Nuscale Power Corp

ir.nuscalepower.com

What Do They Do?

Sells modular nuclear power plant technology and provides engineering and licensing services to governments, utilities, and industrial companies seeking electricity, heat, or clean water.

How Do They Make Money?

NuScale is paid for engineering, design, and licensing services on nuclear plant projects: customers pay when a service is delivered or as project work progresses, and invoices are typically due within 30 days of billing.

revenue

Segment	Share	How money arrives
Power Plant and NPM related services Mix	96% FY2022: 92%	Mix
Energy Exploration Centers	4.0% FY2022: 2.1%
Other	0.4% FY2022: 6.0%

Who Are Their Customers?

NuScale works directly with RoPower on licensing and project development, while its engineering support for the project’s FEED Phase 2 ran through Fluor. ENTRA1 is its global commercialization partner, with exclusive rights to commercialize, distribute, sell, and develop NuScale products and power plants.

Do Revenues Turn Into Profits?

No. It lost $355.8M in FY2025.

Operating income, FY2025

−2191% of revenue

▲ +397% (Loss) vs FY2024 (−$138.7M, −374%)

Net income, FY2025

−1130% of revenue

▲ +160% (Loss) vs FY2024 (−$136.6M, −369%)

Free cash flow, FY2025

−1462% of revenue

▲ +323% (Loss) vs FY2024 (−$108.7M, −293%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −99%; vs $8.1M in Q2 FY2025
Net income: ▲ +169% (Loss); vs −$17.6M in Q2 FY2025

Power Plant and NPM related services share of revenue vs 92.3% in Q2 FY2025

Growing. Revenue grew 11.0x in 4 years, from $2.9M in FY2021 to $31.5M in FY2025, about 82% a year.

Revenue over time

Power Plant and NPM related services Energy Exploration Centers Other

$50M$25M$0

FY2022 FY2023 FY2024 FY2025

Comments