NuScale Power Reports First Quarter 2025 Results
Company Continues to Advance SMR Technology and Commercialization Plans
NuScale Power Corporation (NYSE: SMR), a leading innovator in small modular reactor (SMR) nuclear technology, today announced its financial results for the first quarter ended March 31, 2025. The company has made significant strides in both technology development and business expansion, positioning itself for long-term success in the growing global nuclear energy market.
Leadership in Advanced SMR Technology
John Hopkins, President and CEO of NuScale Power, highlighted the company’s progress in the first quarter, emphasizing the continued momentum in its mission to revolutionize the nuclear power industry. “In the first quarter, NuScale continued to take proactive steps to build on our leadership as the first and only SMR provider to receive NRC design approval,” said Hopkins. “With 12 modules already in the manufacturing process, we have further readied our supply chain to ensure we stay on course to achieve our 2030 delivery target.”
As the only SMR provider to receive approval from the U.S. Nuclear Regulatory Commission (NRC) for its design, NuScale has positioned itself as a pioneer in the sector. The company is now advancing its SMR technology, with several key milestones in place, including the manufacturing of its first modules. With 12 modules in production, NuScale is on track to meet its target of providing clean, reliable nuclear energy by 2030.
In addition to technological progress, NuScale continues to strengthen its position in the market through strategic partnerships. Working closely with its exclusive commercialization partner, ENTRA1 Energy, the company is engaging in advanced discussions with prospective customers spanning a range of industries and sectors. These include governments, utilities, data centers, coal plant operators transitioning to nuclear energy, as well as companies in the petrochemical and energy sectors. These discussions reflect NuScale’s broad appeal as it aims to provide a sustainable, low-carbon alternative to traditional energy sources.
Advancing Opportunities in a Carbon-Free Future
Looking forward, NuScale is enthusiastic about the prospects for its technology. “NuScale has built a solid foundation across our business, and we are excited for the opportunities ahead of us this year,” added Hopkins. “Our goal is to bring reliable, 24/7 carbon-free energy to market, and we are working tirelessly to make this vision a reality. With a growing customer base and an expanding supply chain, we believe 2025 will be a pivotal year in our journey to transform the energy landscape.”
Liquidity & Capital Resources
As of March 31, 2025, NuScale reported a strong liquidity position, with cash, cash equivalents, and short-term investments totaling $521.4 million. This provides the company with ample resources to support its ongoing operational and developmental needs as it advances through the commercialization phase.
In addition to strong cash reserves, NuScale successfully raised additional capital during the quarter through its At-The-Market (ATM) program. The company sold 4.5 million shares, generating $102.4 million in gross proceeds. This strategic move helped bolster NuScale’s financial position, ensuring it can continue to fund key projects, expand its workforce, and accelerate the rollout of its SMR technology.
First Quarter 2025 Financial Results
NuScale’s first-quarter financial results show notable improvements compared to the same period in the previous year. Revenue for the three months ended March 31, 2025, reached $13.4 million, a significant increase from the $1.4 million reported during the same period in 2024. This growth in revenue was primarily driven by the FEED (Front-End Engineering Design) Phase 2 project and the Technology License Agreement for the RoPower Doicești power plant in Romania.
The FEED Phase 2 project is a critical component of NuScale’s strategic development, as it brings the company closer to commercializing its SMR technology. The project involves detailed engineering work to prepare for the deployment of the first NuScale power plant. The Technology License Agreement with RoPower Doicești, meanwhile, reflects NuScale’s expanding international footprint, as the company secures partnerships in Europe and beyond to deploy its technology.
Despite the growth in revenue, NuScale’s operating expenses decreased by $2.3 million, totaling $42.3 million for the first quarter of 2025, compared to $44.6 million in the same period last year. The reduction in operating expenses was mainly due to a decrease in research and development (R&D) costs, which reflects the company’s shift from the R&D phase to the commercialization phase. This transition is a key milestone for NuScale as it moves towards bringing its technology to market.
However, general and administrative (G&A) expenses rose as the company expanded its corporate operations to support its growing business needs. These increases are typical as a company scales its operations in preparation for commercializing a complex technology like SMRs.
NuScale reported a loss from operations of $35.3 million for the first quarter of 2025, an improvement from the $44.0 million loss incurred in the first quarter of 2024. The reduction in operational losses was a result of a higher gross margin on projects and a decrease in operating expenses, particularly in R&D. As NuScale continues to scale its production and secure commercial contracts, it expects to see continued improvement in financial performance.
Outlook for 2025 and Beyond
Looking ahead, NuScale remains optimistic about its prospects and the growing demand for clean, reliable nuclear energy. The company has a clear roadmap for commercialization, with key partnerships and projects already underway. The upcoming years will be critical as NuScale ramps up production, engages with prospective customers, and continues to secure contracts for its SMR technology.
As governments and industries increasingly prioritize carbon-free energy solutions, NuScale is well-positioned to capitalize on this shift. The company’s innovative approach to nuclear energy has garnered significant attention, with growing interest from utilities, governments, and large energy consumers.
“We believe the future of energy is clean, reliable, and sustainable,” said Hopkins. “NuScale’s small modular reactors offer a viable solution to meet the world’s energy demands while addressing the urgent need for carbon reduction. With a strong foundation in place, we are confident that 2025 will be a transformative year for the company.”
NuScale’s commitment to delivering clean energy solutions aligns with global efforts to combat climate change and transition away from fossil fuels. As the company prepares for the commercial deployment of its SMR technology, it remains focused on creating long-term value for shareholders, customers, and communities around the world.
