Revenue collapsed from $13.4M to $0.6M year-over-year.
Net loss widened to $46.7M as operating expenses rose during commercial ramp-up.
Established a $1 billion ATM program to fund ongoing operations.
Secured the first and only NRC Standard Design Approval for SMR technology.
NuScale Power is currently at a critical inflection point where regulatory victory meets financial volatility. The company has achieved a unique competitive moat as the only NRC-approved SMR provider, yet it is financing this leadership position through aggressive equity dilution and a rapid depletion of cash reserves. The transition from a design firm to a hardware manufacturer is proving to be incredibly capital-intensive, as evidenced by the shift in operating cash flows. For investors, the central tension is whether the current burn rate is a justifiable investment in a first-mover advantage or a sign of an unsustainable business model. While the macro tailwinds from AI and national security are powerful, the absence of firm, revenue-generating contracts means NuScale remains a speculative venture. The next twelve months will be decisive as the company attempts to convert non-binding collaborations into binding financial commitments.