The Boeing of nuclear power, focused on designing advanced, smaller reactors.

An 'IKEA for nuclear power plants,' providing standardized, modular designs for easier deployment.

• NuScale Power Module (NPM): A factory-fabricated, light water small modular reactor designed to generate carbon-free electricity and provide process heat for various applications.
• Voyager SMR Plant: A complete, multi-module power plant solution that integrates multiple NuScale Power Modules to produce reliable and scalable power.
• Engineering & Licensing Services: Provides comprehensive engineering design, project management, and regulatory licensing support for the deployment and operation of their SMR technology.

NuScale Power (symbol: SMR) primarily sells its small modular reactor (SMR) technology to other companies and organizations, rather than individuals.

Its major customers and partners currently pursuing the deployment of NuScale SMRs include:

• RoPower Nuclear S.A. (Romania): This joint venture, primarily involving Nuclearelectrica (symbol: SNN.BX on the Bucharest Stock Exchange), is actively pursuing the deployment of NuScale SMRs in Romania as part of the country's clean energy strategy.
• KGHM Polska Miedź S.A. (symbol: KGHM.WA on the Warsaw Stock Exchange): A global mining and metals company based in Poland. KGHM plans to deploy NuScale SMRs to provide clean, reliable power for its industrial operations.
• Standard Power: A company that develops and operates data centers. NuScale has a memorandum of understanding (MOU) to explore deploying NuScale SMR plants to power Standard Power's data centers, providing a carbon-free energy solution.

Historically, NuScale's most prominent customer for its flagship project was the Utah Associated Municipal Power Systems (UAMPS) for the Carbon Free Power Project (CFPP). However, UAMPS officially terminated the CFPP in November 2023 due to subscriber shortfalls and increased project costs, so UAMPS is no longer an active customer for this specific project.

• BWX Technologies (Symbol: BWXT)
• Doosan Enerbility (Symbol: 034020.KS)
• Fluor Corporation (Symbol: FLR)
• AtkinsRéalis (Symbol: ATRL)

John L. Hopkins, President and Chief Executive Officer

John L. Hopkins joined NuScale Power in 2012 and has served as President and Chief Executive Officer since December 2012. Prior to NuScale, he had a distinguished career with Fluor Corporation from 1989 to 2012, holding numerous global leadership positions in operations and business development, and serving as a corporate officer from 1999. From 2010 to 2012, he was Fluor's group president for Corporate Development and New Ventures Group, where he was responsible for strategic planning and global sales and marketing. Hopkins also served as a senior energy policy advisor for I Squared Capital, a private asset management firm, and was chairman of the board for Savannah River Nuclear Solutions, LLC.

Robert Ramsey Hamady, Chief Financial Officer

Robert Ramsey Hamady assumed the role of NuScale Power's Chief Financial Officer in August 2023. With a 26-year career, Mr. Hamady has supported high-growth firms. Before joining NuScale, he served as CFO of Equify Financial and Western Magnesium Corporation, which are both private and public SEC-reporting organizations. He was also the Director, Finance and Investments, of HG Global, a private asset management firm specializing in energy, infrastructure, and financial sectors. Hamady founded Gulf Capital Credit Opportunities, a special situations investment fund backed by sovereign wealth, multilateral, and private investors. His career began at Lehman Brothers as an emerging markets sovereign bond trader, and he later worked at J.P. Morgan, where he was involved in special situations investments and sponsor-backed leverage buy-outs for global private equity firms.

José N. Reyes, Chief Technology Officer & Co-Founder

Dr. José N. Reyes is a Co-Founder of NuScale Power and has served as its Chief Technology Officer since 2007. He is also recognized as the co-designer of the NuScale passively-cooled Small Nuclear Reactor. Dr. Reyes has served as a technical expert on passive safety systems for the United Nations International Atomic Energy Agency. He holds Ph.D. and M.S. degrees in Nuclear Engineering from the University of Maryland and a B.S. degree in Nuclear Engineering from the University of Florida.

Carl M. Fisher, Chief Operating Officer

Carl M. Fisher has been the Chief Operating Officer of NuScale Power since 2023. His previous roles include serving as Vice President of Instrumentation & Control in North America. Before that, he led various business lines at Framatome. Fisher also managed energy commercial development efforts with Duke Energy International in Hong Kong.

Clayton Scott, Chief Commercial Officer

Clayton Scott has served as NuScale Power's Chief Commercial Officer since August 2023. He previously held the position of Executive Vice President, Business Development for the company. Prior to his tenure at NuScale, Mr. Scott was the Senior Vice President – Global Sales, Deputy Director I&C Business Unit for Framatome. He also served as the Chief Nuclear Officer of Invensys's global nuclear business.

The public company NuScale Power (SMR) faces several significant risks, primarily stemming from its current stage of development and the capital-intensive nature of its industry. The three key risks are its lack of commercialized reactors and consistent revenue generation, the inherent execution and deployment challenges of its technology, and the associated risk of shareholder dilution from ongoing capital raises.

1. Lack of Commercialization and Consistent Revenue Generation: NuScale Power is largely a pre-revenue company that has yet to commercialize its small modular reactors (SMRs) or secure significant, firm customer contracts. Despite having U.S. Nuclear Regulatory Commission (NRC) design approval, the company generates minimal revenue and experiences substantial financial losses, leading to a high cash burn rate. A notable example of this risk materializing was the cancellation of the Carbon Free Power Project (CFPP), which underscored the difficulties in securing adequate subscriptions for its projects. This prolonged period without substantial revenue creates significant financial fragility and questions the company's long-term viability.
2. Execution and Deployment Risks for SMR Technology: Even with regulatory approval, the scaling and deployment of SMRs present complex challenges, including potential delays, regulatory setbacks, and cost overruns. The process of bringing SMRs from design certification to actual construction and operation is intricate and capital-intensive, meaning there is still considerable work and investment required before NuScale can build and sell its units commercially. These execution risks can significantly impact project timelines and overall profitability.
3. Dilution Risk from Ongoing Capital Raises: To fund its operations, research and development, and the long path to commercialization, NuScale Power frequently relies on raising capital, often through equity offerings. This ongoing need for funding introduces a significant risk of dilution for existing shareholders, as the issuance of new shares can decrease the value of their holdings. The company has explicitly sought flexibility to issue more stock, and has engaged in active equity fundraising through programs like at-the-market offerings, which can weigh on the stock price.

The demonstrated difficulty in securing sufficient customers for its first commercial project, leading to the cancellation of the Carbon Free Power Project (CFPP), suggests that the perceived cost-effectiveness and market acceptance of NuScale's SMR technology may be significantly lower than anticipated. This is an emerging threat because it undermines the fundamental business case for NuScale's SMRs, indicating that potential customers may not be willing to commit to projects at current cost estimates, potentially driving them to alternative energy sources or competitors.

NuScale Power's main products and services are centered around Small Modular Reactors (SMRs), specifically the NuScale Power Module (NPM) and VOYGR power plants. The addressable markets for these products and services are as follows:

• Global Small Modular Reactor Market:
  • The global small modular reactor market was estimated at USD 6.13 billion in 2023 and is projected to reach USD 7.69 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.3% from 2024 to 2030.
  • Another estimate valued the global SMR market at USD 5.8 billion in 2022, with projections to reach USD 13.4 billion by 2032, growing at a CAGR of 8.7% from 2023 to 2032.
  • Further forecasts suggest the global market for SMRs could reach USD 72.4 billion by 2033 and USD 295 billion by 2043, representing a CAGR of 30% in that period.
  • In 2024, the global SMR market size was estimated at USD 8.661 billion, with a projection to reach USD 127.46 billion by 2035, exhibiting a CAGR of 27.69% during 2025-2035.
  • The market size is also projected to grow from USD 5.95 billion in 2024 to USD 8.20 billion by 2035, at a CAGR of 2.96%.
• North America Small Modular Reactor Market:
  • The North America Small Modular Reactors market is currently valued at USD 1.5 billion.
  • North America held the largest market share in terms of revenue in 2022, accounting for nearly half of the global SMR market revenue. It also dominated the market with a revenue share of 25.4% in 2023.
  • The U.S. small modular reactor market is growing at a CAGR of 3.5% over the forecast period.
• Asia Pacific Small Modular Reactor Market:
  • Asia Pacific was the largest revenue-generating market for SMRs in 2023.
  • This region is expected to dominate the global SMR market between 2024 and 2030 and is projected to account for over 78% of the share by 2025, with CAPEX exceeding US$ 4.6 billion.

• Advancement of the RoPower Project in Romania: NuScale is actively progressing with Fluor's Phase 2 Front-End Engineering and Design (FEED) study for the RoPower Doicești small modular reactor (SMR) power plant in Romania, which is anticipated to be the first of its kind in Europe. This project is already contributing to NuScale's revenue through engineering services and is a key near-term objective for commercial deployment.
• Conversion of U.S. Memorandums of Understanding into Definitive Contracts: A primary focus for NuScale is to transition its existing Memorandums of Understanding into firm, revenue-generating contracts, particularly in the United States. A significant landmark agreement with ENTRA1 Energy and the Tennessee Valley Authority (TVA) for the potential deployment of up to 6 gigawatts of NuScale SMR capacity is expected to drive substantial future revenue as these agreements move towards execution.
• Expansion into New International Markets: NuScale is targeting extensive global market expansion, leveraging its U.S. Nuclear Regulatory Commission (NRC)-approved design to serve diverse customers. The company has identified Eastern Europe, the UK, Canada, East and Southeast Asia, the Middle East, and Africa as key regions. Projects in Poland with KGHM Polska Miedź SA, aiming for operational status by 2029, and an agreement in Ghana, demonstrate this international growth strategy.
• Meeting the Growing Demand for Carbon-Free Power from Data Centers and AI: The increasing demand for reliable, carbon-free power from energy-intensive sectors such as hyperscale data centers, artificial intelligence (AI) systems, and semiconductor manufacturing represents a crucial opportunity for NuScale's SMR technology. The company is actively engaging in discussions and negotiating term sheets with U.S. hyperscalers to provide stable, high-capacity power solutions.
• Commercialization of the Uprated 77 MWe SMR Design: The U.S. NRC's approval of NuScale's uprated 77 MWe (megawatt-electric) SMR design in May 2025 provides enhanced flexibility and improved economics by allowing for greater power output per module. This regulatory milestone strengthens NuScale's competitive position and enables its partners, like ENTRA1 Energy, to offer a wider range of reliable, carbon-free energy solutions to off-takers and consumers, thereby supporting increased sales and deployment.

Share Repurchases

• No information available regarding share repurchases made by NuScale Power in the last 3-5 years.

Share Issuance

• In Q3 2025, NuScale Power sold 13,216,809 Class A shares through its At-The-Market (ATM) program, generating net proceeds of $462.613 million.
• In December 2024, approximately 97% of outstanding warrants were exercised, resulting in $227.7 million in cash proceeds.
• NuScale Power sold shares under its ATM program for net proceeds of $69.2 million in 2024.

Inbound Investments

• Doosan Heavy Industries and Construction (DHIC) invested an additional $60 million into NuScale in 2021, securing an exclusive right to build core Small Modular Reactor (SMR) equipment.
• The U.S. Department of Energy has supported NuScale through a $1.35 billion investment to develop its technology.

Outbound Investments

• No information available regarding outbound investments made by NuScale Power in other companies in the last 3-5 years.

Capital Expenditures

• NuScale Power is transitioning from an R&D-focused entity to a commercial company.
• Investments in long-lead materials for the manufacturing of twelve modules have been made, driven by confidence in securing a firm customer order by the end of 2025.
• Research and development expenses decreased in Q3 2025 compared to Q3 2024 as personnel transitioned from R&D to commercial projects.