NuScale's exclusive global strategic partner, ENTRA1 Energy ("ENTRA1"), and Tennessee Valley Authority ("TVA") continue to advance the largest nuclear power deployment program in U.S. history

NuScale completes work on Fluor's Phase 2 Front-End Engineering and Design ("FEED") study for the RoPower Doicești, Romania power plant

Study shows NuScale Power technology can support profitable, reliable power for chemical plants, validating exciting NuScale use case

NuScale further strengthens cash position through capital market activities

NuScale Power Corporation (NYSE:SMR) ("NuScale", "NuScale Power" or the "Company"), the industry-leading provider of proprietary and innovative advanced SMR nuclear technology, today announced results for the fourth quarter and full year ended December 31, 2025.

"For NuScale, 2025 was a breakthrough year, in which we further solidified our position as the SMR industry's first mover," said John Hopkins, NuScale President and Chief Executive Officer. "We made meaningful progress toward commercialization, with our exclusive global commercialization partner, ENTRA1, reaching a nonbinding collaborative agreement with TVA to deploy up to 6 gigawatts of NuScale small modular reactor ("SMR") capacity across TVA's seven-state service region. Furthermore, we remain the first and only SMR technology to have received design approval from the U.S. Nuclear Regulatory Commission, including our uprated 77 MWe NuScale Power Module^TM ("NPM"), placing us at the forefront of advanced nuclear."

Hopkins continued: "Looking to the future of clean energy, we also released the results of a study that demonstrated that our NPMs can help industries that use process steam and electricity in a reliable and profitable manner, validating a promising path for powering commercial chemical plants. As we move into 2026, our primary focus will be on the commercialization of our SMR technology, including ensuring full readiness for the manufacturing of our first NPM."

Liquidity & Capital Resources

Ended the year with cash, cash equivalents, and short- and long-term investments of $1.3 billion.

Sold 39.3 million shares through an at-the-market (ATM) program during the fourth quarter of 2025, generating $750.0 million in gross proceeds.

Financial Update

NuScale reported revenue of $31.5 million for the year ended December 31, 2025, compared to $37.0 million for the year ended December 31, 2024. This decrease was primarily due to a reduction in revenue recognized from the RoPower technology license agreement executed in 2024. This decrease was partially offset by substantially higher Fluor FEED Phase 2 engineering services revenue in support of the RoPower project that started in 2024 and began winding down in late 2025.

NuScale reported cost of sales of $20.0 million for the year ended December 31, 2025, compared to $4.9 million for the year ended December 31, 2024. This increase was primarily due to the engineering services required by Fluor under their FEED Phase 2 contract with RoPower. The licensing revenue earned under the technology license agreement has no cost of sales.

NuScale reported general and administrative ("G&A") expenses of $609.8 million for the year ended December 31, 2025, compared to $75.9 million for the year ended December 31, 2024. This increase was primarily due to (i) the recognition of Milestone Contribution 1 of $507.4 million under NuScale's Partnership Milestone Agreement ("PMA") with ENTRA1, (ii) higher strategic business development costs of $14.6 million, and (iii) $11.8 million in advisory, legal and accounting fees.

NuScale reported a sponsored cost share of $0.1 million for the year ended December 31, 2025, compared to $6.9 million for the year ended December 31, 2024. This decrease was primarily due to the Company hitting the cost share cap with the U.S. Department of Energy and the United States Trade and Development Agency in 2025 as the Company continues to focus on commercialization.

NuScale reported no change in fair value of warrant liabilities in 2025 due to all the warrants being redeemed or exercised in 2024.

NuScale reported investment income of $25.3 million for the year ended December 31, 2025, compared to $8.4 million for the year ended December 31, 2024. This increase was primarily due to the Company's stronger cash position and higher balances in cash equivalents and short and longer-term investments compared to 2024.

Conference Call:

NuScale will host a conference call today at 5:00 p.m. ET. A live webcast of the presentation will be available by dialing (888) 550-5460 with conference ID 4347254 or by visiting the Quarterly Results page of the Company's website.

A replay of the webcast will be available for 30 days.

About NuScale Power

Founded in 2007, NuScale Power Corporation (NYSE:SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. The NuScale Power Module™, the Company's groundbreaking SMR technology, is a small, safe, pressurized water reactor that can each generate 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross), and can be scaled to meet customer needs through an array of flexible configurations up to 924 MWe (12 modules) of output.

As the first and only SMR to have its designs certified by the U.S. Nuclear Regulatory Commission, NuScale is well-positioned to serve diverse customers across the world by supplying nuclear energy for electrical generation, data centers, district heating, desalination, commercial-scale hydrogen production, and other process heat applications.

To learn more, visit NuScale Power's website or follow us on LinkedIn, Facebook, Instagram, X, and YouTube.

Forward Looking Statements

This release contains forward-looking statements (including without limitation statements containing words such as "will," "believes," "expects," "anticipates," "plans" or other similar expressions). These forward-looking statements include statements relating to our strategic and operational plans, expectations (including regarding our market positioning, our progress toward deploying our technology, the RoPower plant, the market for nuclear energy and providing energy technology for communities around the world), future growth, and the outlook of our business.

Actual results may differ materially as a result of a number of factors, including, among other things, our liquidity and ability to raise capital; requirements under our Tax Receivable Agreement; our ability to enter into binding contracts with customers to deliver NPMs; competition from other nuclear reactor technologies; delays in the development and manufacturing of NPMs and related technology; the possibility that we may incur losses in the future and may not be able to achieve or maintain profitability; the cost of electricity generated from nuclear sources or our NPMs may not be cost competitive; the market for SMRs is not yet established and may not achieve growth as expected; our dependence on our relationships with ENTRA1, Fluor and other strategic partners; risks related to the Partnership Milestones Agreement with ENTRA1; our ability to manage our growth effectively; our need for additional funding in the future; manufacturing and construction issues; loss of government funding; the politically sensitive environment we operating in and the public perception of nuclear energy; our dependence on senior management and other highly skilled personnel; our ability to obtain design approvals internationally; our customers' ability to obtain required regulatory approvals on a timely basis or at all; compliance with environmental laws and evolving government laws and regulations; the impact of changing trade policies and new or increased tariffs; risks related to cybersecurity; changes in tax laws; existing or future litigation and regulatory proceedings; our ability to protect our intellectual property; our limited number of authorized shares available for issuance; the price of our Class A common stock may be volatile; additional sales of our common stock or exercise of our options could result in dilution to our stockholders; and we have and may in the future be subject to short selling strategies. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, our results may differ materially from its expectations and projections.

Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission (the "SEC"), including the general economic conditions and other risks, uncertainties and factors set forth in the sections entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 and in subsequent filings we make with the SEC. The referenced SEC filings are available either publicly or upon request from NuScale's Investor Relations Department at ir@nuscalepower.com. The Company disclaims any intent or obligation other than as required by law to update or revise any forward-looking statements.

NuScale Power Corporation

Consolidated Balance Sheets

*(in thousands, except share and per share amounts)*	December 31, 2025			December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$	836,417		$	401,556
Short-term investments		417,800			40,000
Restricted cash		5,100			5,100
Prepaid expenses		4,877			3,377
Accounts and other receivables, net (2025 - $5,452; 2024 - $3,655 from related party)		8,378			21,104
Total current assets		1,272,572			471,137
Property, plant and equipment, net		1,924			2,421
In-process research and development		16,900			16,900
Intangible assets, net		527			704
Goodwill		8,255			8,255
Long-lead material work in process		63,767			43,388
Investments		32,954			—
Other assets		15,613			1,868
Total Assets	$	1,412,512		$	544,673
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses	$	286,515		$	47,947
Accrued compensation		8,280			7,330
Long-lead material liability		—			32,327
Other accrued liabilities		648			1,356
Deferred revenue		613			762
Total current liabilities		296,056			89,722
Deferred revenue		335			181
Noncurrent liabilities		2,570			1,650
Total Liabilities		298,961			91,553
Stockholders' Equity
Class A common stock, par value $0.0001 per share, 662,000,000 shares authorized, 318,480,601 and 122,842,474 shares issued and outstanding as of December 31, 2025 and 2024, respectively		32			12
Class B common stock, par value $0.0001 per share, 179,000,000 shares authorized, 19,413,185 and 154,254,663 shares issued and outstanding as of December 31, 2025 and 2024, respectively		2			15
Additional paid-in capital		1,901,678			995,745
Accumulated deficit		(732,871	)		(377,077	)
Total Stockholders' Equity Excluding Noncontrolling Interests		1,168,841			618,695
Noncontrolling interests		(55,290	)		(165,575	)
Total Stockholders' Equity		1,113,551			453,120
Total Liabilities and Stockholders' Equity	$	1,412,512		$	544,673

NuScale Power Corporation

Consolidated Statements of Operations

	Year Ended December 31,
*(in thousands, except share and per share amounts)*		2025			2024			2023
Revenue (2025 - $23,921; 2024 - $4,225; 2023 - $16,897 from related party)	$	31,479		$	37,045		$	22,810
Cost of sales		(20,048	)		(4,937	)		(18,961	)
Gross margin		11,431			32,108			3,849
Research and development expenses		45,532			46,817			156,050
General and administrative expenses		609,825			75,901			65,404
Other expenses (2025 - $0; 2024 - $767; 2023 - $32,875 from related party)		45,645			48,115			57,960
Loss from operations		(689,571	)		(138,725	)		(275,565	)
Sponsored cost share		149			6,884			61,031
Change in fair value of warrant liabilities		—			(222,999	)		23,627
Investment income		25,302			8,388			10,792
Loss before income taxes		(664,120	)		(346,452	)		(180,115	)
Foreign income taxes		342			1,935			—
Net loss		(664,462	)		(348,387	)		(180,115	)
Net loss attributable to noncontrolling interests		(308,668	)		(211,764	)		(121,753	)
Net Loss Attributable to Class A Common Stockholders	$	(355,794	)	$	(136,623	)	$	(58,362	)

Loss Per Share of Class A Common Stock:
Basic and Diluted	$	(2.17	)	$	(1.47	)	$	(0.80	)

Weighted-Average Shares of Class A Common Stock Outstanding:
Basic and Diluted		163,731,673			93,249,872			73,386,018

NuScale Power Corporation

Consolidated Statements of Cash Flows

	Year Ended December 31,
*(in thousands)*		2025			2024			2023
OPERATING CASH FLOW
Net loss	$	(664,462	)	$	(348,387	)	$	(180,115	)
Adjustments to reconcile net loss to operating cash flow:
Depreciation		1,004			1,665			2,380
Amortization of intangibles		177			177			177
Equity-based compensation expense		19,160			13,642			16,239
Provision for credit losses		—			1,000			—
Change in fair value of warrant liabilities		—			222,999			(23,627	)
Loss on disposal of property, plant and equipment		—			(122	)		—
Impairment of intangible asset		—			71			797
Other changes in assets and liabilities:
Prepaid expenses and other assets		(15,722	)		16,413			(10,043	)
Accounts and other receivables (2025 - $(1,797); 2024 - $(1,013) and 2023 - $(1,134) from related party)		9,553			(11,977	)		1,072
Long-lead material work in process		(17,206	)		(7,017	)		(36,361	)
Accounts payable and accrued expenses (2025 - $0; 2024 - $(4,080) and 2023 - $(3,614) from related party)		238,363			5,717			18,246
Long-lead material liability		(32,327	)		4			32,323
Lease liability		895			(1,680	)		(4,061	)
Deferred revenue		5			45			42
Accrued compensation		950			(1,216	)		(323	)
Net Cash Used in Operating Activities		(459,610	)		(108,666	)		(183,254	)
INVESTING CASH FLOW
Proceeds from sale of short-term investments		164,188			25,000			50,000
Proceeds from sale of investments		91,903			—			—
Purchase of short-term investments		(541,988	)		(65,000	)		—
Purchase of investments		(124,857	)		—			—
Insurance proceeds for property, plant and equipment		—			195			—
Purchases of property, plant and equipment		(508	)		(44	)		(1,725	)
Net Cash (Used) Provided by Investing Activities		(411,262	)		(39,849	)		48,275
FINANCING CASH FLOW
Proceeds from the issuance of common stock, net of issuance fees		1,299,734			204,648			9,836
Proceeds from exercise of warrants		—			205,375			—
Proceeds from exercise of common stock options		6,415			22,405			6,291
Foreign income tax withholding to NCI interests		(416	)		(2,622	)		—
Net Cash Provided by Financing Activities		1,305,733			429,806			16,127
Net Change in Cash, Cash Equivalents and Restricted Cash		434,861			281,291			(118,852	)
Cash, cash equivalents and restricted cash:
Beginning of period		406,656			125,365			244,217
End of period	$	841,517		$	406,656		$	125,365
Summary of noncash investing and financing activities:

Warrants converted into equity	$	—		$	228,721		$	—

Supplemental disclosures of cash flow information:
Cash paid for income taxes	$	2,300		$	3,224		$	—

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226115472/en/

Investor Contact

Rodney McMahan, Senior Director, Investor Relations, NuScale Power

rmcmahan@nuscalepower.com

Media Contact

Chuck Goodnight, Vice President, Business Development, NuScale Power

media@nuscalepower.com

NuScale Power Reports Fourth Quarter and Full Year 2025 Results