Nuclear Power Plants: Nuscale Survives in 2025 on Share Sales - A Speculative Business with Marginal Revenues

Corvallis (USA) - Nuscale Power Corporation, a provider of small nuclear power plants (Small Modular Reactors, SMR), has presented its results for the 2025 fiscal year. While the company regularly reports strategic progress in the commercialization of its SMR technology, a look at the financial figures paints a clear picture: operating annual revenue remains marginal at USD 31.5 million (2024: USD 37.0 million).

The revenues mainly stem from licensing agreements and engineering services, including those related to the Romanian project of Ropower Nuclear S.A. An operational, commercial power plant business generating significant revenues does not yet exist - and is not expected in the foreseeable future.

Nuscale draws liquidity from the capital market - operating business marginal

The company’s financial base continues to come primarily from share sales. In the fourth quarter of 2025 alone, Nuscale placed 39.3 million new shares through an at-the-market program, raising USD 750 million. This means that funds from capital increases exceed operating revenues by a wide margin. For investors, this results in significant share dilution while operational self-financing remains absent.

The cost structure also highlights the imbalance. Revenues of USD 31.5 million are offset by USD 20.0 million in cost of sales. Particularly notable are the general and administrative expenses (G&A) amounting to USD 609.8 million. These include, among other things, a substantial milestone contribution within the framework of the partnership with Entra1 Energy, as well as additional strategic and administrative expenditures.

Operationally, Nuscale therefore continues to run at a clear deficit. Independent financing from ongoing operations is currently not visible and is unlikely in the near future.

Design approval does not replace construction orders

Nuscale remains the first and so far only SMR company with a design certification from the U.S. nuclear regulator for its 77-MWe model, the Nuscale Power Module (NPM). The company also points to progress in commercialization, including a non-binding cooperation agreement with the Tennessee Valley Authority for the potential development of up to six gigawatts of SMR capacity.

However, the crucial point is: these are not binding construction orders. Concrete investment decisions or secured project financing are still pending. The completed FEED study for the Romanian project also represents merely a planning step, not the start of construction.

Investors with a long-term horizon required

Nuscale is effectively still in the pre-commercialization and design phase. While the company has technological approvals and strategic partnerships, it generates only minimal operating revenue and finances itself largely through the capital market.

The key question for investors is therefore not whether SMR technology fundamentally has potential, but whether Nuscale can make the transition from studies, approvals, and memoranda of understanding to actually financed construction projects before further capital must be raised. Until then, the business model remains speculative and heavily driven by capital markets.

Source: IWR Online, 05 Mar 2026