Management View

• John Hopkins, President and CEO, reported “a year marked by significant progress for NuScale,” citing the U.S. Nuclear Regulatory Commission’s early approval of the 77-megawatt standard design and reaffirming NuScale’s status as “the only SMR technology to achieve NRC design certification.” He highlighted ENTRA1 Energy’s agreement with Tennessee Valley Authority (TVA) to supply 6 gigawatts of power by deploying 72 NuScale Power Modules through 6 ENTRA1 Energy plants, calling it “the largest nuclear power program in U.S. history.”
• Hopkins emphasized, “NuScale remains the only NRC certified SMR under 10 CFR Part 52 versus other technologies pursuing 10 CFR Part 50. We believe this approach provides NuScale’s SMR power plants with a much different risk profile.”
• Key strategic developments included ENTRA1’s infrastructure buildup, site selection progress, and a major financial institution signing a multibillion-dollar term sheet with ENTRA1 for the TVA project. Hopkins detailed, “ENTRA1 is assembling an infrastructure experienced team … several major financial institutions are working with ENTRA1 and discussions are underway.”
• Hopkins discussed advancement on the RoPower project in Romania: “NuScale recognized $63.1 million in revenue from licensing fees and engineering work from the FEED 2 study over an 18-month period ending in December 2025.” He added, “shareholders of Romania’s SN Nuclearelectrica overwhelmingly voted in favor of progressing the RoPower project.”
• Hopkins underlined a new use case for NuScale’s SMR technology in the chemical sector, referencing collaborations with Oak Ridge National Laboratory and Idaho National Labs, and a partnership with Ebara Elliott Energy for high-temperature steam compression system field testing.
• CFO Robert Hamady stated, “NuScale’s overall liquidity increased to $1.3 billion at December 31, 2025, versus $754 million at September 30, 2025 and $442 million at the end of 2024. This liquidity allows NuScale to further enhance supply chain and manufacturing revenues, fund obligation in connection with the advancement of commercialization and further strengthen our balance sheet.”
• Hamady noted, “NuScale reported revenue of $31.5 million for the year ending December 31, 2025 compared to $37 million during the same period in the prior year. This decrease was due to a reduction in revenue recognized in the RoPower technology licensing agreement, which was partially offset by higher Fluor Phase 2 engineering and services revenue.”

Outlook

• Management reiterated that they do not provide formal financial guidance. Hamady explained, “As we stated earlier and as you pointed out in your question, we do not give guidance at this point. However, I think looking at our balance sheet, we look at our liquidity position, the company is conservatively positioned and prudently raised capital towards the end of last year.”
• Hopkins projected that service revenues will begin after the PPA between ENTRA1 and TVA is executed, stating, “We expect that once the PPA between ENTRA1 and TVA is executed, we will begin generating service revenues related to those projects as well.”

Financial Results

• NuScale reported liquidity of $1.3 billion as of December 31, 2025. Revenue for the full year was $31.5 million, down from $37 million in the prior year, attributed to lower RoPower licensing revenue, partially offset by engineering and services revenue from Fluor Phase 2 work.
• Hamady disclosed a significant cash payment post-year-end: “We noted a payment of about $250 million out. Arithmetically, we can assume about $1 billion of cash on balance sheet today.”
• Operating expenses, excluding one-time items, were reported to be “fairly consistent between $170 million to, call it, $200 million, closer to $193 million actually in 2024 on an adjusted basis.”
• Class B shares were reduced in Q4 due to Fluor’s conversion to Class A common stock.

Q&A

• Eric Stine, Craig-Hallum: Asked about supply chain capacity and Doosan’s ability to deliver modules for TVA. Carl Fisher, COO, responded, “We have extreme confidence with Doosan. … they’re increasing their capacity so they can move up to 20 modules per year and then eventually doubling that capacity.”
• Stine: Inquired about the impact of the 77MW design approval on the project pipeline. Fisher replied, “the upgrade that was approved last year was approved ahead of schedule … our customers … have a lot of confidence … after that FDA approval.”
• Ryan Pfingst, B. Riley: Questioned details of the financial institution’s term sheet with ENTRA1. William Cooper, Chief Legal Officer, said, “we’re under NDA with ENTRA1, so we can’t say any more about that.”
• Pfingst: Asked about RoPower revenue opportunities. Hopkins clarified, “RoPower is now authorized to advance the licensing … we anticipate NuScale will be generating revenues as soon as — now understand, we are a subcontractor to Fluor Corporation.”
• Dimple Gosai, BofA Securities: Requested guidance on revenue and liquidity outlook. Hamady said, “we do not give guidance at this point … the company is conservatively positioned and prudently raised capital.”

Sentiment Analysis

• Analysts pressed management for specifics on project timelines, revenue potential, and the details of financial agreements, with a neutral to slightly skeptical tone, especially around ENTRA1’s progress and project monetization.
• Management maintained a confident and occasionally defensive tone, frequently citing NDAs and regulatory limitations, using phrases like “we have extreme confidence” and “we do not give guidance at this point.”
• Compared to the previous quarter, the tone remained upbeat in prepared remarks but more cautious and guarded during the Q&A.

Quarter-over-Quarter Comparison

• The current quarter highlighted the formal progress on the TVA-ENTRA1 6 GW deployment and tangible manufacturing milestones, while the previous quarter focused more on strategic agreements and pipeline expansion.
• Guidance language remained conservative, with no explicit projections or outlook figures provided in either quarter.
• Analysts in the current quarter continued to focus on project execution risk, monetization, and financial transparency, similar to the previous quarter.
• Key metrics shifted from cash accumulation in Q3 to ongoing liquidity management and project milestone payments in Q4.
• Management’s confidence in supply chain execution and ENTRA1’s capabilities grew more pronounced, while analysts maintained a questioning approach about project specifics.

Risks and Concerns

• Management acknowledged the “first-of-a-kind” nature of the SMR industry, noting, “there are no commercially operating SMR power plants in the United States.”
• Analysts raised concerns about the timing and certainty of PPAs, the magnitude and recurrence of milestone payments, and the details of financial agreements with ENTRA1.
• Hamady addressed a previously reported material weakness in internal controls, stating, “we’ve come through with a clean bill of health from EY.”
• Management cited robust cash reserves and a conservative liquidity position as mitigation against execution and funding risks.

Final Takeaway

NuScale emphasized its continued leadership as the only NRC-certified SMR provider, advancing toward a 6 GW U.S. deployment in partnership with ENTRA1 and TVA, backed by strong liquidity of $1.3 billion. Management highlighted manufacturing progress, expanding commercial partnerships, and new sector opportunities, while reiterating a conservative approach to guidance and financial disclosure. The company signaled confidence in its asset-light business model and strategic alliances, positioning itself to capitalize on growing demand for clean baseload power in both U.S. and international markets.

Read the full Earnings Call Transcript

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The partnership, funded by the U.S. Department of Energy’s Gateway for Accelerated Innovation in Nuclear initiative, will utilize an AI-enabled nuclear design framework to optimize fuel management for a 12-module reactor configuration.

By sharing fuel across modules, NuScale (SMR) believes it may find ways to improve overall plant fuel efficiencies beyond what can normally be achieved in a single reactor plant, potentially reducing costs.

“We are thrilled to be collaborating with ORNL, with the support of the DoE, to assess exciting new opportunities for potentially managing fuel even more efficiently across multiple nuclear reactors and further reducing costs going forward,” NuScale (SMR) President and CEO John Hopkins said.

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NuScale (SMR) customer

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The S&P 500 industrials sector has delivered a gain of 17.7%, ranking as the third-best-performing sector in 2025, while the broader benchmark S&P 500 (SP500) recorded gains of 16.39%

Strength in aerospace, machinery and transportation stocks has reinforced investor confidence in economically sensitive segments, supported by improving demand, easing supply-chain pressures and increased infrastructure spending that continue to drive earnings momentum across the industrial sector.

With fourth-quarter earnings approaching, Seeking Alpha’s Quant Ratings assign the industrial sector an average health score of 3.07 out of 5, based on 361 stocks with market capitalizations above $2 billion.

Under the system, 65 stocks are rated Buy or higher, while 249 are Neutral and 47 are rated Sell or lower, with ratings based on valuation, growth, profitability, momentum and EPS revision.

Here are the top and bottom-rated 5 quant stocks ahead of the upcoming earning season:

The pre-earnings quantitative breakdown shows that top-rated stocks are being driven primarily by growth, momentum and earnings revisions, rather than valuation support, while low-rated names reflect sharp deterioration in revisions and momentum, particularly across construction-linked and clean-energy segments.

LATAM Airlines Group S.A. (LTM), Quant Rating 4.89 – Strong Buy.

Tutor Perini (TPC), Quant Rating 4.83 – Strong Buy.

ATI (ATI), Quant Rating 4.83 – Strong Buy.

Uber Technologies (UBER), Quant Rating 4.78 – Strong Buy.

Fanuc (FANUY), Quant Rating 4.80 – Strong Buy.

WillScot Holdings (WSC), Quant Rating 1.26 – Strong Sell.

Tecnoglass (TGLS), Quant Rating 1.26 – Strong Sell.

IMCD N.V. (IMCDY), Quant Rating 1.25 – Strong Sell.

NuScale Power (SMR), Quant Rating 1.23 – Strong Sell.

Trex Company (TREX), Quant Rating 1.08 – Strong Sell.

SA Analyst has a Buy rating on S&P 500 Industrial (XLI) with a score of 3.66.

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NuScale (SMR) is uniquely

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Flour (FLR) swung to a loss of $697 million, or $4.30/share, from a profit of $54 million, or $0.31/share, in the year-earlier quarter; Q3 adjusted earnings came in at $0.68/share, above expectations, but revenues fell nearly 18% Y/Y to $3.37 billion, with results hit by a $653 million ruling on its Santos project in Australia.

The company also raised its full-year adjusted earnings guidance to $2.10-$2.25/share from a prior outlook of $1.95-$2.15/share and above the $2.05 analyst consensus estimate.

Fluor (FLR) also disclosed a plan to fully monetize its stake in NuScale (SMR) by the end of Q2 2026, converting its remaining Class B units in NuScale into Class A shares and then begin a structured monetization of shares, guided by mutually agreed volume restrictions to maintain the value of NuScale’s equity.

Fluor (FLR) said it agreed to vote in favor of NuScale’s (SMR) anticipated increase to its authorized share count.

NuScale (SMR), which also reported a wider than expected Q3 loss, -5.3% pre-market Friday.

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The nuclear technology company posted a third-quarter loss of $273.3 million, or $1.85 a share, compared with a loss of $17.5 million, or $0.18 a share, a year earlier. Analysts had projected an adjusted loss of about $0.14 a share.

Revenue rose sharply from a year ago to $8.2 million, up from $0.5 million in the third quarter of 2024, but still missed Wall Street’s estimate of $11.17 million.

NuScale (SMR) said revenue growth was driven by engineering services tied to its work on the RoPower Doicești nuclear project in Romania, where it is advancing the deployment of six small modular reactors. The company also highlighted a milestone partnership between its global strategic partner ENTRA1 Energy and the Tennessee Valley Authority to deploy up to six gigawatts of SMR capacity, the largest such initiative announced in the United States.

Earnings, before interest, taxes, depreciation and amortization (EBITDA) were negative, reflecting higher operating costs associated with commercialization and a one-time accounting impact. General and administrative expenses surged to $519 million, driven primarily by a $495 million milestone contribution under NuScale’s partnership agreement with ENTRA1 Energy.

Despite the widened loss, the company reported a stronger balance sheet, ending the quarter with $753.8 million in cash, cash equivalents and investments, bolstered by proceeds from the sale of 13.2 million shares through an at-the-market offering that raised $475 million.

NuScale (SMR) said its liquidity position supports continued progress toward global deployment of its NuScale Power Module, the first and only U.S. Nuclear Regulatory Commission-certified small modular reactor. The company said its technology is designed to provide scalable, carbon-free energy for data centers, industrial operations and electric utilities.

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