NuScale Power Secures Two NRC SMR Designs, Reports 62% Revenue Growth
NuScale Power holds two NRC-approved SMR designs (50 MWe and 77 MWe) and reported revenue growth from $22.8 million in 2023 to $37 million in 2024, with $690 million liquidity post-financing. The pre-commercial company faces a $379 million TTM net loss, equity dilution risk and must secure customer commitments for its capital-intensive projects.
1. NRC Approvals and Market Position
NuScale Power holds the only two Nuclear Regulatory Commission-approved SMR designs in the U.S., a 50 MWe and a 77 MWe unit, granting it a competitive regulatory edge. These approvals enable utilities to reference certified designs in licensing applications, bolstering NuScale’s credibility in the modular nuclear market.
2. Financial Performance and Liquidity
The company’s revenue grew from $22.8 million in 2023 to $37 million in 2024, while posting a trailing-twelve-month net loss of $379 million. NuScale retains approximately $690 million in liquidity after its latest financing, supporting ongoing R&D and pre-commercial activities.
3. Partnerships and Development Pipeline
NuScale has partnered with ENTRA1 Energy and developed a pipeline with the Tennessee Valley Authority, targeting initial commercial deployments. International optionality is highlighted by participation in Romania’s SMR initiative, expanding the company’s addressable market beyond North America.
4. Risks and Valuation Outlook
Execution risks include securing firm customer commitments, navigating lengthy construction timelines and raising additional equity, which could dilute existing shareholders. Competition from well-capitalized entrants like TerraPower and X-energy and geopolitical policy shifts may affect commercialization and valuation upside.