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NuScale Power (SMR)
NYSE:SMR
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NuScale Power
(NYSE:SMR)
42Neutral
Positive Factors
Commercialization
NuScale has the quickest path to commercialization in the US due to its advanced pressurized water-cooled reactor technology.
Partnerships
NuScale's key partnerships, including with Fluor and Doosan Enerbility, are expected to support its SMR projects and commercialization efforts.
Negative Factors
Financial Performance
Net loss of ~($180.3M) — a significant decline from ~($17.5M) 3Q24 — came in worse than our estimate of ~($36.0M).
Project Cancellations
UAMPS in Utah canceled its potential project with NuScale citing lack of offtakers, indicating potential challenges in securing customers.
NuScale Power (SMR) vs. S&P 500 (SPY)
Market Cap
$4.96B
Dividend YieldN/A
Average Volume (3M)6.00M
Price to Earnings (P/E)―
Beta (1Y)2.91
Revenue Growth62.41%
EPS Growth-85.81%
CountryUS
Employees330
SectorIndustrials
Sector Strength79
IndustryRenewable Utilities
Share Statistics
EPS (TTM)-1.47
Shares Outstanding133,014,330
10 Day Avg. Volume4,839,204
30 Day Avg. Volume6,000,517
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap0.23
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit35.61
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$19.10Price Target Upside9.39% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
NuScale Power Business Overview & Revenue Model
Company DescriptionNuScale Power Corporation develops and sells modular light water reactor nuclear power plants to supply energy for electrical generation, district heating, desalination, hydrogen production, and other process heat applications. It offers NuScale Power Module, a water reactor that can generate 77 megawatts of electricity (MWe); The VOYGR-12 power plant that can generate 924 MWe; and four-module VOYGR-4 and six-module VOYGR-6 plants, as well as other configurations based on customer needs. NuScale Power Corporation was founded in 2007 and is headquartered in Portland, Oregon. NuScale Power Corporation operates as a subsidiary of Fluor Enterprises, Inc.
How the Company Makes MoneyNuScale Power makes money primarily through the development and sale of its small modular reactors (SMRs). The company generates revenue by licensing its SMR technology to utility companies and other energy providers seeking to deploy nuclear power solutions. Additionally, NuScale may earn income from engineering and consulting services related to the implementation and maintenance of its nuclear reactors. Significant partnerships with government entities, such as the U.S. Department of Energy, and strategic alliances with energy companies around the world further contribute to its revenue streams by facilitating research, development, and deployment support for its advanced nuclear technologies.
NuScale Power Financial Statement Overview
Summary
NuScale Power shows strong revenue growth, but ongoing profitability challenges with negative EBIT and net income. While the balance sheet shows improvement with no debt, the company struggles with negative cash flow, necessitating further efforts to reach financial stability.Income Statement
NuScale Power has shown significant revenue growth, increasing from $600,000 in 2020 to $37,045,000 in 2024. However, the company consistently reports negative EBIT and net income, indicating ongoing profitability challenges. Gross profit margins have improved but remain overshadowed by substantial operating losses. The trend suggests aggressive expansion or R&D activities, but the lack of profitability is a concern.30
Negative
Balance Sheet
The company's balance sheet reflects substantial equity growth, with stockholders' equity turning positive in recent years. With zero total debt in 2024, the debt-to-equity ratio is favorable, showcasing financial prudence. However, the equity ratio is low, and the company has historically negative equity, indicating ongoing recovery from financial distress. Asset growth is evident, but sustained profitability is necessary for long-term stability.40
Negative
Cash Flow
NuScale Power has managed to improve its cash position significantly, with cash and short-term investments increasing over the years. Despite negative operating cash flow, the company has successfully raised financing, supporting operations and investments. However, free cash flow remains negative, raising concerns about the sustainability of operations without new financing.35
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 37.05M | 22.81M | 11.80M | 2.86M | 600.00K | Gross Profit |
| 32.11M | 3.85M | 4.49M | 1.09M | 245.00K | EBIT |
| -138.72M | -275.56M | -230.00M | -174.30M | -158.84M | EBITDA |
| -138.72M | -273.01M | -227.30M | -172.10M | -156.76M | Net Income Common Stockholders |
| -136.62M | -58.36M | -25.91M | -102.49M | -88.39M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 441.56M | 120.27M | 267.69M | 77.09M | 4.86M | Total Assets |
| 544.67M | 224.86M | 348.63M | 121.20M | 47.06M | Total Debt |
| 0.00 | 2.94M | 1.57M | 15.48M | 35.49M | Net Debt |
| -401.56M | -117.33M | -216.12M | -61.61M | 30.63M | Total Liabilities |
| 91.55M | 95.52M | 71.55M | 52.80M | 74.06M | Stockholders Equity |
| 618.70M | 93.46M | 296.77M | -781.62M | -679.13M |
| Cash Flow | Free Cash Flow | |||
| -108.71M | -184.98M | -150.94M | -101.11M | -50.76M | Operating Cash Flow |
| -108.67M | -183.25M | -148.61M | -99.16M | -47.23M | Investing Cash Flow |
| -39.85M | 48.27M | -52.33M | -1.95M | -3.53M | Financing Cash Flow |
| 429.81M | 16.13M | 368.06M | 173.34M | 38.49M |
NuScale Power Technical Analysis
Positive
17.46
Price Trends
16.20
Positive
19.22
Negative
16.97
Positive
Market Momentum
0.20
Negative
57.75
Neutral
83.93
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SMR, the sentiment is Positive. The current price of 17.46 is above the 20-day moving average (MA) of 15.44, above the 50-day MA of 16.20, and above the 200-day MA of 16.97, indicating a bullish trend. The MACD of 0.20 indicates Negative momentum. The RSI at 57.75 is Neutral, neither overbought nor oversold. The STOCH value of 83.93 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SMR.
NuScale Power Risk Analysis
NuScale Power disclosed 45 risk factors in its most recent earnings report. NuScale Power reported the most risks in the “Legal & Regulatory” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NuScale Power Peers Comparison
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $5.74B | 38.59 | 4.70% | 5.85% | -1.34% | 21.62% | |
71 Outperform | $4.09B | 32.67 | 6.15% | 5.09% | -8.26% | ― | |
66 Neutral | $4.38B | 35.48 | 5.22% | 0.66% | 6.06% | -2.21% | |
65 Neutral | $2.29B | 91.18 | 2.00% | ― | -1.77% | -41.65% | |
64 Neutral | $77.47B | 20.78 | 31.12% | 0.58% | 6.89% | 137.32% | |
64 Neutral | $4.28B | 11.80 | 5.33% | 250.46% | 4.10% | -9.26% | |
42 Neutral | $4.96B | ― | -38.37% | ― | 62.41% | -85.81% |
* Industrials Sector Average
Performance Comparison
SMR
NuScale Power
17.46
11.63
199.49%
ORA
Ormat Techno
72.21
5.01
7.46%
CWEN
Clearway Energy
28.78
5.46
23.41%
BEPC
Brookfield Renewable
28.23
0.01
0.04%
RNW
ReNew Energy Global
6.31
-0.05
-0.79%
CEG
Constellation Energy Corporation
247.26
50.90
25.92%
NuScale Power Earnings Call Summary
Earnings Call Date:Mar 03, 2025
(Q4-2024)
| % Change Since: 13.01%|
Next Earnings Date:May 12, 2025
Earnings Call Sentiment Positive
The earnings call highlighted significant financial growth, advancements in manufacturing and strategic positioning within the SMR market. However, the company faces challenges with a notable net loss and complexities in finalizing agreements with potential customers. Overall, the positive developments and growth initiatives outweigh the challenges reported.Q4-2024 Updates
Positive Updates
Significant Financial Growth
NuScale's cash position grew substantially, ending the fourth quarter with cash, cash equivalents, and short-term investments of $446.7 million compared to $125.4 million at the end of 2023.
Advancement in Manufacturing and Production
NuScale, in collaboration with Doosan Interability, has advanced the first six NuScale power modules and placed long lead material orders for an additional six, totaling 12 modules in production.
Strategic Positioning in the SMR Market
NuScale remains the sole near-term deployable SMR with Design Certification from the NRC, positioning it ahead of other SMR projects in terms of regulatory approval and readiness for commercial deployment.
Revenue Growth and Cost Efficiency
Q4 2024 revenue was $34.2 million, a significant increase from $4.6 million in the same period the previous year. Operating expenses were reduced from $71.8 million to $43 million, reflecting management's efforts to operate more efficiently.
Negative Updates
Net Loss and Non-Cash Expenses
NuScale reported a net loss of $180.3 million for Q4 2024, including a non-cash expense of $170 million related to the increase in fair value warrants.
Complexity in Finalizing Agreements
Challenges remain in finalizing long-term power purchase agreements with data center companies due to the complexity of the deals and the need to coordinate with multiple stakeholders.
Company Guidance
During NuScale's fourth quarter and full year 2024 earnings call, the company provided substantial guidance on their progress and financial performance. NuScale reported a significant cash position increase to $446.7 million, up from $125.4 million at the end of 2023, bolstered by warrant conversions generating $205.3 million in Q4. The company achieved revenue of $34.2 million for Q4, primarily from RoPower's SMR power plant project in Romania, marking a substantial increase compared to $4.6 million in the prior year. Despite a net loss of $180.3 million due to a $170 million non-cash expense from warrant fair value, operating expenses decreased by $28.8 million year-over-year to $43 million, reflecting efforts to streamline operations. NuScale is advancing its SMR technology, including a review to increase output to 77 megawatt electric from the NRC-licensed 50 megawatt electric, with a completion target of mid-2025. The company also emphasized its strategic partnerships and supply chain advancements, with 12 SMR modules in production, highlighting its readiness to meet growing clean energy demand, including from data centers expected to triple their energy use by 2028.NuScale Power Corporate Events
Financial Disclosures
NuScale Power Schedules Q1 2025 Earnings Call
Neutral
Apr 10, 2025
NuScale Power Corporation announced it will hold a conference call on May 12, 2025, to discuss its first quarter 2025 financial results. This update is significant as it provides stakeholders with insights into the company’s operational and financial performance, potentially impacting its market positioning and investor relations.
Spark’s Take on SMR Stock
According to Spark, TipRanks’ AI Analyst, SMR is a Neutral.
NuScale Power’s stock score reflects strong revenue growth and strategic advancements in the SMR market, offset by ongoing profitability challenges and technical weaknesses. While the company shows potential with its cash reserves and strategic partnerships, its financial performance and valuation metrics suggest caution.
To see Spark’s full report on SMR stock, click here.
Financial Disclosures
NuScale Power Reschedules 2024 Earnings Call to March 2025
Neutral
Feb 25, 2025
NuScale Power Corporation has rescheduled its earnings conference call to discuss the fourth quarter and full year 2024 results, now set for March 3, 2025. This change may impact stakeholders’ expectations and planning as they await the company’s financial performance insights, which are critical for assessing NuScale’s market position and future growth potential.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.