SMR NUSCALE POWER Corp
FY2025 10-K
NUSCALE POWER Corp (SMR) filed its fiscal year 2025 10-K annual report with the SEC on Feb 26, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
Business Overview
- • Core business model: Development and commercialization of NuScale Power Module™ (NPM) small modular reactors (SMRs) for safe, scalable, carbon-free nuclear power
- • New emphasis on 6-unit 77 MWe NPM design with NRC second Standard Design Approval in May 2025, enabling expedited licensing and construction
Management Discussion & Analysis
- • Revenue $31.5M in 2025, down from $37.0M in 2024, decrease mainly from lower RoPower licensing fees offset by higher Fluor FEED Phase 2 services
- • Operating loss expanded to $689.6M in 2025 from $138.7M in 2024; G&A expenses surged to $609.8M from $75.9M mainly due to $507.4M Milestone Contribution 1
Risk Factors
- • Regulatory risk: Nuclear Regulatory Commission (NRC) approval delays for initial SMR design certification and construction permits may postpone NPM deployment beyond 2031
- • Geopolitical risk: Competition from Russian Rosatom and China National Nuclear Corporation operating commercial SMRs, with potential advantages in funding and market access
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