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NuScale Power Corp (NYSE:SMR) reported a decline in quarterly revenue while maintaining substantial investments in its small modular reactor (SMR) technology, according to the company’s second quarter 2025 earnings presentation released on August 7. The nuclear technology developer continues to position itself as the only SMR provider with U.S. Nuclear Regulatory Commission approval.
Quarterly Performance Highlights
NuScale reported Q2 2025 revenue of $13.4 million, a significant decrease from $34.2 million in the previous quarter, though still substantially higher than the $1.0 million reported in the same quarter last year. The company attributed its revenue primarily to engineering and licensing fees and services for the RoPower project in Romania.
Operating expenses increased slightly to $44.9 million in Q2 2025, up from $42.3 million in Q1 2025, but remained well below the $69.9 million quarterly average seen in 2023.
As shown in the following financial summary:
The company maintained a strong liquidity position with $123.0 million in cash and cash equivalents, $69.2 million in short-term investments, and $489.9 million in long-term investments as of June 30, 2025. This substantial financial cushion provides NuScale with runway to continue advancing its technology while pursuing commercial opportunities.
NuScale’s stock closed at $44.68 on August 7, 2025, with premarket trading showing a slight decline of 0.94% to $44.26 the following morning.
Strategic Positioning and Technology Leadership
NuScale continues to emphasize its position as the first and only SMR technology to receive design approval from the U.S. Nuclear Regulatory Commission, a significant competitive advantage in the emerging nuclear technology market.
The company’s presentation highlighted its established timeline of achievements since its founding in 2007, including key regulatory milestones and the commencement of manufacturing for its NuScale Power Module (NPM) in 2023.
As illustrated in this comprehensive overview of the company’s technology leadership:
NuScale’s technology is being positioned for a diverse range of energy-intensive applications beyond traditional power generation. The company is targeting sectors including data centers and AI, mission-critical facilities, integration with wind power, petrochemical plants, hydrogen production, and desalination.
The following image demonstrates these varied applications:
Strategic Partnerships and Commercial Growth
Central to NuScale’s commercialization strategy is its exclusive partnership with ENTRA1 for global deployment of its technology. Under this arrangement, NuScale sells its power modules to ENTRA1 for installation in energy plants, with ENTRA1 handling development, financing, and potentially ownership and operation.
The partnership offers multiple business models including Power Purchase Agreements, Build-Own-Transfer arrangements, and various deployment and financing options, as shown here:
"We remain optimistic that the growing interest in our technology will result in a firm order by the end of 2025," the company stated in its presentation, maintaining the timeline previously communicated to investors.
Project Updates and Regulatory Environment
NuScale provided an update on its RoPower project in Romania, where it continues to supply six NuScale Power Modules for deployment at a former coal-fired power plant site in Doicești. The company noted that the coal plant has been entirely removed and that progress continues on Fluor (NYSE:FLR)’s Front-End Engineering Design (FEED) Phase 2 study toward a final investment decision.
The company also highlighted favorable regulatory developments, including the Inflation Reduction Act, fiscal year 2024 appropriations with $900 million in SMR-specific cost-share funding, and the ADVANCE Act aimed at streamlining NRC approvals.
Recent executive orders supporting nuclear deployment are expected to benefit NuScale through military and data center deployment opportunities, faster regulatory timelines, expanded reactor testing sites, and strengthened domestic nuclear supply chains.
These regulatory tailwinds are summarized in the following slide:
Global Reach and Educational Initiatives
NuScale has expanded its global presence through its Energy Exploration (E2) Centers, which feature computer modeling simulators that allow users to assume control room operator roles and run simulated scenarios. The company now operates 11 such centers across the United States, Europe, Asia, and Africa.
The following map illustrates the global distribution of these educational centers:
Forward-Looking Statements
NuScale’s capitalization structure includes 133.8 million Class A shares and 151.0 million Class B shares, for a total of 284.8 million shares outstanding. Including options and restricted stock units, the fully diluted share count stands at 294.5 million.
Looking ahead, NuScale faces both opportunities and challenges. While the company benefits from its first-mover advantage in regulatory approval and strong governmental support for nuclear energy, it must navigate the complex process of securing firm customer orders and moving from design to deployment.
The significant quarter-to-quarter revenue fluctuations highlight the project-based nature of NuScale’s current business model, with substantial future growth dependent on converting interest into firm commitments. The company’s substantial cash reserves provide it with the financial flexibility to pursue these opportunities while continuing to refine its technology.
Full presentation:
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