NuScale Power Corporation reported its third‑quarter 2025 financial results, showing revenue of $8.24 million and a net loss of $532.65 million. The loss per share was $1.85, a widening from the $0.18 loss per share recorded in the same quarter a year earlier. The company’s operating loss expanded to $616.85 million, driven largely by a one‑time $495 million charge related to the Milestone Contribution 1 under the Partnership Milestones Agreement with ENTRA1.
Revenue rose 1,635% year‑over‑year, from roughly $0.47 million in Q3 2024 to $8.24 million in Q3 2025. The surge was largely driven by engineering and licensing services for the RoPower project, which generated a significant portion of the quarter’s revenue. However, the figure still fell short of the consensus estimate of $11.1 million, reflecting a revenue miss that investors had been anticipating.
The $532.65 million net loss was largely a result of the $495 million one‑time charge, which was recorded as a general‑administrative expense. After removing the charge, the company’s adjusted operating loss would have been $121.85 million, still a loss but markedly smaller. The loss per share widened because the charge was spread over the diluted share count, amplifying the negative impact on earnings.
Cash and short‑term investments at the end of the quarter totaled $753.8 million, a substantial increase from the $521 million reported in the original article. The higher balance reflects a $475.2 million at‑market offering that the company completed earlier in the year, providing a strong liquidity cushion to support ongoing capital expenditures.
CEO John Hopkins highlighted the company’s strategic partnership with ENTRA1 and the Tennessee Valley Authority, noting that the agreement marks the largest SMR deployment program in U.S. history. He emphasized that NuScale’s unique status as the only U.S. NRC‑certified SMR technology provider positions the company to convert its engineering and licensing revenue into commercial plant operations once regulatory milestones are achieved.
Following the earnings release, NuScale’s shares fell 14% in after‑hours trading and 6.7% in pre‑market trading on November 7, with a 7.5% drop in extended trading on November 6. The market reaction was driven by the revenue miss, the widened loss, and the significant one‑time charge, all of which raised concerns about the company’s path to profitability in its pre‑commercial phase. Investors remain cautious, weighing the company’s strong cash position against the high capital intensity required to bring SMR technology to market.
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