Revenue collapsed 99.1% year-over-year to just $75,000 in Q2 2026 following the UAMPS project cancellation, resulting in operating margins deeply negative at -853.4% as the cost structure reflects ongoing development and SG&A without any corresponding earnings base.
NuScale Power Corporation (SMR) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Revenue | 10.69M | 31.48M | 37.05M | 22.81M | 11.8M | 2.86M | 600K | 373K |
| Revenue Growth % | -80.95% | -15.02% | 62.41% | 93.24% | 312.44% | 377% | 60.86% | - |
| Cost of Revenue | 8.44M | 20.05M | 4.94M | 18.96M | 7.32M | 1.77M | 355K | 321K |
| Gross Profit | 2.25M | 11.43M | 32.11M | 3.85M | 4.49M | 1.09M | 245K | 52K |
| Gross Margin % | 21.07% | 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 | 734.94M | 701M | 170.83M | 279.41M | 234.48M | 175.39M | 159.09M | 127.69M |
| Other Operating Expenses | - | - | - | - | - | - | - | - |
| EBITDA | -731.17M | -688.39M | -136.88M | -273.01M | -227.3M | -172.1M | -156.76M | -125.03M |
| EBITDA Margin % | -6839.79% | -2186.82% | -369.5% | -1196.88% | -1925.59% | -6013.45% | -26127.5% | -33519.3% |
| EBITDA Growth % | -463.29% | -402.9% | 49.86% | -20.11% | -32.07% | -9.79% | -25.38% | - |
| Depreciation & Amortization | 1.51M | 1.18M | 1.84M | 2.56M | 2.7M | 2.19M | 2.08M | 2.61M |
| D&A / Revenue % | 14.17% | 3.75% | 4.97% | 11.21% | 22.86% | 76.69% | 346.33% | 698.93% |
| Operating Income (EBIT) | -732.69M | -689.57M | -138.72M | -275.56M | -230M | -174.3M | -158.84M | -127.63M |
| Operating Margin % | -6853.97% | -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 | - | - | - | - | - | -58.76x | -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 | -693.21M | -664.12M | -346.45M | -180.12M | -141.57M | -102.49M | -88.39M | -71.11M |
| Pretax Margin % | -6484.62% | -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 | -415.7M | -355.79M | -136.62M | -58.36M | -57.07M | -102.49M | -88.39M | -71.11M |
| Net Margin % | -3888.7% | -1130.26% | -368.8% | -255.86% | -483.47% | -3581.17% | -14731.17% | -19063.54% |
| Net Income Growth % | -235.03% | -160.42% | -134.1% | -2.27% | 44.32% | -15.96% | -24.3% | - |
| EPS (Diluted) | -2.54 | -2.17 | -1.47 | -0.80 | -0.51 | -2.35 | -2.03 | -1.63 |
| EPS Growth % | -115.97% | -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 |
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.
Key Metrics
Top Statement Risk
Persistent cash burn with no earnings visibility
Metrics are mathematically derived from official filings.
Revenue Collapse Amidst Project Cancellation
NuScale's revenue declined 99.1% year-over-year to just $75,000 in Q2 2026, as reported in its recent financial statements, following the cancellation of the UAMPS carbon-free project, indicating a near-total loss of near-term contracted revenue streams.
The company's revenue profile is no longer that of a functioning regulated utility but rather that of a development-stage entity with residual contract work. The collapse from $34.2M in Q4 2024 to $75K in Q2 2026 reflects the termination of the primary project that was generating milestone and engineering services revenue. This suggests the company's future revenue trajectory is entirely dependent on securing new, substantial customer contracts for its SMR technology, a process that carries significant execution and regulatory risk.
Operational Losses Overshadow Any Regulatory Framework
With operating margins deeply negative, ranging from -5.3% to -853.4% over the last ten quarters, NuScale's financial performance is disconnected from traditional utility regulatory returns, as its cost structure reflects R&D and corporate overhead without corresponding rate-base earnings.
The consistent multi-million dollar quarterly operating losses, such as the -$64.0M loss in Q2 2026, underscore that the company is not earning a regulated return but is instead burning capital on its path to commercialization. The lack of interest expense in the data implies the balance sheet is not yet leveraged for project finance, but this also means there is no utility-style earnings base to analyze. The metrics signal a pre-revenue utility model where regulatory approval of a first customer project, rather than an earned ROE, is the critical financial milestone.
Cost Structure Reflects Development, Not Operations
NuScale's operating costs, which drove an operating loss of $57.5M in Q1 2026 according to SEC filings, are dominated by R&D, engineering, and SG&A, with no discernible pass-through fuel or purchased power costs, highlighting its non-operational status.
The absence of traditional utility cost-of-goods-sold line items indicates the company's P&L is shaped by corporate expenditure aimed at technology development and licensing, not power generation and delivery. The reported Depreciation & Amortization (e.g., $643K in Q2 2026) is minimal, suggesting very little tangible plant or rate base is in service. This cost structure is unsustainable without continuous access to capital and represents a fundamental break from the utility sector's typical cost-recovery model.
Reported Earnings Masking Structural Cash Burn
NuScale's reported net loss of $47.5M in Q2 2026 understates the underlying cash consumption, as indicated by minimal D&A of $643K, suggesting the P&L is primarily a function of accrual accounting for development expenses and deferred costs rather than sustainable earnings power.
The persistent gap between operating losses (e.g., -$64.0M) and net losses (e.g., -$47.5M) in recent quarters suggests non-operating items, possibly tax benefits or fair value adjustments, are partially masking the operational cash drain. The core issue is the complete absence of a recurring, regulated earnings stream; every dollar of 'revenue' is non-recurring contract income. For investors, this means earnings quality is extremely low, as the reported figures provide no insight into the company's future ability to generate positive cash flow from a commercialized product.
Capex Decoupled from Earnings Amid Project Reset
Traditional capex-to-earnings analysis is inapplicable, as NuScale's minimal capital expenditures, reflected in D&A of $270K-$643K per quarter, generate no returns, with the company's primary asset being unproven intellectual property rather than rate base.
The company's capital allocation is directed toward internal R&D and corporate infrastructure, not utility plant. The slight increase in D&A from $270K in Q4 2025 to $643K in Q2 2026 may indicate some capitalized development costs, but this is not translating into earnings in any traditional sense. The growth story is entirely predicated on future project financing and customer contracts, making historical capex trends irrelevant for forecasting earnings growth. The key catalyst is not capex efficiency but regulatory and commercial validation of the SMR technology.
What Could Invalidate the Base Case
The strongest counter-narrative is that NuScale's financials exhibit the characteristics of a high-risk, speculative technology company rather than a regulated utility, with a 99.1% revenue decline signaling a failed commercial model and persistent losses threatening viability.
The data presents a company whose income statement is fundamentally misaligned with the regulated utility sector. The near-total revenue loss and accelerating operating losses suggest the initial commercialization strategy has stalled. The lack of a clear path to positive earnings, combined with what appears to be a burn rate of ~$50M+ per quarter in net losses, challenges the base case that NuScale can secure the financing and regulatory approvals needed to transition to a project-finance utility model. The financial trajectory raises questions about the company's ability to fund operations without significant dilution or a strategic repositioning.