Public opposition to nuclear power
Accidents or policy shifts can reduce demand and tighten regulation.
- Scope
- Global SMR adoption
- Materiality
- high
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.
−2 187,4 %
36,3 %
−1 130,3 %
−15,0 %
4.30
4.30
| % | |
|---|---|
| SMR technology and reactor modules | 45% Proprietary NuScale Power Modules and related reactor design for nuclear power plants. |
| Nuclear equipment supply | 20% Major engineered equipment, module assembly, handling, and fuel-related hardware. |
| Licensing and regulatory services | 15% Design certification, licensing basis support, and regulatory documentation for plant approval. |
| Engineering and project services | 15% FEED support, testing, training, and program management across deployment phases. |
| Fuel and lifecycle support | 5% Fuel supply services and operating-life support for deployed NPM plants. |
NuScale sells to utilities, governments, state-owned enterprises, and industrial customers that need reliable...
- Utilitiesprimary
Buy SMR plants and related services for grid power and long-duration capacity.
- Government and state-owned enterprisesprimary
Use NuScale technology for national energy security and decarbonization goals.
- Industrial and technology companiessecondary
Seek reliable carbon-free electricity, heat, or hydrogen production near demand centers.
- Project developers and EPC partnerssecondary
Purchase licensing, engineering, and equipment support to execute plant projects.
- RoPower Nuclearprimary
Current major customer for FEED, licensing, and deployment work in Romania.
NuScale is headquartered in the United States, where its design certification and regulatory approvals are anchored...
- •United States is the home market and regulatory base
- •Romania is the key named project geography through RoPower
- •International markets are targeted through licensing partnerships
- •Nuclear approvals are country-specific and slow to replicate
- •Global supply chain partners support deployment outside the U.S.
NuScale’s strategy is to commercialize its SMR platform through design approvals, licensing support, and deployment...
01
Convert design approvals into commercial plant deploymentsshort-term
Regulatory approval is a prerequisite for customer adoption and project financing.
02
Scale partner-led commercializationmedium-term
ENTRA1 and EPC partners extend market access and execution capacity.
03
Build recurring service revenuemedium-term
Services can extend across development and operating life of each plant.
NuScale faces execution risk typical of first-of-a-kind nuclear technology, including regulatory, supply chain, and...
Constrained supplier base
The company relies on third-party suppliers for major nuclear equipment.
- Scope
- Module fabrication and delivery
- Materiality
- high
Partner dependence
ENTRA1 and Fluor are central to commercialization and project execution.
- Scope
- Sales, development, and FEED work
- Materiality
- high
Regulatory and licensing risk
Nuclear projects require multi-year approvals and country-specific permits.
- Scope
- U.S. and foreign markets
- Materiality
- high
Customer concentration
The current commercial pipeline is narrow and project-specific.
- Scope
- RoPower and early-stage opportunities
- Materiality
- high
Revenue recognition for mixed contracts
Can shift revenue between periods and affect receivables/deferred revenue
Cost-to-cost estimates and milestones
Estimate changes can materially alter reported revenue and margin timing
Variable consideration
Can create volatility in recognized revenue
Consideration paid to customer/prospective customer
Affects operating expenses and the economics of the partnership
Commitments and contingent obligations
Important for liquidity analysis and future cash outflows
: 29.4.2026