Nuscale Power (SMR) financial statements
Nuscale Power reported revenue of $31M in fiscal 2025, up 120.8% a year over 5 years.
Net income was -$356M and the operating margin -2190.6%, against -26473.8% in 2020.
Free cash flow was -$460M.
The diluted share count rose 223% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Nuscale Power's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $600,000 | $3M | $12M | $23M | $37M | $31M |
| Cost of revenue | $355,000 | $2M | $7M | $19M | $5M | $20M |
| Gross profit | $245,000 | $1M | $4M | $4M | $32M | $11M |
| Research and development | $95M | $94M | $128M | $156M | $47M | $46M |
| Selling, general and admin | $37M | $39M | $55M | $65M | $76M | $610M |
| Operating income | -$159M | -$174M | -$230M | -$276M | -$139M | -$690M |
| Pre-tax income | -$88M | -$102M | -$142M | -$180M | -$346M | -$664M |
| Income tax | $0 | $0 | $0 | $0 | $2M | $322,000 |
| Net income | -$88M | -$102M | -$26M | -$58M | -$137M | -$356M |
| EPS (diluted) | $0.00 | $0.00 | -$0.51 | -$0.80 | -$1.47 | -$2.17 |
| Diluted shares | 0M | 0M | 51M | 73M | 93M | 164M |
| Gross margin | 40.8% | 38.2% | 38.0% | 16.9% | 86.7% | 36.3% |
| Operating margin | -26473.8% | -6090.1% | -1948.4% | -1208.1% | -374.5% | -2190.6% |
| Net margin | -14731.2% | -3581.2% | -219.5% | -255.9% | -368.8% | -1130.3% |
Balance sheet
Fiscal years, from Nuscale Power's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $2M | $77M | $268M | $120M | $442M | $1.3B |
| Receivables | — | $5M | $11M | — | — | — |
| Total current assets | $2M | $86M | $284M | $155M | $471M | $1.3B |
| Property, plant and equipment | — | $5M | $5M | $4M | $2M | $2M |
| Goodwill | — | $8M | $8M | $8M | $8M | $8M |
| Total assets | $234M | $121M | $349M | $225M | $545M | $1.4B |
| Total current liabilities | $49,934 | $48M | $39M | $87M | $90M | $296M |
| Total liabilities | $42M | $53M | $72M | $96M | $92M | $299M |
| Shareholders' equity | -$40M | $66M | $115M | $93M | $619M | $1.2B |
| Net debt | -$2M | -$77M | -$218M | -$120M | -$402M | -$836M |
Cash flow
Fiscal years, from Nuscale Power's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$47M | -$99M | -$149M | -$183M | -$109M | -$460M |
| Capital spending | $4M | $2M | $2M | $2M | $44,000 | $508,000 |
| Free cash flow | -$51M | -$101M | -$151M | -$185M | -$109M | -$460M |
| Stock-based compensation | $4M | $6M | $9M | $16M | $14M | $19M |
| Share buybacks (net) | -$49,000 | -$17,000 | -$566,000 | $0 | $0 | — |
| Net borrowing | $20M | -$20M | $0 | $0 | — | — |
| Free cash flow margin | -8460.2% | -3533.0% | -1278.7% | -811.0% | -293.5% | -1461.7% |
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Open SMR in InvestinglyQuestions
What was Nuscale Power's revenue in 2025?
$31M in fiscal 2025, from its 10-K filing.
How much free cash flow does Nuscale Power generate?
-$460M in fiscal 2025 (operating cash flow minus capital spending).
From Nuscale Power's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.