NuScale Power Corporation

NuScale Power Corporation (NYSE: SMR) develops and supplies proprietary advanced nuclear technology based on small modular reactors (SMRs).

Key Business and Financial Updates:

• Strategic Positioning in SMR Technology: NuScale Power continues to position itself as a global leader in small modular reactor (SMR) technology. As the only company with two U.S. Nuclear Regulatory Commission (NRC) approvals, including the uprated 77 MWe design secured in Q2 2025, NuScale has strengthened its technological edge. The company remains years ahead of its competitors, supported by an established supply chain and approximately USD 2 billion of cumulative investment in licensing and operations readiness.
• Partnerships and Commercial Pathway: The commercialization strategy remains centered on its exclusive partnership with ENTRA1, which develops, finances, and operates energy plants powered by NuScale modules. This structure allows NuScale to concentrate on technology delivery while ENTRA1 manages customer-facing agreements and power purchase arrangements. Management reiterated optimism about securing its first firm U.S. order by the end of 2025, with strong interest from data centers, utilities, and the Department of Defense.
• Regulatory and Policy Tailwinds: The company continues to benefit from supportive policy frameworks, including executive orders prioritizing advanced nuclear technologies, the Inflation Reduction Act, and the ADVANCE Act. These measures are expected to shorten licensing timelines, reinforce domestic supply chains, and enhance deployment prospects. Bipartisan backing for clean baseload power adds further momentum to NuScale’s growth trajectory.
• Project and Operational Developments: Progress on the RoPower project in Romania remains steady, with the decommissioned coal plant site cleared and engineering work ongoing under Fluor’s leadership. While the final investment decision has been pushed to late 2026 or early 2027, the project continues to provide revenue through engineering and licensing services. Additionally, NuScale expanded its Energy Exploration (E2) Centers to 11 worldwide, underscoring its commitment to talent development and global nuclear education.
• Financial Performance: NuScale reported Q2FY25 revenue of USD 8.1 million, a sharp increase from USD 1.0 million in Q2FY24, primarily from RoPower-related engineering and licensing fees. Operating expenses rose moderately to USD 44.9 million, compared with USD 42.0 million a year earlier, reflecting disciplined cost control. Liquidity stood at USD 489.9 million at June 30, 2025, up USD 359 million year-over-year, though slightly down from Q1FY25.
• Capitalization and Shareholding Structure: As of June 30, 2025, NuScale had 284.8 million total shares outstanding and 294.5 million fully diluted shares. The capital structure includes Class A and Class B shares, options, and restricted stock units. Strategic investor Fluor has converted a portion of its Class B units to Class A shares, though NuScale emphasized that its go-to-market approach remains unchanged.
• Outlook and Execution Focus: Management emphasized disciplined investment in long-lead materials and supply chain readiness while avoiding speculative production of modules. The company aims to balance cash preservation with the need to accelerate commercialization. The near-term focus remains on securing hard contracts in the U.S. by year-end 2025 and advancing global opportunities, particularly in Europe.

Technical Observation (on the daily chart):

NuScale Power’s stock is consolidating after a strong rally earlier this year, with price now trading below both the 21-day and 50-day moving averages, signaling short-term weakness. The RSI sits near neutral at 47.7, showing neither oversold nor overbought conditions. Immediate support lies around USD 30–34, while resistance is at USD 40–43.

NuScale Power delivered strong progress in Q2FY25, underscored by a sharp revenue increase to USD 8.1 million from USD 1.0 million a year earlier, supported by steady cash inflows from the RoPower project. Liquidity improved significantly year-over-year to USD 489.9 million, providing a solid foundation for commercialization. With two NRC-approved designs, an established supply chain, and strong regulatory and policy tailwinds, the company is well positioned to secure its first firm U.S. contract by year-end 2025, reinforcing its leadership in the small modular reactor market. 

As per the above-mentioned price action, important financial updates, momentum in the stock over the last three months, and technical indicators analysis, a ‘BUY’ rating has been given for NuScale Power Corporation (NYSE: SMR) at the closing price of USD 37.24, as of September 02, 2025. 

Individuals can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario. 

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Related Risk: This report may be looked at from a high-risk perspective and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc. 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is September 02, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.