Executive Summary

Q1 2025 revenue reached $13.4M, up $12.0M YoY, driven by FEED Phase 2 and the Technology License Agreement (TLA) for RoPower; operating loss narrowed to $35.3M; cash, cash equivalents and short-term investments ended the quarter at $521.4M .
Results materially exceeded Wall Street consensus: revenue $13.38M vs $3.44M estimate (bold beat) and EPS -$0.11 vs -$0.115 estimate; magnitude reflects FEED/TLA revenue recognition and cost discipline (Values retrieved from S&P Global).
Management reaffirmed commercialization progress: 12 modules already in manufacturing, supply chain readiness advancing, and anticipates a firm customer order in 2025; NRC approval for the uprated 77 MWe design was anticipated by July and subsequently achieved on May 29, 2025 (early) .
Near-term catalysts: finalized PPAs with hyperscalers/utilities via ENTRA1’s BOO/BOOT model and early NRC 77 MWe Standard Design Approval, both positioning NuScale for first project execution and potential cash-inflow on modules .

What Went Well and What Went Wrong

What Went Well

FEED/TLA execution translated to strong YoY revenue growth (Q1 2025: $13.4M vs $1.4M), improving operating loss; “This increase was driven by revenues generated from the FEED Phase 2 project and the Technology License Agreement for the RoPower Doicești power plant.” .
Liquidity strengthened: $521.4M cash, equivalents, and short-term investments; raised $102.4M gross via ATM; CFO: “ending the first quarter…cash and cash equivalents of $491.4M and short-term investments of $30M” .
Commercial momentum and supply chain readiness: 12 modules in manufacturing; supplier agreements advancing (Doosan, Framatome, Paragon); CEO: “we anticipate final approval…by July…we continue to gather early valuable knowledge…” .
Positive hyperscaler engagement for AI loads; CEO: “I would classify upwards to 10 as advance…term sheets…site visits to Doosan’s facilities” .
Regulatory milestone: NRC approved the 77 MWe uprate on May 29, 2025, enhancing economics and addressable market .

What Went Wrong

Company remains loss-making: Q1 operating loss of $35.3M; net loss persisted; management reiterated quarterly OpEx burn of ~$40–$45M with possible near-term increases for supply chain investments .
Dependence on project milestones and contract timing: monetization hinges on first firm order and PPAs; management highlighted complexity of multi-party deals (developer, utility operator, offtaker, financing) .
Policy/trade uncertainties: management monitoring tariffs; while not anticipating material impact, any changes could affect supply chain costs/schedules .

Financial Results

Income Statement (USD Millions, EPS in USD)

Periods are ordered oldest → newest.

Metric	Q3 2024	Q4 2024	Q1 2025
Revenue ($)	$0.475	$34.224	$13.375
Operating Income ($)	-$41.019	-$11.9	-$35.327*
Net Income ($)	-$17.459	-$180.3 (incl. $170.0 non-cash warrants)	-$14.005*
Diluted EPS ($)	-$0.18	-$0.69*	-$0.11

Notes:

Asterisks (*) denote values retrieved from S&P Global.
Q4 2024 net loss included a $170.0M non-cash warrants fair value expense .

Margins (%)

Metric	Q3 2024	Q4 2024	Q1 2025
Gross Margin %	37.9%*	91.1%*	52.4%*
EBIT Margin %	N/A*	-25.2%*	-264.1%*
Net Income Margin %	N/A*	-219.1%*	-104.7%*

Note: Values retrieved from S&P Global.

Q1 2025 vs Wall Street Consensus (S&P Global)

Metric	Actual	Consensus	Surprise
Revenue ($)	$13.375M	$3.441M	+$9.934M (bold beat)
EPS ($)	-$0.11	-$0.115	+$0.005

Note: Values retrieved from S&P Global.

Selected KPIs

KPI	Q3 2024	Q4 2024	Q1 2025
Cash, Cash Equivalents & ST Investments ($)	$161.7M	$446.7M	$521.4M
ATM Shares Sold (Gross Proceeds)	—	—	4.5M shares; $102.4M gross
Modules in Manufacturing (count)	“first modules…in production”	12 modules in long-lead production	12 modules continuing; supply chain advancing
Customer Deposits ($)	$20.0M (RoPower)	—	—

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
NRC 77 MWe Standard Design Approval Timing	2025	Anticipated mid-2025/July	Achieved May 29, 2025	Raised (earlier than guided)
Financial Guidance (Revenue, EPS, Margins)	2025	Not provided	Not provided	Maintained (no formal guidance)
Liquidity Runway	2025–2026	~2 years runway target	Reiterated ~2 years; may increase supply chain spend	Maintained

Earnings Call Themes & Trends

Topic	Q3 2024 (Nov 2024)	Q4 2024 (Mar 2025)	Q1 2025 (May 2025)	Trend
Hyperscalers/AI Offtake	Emphasized urgent AI demand; nuclear/SMR favored; multiple tech tie-ins (Microsoft/Constellation, Google/Talen)	ENTRA1-led senior-level discussions; PPAs targeted	~10 advanced discussions; term sheets exchanged; site visits to Doosan	Strengthening
Supply Chain Readiness	Doosan producing first modules; broad supplier investments	12 modules long-lead materials; Alleima tubes; Paragon agreement	Prebid with Doosan; fuel notifications to Framatome; supplier working group scaling; capacity ~20 modules/year	Advancing capacity
Regulatory	77 MWe SDA review targeted mid-2025; EPZ/site boundary advantages reiterated	“On schedule,” near completion of technical requirements	“Anticipate final approval by July”; monitoring potential tariff impacts	Achieved early approval post-Q1
RoPower (Romania)	Phase 2 FEED authorized; Class 3 estimate work planned	Subcontract work driving revenue; 2-step FID approach	Class III estimate due fall 2025; FID targeted late 2025/early 2026	On track
Financing/Cash Burn	ATM use; cash position rising; OpEx reduction YoY	Warrants exercised; reduced OpEx; strong cash	Cash ~$491.4M plus $30M ST investments; OpEx $41–$45M run-rate; conservative ATM stance	Stable/conservative

Management Commentary

“We anticipate final approval by the NRC by July of this year…we are proud to be a first mover…manufacturing preparedness…to assure a 2030 delivery” — John Hopkins (CEO) .
“Upwards to 10 [customer discussions] as advance…multiple iterations of term sheets…customer site visits to Doosan’s manufacturing facilities” — John Hopkins .
“Once we sign a contract…we expect somewhere around 25% of cost of modules to come in the first year and for NuScale to be cash flow positive from that perspective.” — Ramsey Hamady (CFO) .
“Doosan has the capacity to put out about 20 modules a year…we want multiple projects…not a one-off.” — John Hopkins .
“Cash position…$491.4M and short-term investments of $30M…ATM program…$102.4M gross proceeds.” — Ramsey Hamady .

Q&A Highlights

Timing/definition of “firm order”: Focus on near-term contracts, term sheet negotiations, PPAs as key milestones; management expects a 2025 firm order .
Delivery capability and capacity: Supply chain can support ~20 modules/year; pursuing simultaneous project readiness, but initial focus is on securing the first “hard” contract .
Cash burn and ATM: OpEx ~$41–$45M/quarter; management targets ~2 years of runway and remains conservative; ATM usage opportunistic, no large capital raises expected near term .
RoPower FEED Phase 2: Class III estimate targeted for fall 2025; FID late 2025/early 2026; continued subcontract revenue .
Tariffs/macro: Management monitoring; does not anticipate material impact currently .

Estimates Context

Q1 2025 beat: Revenue $13.375M vs $3.441M estimate; EPS -$0.11 vs -$0.115 estimate (bold beat). Magnitude of revenue surprise principally reflects FEED Phase 2 and TLA-driven recognition and rising commercialization activity (Values retrieved from S&P Global).
Near-term estimates: Consensus for Q3/Q4 2025 implies low-teens million quarterly revenue and modest losses; trajectory sensitive to timing of first project PPAs and initial module cash-inflows (Values retrieved from S&P Global).

Key Takeaways for Investors

The business pivot to commercialization is showing up in P&L: meaningful FEED/TLA revenue and lower OpEx produced a narrower operating loss; liquidity is ample to bridge to first project cash-inflows .
Regulatory de-risking improved further: early NRC approval of the 77 MWe uprate expands economic viability and strengthens competitive position vs non-light-water SMRs (no HALEU) .
Commercial pipeline is tangible: ~10 advanced dialogues with hyperscalers/governments/utilities; ENTRA1’s model reduces execution risk for offtakers and utilities, increasing probability of 2025 firm order .
Supply chain readiness is a differentiator: 12 modules in manufacturing, long-lead items procured, and supplier working group coordination suggest NuScale can compress delivery schedules upon order .
Near-term stock catalysts: announcement of first project/PPAs, module prepayments (cash positive in year 1 of modules), and additional supplier or offtake partnerships .
Risk monitor: project/contract timing remains the swing factor; tariff changes, permitting timelines, and supply chain capacity ramp are watch items (management currently sees limited tariff impact) .
Trading setup: the combination of early NRC approval and a significant Q1 beat vs consensus creates a setup where confirmed PPAs could re-rate expectations for 2026–2030 cash generation; downside relates to slippage in firm-order timing (Values retrieved from S&P Global) .

References:

Q1 2025 press release: revenue, operating loss, liquidity, commercialization updates .
Q1 2025 8-K: summary, liquidity detail .
Q1 2025 earnings call: commercialization, supply chain, estimates of capacity, cash burn, RoPower timeline, PPAs .
Prior quarters (trend): Q4 2024 8-K and call (cash build via warrants; revenue $34.2M; non-cash warrants expense) ; Q3 2024 8-K and call (cash position $161.7M; FEED progress) .
NRC 77 MWe Standard Design Approval (May 29, 2025): milestone achieved .

S&P Global disclaimer: All values marked with an asterisk (*) and all consensus estimate figures in tables and narrative are retrieved from S&P Global.

NUSCALE POWER Corp (SMR)·Q1 2025 Earnings Summary