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SEC filingRevenue surged from RoPower project; net loss narrowed as R&D declined and interest income rose.
For the six months ended June 30, 2025, NuScale reported revenue of $21.4 million, a significant increase from $2.3 million in the same period of 2024, primarily driven by engineering services for the RoPower project in Romania. Gross profit rose to $8.8 million from $0.8 million, resulting in a gross margin of 41.0% compared to 32.4% in the prior year, reflecting improved scale. Research and development expenses decreased by $4.4 million to $20.9 million, attributable to cost optimization and the completion of the Standard Design Approval (SDA) in Q2 2025. General and administrative expenses increased by $9.6 million to $45.8 million, due to higher strategic business development costs ($7.6M) and legal/accounting fees ($5.0M), partially offset by compensation savings. Other expenses decreased by $4.7 million to $20.5 million, primarily due to the absence of a $3.2 million workforce reduction charge incurred in 2024. Interest income grew to $10.7 million from $3.3 million, benefiting from a stronger cash position and higher investments. Net loss improved to $68.0 million from $122.5 million in the prior year.
NuScale operates as a single segment focused on nuclear power plant technology. Revenue is derived entirely from engineering and licensing services for the RoPower project. The company has one major customer, RoPower Nuclear S.A., and supports front-end engineering and design (FEED) Phase 2 as a subcontractor to Fluor. No other segment-level data is disclosed.
Management believes current cash resources ($297.7M cash, $123.1M short-term investments, no debt) are sufficient to cover R&D and operating needs for the next twelve months. The company plans to prudently manage expenses and secure additional customer commitments. The ATM program remains available with $26.4M in shares eligible for sale. Key commitments include $99.5M in materials purchase commitments for LLM and $52.2M in sales and marketing agreements through 2026. The company expects continued revenue growth from commercial contracts as it transitions from R&D to commercialization.
As of June 30, 2025, NuScale held $297.7M in cash and cash equivalents plus $123.1M in short-term investments and $69.2M in noncurrent investments, totaling $489.9M in highly liquid assets. Restricted cash of $5.1M is held as collateral for a letter of credit. The company has no outstanding debt, with total liabilities of $107.6M primarily consisting of accounts payable and accrued expenses. Stockholders' equity stands at $498.9M, including $194.0M of noncontrolling interests. Inventory (long-lead material work in process) increased to $64.3M from $43.4M at year-end 2024, reflecting continued investment in NPM components.
Total purchase commitments amount to $194.5M, with $86.1M due within the remainder of 2025. The largest component is $99.5M for long-lead materials (LLM) under a suspended agreement with CFPP LLC and DOE. The company has recorded a corresponding LLM liability of $32.3M on the balance sheet. Other commitments include $16.9M for supply chain readiness, $25.8M for services, and $52.2M for sales and marketing agreements (extended through 2026). Additionally, contingent obligations of up to $7.7M exist under USTDA technical assistance grants.
NuScale has not initiated any share buyback or dividend program. The company has an At-The-Market (ATM) equity facility with up to $200M in aggregate sales proceeds, of which $26.4M remained available as of June 30, 2025. During H1 2025, the company issued 4.5M shares for net proceeds of $99.8M. No debt financing was undertaken. Capital expenditure is minimal, with net PP&E of $1.8M and depreciation of $0.5M in H1 2025.
NuScale operates in a single business segment focused on commercializing its SMR technology. All significant revenue derives from engineering and licensing services. Segment revenue for H1 2025 was $21.4M, with 69% from related party Fluor. The company’s long-lived assets are primarily in the U.S., while long-lead material work in process is manufactured in South Korea. The CODM uses consolidated net loss to allocate resources, with labor costs of $37.8M as the key expense driver.
Net loss improved to $(68.0M) from $(122.5M), but operating cash flow was still negative at $(56.1M) due to working capital outflows, particularly long-lead material work in process ($(21.0M)) and changes in deferred revenue ($(0.3M)). Non-cash adjustments included equity-based compensation ($9.7M) and depreciation ($0.5M). The large investing cash outflow of $(152.2M) primarily reflects purchases of short-term investments ($103.1M) and other investments ($69.2M), partially offset by sales of short-term investments ($20.0M). Financing activities provided $104.5M through stock issuance ($99.8M) and option exercises ($4.7M). The company ended the period with $302.8M in cash, cash equivalents, and restricted cash, down from $406.7M. No capital expenditures or dividends were explicitly disclosed.