NuScale Power Corporation (SMR) SEC Filings & Earnings Calls

Dilution from ATM program may pressure stock price

“Up to $750M in shares may be sold at market prices”

Revenue concentration and project dependency

“Revenue decreased by $8.0 million during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to the revenue recognized from the work associated with the Fluor FEED Phase 2 engineering services in support of the RoPower project, which was completed in late 2025, with no comparable activity in 2026.” · word for word

Dependence on ENTRA1 for commercialization

“While ENTRA1 can decide in its sole discretion whether to participate in commercialization and development opportunities with NuScale, NuScale must obtain ENTRA1’s consent to pursue opportunities without their involvement.” · word for word

Operating losses and negative cash flow

“Since NuScale’s inception, we have incurred significant operating losses and have an accumulated deficit of $824.4 million, with negative operating cash flows.” · word for word

Revenue decline due to project timing; pre-commercial stage

“Revenue decreased $8M YoY as FEED Phase 2 work completed in late 2025”

Rising operating expenses as company scales for commercialization

“R&D up $6.6M, G&A up $4.4M, other expenses up $8.0M”

Customer concentration and dependency on ENTRA1

“ENTRA1 is NuScale’s exclusive global partner for the commercialization and development of our products and services, including NPMs to be included in nuclear power plants. While ENTRA1 can decide in its sole discretion whether to participate in commercialization and development opportunities with NuScale, NuScale must obtain ENTRA1’s consent to pursue opport” · word for word

Revenue volatility and lack of recurring revenue

“Revenue decreased $12.8 million during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to the revenue recognized from the RoPower technology license agreement completed during the first three months of 2025 as well as the work associated with the Fluor FEED Phase 2 engineering services in support of t” · word for word

Significant operating losses and negative cash flow

“Since NuScale’s inception, we have incurred significant operating losses and have an accumulated deficit of $776.9 million, with negative operating cash flows.” · word for word

Dependence on future financing and ATM program

“During the three months ended March 31, 2026, the Company issued and sold 3,159,105 shares of Class A common stock for the gross and net proceeds of $37.9 million and $37.3 million, respectively, with a weighted average price of $12.01 per share. As of March 31, 2026, the Company had $962.1 million worth of shares of Class A common stock eligible for sale un” · word for word

Revenue dependency on large project milestones; no recurring revenue stream yet.

“Revenue decrease driven by completion of RoPower TLA and FEED Phase 2, with no comparable activity in 2026.”

Rising R&D and G&A costs without corresponding revenue growth may pressure margins.

“R&D expenses increased $3.7 million; G&A increased $1.6 million; other expenses increased $10.0 million.” · word for word

Loss of strategic investor support

“As of April 15, 2026, the Reporting Persons are no longer the beneficial owners of more than five percent of the Issuer's securities and are no longer required to report their holdings on Schedule 13D.” · word for word

Loss of strategic investor support

“As of April 15, 2026, the Reporting Persons are no longer the beneficial owners of more than five percent of the Issuer's securities and are no longer required to report their holdings on Schedule 13D.” · word for word

Tax Receivable Agreement liability

“Associated with these exchanged units we have calculated an implied Tax Receivable Agreement obligation of $582,178,000 as of December 31, 2025.” · word for word

Dependence on ENTRA1 for commercialization

“While ENTRA1 can decide in its sole discretion whether to participate in commercialization and development opportunities with NuScale, NuScale must obtain ENTRA1’s consent to pursue opportunities without their involvement.”

Fluor reduces stake, potential loss of strategic support

“Nuke sold 13,500,000 shares of Class A Common Stock to BofA at a price of $12.0665 per share.” · word for word

Fluor reduces stake, potential loss of strategic support

“Nuke sold 13,500,000 shares of Class A Common Stock to BofA at a price of $12.0665 per share.” · word for word

Dependence on ENTRA1 partnership

“ENTRA1 holds the exclusive rights for the worldwide commercialization, distribution, sales and development of our products, services and power plants.” · word for word

Fluor stock sell-down

“Fluor, our largest stockholder, has publicly stated its intention to sell down its position and has begun to sell down its position.” · word for word

Operating losses and cash burn

“Since NuScale’s inception, we have incurred significant operating losses and have an accumulated deficit of $732.9 million, with negative operating cash flows.” · word for word

Significant dilution risk from $1B ATM program

“Up to $1B in shares may be sold at market prices, replacing prior $750M program”

Revenue decline and high G&A expenses due to PMA milestone

“Revenue down 14.9% YoY; G&A surged to $609.8M including $507.4M PMA milestone”

Pre-commercial stage with significant cash burn

“Operating expenses high relative to revenue; company relies on equity financing”

Dilution Risk

“Because our stockholders do not have preemptive rights with respect to our Class A Common Stock, they would not have preferential rights to purchase any additional shares we may issue in the future. Consequently, any issuance of additional shares of our Class A Common Stock, unless such issuance is pro-rata among existing stockholders, would increase the num” · word for word

Going Concern Risk

“If this Proposal 1 is not approved by our stockholders, our Board would have significantly limited ability to approve the issuance of equity at its discretion in the future, which could result in, among other things, difficulties in our ability to finance our ongoing business and operations and may create substantial doubt about our ability to continue as a ” · word for word

Anti-Takeover Risk

“The availability of additional shares of our Class A Common Stock could, under certain circumstances, discourage or make more difficult efforts to effect a change of control of the Company or remove management, which our stockholders might otherwise deem favorable.” · word for word

Potential dilution from ATM issuance; reliance on equity markets for funding.

“Up to $750M of shares may be sold, diluting existing shareholders.”

High G&A expense due to $495M milestone contribution; potential for continued cash burn.

“G&A increased $502.2 million, primarily due to $495.0 million Milestone Contribution 1.”

Going Concern Risk

“Since NuScale’s inception, we have incurred significant operating losses and have an accumulated deficit of $682.0 million, with negative operating cash flows.” · word for word

Dilution Risk

“During the nine months ended September 30, 2025, the Company issued and sold a total of 17,764,936 shares of Class A common stock under these two Sales Agreements, for the gross and net proceeds of $577.6 million and $562.4 million, respectively, and a weighted average price of $33.68 per share.” · word for word

Milestone Contribution Liability Risk

“This achievement resulted in a one-time expense of $495.0 million included in General and administrative (“G&A”) expenses on the condensed consolidated statement of operations, a liability of $346.5 million included in Accounts payable and accrued expenses on the condensed consolidated balance sheet and a payment of $148.5 million, reflected as Net cash used”