NuScale Power Corporation
NuScale Power Corp develops small modular reactor technology centered on its proprietary NuScale Power Module, a light-water nuclear reactor design for generating carbon-free electricity and process heat. The company is based in the United States and operates through a single reportable segment focused on technology licensing, engineering support, equipment supply, and related services for nuclear power plant deployment.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueProprietary NuScale Power Modules and related reactor design for nuclear power plants.
Major engineered equipment, module assembly, handling, and fuel-related hardware.
Design certification, licensing basis support, and regulatory documentation for plant approval.
FEED support, testing, training, and program management across deployment phases.
Fuel supply services and operating-life support for deployed NPM plants.
Products
Reported · share of revenue- Power Plant and NPM Engineering Design and Licensing Services and Fees95.5 %
- E2 Centers4.0 %
- Other0.4 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
NuScale sells to utilities, governments, state-owned enterprises, and industrial customers that need reliable carbon-free power, heat, desalination, or hydrogen production. Its commercial model also relies on strategic partners and EPC firms that help develop, license, and deploy plants using the NPM design. The company currently highlights one major customer, RoPower Nuclear in Romania, while ENTRA1 serves as its global commercialization partner.
Buy SMR plants and related services for grid power and long-duration capacity.
Use NuScale technology for national energy security and decarbonization goals.
Seek reliable carbon-free electricity, heat, or hydrogen production near demand centers.
Purchase licensing, engineering, and equipment support to execute plant projects.
Current major customer for FEED, licensing, and deployment work in Romania.
Strategy
NuScale’s strategy is to commercialize its SMR platform through design approvals, licensing support, and deployment partnerships rather than building and operating plants itself. The company is also building a recurring services layer around testing, training, fuel supply, and program management to extend revenue across the project life cycle. Its commercialization model depends on strategic partners such as ENTRA1 and Fluor to convert regulatory progress into plant orders and project execution.
Regulatory approval is a prerequisite for customer adoption and project financing.
ENTRA1 and EPC partners extend market access and execution capacity.
Services can extend across development and operating life of each plant.
Geography
NuScale is headquartered in the United States, where its design certification and regulatory approvals are anchored. Commercial activity is international, with a current flagship project in Romania and a stated focus on foreign SMR markets through licensing and development partnerships. Geography matters because nuclear deployment depends on country-specific regulation, local supply chains, and government support for new power infrastructure.
Risks
NuScale faces execution risk typical of first-of-a-kind nuclear technology, including regulatory, supply chain, and customer adoption uncertainty. Its business also depends heavily on public support for nuclear power and on a small number of strategic partners and projects, which increases concentration risk and makes commercialization more fragile if relationships or approvals change.
- Public opposition to nuclear powerImpact: HighLikelihood: Medium
Accidents or policy shifts can reduce demand and tighten regulation.
Exposure: Global SMR adoption
- Constrained supplier baseImpact: HighLikelihood: Medium
The company relies on third-party suppliers for major nuclear equipment.
Exposure: Module fabrication and delivery
- Partner dependenceImpact: HighLikelihood: Medium
ENTRA1 and Fluor are central to commercialization and project execution.
Exposure - Regulatory and licensing riskImpact: HighLikelihood: Medium
Nuclear projects require multi-year approvals and country-specific permits.
Exposure: U.S. and foreign markets
- Customer concentrationImpact: Medium
The current commercial pipeline is narrow and project-specific.
Exposure: RoPower and early-stage opportunities
Accounting
Judgemental itemsContracts combine equipment, licensing, and services with different timing rules.
Impact: Can shift revenue between periods and affect receivables/deferred revenue
Engineering revenue depends on progress estimates and milestone completion.
Impact: Estimate changes can materially alter reported revenue and margin timing
Some contracts include contingent pricing or penalties that require judgment.
Impact: Can create volatility in recognized revenue
Payments to ENTRA1 are evaluated under ASC 606 and may be expensed.
Impact: Affects operating expenses and the economics of the partnership
Material purchase commitments, PMA contributions, and USTDA paybacks exist.
Impact: Important for liquidity analysis and future cash outflows
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Last updated: 24/09/2026