Revenue collapsed by 95.8% year-over-year to $0.565 million in 2026Q1, reflecting a structural inability to generate consistent income outside of lumpy, non-recurring engineering milestones.
| Revenue | 18.67M | 31.48M | 37.05M | 22.81M | 11.8M | 2.86M | 600K | 373K |
| Revenue Growth % | -61.93% | -15.02% | 62.41% | 93.24% | 312.44% | 377% | 60.86% | - |
| Cost of Revenue | 14.48M | 20.05M | 4.94M | 18.96M | 7.32M | 1.77M | 355K | 321K |
| Gross Profit | 4.19M | 11.43M | 32.11M | 3.85M | 4.49M | 1.09M | 245K | 52K |
| Gross Margin % | 22.42% | 36.31% | 86.67% | 16.87% | 38.01% | 38.16% | 40.83% | 13.94% |
| Gross Profit Growth % | - | -64.4% | 734.19% | -14.22% | 310.9% | 345.71% | 371.15% | - |
| Operating Expenses | 715.95M | 701M | 170.83M | 279.41M | 234.48M | 175.39M | 159.09M | 127.69M |
| Other Operating Expenses | - | - | - | - | - | - | - | - |
| EBITDA | -710.59M | -688.39M | -136.88M | -273.01M | -227.3M | -172.1M | -156.76M | -125.03M |
| EBITDA Margin % | -3806.26% | -2186.82% | -369.5% | -1196.88% | -1925.59% | -6013.45% | -26127.5% | -33519.3% |
| EBITDA Growth % | -453.17% | -402.9% | 49.86% | -20.11% | -32.07% | -9.79% | -25.38% | - |
| Depreciation & Amortization | 1.18M | 1.18M | 1.84M | 2.56M | 2.7M | 2.19M | 2.08M | 2.61M |
| D&A / Revenue % | 6.3% | 3.75% | 4.97% | 11.21% | 22.86% | 76.69% | 346.33% | 698.93% |
| Operating Income (EBIT) | -711.77M | -689.57M | -138.72M | -275.56M | -230M | -174.3M | -158.84M | -127.63M |
| Operating Margin % | -3812.57% | -2190.57% | -374.48% | -1208.09% | -1948.45% | -6090.15% | -26473.83% | -34218.23% |
| Operating Income Growth % | - | -397.08% | 49.66% | -19.81% | -31.95% | -9.73% | -24.45% | - |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 1.72M | 653K | 172K |
| Interest Coverage | - | - | - | - | - | -101.63x | -243.25x | -742.06x |
| Interest / Revenue % | 0% | 0% | 0% | 0% | 0% | 59.92% | 108.83% | 46.11% |
| Non-Operating Income | 4M | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Pretax Income | -680.75M | -664.12M | -346.45M | -180.12M | -141.57M | -102.49M | -88.39M | -71.11M |
| Pretax Margin % | -3646.43% | -2109.72% | -935.22% | -789.63% | -1199.36% | -3581.17% | -14731.17% | -19063.54% |
| Income Tax | 0 | 342K | 1.94M | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | -0.05% | -0.56% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -385.8M | -355.79M | -136.62M | -58.36M | -57.07M | -102.49M | -88.39M | -71.11M |
| Net Margin % | -2066.55% | -1130.26% | -368.8% | -255.86% | -483.47% | -3581.17% | -14731.17% | -19063.54% |
| Net Income Growth % | -187.79% | -160.42% | -134.1% | -2.27% | 44.32% | -15.96% | -24.3% | - |
| EPS (Diluted) | -2.36 | -2.17 | -1.47 | -0.80 | -0.51 | -2.35 | -2.03 | -1.63 |
| EPS Growth % | -75.91% | -47.62% | -83.75% | -56.86% | 78.3% | -15.76% | -24.54% | - |
| EPS (Basic) | - | -2.17 | -1.47 | -0.80 | -0.51 | -2.35 | -2.03 | -1.63 |
| Diluted Shares Outstanding | 163.73M | 163.73M | 93.25M | 73.39M | 50.76M | 43.62M | 43.62M | 43.62M |
High
As reported in recent financial disclosures, NuScale's quarterly revenue plummeted to $0.565 million in 2026Q1, reflecting a 95.8% year-over-year decline that underscores the company's extreme dependence on lumpy, non-recurring engineering milestones rather than a stable, utility-style rate base growth model.
The revenue trajectory appears highly erratic, suggesting that the firm lacks the predictable cash flow mechanisms typical of regulated utilities. Investors should note that the absence of a consistent rate recovery framework means revenue is tied to project-specific progress, which remains inherently fragile and prone to significant quarterly swings.
Based on the company's 2026Q1 income statement, operating losses reached $57.5 million, highlighting a structural inability to cover massive R&D and engineering overheads through current service-based revenue streams, which effectively renders traditional operating margin analysis irrelevant for this pre-commercial stage entity.
The operating cost structure is dominated by fixed R&D expenditures that do not scale with the current, minimal revenue base. This suggests that the company is currently functioning as a high-burn research consultancy rather than an infrastructure provider, with no clear path to operational break-even without a fundamental shift toward standardized module manufacturing.
According to quarterly filings, the company reported a net loss of $44.0 million in 2026Q1, a figure that obscures the underlying lack of sustainable regulated earnings power and suggests that current market valuations are driven by speculative clean energy narratives rather than fundamental income generation.
The reported EPS of -0.27 for the most recent quarter reflects a persistent inability to achieve profitability, which is further complicated by the reliance on non-cash items and stock-based compensation. Analysts should monitor whether the company can transition from these recurring losses to a viable commercial model before its cash runway is exhausted.
As indicated by the termination of the Carbon Free Power Project, the company's capital expenditure strategy has failed to translate into tangible earnings growth, leaving the firm to navigate an expensive and uncertain regulatory path for its new 77-MWe module design.
The shift toward a 77-MWe module design may necessitate a costly and time-consuming re-certification process, potentially delaying the conversion of capital investment into revenue-generating assets. This suggests that incremental spending is currently focused on regulatory compliance rather than the deployment of a scalable, profit-generating fleet.
Financial statements fail to capture the binary risk of regulatory design drift, where ongoing engineering modifications to the VOYGR modules may necessitate repeated NRC scrutiny, effectively extending the timeline to commercialization and increasing the total capital required to reach a sustainable operating state.
The income statement masks the potential for significant future decommissioning liabilities and the risk that current demand projections for SMRs are overly optimistic given the long lead times. Investors should be wary that the current burn rate may be insufficient if regulatory hurdles continue to push back the first commercial deployment date.
Quick answers to the most common questions about buying SMR stock.
For fiscal year 2025, NuScale Power Corporation (SMR) reported total revenue of $31.5M. This represents a 8339.4% increase compared to $0.4M in 2019.
NuScale Power Corporation (SMR) reported a net loss of $355.8M for the fiscal year ending 2025.
NuScale Power Corporation (SMR) reported an operating income of $-689.6M, resulting in an operating profit margin of -2190.6%. This margin reflects the operational efficiency of the business before interest and taxes.
NuScale Power Corporation (SMR) generated $11.4M in gross profit for the year, representing a gross profit margin of 36.3%. This demonstrates the company's core pricing power and production efficiency.