Breaking Down NuScale Power Corporation Financial Health: Key Insights for Investors

Founded in Corvallis in 2007 as an Oregon State University spin-off, NuScale Power Corporation (NYSE: SMR) has progressed from a 2013 full‑scale prototype test at Idaho National Laboratory to becoming the first U.S. company with an NRC‑certified SMR design-its original 50 MWe VOYGR design certified in 2022-and in May 2025 expanding certification to the 77 MWe VOYGR‑4 and VOYGR‑6 modules; NuScale's business model pairs module manufacturing with global commercialization via exclusive partner ENTRA1 (positioned to receive up to $25 billion under a U.S.‑Japan framework announced in October 2025) and revenue streams from licensing, engineering fees and public capital raises (including the sale of 4.5 million shares for $102.4 million in Q1 2025), while benefitting from government support like the $1.355 billion DOE cost‑share award in 2020; its 9‑ft by 65‑ft light‑water modules run on low‑enriched uranium with passive safety that requires no backup power, two‑year refueling cycles, factory fabrication and transportability by rail/barge/truck, scalable from single 77 MWe units to combined plants up to 924 MWe (VOYGR‑12), and the company is actively commercializing projects worldwide-from a 12‑module Ghana agreement signed August 2024 and an SMR simulator training center opened January 2025 to FEED‑2 work in Romania backed by a $98 million Ex‑Im Bank loan-positioning NuScale at the center of nuclear innovation, international partnerships and emerging SMR markets.

NuScale Power Corporation (SMR) - Intro

• Founded: 2007 (Corvallis, Oregon; OSU spin-off)
• Core product family: VOYGR-series SMR modules (50 MWe, 77 MWe variants)
• Listed: NYSE American ticker SMR (publicly traded entity)
• Strategic partner: ENTRA1 Energy (exclusive global strategic partner)

• 2013 - Completed full-scale prototype testing of its SMR design at Idaho National Laboratory (INL), validating passive safety and integral PWR concepts.
• 2022 - Received first U.S. Nuclear Regulatory Commission (NRC) design certification for the 50 MWe VOYGR power plant, the first SMR design certified in the U.S.
• May 2025 - NRC approval obtained for 77 MWe module designs (VOYGR-4 and VOYGR-6), expanding certified offerings and per-module electrical output.
• August 2024 - Entered deployment partnership in Africa: NuScale + Nuclear Power Ghana + Regnum Technology Group to build a 12-module plant in Ghana.
• October 2025 - ENTRA1 Energy positioned to receive up to $25 billion in funding under the U.S.-Japan Framework Agreement to develop NuScale SMR power plants.

• Module type: Integral pressurized water reactor (iPWR) with primary system inside a single pressure vessel.
• Cooling & safety: Passive heat removal, natural circulation for decay heat, factory-fabricated modules to reduce onsite construction risk.
• Scalability: Plants composed of multiple identical modules (e.g., 12-module plant in Ghana), allowing incremental capacity additions.
• Typical outputs: VOYGR-50 = 50 MWe per module; VOYGR-77 = 77 MWe per module (certified May 2025).

• Design certification & engineering: Revenue from licensing reactor designs and engineering services to utilities, developers, and governments.
• Module sales & construction contracts: Selling factory-fabricated modules and turn-key plant construction delivered by NuScale/partners.
• Long-term service agreements: Operations & maintenance (O&M) contracts, fuel supply arrangements, lifecycle support and upgrades.
• Strategic project financing & partnerships: Enabling financed deployments via partners (e.g., ENTRA1) and government frameworks that underwrite large capital programs.
• Consulting, licensing fees, and technology exports: Fees for technology transfer, training, and local supply-chain development in host countries.

• Public company: Trades on NYSE American as SMR - ownership split among institutional investors, retail shareholders, and strategic partners.
• Strategic partnerships: ENTRA1 holds an exclusive global strategic partnership for deployment and financing; partnership unlocked project-scale financing pathways (notably the up-to-$25B Framework link).
• Government collaboration: Historic and ongoing DOE, national lab (INL) and international cooperation have supported development, testing, and licensing milestones.

NuScale Power Corporation (SMR): History

• Public listing: NYSE ticker SMR.
• 2021 alliance: Entered a commercialization alliance with ENTRA1 Energy and Habboush Group (private asset management) to accelerate global deployment of NuScale SMRs.
• May 2025: ENTRA1 Energy holds global exclusive commercialization, distribution, and deployment rights for NuScale SMRs; NuScale focuses on production of SMR modules.

• Shareholders: public investors on NYSE (SMR) plus institutional holders; strategic commercial rights held by ENTRA1 under the May 2025 agreement.
• Commercialization partners: ENTRA1 Energy (global exclusive rights), Habboush Group (alliance partner since 2021).
• Project & engineering partners: RoPower Nuclear, Fluor Corporation (FEED 2 Romania); local partners in Ghana (Nuclear Power Ghana, Regnum Technology Group).

• Mission focus: deliver scalable, factory-built SMR modules to decarbonize power generation and provide reliable baseload for utilities, industrial customers, and emerging markets.
• How NuScale makes money:
  • Manufacture and sell SMR modules and associated systems.
  • Engineering, procurement, and construction (EPC) services via partners and licensed contractors (e.g., Fluor, RoPower).
  • Support, training, and simulator services (e.g., Ghana training center) and long-term service contracts.
  • Commercialization and distribution fees/royalties via exclusivity arrangements (ENTRA1 holds global commercialization rights as of May 2025).

• Modular light-water reactor with integral primary system: reactor core, steam generators, pressurizer, and control systems packaged inside a single pressure vessel for each module (~77 MWe gross).
• Passive safety: natural circulation cooling, gravity-driven systems, and containment designed to operate without offsite power or operator action for extended periods.
• Scalability: plants assembled by adding modules to match customer load and site constraints (common balance-of-plant and grid interface).

• Export-Import Bank of the U.S.: $98 million approved loan to support FEED 2 for Romania (July 2024).
• Project pipeline highlights: planned 12-module project in Ghana (agreement August 2024) and FEED 2 Romania engagement (July 2024).
• Workforce development: SMR simulator training center opened in Ghana (January 2025) to develop operational capacity ahead of deployment.

NuScale Power Corporation (SMR) - Ownership Structure

• Founded: 2007 (spin-out of Oregon State University research and private investors).
• NRC recognition: 2018 - NRC acknowledged key passive safety features, including operation without the need for external backup power in certain scenarios.
• Design development: VOYGR family evolved to a ~77 MWe gross / ~60 MWe net per module reference design (commonly cited net ~60 MWe per module).
• Commercial project pipeline: UAMPS Carbon Free Power Project (CFPP) announced as an early anchor customer-proposed multi-module deployment for municipal utilities.
• Public markets: Listed via a SPAC/merger process (ticker SMR) to access growth capital and broaden the shareholder base.

• Mission: To power the global energy transition by delivering safe, scalable, and reliable carbon‑free energy through advanced SMR technology.
• Innovation: Focuses on factory-assembled modules to reduce capital intensity, shorten construction schedules, and enable incremental capacity additions.
• Safety: Emphasizes passive safety and designs intended to operate without external backup power in many off-normal conditions (NRC-recognized features from 2018).
• Sustainability: Targets low‑carbon baseload and flexible generation to displace fossil fuel emissions in power, industrial heat, and hydrogen production.
• Collaboration: Pursues strategic partnerships (e.g., Fluor Corporation engineering/support, ENTRA1 Energy collaborations) to accelerate deployment and lower project risk.
• Global expansion: Seeks to deploy in multiple international markets and adapt to regional regulatory and market frameworks.

• Corporate status: Public company with institutional and retail investors trading under the SMR ticker.
• Major shareholders: institutional asset managers (typical large holders include firms such as BlackRock and Vanguard among others), strategic partners historically holding meaningful stakes (e.g., Fluor historically a significant strategic investor and technical partner).
• Partner equity & offtake: Project partnerships (municipal consortiums, utilities, industrial offtakers) underpin project-level economics and early deployments.

• Integral PWR design: Reactor coolant, steam generator(s), and pressurizer are contained within a single pressure vessel module for simplified systems and reduced piping.
• Modularity: Units (~60 MWe net each) are factory-built, shipped to site, and installed in a pool or arrangement enabling incremental capacity additions.
• Passive safety: Natural circulation cooling and inherent shutdown features reduce reliance on active emergency power/mitigation systems.
• Operational flexibility: Modules can be operated in various combinations to follow load or provide firm baseload as required by customers.

• Design & licensing revenue: Fees from design certification, licensing support, and intellectual property.
• Module & equipment sales: Manufacturing and sale/lease of reactor modules, balance‑of‑plant equipment, and factory services.
• Turnkey project delivery & engineering: Engineering, procurement, and construction (EPC) services often delivered with partners (e.g., Fluor historically).
• Long‑term contracts: Power purchase agreements (PPAs), capacity contracts, and offtake agreements that provide predictable, long-dated cash flows once plants are operating.
• O&M and service contracts: Recurring operations, maintenance, fuel supply and retrofit/upgrade services over plant life (40+ years typical for nuclear assets).
• Project financing/leasing models: Monetizing projects via project-level financing, sale‑leasebacks, or equity partnerships to reduce upfront capital burden for buyers.

• UAMPS CFPP: Anchor municipal utility consortium project pursuing a multi-module NuScale plant (anchor of commercial pipeline).
• Fluor Corporation: Longstanding engineering and project-development collaborator and historical strategic investor.
• ENTRA1 Energy: Partnership to explore deployment and commercial opportunities in targeted markets.
• Institutional investors & utilities: Equity and offtake relationships underpin financial viability for initial deployments.

NuScale Power Corporation (SMR): Mission and Values

• Reactor vessel: 9-foot diameter by 65-foot tall integral pressurized light water reactor vessel.
• Fuel: Low-enriched uranium (LEU) assemblies derived from conventional light water reactor technology.
• Output per module: 77 MWe (gross) - multiple modules combine to scale capacity.
• Refueling cycle: 24-month (two-year) refueling interval for each module, improving capacity factor and reducing downtime.
• Deployment: Modules are prefabricated and transported by rail, barge, or truck for faster site installation compared with traditional on-site construction.
• Safety: Passive safety systems that can maintain safe shutdown and core cooling without AC power or operator action for extended periods; designed to operate without external backup power.

• Hardware sales: Revenue from sale of modular reactor units (per-module pricing and multi-module plant contracts).
• Engineering, procurement & construction (EPC) services: Fees for site integration, installation, testing and commissioning.
• Long-term service agreements (LTSA): Recurring revenue from operation, maintenance, fuel handling, and spare parts over multi-decade plant lifetimes.
• Licensing & technology services: Licensing reactor design and providing technical support to international partners and utilities.
• Financing & project development: Income from project development margins, joint ventures, and potential build-operate-transfer structures with utilities/governments.

NuScale Power Corporation (SMR): How It Works

• Reactor module: compact integral PWR with primary coolant, steam generator and pressurizer contained within a single vessel to minimize piping and reduce risk.
• Passive safety: natural circulation and passive heat removal systems that can maintain core cooling for extended periods without AC power or operator action.
• Scalability: plants assembled from multiple identical modules (commonly 6-12+ modules) to reach targeted site output and allow phased capital deployment.
• Factory fabrication: factory-built modules to improve quality control, shorten on-site erection time and reduce construction risk and schedule uncertainty.
• Digital control & remote operation: modern instrumentation, control and digital twin capabilities for centralized plant monitoring and operations support.

• Technology licensing and licensing fees: selling plant and reactor licenses and associated IP/technology license agreements to utility or developer customers (e.g., the agreement framework used for projects such as RoPower Doicești in Romania).
• Engineering, design and development fees: fees earned for design studies, detailed engineering, project management and lifecycle services tied to specific SMR deployments.
• Strategic partnership funding and project financing support: direct project loans and financed design studies - for example, a $98 million loan approved by the Export-Import Bank of the United States to support the Romanian SMR design study.
• Government grants and cost-share awards: contract awards and cooperative agreements that offset R&D and demonstration costs - notably the $1.355 billion Department of Energy cost-share award in 2020 to support SMR development.
• Public capital raises and equity financing: proceeds from share offerings and public markets to fund operations, development and commercialization - e.g., sale of 4.5 million shares generating $102.4 million in gross proceeds in Q1 2025.
• International project contracts and EPC-type relationships: revenue and milestone payments from international partnerships, such as the agreement with Nuclear Power Ghana and Regnum Technology Group to deliver a 12-module plant in Ghana.

• Upfront engineering/licensing payments and milestone-based fees during design, licensing and construction phases provide near- and mid-term cash inflows.
• Longer-term revenue from technology licenses, operations services, fuel/maintenance contracts and potential royalty structures once plants are operational.
• Use of public and export credit financing (e.g., Ex-Im Bank support) reduces customer financing barriers and creates fee-based opportunities for NuScale to lead design and procurement phases.
• Government cost-share awards de-risk early-stage commercialization, enabling NuScale to sustain R&D and first-of-a-kind deployments until repeatable, factory-based manufacturing lowers unit costs and improves margins.

• Decarbonization policies and utility interest in replacing retiring baseload capacity or integrating firm low-carbon generation.
• Export markets and bilateral finance support (export credit agencies) that enable capital-intensive projects in emerging markets.
• Regulatory licensing milestones and demonstrated construction schedule/cost performance that affect customer adoption and order timing.

NuScale Power Corporation (SMR): How It Makes Money

• Core product: NuScale Power Module - a factory-built SMR unit (~77 MWe net per module).
• Utility and developer sales: multi-module plant sales (standard offering is up to 12 modules to form a ~924 MWe plant).
• Recurring revenue: long-term operations & maintenance (O&M) contracts, spare parts, digital services, and fuel management.
• Licensing & engineering services: design licensing, site-specific engineering, and regulatory support for partners.
• Strategic project financing & equity participation: joint ventures and project-level equity stakes in international projects.

• NRC-certified design (first U.S. SMR design approved by 2025) - reduces regulatory risk and shortens customer procurement timelines.
• International expansion underway - active projects in Romania and Ghana; advanced discussions in Poland and other markets.
• Strategic funding pathways - partnership with ENTRA1 Energy and the U.S.-Japan Framework Agreement expected to unlock significant program funding for plant development.
• Manufacturing & deployment cadence - company targets first NuScale Power Module deployment in 2030; 12 modules are already reported in the manufacturing pipeline, supporting a full 12‑module plant buildout.
• Offtake and sector interest - advanced discussions across utilities, data centers, industrial users and energy companies seeking reliable, carbon‑free baseload solutions.

• Plant-level contracts typically bundle capital equipment (modules), site engineering/EPC services, and multi-decade O&M - enabling NuScale to capture both upfront project revenue and annuity-like recurring cash flows.
• Licensing and technology transfer deals with international partners generate upfront fees plus milestones tied to regulatory approvals and construction progress.
• Participation in project finance structures (equity/joint ventures) allows NuScale to retain upside from plant operation while de‑risking customer procurement.

• Near-term revenue concentration tied to rollout cadence (first module targeted 2030); manufacturing and supply‑chain scale-up are critical.
• Revenue and margins improve materially once multiple plants enter construction and long‑term O&M contracts begin, shifting the business from engineering‑heavy to recurring service income.
• International projects and strategic funding (ENTRA1, U.S.-Japan Framework) materially de‑risk capital access and increase probability of contracted builds.