NuScale Power (SMR) closed out FY 2025 with Q4 revenue of US$1.8 million and a basic EPS loss of US$0.24, alongside a net loss of US$50.8 million, keeping profitability firmly in focus for investors. Over the past year, the company has seen quarterly revenue range from US$0.5 million to US$34.2 million, while basic EPS moved between a loss of US$0.11 and a much larger loss of US$1.85. This underscores how sensitive margins remain to project timing and cost swings. With revenue forecasts pointing to strong growth but losses still significant, the latest numbers keep the spotlight on whether NuScale can eventually translate its top line into more resilient margins.

See our full analysis for NuScale Power.

With the headline figures on the table, the next step is to see how these results line up against the key stories investors already have about NuScale, and where the numbers start to challenge those narratives.

Losses remain heavy at US$355.8 million over 12 months

• On a trailing 12 month basis, NuScale reported total revenue of US$31.5 million against a net loss of US$355.8 million, so revenue is still small compared with the overall loss level.
• Consensus narrative points to analysts expecting revenue to grow by 119.0% a year over the next 3 years, yet they also expect NuScale to stay loss making over that period. This sits alongside the current US$355.8 million loss and highlights how much would need to change before higher revenue could meaningfully affect the bottom line.
  • Analysts see potential earnings of US$37.2 million by around 2029 if margins move toward the US Electrical industry average of 11.2%, compared with today’s loss, so the current earnings profile is far from that scenario.
  • The same narrative expects shares outstanding to grow by 7.0% a year for the next 3 years, so any future earnings per share benefit would have to offset both the current loss level and ongoing dilution.

Revenue growth story vs 49.1% forecast

• Trailing 12 month revenue sits at US$31.5 million, and forecasts call for revenue to grow about 49.1% a year. Investors will weigh this against the fact that quarterly revenue in FY 2025 moved between US$1.8 million and US$13.4 million.
• Bulls argue that projects like RoPower FEED 2 in Romania and the planned ENTRA1 and TVA program could support very fast revenue expansion, yet the current revenue base and loss profile set a high bar for those expectations.
  • The bullish narrative assumes revenue could reach US$941.3 million by about 2028, a very large step up from the trailing US$31.5 million. This depends on those projects converting from studies and frameworks into firm orders.
  • At the same time, bulls assume earnings could reach US$111.3 million by 2028 from the current US$355.8 million loss, so actual progress on contracts and project milestones will be critical for that shift to happen.

Bulls and optimists are working off very aggressive revenue and earnings assumptions compared with today’s small revenue base and large loss, so it can help to see how they connect those dots in more detail through the 🐂 NuScale Power Bull Case

Mixed valuation signals at US$12.58 share price

• With the stock at US$12.58, the trailing 12 month DCF fair value is US$5.01 per share, while the P/B of 3.5x is lower than the 15.1x peer average but slightly above the 3.1x US Electrical industry average. Different valuation lenses therefore point in different directions.
• Bears highlight that NuScale is unprofitable and forecast to remain so for at least 3 years, and they question whether today’s price and any target around US$17 can be justified given the current losses and financing needs.
  • The bearish narrative assumes revenue could actually shrink by 14.4% a year over the next 3 years, which would leave the current US$31.5 million revenue base and US$355.8 million loss hard to reconcile with a higher valuation.
  • On top of that, shareholders have already seen dilution over the past year and analysts expect shares outstanding to grow 7.0% a year, so per share value depends not just on revenue growth but also on how that growth is funded.

Skeptics focus on the gap between the US$12.58 share price, the US$5.01 DCF fair value, and the ongoing losses when they build a more cautious case for the stock through the 🐻 NuScale Power Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for NuScale Power on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of optimism and concern feels familiar, use it as a prompt to check the underlying figures yourself, weigh the trade offs, and see how the balance of potential upside and downside sits for you through our 1 key reward and 3 important warning signs

See What Else Is Out There

NuScale is still working through heavy losses of US$355.8 million on just US$31.5 million in revenue, alongside ongoing dilution and uncertain paths to profitability.

If you want ideas where the balance between risk and reward looks less stretched, use the 72 resilient stocks with low risk scores to quickly focus on companies with more resilient profiles.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.