NuScale Secures $1.3B Liquidity, Eyes 6GW TVA Deal and Production Ramp
NuScale reported year-end 2025 liquidity of $1.3 billion alongside FY revenue of $31.5 million, with plans to ramp module production from 12 to 20 units annually. The ENTRA1 Energy deal with TVA to supply 6 GW (72 modules) and NRC’s ahead-of-schedule design certification position the company for multi-billion dollar COLA/FEED contracts.
1. Financial Position and Liquidity
NuScale closed 2025 with $1.3 billion in liquidity, up from $754 million at Q3 and $442 million at year-end 2024. Full-year revenue declined to $31.5 million from $37 million as RoPower licensing revenue eased, while operating expenses remained near a $172–200 million annual range.
2. ENTRA1–TVA Agreement Progress
ENTRA1 Energy’s agreement to supply 6 GW across six plants (72 NuScale modules) for TVA’s service region is moving toward a definitive power purchase agreement. A signed PPA would trigger sizable combined operating license application (COLA) and front-end engineering design (FEED) contracts, each expected to drive substantial near-term revenue.
3. NRC Design Certification Advantage
NuScale’s 77 MWe VOYGR design received U.S. Nuclear Regulatory Commission certification ahead of schedule under 10 CFR Part 52. This makes NuScale the only SMR technology with NRC design approval, supporting its asset-light model and enhancing its competitive positioning domestically and internationally.
4. Manufacturing Readiness and Production Ramp
The company has 12 modules in production with Doosan Enerbility and has ordered long-lead materials to accelerate delivery. NuScale plans to increase capacity to 20 modules per year, with strategies in place to eventually double annual output to meet ENTRA1 and other project demands.