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Sep 30
NuScale Power Q3 2025 Earnings Report
NuScale Power reported a significant net loss in Q3 2025 driven by high administrative expenses tied to its commercialization efforts.
Key Takeaways
NuScale posted a $273M net loss in Q3 2025 as commercialization costs surged, despite stronger revenue from engineering contracts.
NuScale reported $8.2M in revenue, driven primarily by engineering services for the RoPower project in Romania.
Net loss attributable to Class A stockholders reached $273.3M, up sharply from $17.5M in Q3 2024.
Operating loss ballooned to $538.4M due to a $495M milestone payment recognized under the ENTRA1 agreement.
The company ended the quarter with $753.8M in liquidity, aided by $475.2M in ATM equity issuance.
NuScale Power
NuScale Power
Forward Guidance
NuScale is focused on commercial deployment of its SMR technology, highlighted by a major agreement with ENTRA1 and TVA, but continues to face steep costs in scaling its operations.
Positive Outlook
- Selected for the largest SMR deployment program in U.S. history (ENTRA1 + TVA).
- Progressed engineering for Romania's RoPower SMR plant.
- Raised $475M through equity issuance, improving cash position.
- Shifted resources from R&D to commercial projects, boosting revenue.
- Investment income rose due to higher cash reserves.
Challenges Ahead
- Net loss rose significantly to $273M.
- Operating loss hit $538M, driven by milestone recognition.
- Administrative expenses surged due to commercialization costs.
- R&D cutbacks may slow long-term innovation.
- Still lacks binding customer contracts for NPM delivery.