Loading...
01/10 05:40
Loading...
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call summary and Q&A indicate strong financial health, strategic partnerships, and optimistic guidance. The announced TVA agreement and partnership with ENTRA1 are positive catalysts, suggesting future revenue growth. Despite some vague responses on cost uncertainties and operational history, management's confidence in strategic plans and financial stability supports a positive outlook. Given the company's small-cap status, these developments are likely to result in a positive stock price movement in the next two weeks.
Liquidity NuScale's overall liquidity increased to $753.8 million at September 30, 2025, versus $489.9 million at June 30, 2025. This increase was driven by the sale of 13.2 million NuScale Class A shares through an at-the-market program during the third quarter, which generated $475.2 million in gross proceeds. Partially offsetting this increase was a $128.5 million payment in relation to the PMA milestone triggered by the recent landmark agreement announced by TVA and ENTRA1.
Revenue NuScale reported revenue of $8.2 million for the quarter ended September 30, 2025, compared to $0.5 million during the same period in the prior year. This increase was primarily driven by fees received for services provided during the quarter in support of the RoPower project.
Design Approval: NuScale remains the first and only small modular reactor (SMR) technology provider to obtain design approval from the U.S. Nuclear Regulatory Commission (NRC).
SMR Deployment: NuScale is advancing the deployment of its SMR technology, including a landmark agreement with TVA and ENTRA1 Energy to deploy up to 6 gigawatts of nuclear capacity, representing 72 NuScale Power Modules.
Global Partnerships: NuScale is working with ENTRA1 Energy under a U.S.-Japan framework agreement, which includes up to $25 billion in investment capital for developing power plants using NuScale's technology.
U.S. Market Expansion: NuScale's partnership with TVA and ENTRA1 Energy marks the largest SMR deployment program in U.S. history, covering multiple states and providing power equivalent to the Dallas-Fort Worth metropolitan area.
Romania Project: NuScale is collaborating with Fluor on the RoPower project in Romania to develop the first SMR power plant at a decommissioned coal-fired power plant site.
Revenue Growth: NuScale reported $8.2 million in revenue for Q3 2025, a significant increase from $0.5 million in the prior year, driven by fees from the RoPower project.
Liquidity Position: NuScale's liquidity increased to $753.8 million as of September 30, 2025, driven by a $475.2 million share sale, partially offset by a $128.5 million milestone payment.
Commercialization Strategy: NuScale entered into a Partnership Milestone Agreement with ENTRA1 to accelerate SMR commercialization, including milestone-based payments to speed up project development.
Regulatory Expertise: NuScale is leveraging its NRC-approved SMR designs and regulatory experience to lead the combined operating license application (COLA) process for ENTRA1 power plants.
Regulatory Licensing Challenges: The company is navigating the complex regulatory licensing process for SMR technology, including the combined operating license application (COLA) management process. This process is critical for commercial deployment and involves site-specific information, which could delay or complicate project timelines.
Financial Commitments and Risks: NuScale has made significant upfront financial commitments, such as the $128.5 million payment related to the Partnership Milestone Agreement (PMA) with ENTRA1. These payments are designed to accelerate project milestones but could strain financial resources if projects face delays or fail to meet expectations.
Supply Chain Readiness: The company is relying on its supply chain to invest and support the commercialization of its technology. Any disruptions or lack of readiness in the supply chain could impact the deployment of NuScale's SMR technology.
Market Demand and Competition: While NuScale is positioned as a leader in SMR technology, the company faces competitive pressures and must meet increasing demand for reliable, always-on electricity. Failure to scale effectively or meet market expectations could impact its strategic objectives.
Economic and Investment Risks: The company is dependent on significant public and private sector investments, such as the $25 billion under the U.S.-Japan framework agreement. Any changes in economic conditions or investment flows could adversely affect project funding and timelines.
Deployment of NuScale Power Modules: NuScale anticipates the first ENTRA1 Energy plant to deliver power to TVA as early as 2030, with additional plants phased in as demand grows. This project marks the largest SMR deployment program in U.S. history, with a total planned capacity of 6 gigawatts, representing approximately 72 NuScale Power Modules.
U.S.-Japan Framework Agreement: ENTRA1 is positioned to receive up to $25 billion in investment capital under the U.S.-Japan framework agreement to develop a fleet of power plants utilizing baseload energy sources. This initiative aims to meet fast-growing energy demand for AI data centers, advanced manufacturing, and national defense.
Regulatory Licensing and Deployment: NuScale's regulatory team is focusing on the combined operating license application (COLA) process to ensure effective commercial development and deployment of SMR technology at multiple ENTRA1 power plants. This step is critical for bringing full-scale commercial nuclear power plants to market.
Romania SMR Project: NuScale continues to work with Fluor on the RoPower project in Romania, aiming to develop the first SMR power plant at a decommissioned coal-fired power plant site. A final investment decision is expected in late 2026 or early 2027.
Market Trends and Tailwinds: NuScale is positioned to meet increasing demand for reliable, always-on electricity driven by sectors like data centers, AI, advanced manufacturing, and critical infrastructure. The company is the only technology approved to provide behind-the-meter power, addressing the need for grid stability and energy independence.
The selected topic was not discussed during the call.
The earnings call summary and Q&A indicate strong financial health, strategic partnerships, and optimistic guidance. The announced TVA agreement and partnership with ENTRA1 are positive catalysts, suggesting future revenue growth. Despite some vague responses on cost uncertainties and operational history, management's confidence in strategic plans and financial stability supports a positive outlook. Given the company's small-cap status, these developments are likely to result in a positive stock price movement in the next two weeks.
The earnings call summary indicates a mix of positive and neutral aspects. Financial performance and shareholder return plans are neutral to positive, with improved cash position and reduced capital expenditure guidance. However, the Q&A reveals uncertainties, like no specific guidance on expenses and delayed project timelines, impacting the overall sentiment. The market cap suggests moderate volatility, leading to a neutral stock price prediction.
The earnings call highlights both positive and negative aspects. Positive factors include increased revenue, improved cash position, reduced operating expenses, and potential partnerships with large tech companies. However, concerns arise from the substantial net loss, cautious revenue guidance, and unclear management responses on licensing and project timelines. Additionally, the sale of shares through the ATM program and the lack of firm customer orders by 2025 introduce uncertainties. Given the company's small-cap status, the overall impact is likely neutral, with the potential for minor fluctuations within a -2% to 2% range.
NuScale demonstrates strong financial health with increased cash reserves and reduced expenses, while maintaining a positive outlook with potential future orders and market opportunities. Despite regulatory and competitive risks, their unique position with NRC approval and focus on customer negotiations are promising. The Q&A highlighted proactive management and potential partnerships with major tech companies. Given its small-cap status, the stock is likely to react positively to these developments, especially with the anticipated customer order and cash flow impact.
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
