SMR

MKT CAP:$4B

NuScale Power Corporation

Market Cap

$4B

Utilities·Renewable Utilities·🇺🇸 United States·NYSE

Utilities·Renewable·🇺🇸·NYSE

Stock Price

$12.65-$3.66 (-22.44%)

Apr 17, 2026

Company Details

NuScale 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 Nu...

CEO

John Lawrence Hopkins

IPO Date

Mar 1, 2022

Website

www.nuscalepower.com

Key Metrics TTM

Revenue

$27M

+83.0% YoY

Net Income

-$319M

EPS (Diluted)

-$2.35

Free Cash Flow

-$347M

Revenue / Share

$0.18

Gross Margin

19.7%

Operating Margin

-2659.2%

Net Margin

-1197.8%

FCF Margin

-1301.8%

P/S

135.4x

P/E

—

Earnings Reports

Q4 2025

May 7, 2026

PENDING

Q3 2025

Nov 6, 2025

$8MEPS -$1.85

Q2 2025

Aug 7, 2025

$8MEPS -$0.13

Q4 2023

Mar 15, 2024

$5M+32.6%EPS -$0.24

Q2 2023

Aug 9, 2023

$6MEPS -$0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$278.0K	$90.0K	-$43M
Q1 21	$664.0K	$258.0K	-$36M
Q2 21	$372.0K	$127.0K	-$41M
Q3 21	$297.0K	$141.0K	-$46M
Q4 21	$2M	$566.0K	-$51M
Q1 22	$2M	$1M	-$44M
Q3 22	$3M	$1M	-$66M
Q4 22	$3M	$814.0K	-$67M
Q1 23	$6M	$2M	-$55M
Q2 23	$6M	$30.0K	-$56M
Q4 23	$5M	$720.0K	-$71M
Q2 25	$8M	$2M	-$43M
Q3 25	$8M	$3M	-$538M

Valuation

Quarter	P/S	P/E
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q3 21	596.2x	—
Q4 21	341.7x	—
Q1 22	212.3x	—
Q3 22	211.8x	—
Q4 22	153.9x	—
Q1 23	99.8x	—
Q2 23	65.8x	—
Q4 23	23.7x	—
Q2 25	470.5x	—
Q3 25	425.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	-$23M	-$23M
Q1 21	-$30M	-$30M
Q2 21	-$21M	-$21M
Q3 21	-$23M	-$24M
Q4 21	-$26M	-$26M
Q1 22	-$33M	-$34M
Q3 22	-$41M	-$41M
Q4 22	-$44M	-$44M
Q1 23	-$43M	-$43M
Q2 23	-$39M	-$40M
Q4 23	-$73M	-$73M
Q2 25	-$33M	-$33M
Q3 25	-$200M	-$200M

Capital Expenditures

Quarter	CapEx
Q4 20	$464.0K
Q1 21	$111.0K
Q2 21	$326.0K
Q3 21	$1M
Q4 21	$379.0K
Q1 22	$1M
Q3 22	$163.0K
Q4 22	$588.0K
Q1 23	$351.0K
Q2 23	$1M
Q4 23	$51.0K
Q2 25	$67.0K
Q3 25	$141.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+450.0%	+21.9%
Q1 22	+268.2%	+24.7%
Q3 22	+752.7%	+67.7%
Q4 22	+1057.6%	+53.5%
Q1 23	+260.0%	+16.0%
Q2 23	+137.0%	+33.7%
Q4 23	+43.8%	+9.2%
Q2 25	+134.3%	-27.8%
Q3 25	+49.7%	+796.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$847.0K	304.7%
Q1 21	$3M	470.2%
Q2 21	$1M	286.6%
Q3 21	$1M	369.4%
Q4 21	$1M	75.6%
Q1 22	$1M	41.8%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$4M	90.8%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 20	$24M	$11M	—
Q1 21	$19M	$6M	$3M
Q2 21	$21M	$11M	$546.0K
Q3 21	$26M	$14M	$569.0K
Q4 21	$27M	$11M	$2M
Q1 22	$25M	$11M	$577.0K
Q3 22	$35M	$16M	$2M
Q4 22	$38M	$14M	$4M
Q1 23	$28M	$15M	$2M
Q2 23	$27M	$16M	$3M
Q4 23	$38M	$18M	$2M
Q2 25	$12M	$23M	—
Q3 25	$11M	$519M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$43M	$0	$43M
Q2 22	$351M	$0	$351M
Q3 22	$269M	$50M	$319M
Q4 22	$218M	$50M	$268M
Q1 23	$218M	$0	$218M
Q2 23	$154M	$0	$154M
Q3 23	$117M	$0	$117M
Q4 23	$120M	$0	$120M
Q1 24	$132M	$0	$132M
Q2 24	$131M	$0	$131M
Q3 24	$112M	$45M	$157M
Q4 24	$402M	$40M	$442M
Q1 25	$491M	$30M	$521M
Q2 25	$298M	$123M	$421M
Q3 25	$408M	$284M	$692M
Q4 25	$836M	$418M	$1.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	44M	—	—
Q1 21	44M	0.0%	—
Q2 21	44M	0.0%	—
Q3 21	44M	0.0%	—
Q4 21	44M	0.0%	0.0%
Q1 22	44M	0.0%	0.0%
Q3 22	46M	+6.4%	+6.4%
Q4 22	60M	+30.1%	+38.5%
Q1 23	70M	+15.4%	+59.8%
Q2 23	72M	+3.5%	+65.4%
Q4 23	77M	+6.6%	+65.7%
Q2 25	133M	+73.5%	+120.9%
Q3 25	148M	+10.7%	+111.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$139.0K	2
Q1 21	$332.0K	2
Q2 21	$186.0K	2
Q3 21	$148.5K	2
Q4 21	$764.5K	2
Q1 22	$1M	2
Q3 22	$2M	2
Q4 22	$6.2K	556
Q1 23	$9.9K	556
Q2 23	$10.4K	556
Q4 23	$11.5K	398
Q2 25	$24.4K	330
Q3 25	$25.0K	330

Revenue / Employee