0001822966-25-000175
SEC filingNuScale reports $551.9M in purchase commitments and a $346.5M PMA liability, with cash equivalents and investments of $634.8M.
NuScale's balance sheet shows strong liquidity with cash equivalents of $288.6M (certificates of deposit and money market accounts), short-term investments of $284.2M, and long-term investments of $62.0M, totaling $634.8M in liquid assets. The company holds no debt, with total liabilities consisting primarily of accounts payable and accrued expenses ($403.4M) and a long-lead material liability ($32.3M). Inventory includes $63.3M in long-lead material work in process, reflecting ongoing investment in NPM fabrication.
NuScale has significant contractual obligations totaling $551.9M as of September 30, 2025. The largest component is $346.5M in PMA milestone contributions (Milestone Contribution 1) payable over 2025 and 2026. Other commitments include $114.5M for long-lead materials, $43.5M for sales and marketing agreements, $32.6M for other services, and $14.7M for supply chain readiness. The timing of these obligations is concentrated in the near term: $181.9M due within one year and $369.5M due in 1-3 years. Additionally, a $5,000 letter of credit is collateralized by restricted cash.
NuScale's capital allocation is dominated by growth-related commitments. The company has not authorized any share buybacks or dividends. No debt was issued or repaid during the period; the balance sheet remains debt-free. Capital expenditures are minimal ($0.1M in the nine months ended September 30, 2025, as per the cash flow statement, but not explicitly stated in the notes). The primary use of cash is funding operations and contractual commitments.
The company operates in a single segment: commercialization of modular nuclear power plants. All revenue arises from engineering and licensing services, with no geographic breakdown disclosed. The notes indicate that all significant revenue is from the United States, with long-lead materials manufactured in South Korea.
Cash flow from operations (CFO) was -$255.9M, significantly worse than the -$82.2M in the prior year. The net loss increased to -$600.7M from -$168.1M, but CFO was less negative due to sizable non-cash adjustments: $14.5M equity-based compensation and a $354.1M increase in accounts payable and accrued expenses. The latter is a notable working capital inflow, potentially reflecting timing of payments or new liabilities. Excluding this, underlying cash burn is substantial.
Capital expenditures were minimal at $0.1M, indicating low capital intensity. Free cash flow (CFO minus capex) was -$256.0M, not explicitly reported. The company relied heavily on financing, raising $568.3M from common stock issuance (net of fees) and $5.9M from option exercises, more than covering the cash deficit. No dividends or share repurchases were made.
Investing activities used $306.3M, driven by net purchases of short-term investments ($244.2M net after sales) and investments ($62.0M net). The overall cash position increased by $6.0M. The large working capital swing in payables warrants monitoring for sustainability.