NuScale Power Stock (SMR) Plunges despite ‘Breakthrough’ in 2025 — Here’s Why

NuScale Power’s SMR +1.14% ▲ shares tumbled over 5% early Friday after the American nuclear reactor developer released fourth-quarter 2025 earnings results on Thursday, missing Wall Street’s estimates.

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This is even though CEO John Lawrence Hopkins called 2025 a “breakthrough,” saying the company made progress towards its commercialization efforts.

NuScale Power Sinks on Q4 Earnings Miss

During the final three months of 2025, the Oregon-based company reported an adjusted net loss of 8 cents per share, wider than analysts’ projection of a net loss of one cent per share, and a sharp turn from 6 cents per share during the same period last year. Similarly, quarterly revenue fell by 95% from the year-ago quarter to $1.8 million, vastly falling short of the consensus of about $7.2 million.

In the third quarter of the year, the revenue came in at $8.2 million. For the full year, revenue declined by 15% year-over-year to $31.5 million, with net loss also widening by 92% to $664.12 million.

Why NuScale Power’s Revenue Fell in 2025

NuScale blamed the decline in yearly revenue on lower earnings from its technology license agreement entered in 2024 with RoPower, a venture jointly owned by Nuclearelectrica, Romania’s state nuclear operator, and Nova Power & Gas, a private Romanian energy company. In Q3 2025, services provided to RoPower helped the company grow its revenue massively to $8.2 million.

However, NuScale noted that the decline was offset by earnings generated from providing engineering services to its major shareholder, Fluor FLR -2.73% ▼ , for phase 2 of the latter’s Front-End Engineering and Design (FEED) study for RoPower’s power plant in Doicești, Romania.

NuScale Eyes Commercialization in 2026

Explaining the “breakthrough” statement, Hopkins noted that it worked with energy developer ENTRA1 — which is the company’s global commercialization partner — to enter a nonbinding collaborative agreement with the U.S. public utility, Tennessee Valley Authority (TVA).

Under the arrangement, both companies will work together to deploy NuScale’s small modular reactors (SMR) to deliver up to six gigawatts of nuclear energy capacity to the TVA.

“As we move into 2026, our primary focus will be on the commercialization of our SMR technology, including ensuring full readiness for the manufacturing of our first NuScale Power ModuleTM,” Hopkins added.

Is SMR a Good Stock to Buy?

On Wall Street, analysts currently have a Moderate Buy consensus rating on NuScale Power’s shares based on four Buys, five Holds, and one Sell recommended over the past three months. However, the average SMR price target of $21.19 implies about 59% upside.

It is important to note that analyst ratings may change following the latest earnings report.

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