NuScale Power Corporation
- Open
- 7.53
- Day high
- 7.90
- Day low
- 7.21
- Prev close
- 7.63
- Volume
- 20.3M
- Mkt cap
- $2.7B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.3
- P/S
- 142.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$473.0M over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions accumulating (13F)
NuScale Power Corporation (SMR) is a Utilities company listed on NYSE. The stock is down 84% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4). Drillr has 1 published research article covering SMR.
NuScale Power Corporation (SMR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SMR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.11 | $-0.14 | -27.3% | $565000 | -91.9% |
| Nov 6, 2025 | $-0.14 | $-1.85 | -1225.0% | $8M | -25.5% |
| Aug 7, 2025 | $-0.12 | $-0.13 | -8.3% | $8M | -30.9% |
| Mar 3, 2025 | $-0.11 | $0.60 | +645.5% | $34M | +1382.9% |
| Nov 7, 2024 | $-0.14 | $-0.18 | -29.0% | $475000 | -87.8% |
| Aug 8, 2024 | $-0.13 | $-0.31 | -138.5% | $967000 | -86.0% |
| May 9, 2024 | $-0.21 | $-0.21 | +0.0% | $1M | -83.3% |
| Mar 14, 2024 | $-0.22 | $-0.25 | -13.6% | $5M | -54.3% |
| Nov 9, 2023 | $-0.16 | $-0.26 | -62.5% | $7M | -43.4% |
| Mar 15, 2023 | $-0.02 | $-0.18 | -950.2% | $3M | -76.6% |
| Nov 11, 2022 | $-0.08 | $-0.19 | -137.5% | $3M | -36.6% |
| Aug 10, 2022 | — | $-0.08 | — | $3M | — |
SMR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | BOECKMANN ALAN Ldirector | Grant | 3,681 | — |
| Jul 1, 2026 | Hamady Robert Ramseyofficer: Chief Financial Officer | Option | 20,000 | $3.20 |
| Jul 1, 2026 | Hamady Robert Ramseyofficer: Chief Financial Officer | Sell | 20,000 | $10.14 |
| Jul 1, 2026 | KRESA KENTdirector | Grant | 2,702 | — |
| Jun 2, 2026 | BOECKMANN ALAN Ldirector | Grant | 8,681 | — |
| Jun 2, 2026 | Harshaw Stuart Alandirector | Grant | 8,681 | — |
| Jun 2, 2026 | KRESA KENTdirector | Grant | 8,681 | — |
| Jun 2, 2026 | Warnica Kimberly O.director | Grant | 8,681 | — |
| Jun 2, 2026 | Klein Dale E.director | Grant | 8,681 | — |
| Jun 2, 2026 | Chung Bum-Jindirector | Grant | 8,681 | — |
| Jun 2, 2026 | WALTERS DIANA Jdirector | Grant | 8,681 | — |
| Jun 2, 2026 | Fujino Shinjidirector | Grant | 8,681 | — |
| Apr 23, 2026 | FLUOR CORPdirector | Sell | 13,500,000 | $11.81 |
| Apr 17, 2026 | FLUOR CORPdirector | Sell | 12,936,472 | $11.63 |
| Apr 13, 2026 | FLUOR CORPdirector, 10 percent owner: | Sell | 13,500,000 | $12.07 |
Source: SMR SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full SMR insider & 13F page →NuScale Power Corporation company profile
Overview
NuScale Power Corporation (NYSE:SMR) is a pioneering nuclear energy company founded in 2007 and headquartered in Portland, Oregon. The company went public in March 2022 and operates as a subsidiary of Fluor Enterprises, Inc. NuScale has achieved the historic milestone of being the first and only company to receive U.S. Nuclear Regulatory Commission (NRC) design certification for small modular reactor (SMR) technology, positioning itself as the sole near-term deployable SMR solution in the market. The company has transitioned from a research and development phase to active commercialization, with manufacturing partnerships established and multiple customer discussions underway.
Business
NuScale operates in the nuclear power generation industry, specifically focusing on small modular reactor (SMR) technology. Unlike traditional large nuclear power plants that can take decades to build and cost billions of dollars, SMRs are factory-manufactured nuclear reactors that are smaller, safer, and more flexible in deployment. The company's core product is the NuScale Power Module (NPM), a light water reactor that can generate 77 megawatts of electricity (MWe). These modules use the same proven nuclear technology as conventional reactors but in a much smaller, safer package. The reactor operates using low-enriched uranium fuel and employs passive safety systems that can cool the reactor indefinitely without external power or human intervention. NuScale offers several plant configurations based on customer needs. The flagship VOYGR-12 power plant combines 12 power modules to generate 924 MWe, equivalent to a mid-sized conventional power plant. Smaller configurations include the VOYGR-4 (four modules) and VOYGR-6 (six modules) plants. Beyond electricity generation, the technology can provide district heating, desalination, hydrogen production, and other industrial process heat applications. The company's business model centers around providing complete nuclear power solutions rather than just selling reactors. This includes design, manufacturing, deployment, and potentially ownership and operation of the facilities. NuScale has established manufacturing partnerships, particularly with Doosan Enerbility, which is producing the first 12 power modules.
Revenue model
NuScale generates revenue through multiple channels, though the company is still in the early commercialization phase with limited current revenue. The primary revenue model involves project development and engineering services, with 2024 full-year revenue of $37 million primarily from consulting services and cost-sharing agreements with the Department of Energy. The company's future revenue model will center on power plant sales and services, where customers pay for complete SMR power plant solutions. NuScale also explores innovative business models including build-own-transfer (BOT) and build-own-operate (BOO) arrangements through partnerships like ENTRA1 Energy, where NuScale could retain ownership and sell electricity directly to end users. The primary paying customers include utilities, industrial companies requiring process heat, data centers seeking carbon-free power, and governments pursuing clean energy solutions. The company is particularly targeting the rapidly growing data center market, where major technology companies are seeking reliable, carbon-free power sources for AI infrastructure. Several factors could significantly impact NuScale's margins and profitability. Positive factors include the growing demand for clean energy driven by corporate decarbonization commitments, increasing electricity demand from data centers and AI applications, supportive government policies like the Inflation Reduction Act (which could reduce capital costs by 30-50%), and the company's first-mover advantage in NRC-certified SMR technology. Negative factors include the capital-intensive nature of nuclear projects, regulatory approval timelines, competition from other clean energy sources like renewables and storage, potential changes in government nuclear policies, and the challenge of securing project financing for new nuclear technology.
Competitive moat
NuScale possesses a strong regulatory and technological moat that provides significant competitive advantages in the SMR market. The company's primary moat is its exclusive NRC design certification, making it the only SMR technology approved for deployment in the United States. This regulatory approval represents years of rigorous testing and review, creating a substantial barrier to entry for competitors who must undergo the same lengthy and expensive certification process. The company's technological advantages include proven light water reactor technology that utilities and regulators understand, passive safety systems that eliminate the need for external power or human intervention during emergencies, and a smaller emergency planning zone compared to traditional nuclear plants. These features reduce operational complexity and regulatory burden for customers. NuScale's manufacturing partnerships and supply chain relationships with established players like Doosan Enerbility, Alleima, and others create additional competitive barriers. The company has invested years in developing these relationships and qualifying suppliers, making it difficult for competitors to quickly replicate this manufacturing ecosystem. However, the moat faces potential challenges. Competition could emerge from other SMR developers who achieve regulatory approval, large established nuclear companies entering the SMR market, or alternative clean energy technologies that become more cost-competitive. Regulatory risks include potential changes in nuclear policy, evolving safety requirements, or delays in international regulatory approvals. The company's dependence on government support and the capital-intensive nature of nuclear projects also create vulnerabilities. Despite these challenges, NuScale's first-mover advantage in a rapidly growing market, combined with the substantial time and capital required for competitors to achieve similar regulatory status, suggests a moderately strong moat that should provide competitive protection for several years.
Risks & safety
NuScale demonstrates a strong financial position with substantial cash reserves but faces ongoing operational losses typical of pre-revenue technology companies. **Cash and Liquidity:** - Cash and short-term investments: $491.4 million (Q1 2025) - Strong current ratio of 6.23, indicating excellent short-term liquidity - No debt (debt-to-equity ratio of 0.0) - Current quarterly cash burn rate of approximately $23 million from operations **Valuation Metrics:** - Price-to-book ratio: 2.57 - Negative EBITDA of -$35.3 million (Q1 2025) makes traditional valuation metrics less meaningful - Graham net-net working capital suggests potential undervaluation at 3.47 **Other Considerations:** - Pre-revenue company with substantial R&D and operational expenses - Strong balance sheet provides runway for 5+ years at current burn rate - Minimal debt obligations reduce financial risk - Potential for significant warrant dilution as company progresses
Recent development
Over the past few years, NuScale has undergone significant strategic evolution from a pure technology development company to active commercialization. The company achieved its most critical milestone by becoming the first SMR technology to receive NRC design certification, establishing regulatory credibility that competitors lack. A major strategic pivot has been the focus on data center and AI infrastructure markets, recognizing the explosive growth in electricity demand from artificial intelligence applications. The company is actively engaged with multiple Tier 1 technology companies seeking carbon-free, reliable power sources. This represents a shift from traditional utility customers to industrial and technology sector clients. NuScale has also developed innovative business model partnerships, particularly with ENTRA1 Energy, to offer build-own-operate solutions rather than just equipment sales. This allows the company to potentially retain ownership of power plants and sell electricity directly, creating recurring revenue streams. The company has made substantial progress in manufacturing readiness, with partner Doosan Enerbility producing the first 12 power modules and establishing supply chain relationships with over 30 suppliers. NuScale is also pursuing an upgrade to its power module design from 50 MW to 77 MW, expected to receive NRC approval by mid-2025. Internationally, the company continues advancing the RoPower project in Romania, which represents a six-module SMR power plant and serves as a key reference project for future international expansion. The company has also expanded its global presence through Energy Exploration Centers at universities worldwide and signed agreements for potential projects in Ghana and other markets.
SMR company profile · for informational purposes only — not investment advice.
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