Filing Flows › Nuscale Power (SMR) › Q3 2025
Nuscale Power (SMR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Nuscale Power (SMR) reported revenue of $8.2M for the third quarter 2025 (Q3 2025), up 17-fold from a year earlier and +2% from the quarter before.
Nuscale Power, Q3 2025: revenue $8.2M (17× year over year), net loss $533M, operating cash flow −$200M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.2M | +2% | 17× |
| Operating profit | −$538M | — | — |
| Net earnings | −$533M | — | — |
| Operating cash flow | −$200M | — | — |
What changed
Revenue was $8.2M in Q3 2025, up 1635% year over year and up 2% from the previous quarter. Power Plant and NPM related services was the largest line at 97% of revenue. Power Plant and NPM related services added $7.9M year over year (up 5328%), 102% of the total change. Other declined 83%.
Gross margin was 32.9%, down 5.0 points from a year earlier. Operating costs exceeded revenue by $538.4M, an operating margin of -6532.9%. Operating expenses grew 1214% against revenue growth of 1635%. The fastest-growing cost line was General & admin (+2950%). The quarter ended with a net loss of $532.6M, wider than the previous quarter's $37.6M loss. Minority interests bore $259.3M of it: to shareholders the quarter was a loss of $273.3M.
Operating cash flow was −$199.8M. Non-cash charges added back $293K of depreciation and amortization and $4.8M of share-based compensation. Working capital and other items added $327.8M. Capital expenditures of $141K exceeded it, leaving free cash flow of −$199.9M.
Questions
What was Nuscale Power's revenue in the third quarter 2025?
Nuscale Power (SMR) reported revenue of $8.2M for the third quarter 2025 (Q3 2025), up 17-fold from a year earlier and +2% from the quarter before.
Source: Nuscale Power 10-Q on SEC EDGAR.