NuScale Power posted second-quarter 2025 revenue of $8.1 million, missing the $11.65 million analyst consensus by roughly 30%, but surging 710% from the same period last year. The company highlighted a major regulatory milestone with early U.S. Nuclear Regulatory Commission Standard Design Approval for its uprated 77-megawatt small modular reactor design, and ended the quarter with $489.9 million in cash, cash equivalents, and investments—enough to fund more than two years of operations at current spending rates.
Quarter details and trends
– Revenue: $8.1 million versus $11.65 million expected; up from $1.0 million a year ago.
– Quarter-over-quarter change: Down 39.6% from $13.4 million in Q1 2025, reflecting project timing.
– Costs: Cost of sales rose to $6.3 million (from $0.9 million a year ago) as engineering and support activity ramped. General and administrative expenses increased to $22.5 million from $16.8 million, consistent with the transition toward commercialization. Other expenses improved to $10.5 million from $13.0 million.
– Earnings: GAAP EPS was not disclosed in the release.
– Liquidity: $489.9 million in cash, cash equivalents, and investments, with recent use of an at-the-market equity program. At current quarterly cash use of about $41–$44 million, the balance supports more than two years of operations. The company does not pay a dividend.
Operational and regulatory progress
NuScale’s cornerstone achievement in the quarter was early receipt of Standard Design Approval for its 77 MWe reactor design, positioning the company as the only SMR provider with NRC-certified technology in the U.S. The uprated design broadens its commercial appeal, particularly for customers requiring higher output per module, and further de-risks project planning and permitting.
Commercial activity and pipeline
Revenue growth year over year was driven largely by engineering and licensing services tied to the RoPower project in Romania, where NuScale is supporting a Fluor-led engineering study. The company reports about ten advanced customer negotiations across utilities, data center developers, and industrial clients in the U.S. and internationally. RoPower remains the primary near-term contracted revenue source, with key engineering deliverables expected later this year and a final investment decision targeted for late 2025 or early 2026.
Business model and readiness
NuScale’s 77 MWe modules can be deployed singly or in multi-module plants up to 924 MWe, offering flexible solutions for baseload power, coal plant replacement, hydrogen production, and district heating. The design uses passive safety systems that can function without external power or operator intervention. The company continues to build manufacturing readiness with partners such as Doosan and Framatome, targeting capacity for up to 20 modules annually, and maintains Fluor as a prime engineering and construction partner.
What the results mean
– The revenue miss reflects the early-stage nature of NuScale’s business: income is still concentrated in services tied to development and licensing rather than module sales. Quarter-to-quarter volatility is expected until firm orders and construction milestones begin to convert into higher-margin equipment revenue.
– The early NRC approval for the 77 MWe design is a significant de-risking event. It can streamline customer timelines, support financing discussions, and strengthen NuScale’s competitive position as buyers evaluate long-lived, regulated infrastructure investments.
– A robust cash position provides runway to pursue first-of-a-kind deployments, execute supply chain plans, and hold operating costs relatively steady while focusing on commercial conversion.
What to watch next
– First firm module orders and associated contract structures.
– Progress and milestones at RoPower, including the timing of final investment decisions.
– Additional agreements with utilities, data centers, and industrial offtakers as load growth and decarbonization needs intensify.
– Updates on manufacturing readiness and delivery schedules as the supply chain scales.
Positive take
Despite the revenue shortfall, NuScale’s quarter advanced two critical pillars of long-term value: regulatory validation and liquidity. The NRC’s early approval for the uprated design, alongside a strong cash balance, gives the company both the credibility and resources to convert its pipeline. With rising baseload demand from data centers and ongoing coal retirements, the company’s head start in U.S. certification could translate into meaningful commercial wins as customers seek reliable, carbon-free power.
Summary
– Q2 2025 revenue of $8.1 million missed estimates but rose 710% year over year.
– Early NRC Standard Design Approval for the 77 MWe SMR enhances commercial positioning.
– Cash and investments of $489.9 million provide over two years of runway at current spend.
– Pipeline includes about ten advanced negotiations; RoPower in Romania remains the key near-term project.
– Continued cost growth reflects commercialization efforts; no dividend at this time.