Operating cash flow remains deeply negative at -$314.7 million in 2026Q1, forcing a heavy reliance on equity markets, including a $737.9 million capital raise in 2025Q4 to sustain operations.
| Cash from Operations | -751.5M | -459.61M | -108.67M | -183.25M | -148.61M | -99.16M | -47.23M | -66.41M |
| Operating CF Growth % | -3414.36% | -322.96% | 40.7% | -23.31% | -49.86% | -109.93% | 28.88% | - |
| Operating CF / Revenue % | -4025.4% | -1460.05% | -293.34% | -803.39% | -1258.97% | -3464.78% | -7872.5% | -17804.83% |
| Net Income | -385.8M | -355.79M | -348.39M | -58.36M | -141.57M | -102.49M | -88.39M | -71.11M |
| Depreciation & Amortization | 1.18M | 1.18M | 1.84M | 2.56M | 2.7M | 2.19M | 2.08M | 2.61M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20K |
| Other Non-Cash Items | 32.22M | -308.67M | 223.88M | -146.94M | -9.76M | 1.63M | 2.19M | 1.99M |
| Working Capital Changes | -430.19M | 184.51M | 357K | 3.25M | -9.3M | -6.93M | 33.17M | -3.96M |
| Capital Expenditures | -639.6M | -411.26M | -39.85M | 48.27M | -52.33M | -1.95M | -3.53M | -1.08M |
| CapEx / Revenue % | 3425.98% | 1306.46% | 107.57% | 211.64% | 443.34% | 68.2% | 587.67% | 288.47% |
| CapEx / D&A | 543.41x | 348.23x | 21.63x | 18.88x | 19.40x | 0.89x | 1.70x | 0.41x |
| CapEx Coverage (OCF/CapEx) | -1.17x | -1.12x | -2.73x | -3.80x | -2.84x | -50.80x | -13.40x | -61.72x |
| Cash from Investing | -639.6M | -411.26M | -39.85M | 48.27M | -52.33M | -1.95M | -3.53M | -1.08M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -1.1B | -666.85M | -65M | 0 | -50M | 0 | -232.3M | 0 |
| Sale of Investments | 464.76M | 256.09M | 25M | 50M | 0 | 0 | 0 | 0 |
| Other Investing | 0 | 0 | 195K | 0 | 0 | 0 | 232.3M | 0 |
| Cash from Financing | 1.24B | 1.31B | 429.81M | 16.13M | 368.06M | 173.34M | 38.49M | 77M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | - | - | - | - | - | - |
| Debt Issuance (Net) | 0 | 0 | 0 | 0 | 0 | -1000K | 1000K | 0 |
| Stock Issued | 777.42M | 1.3B | 204.65M | 9.84M | 20K | 113K | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -566K | -17K | -49K | 0 |
| Other Financing | 463.39M | -416K | 225.16M | 6.29M | 368.63M | 748K | 43K | 196K |
| Net Change in Cash | -150.29M | 434.86M | 281.29M | -118.85M | 167.12M | 72.23M | -12.27M | 9.51M |
| Exchange Rate Effect | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 841.52M | 406.66M | 125.36M | 244.22M | 77.09M | 4.86M | 17.13M | 7.62M |
| Cash at End | 346.23M | 841.52M | 406.66M | 125.36M | 244.22M | 77.09M | 4.86M | 17.13M |
| Free Cash Flow | -1.39B | -870.87M | -148.51M | -134.98M | -200.94M | -101.11M | -50.76M | -67.49M |
| FCF Growth % | -1574.53% | -486.39% | -10.03% | 32.83% | -98.73% | -99.2% | 24.79% | - |
| FCF Margin % | -7451.38% | -2766.52% | -400.9% | -591.75% | -1702.31% | -3532.98% | -8460.17% | -18093.3% |
| FCF / Net Income % | 360.57% | 244.77% | 108.7% | 231.28% | 352.1% | 98.65% | 57.43% | 94.91% |
Commercialization and Liquidity Risk
According to quarterly financial data, NuScale reported a significant surge in capital expenditure to $218.4 million in 2026Q1, which represents a substantial increase from previous periods and highlights the heavy financial burden of pursuing advanced nuclear design certifications without a corresponding stream of operational cash flow.
The sharp rise in capital spending suggests that the company is aggressively funding the development of its 77-MWe module, despite the lack of a clear path to commercial deployment. This investment profile indicates that the firm remains in a high-risk development phase where capital is consumed rapidly to meet regulatory milestones rather than to expand a revenue-generating rate base.
As reported in recent SEC filings, the company has increasingly relied on net stock issuance to sustain operations, with a notable $737.9 million capital raise in 2025Q4 providing the necessary liquidity to offset the persistent and deepening free cash flow deficits observed throughout the last ten quarters.
The reliance on equity markets to fund operations suggests that the company lacks access to traditional utility debt financing, likely due to the absence of a regulated asset base to serve as collateral. Investors should monitor whether this dilution-heavy financing strategy remains viable if the timeline for commercial reactor deployment continues to face regulatory or project-specific delays.
Based on the company's reported figures, operating cash flow remains deeply negative, reaching a low of -$314.7 million in 2026Q1, which underscores the fundamental lack of recurring, regulated cash flows typical of established utility entities that rely on rate-based recovery mechanisms to cover fixed obligations.
The persistent negative operating cash flow indicates that the company is currently functioning as a research and development entity rather than a utility. The lack of predictable cash generation suggests that the firm is highly vulnerable to market sentiment and the availability of external capital, as it cannot internally fund its ongoing engineering and regulatory requirements.
Financial statements appear to mask the binary risk associated with the company's project pipeline, as the termination of the Carbon Free Power Project, as noted in recent disclosures, highlights the potential for significant future write-downs and the loss of anticipated milestone-based cash inflows.
The cash flow statement fails to capture the contingent liabilities associated with potential future decommissioning or environmental obligations that may arise if the company successfully moves toward physical deployment. Furthermore, the reliance on non-binding agreements suggests that the reported pipeline may not translate into the cash inflows necessary to achieve long-term financial sustainability.
Quick answers to the most common questions about buying SMR stock.
NuScale Power Corporation (SMR) generated $-459.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NuScale Power Corporation (SMR) reported negative free cash flow of $870.9M in 2025, indicating capital requirements exceeded cash from operations.
NuScale Power Corporation (SMR) spent $411.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.