NUSCALE POWER Corp
SMR · Fabricated Plate Work (Boiler Shops) · 236.8M shares · EDGAR filings ↗
Net buyback after stock comp: -$16M (gross $566K, SBC $16M)
Grade
D45Well-funded but pre-revenue SMR developer with no binding customer contracts and deeply negative margins.
Strengths
- Strong liquidity: $1.3B cash (89th pct), current ratio 4.3 (77th pct), ~11 quarters runway
- Only NRC-approved SMR design with 513 patents and ENTRA1/Fluor commercialization partners
Risks
- No binding NPM delivery contract; revenue down 15% with net margin -1130% and FCF -$460M
- Operating margin -2190% (7th pct) — commercialization and funding outcomes are binary
- TRA obligations and PMA cash outlays could consume capital without guaranteed revenue
Notable findings
- Net lossNet loss (net margin -1130.3%)
- Cash burnNegative free cash flow (-460.1M)
- Strong balance sheetStrong balance sheet — $1.3B cash & investments, ~11 quarters of runway
- Revenue declineRevenue -68.8% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
36.3%
Operating margin
-2190.6%
Net margin
-1130.3%
Return on equity
-30.4%
Return on assets
-25.2%
Revenue growth (QoQ)
-68.8%
Current ratio
4.3×
Free cash flow
-$460M
Tangible book value
$1.2B
Cash & investments
$1.3B
Cash runway
11q
Stock comp / revenue
60.9%
Supply chain
Customers (0)
Suppliers (1)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-02 | Shareholder vote | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-04-08 | Reg FDExhibits | filing ↗ |
| 2026-02-26 | Material agreement1.02Exhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2026-01-27 | Reg FDExhibits | filing ↗ |
| 2025-12-17 | 5.03Shareholder voteExhibits | filing ↗ |
| 2025-11-17 | Exec/director change5.03OtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-02 | 2026-05-29 | 0001822966-26-000058 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001822966-26-000052 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001822966-26-000054 ↗ |
| 8-K | 2026-04-08 | 2026-04-08 | 0001822966-26-000038 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001822966-26-000019 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001822966-26-000016 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001822966-26-000018 ↗ |
| 8-K | 2026-01-27 | 2026-01-27 | 0001822966-26-000007 ↗ |
| 8-K | 2025-12-17 | 2025-12-16 | 0001822966-25-000186 ↗ |
| 8-K | 2025-11-17 | 2025-11-16 | 0001822966-25-000179 ↗ |
| 8-K | 2025-11-07 | 2025-11-07 | 0001104659-25-108186 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001822966-25-000175 ↗ |