NuScale Power (NYSE:SMR) used its fourth-quarter and full-year 2025 earnings call to highlight regulatory progress, commercialization efforts tied to its partner ENTRA1 Energy, and next steps for the Romania RoPower project, while executives also discussed liquidity, revenue trends, and internal controls.
Regulatory progress and commercialization focus
President and CEO John Hopkins said 2025 was marked by “significant progress,” led by the U.S. Nuclear Regulatory Commission’s approval of NuScale’s 77 megawatt electric standard design “ahead of schedule.” Hopkins said NuScale remains “the only SMR technology to achieve NRC Design Certification,” and positioned that certification as a differentiator both in the U.S. market and internationally.
ENTRA1 and TVA: steps toward a definitive PPA
A central theme of the call was ENTRA1 Energy’s agreement with the Tennessee Valley Authority (TVA) tied to supplying 6 gigawatts of power, which Hopkins said would represent 72 NuScale Power Modules across six ENTRA1 plants supporting TVA’s seven-state service region. Management said ENTRA1 and TVA have continued advancing discussions over the past several months.
Hopkins outlined actions he said have been taken to move the program forward, including assembling an “infrastructure experienced team,” progress on financing discussions, site visits and evaluations, identification of four potential sites (with a prospective first site identified), and drafting of a definitive power purchase agreement. He also noted TVA’s board was confirmed in January, following the deal announcement in September.
During the Q&A, NuScale executives declined to provide additional detail on a “multi-billion” term sheet referenced in prepared remarks, citing nondisclosure constraints with ENTRA1. General Counsel Bill Cooper said the company was under NDA and could not expand further. When asked about gating factors and timing related to a binding PPA, Cooper said the company had shared all it could in prepared remarks.
Chief Commercial Officer Clayton Scott addressed what could follow a binding PPA from a business activity standpoint, saying NuScale would expect to enter into combined operating license application (COLA) and front-end engineering and design (FEED) work that would generate revenue. Scott added he would expect that work to be larger than what NuScale has seen in Romania because the ENTRA1 plants are “much larger.”
Romania RoPower: FEED 2 completed and next phase outlined
Hopkins said NuScale completed its work for Fluor’s Phase 2 FEED study for the proposed RoPower Doicești power plant in Romania by the end of 2025. He stated that NuScale recognized $63.1 million in revenue from licensing fees and engineering work tied to FEED 2 over an 18-month period ending in December 2025.
Hopkins also noted that shareholders of Romanian state nuclear company S.N. Nuclearelectrica voted earlier in the month to progress the RoPower project. Management said the vote is expected to allow the project to seek secured financing to continue feasibility studies and site-specific design work, advance licensing and geotechnical work, finalize a pre-EPC contract, and begin negotiating contracts for long-lead items.
NuScale said it anticipates pre-EPC activities beginning in the second quarter, with an estimated duration of up to 15 months, including development of a Class 2 cost estimate. In the Q&A, Hopkins stressed NuScale’s role as a subcontractor to Fluor, saying NuScale’s contract is with Fluor rather than the Romanian government, and that Fluor is negotiating next steps with RoPower.
Manufacturing readiness and Doosan capacity
In response to questions on supply chain readiness, Chief Operating Officer Carl Fisher said NuScale has “12 modules under production” with Doosan Enerbility and that having long-lead materials ordered provides a “significant timing advantage.” Fisher said the company has “extreme confidence” in Doosan and described efforts to increase capacity to 20 modules per year, with an eventual plan to double that capacity. He added that the initial modules “will set the stage” for subsequent modules that could be used with ENTRA1 projects.
Financial results: liquidity up, revenue down year-over-year
Chief Financial Officer Ramsey Hamady said NuScale’s overall liquidity increased to $1.3 billion at December 31, 2025, compared with $754 million at September 30, 2025 and $442 million at the end of 2024. Hamady said that liquidity would support supply chain and manufacturing readiness, commercialization obligations, and balance sheet strength. He also said NuScale expects revenues from products and services to support positive cash flow from operations as projects move forward.
For the year ended December 31, 2025, NuScale reported revenue of $31.5 million, compared with $37 million in the prior year. Hamady attributed the decline to reduced revenue recognized from the RoPower technology licensing agreement, partially offset by higher Fluor Phase 2 engineering and services revenue.
On cash usage and runway, Hamady said the company’s operating expense level has been “fairly consistent,” referencing a range around $172 million to $200 million and citing $193 million in 2024 on an adjusted basis. He also pointed to post-close disclosures referencing a roughly $250 million payment, and said investors should view the company as conservatively positioned with a runway that is “not a problematic item.” When asked about additional milestone-type payments, Hamady referred listeners to company filings that describe payments in detail.
Hamady also discussed capitalization, noting that the number of Class B shares was reduced in the fourth quarter due to Fluor’s conversion of Class B shares into Class A common stock, and said Fluor continues to monetize its investment through open-market transactions subject to restrictions.
Finally, responding to a question on a previously disclosed material weakness, Hamady said NuScale had disclosed a material weakness in internal controls over financial reporting in its 2024 annual report, related to information technology general controls. He said the company implemented its remediation plan and reported a “clean bill of health from EY,” adding that the material weakness no longer remains.
About NuScale Power (NYSE:SMR)
NuScale Power Corporation, trading on the NYSE American under the ticker SMR, is a pioneering developer of small modular nuclear reactors. Established in 2007 as a spinout from Oregon State University, the company is headquartered in Portland, Oregon. NuScale’s mission is to deliver zero-carbon baseload power through scalable modular reactor technology, aiming to transform traditional nuclear energy deployment.
At the core of NuScale’s offering is the VOYGR small modular reactor design, featuring 77-megawatt electric (MWe) modules with passive safety systems.
