SMR·Heavy Electrical Equipment — Small Modular Nuclear Reactors (clean-energy capital goods)

NuScale Power

ConvictionWeak

Pre-revenue technology developer + OEM/licensor: NRC-certified SMR design licensed and sold (modules + FEED/engineering services) through exclusive global commercializer ENTRA1 to utilities, governments, and AI-datacenter offtakers; future recurring revenue from module fabrication, fuel, and plant services. Today substantially milestone/grant-funded, not yet self-sustaining.

Revenue

$0.565M Q1 FY26-95.8% YoY); $31.5M FY2025 (-15% YoY) — fact (10-Q/10-K

Rev growth

Q1 FY26 -95.8% YoYFY25 -15% YoY — fact

Gross margin

FY25 ~36%rev $31.5M, COGS $20.0M); Q1 FY26 near-nil on $0.6M rev — fact

Op margin

Deeply negative — Q1 FY26 net loss $46.7M on $0.6M revopex (R&D+SG&A) dwarfs revenue — fact

Capex intensity

Low PP&E capex but huge working-capital/long-lead-material + ENTRA1 milestone cash use: Q1 FY26 op cash outflow $314.7M incl. $259.9M ENTRA1 payment — fact

Market cap

~$3.3B–$3.7BJune 2026; price ~$10–11.74, ~346M sh outstanding — fact

Across the boards

The thesis on this name

opportunityWeak

State of Data-Center Power

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-02-26. The audited primary-source spine — not financial advice.

Live feed

Revenue — annual (GAAP)

FY’22

$12M

FY’23

$23M+93%

FY’24

$37M+62%

FY’25

$31M-15%

Margins & balance sheet — FY’25

Gross margin36.3%

Operating margin-2190.6%

Net margin-1130.3%

Net cash$341M

The read

Where our coverage leans

Coverage leans bearish

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Full financial intelligence for NuScale Power

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not financial advice — analyst work product for a qualified professional.