42% | 2.02% | 2.57% | -16.39% | |
63 Neutral | $6.07B | 47.10 | 3.80% | 5.69% | -0.27% | -16.25% | |
51 Neutral | $6.03B | 32.67 | -63.28% | 4.35% | 12.46% | -388.89% | |
42 Neutral | $9.30B | ― | -29.93% | ― | 305.08% | -17.22% |
* Industrials Sector Average
Performance Comparison
SMR
NuScale Power
35.04
26.37
304.15%
ORA
Ormat Techno
94.85
20.65
27.83%
CWEN
Clearway Energy
30.09
2.60
9.46%
BEPC
Brookfield Renewable
34.22
7.23
26.79%
RNW
ReNew Energy Global
7.79
2.11
37.15%
CEG
Constellation Energy Corporation
310.16
116.34
60.02%
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.