SMRMEDIUM SIGNALFINANCIAL10-K

NuScale underwent significant capital restructuring with stockholders' equity roughly doubling alongside a substantial decline in gross profit margins.

The dramatic increase in stockholders' equity suggests either a major capital raise or corporate restructuring that has strengthened the balance sheet. However, the company's operational performance deteriorated meaningfully, with gross profit declining substantially while revenue fell more modestly, indicating compressed margins and potential execution challenges.

Comparing 2026-02-26 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

NuScale's financial profile shifted dramatically in fiscal 2026, with stockholders' equity roughly doubling to $1.2 billion, likely reflecting significant capital infusion or restructuring activities. However, operational metrics moved in the opposite direction, as revenue declined 15% to $31.5 million while gross profit fell substantially to $11.4 million, compressing gross margins from roughly 87% to 36%. The divergence between strengthened capital position and weakening operational performance suggests the company is in a capital-intensive development phase with near-term profitability challenges.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+88.9%
$618.7M→$1.2B

Equity base grew 88.9% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Gross Profit
P&L
-64.4%
$32.1M→$11.4M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Revenue
P&L
-15%
$37.0M→$31.5M

Revenue softened 15% — monitor whether this is cyclical or structural.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-03-03
ADDED
The registrant had 318,603,143 shares of Class A common stock and 19,413,185 shares of Class B common stock outstanding as of February 20, 2026.
Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.
Form 10-K Summary 49 Signatures 50 Glossary The definitions and abbreviations set forth below apply to the indicated terms used throughout this filing.
Class A common stock refers to shares of Class A common stock, par value $0.0001 per share, of NuScale Corp.
GAAP refers to Generally Accepted Accounting Principles in the United States.
Legacy NuScale Equityholders refers to the holders of NuScale LLC Class B units.
LLM Agreement refers to the Long Lead Material Reimbursement Agreement, dated February 28, 2023, entered into between NuScale LLC and CFPP LLC.
Merger refers to the merger of Merger Sub with and into NuScale LLC, with NuScale LLC as the surviving entity.
Milestone Contribution refers to milestone contributions included in the PMA MWe refers to one million watts of electric power, i.e.
NuScale and the Company refers to NuScale Corp and its consolidated subsidiaries, including NuScale LLC.
REMOVED
The registrant had 128,175,674 shares of Class A common stock and 154,254,663 shares of Class B common stock outstanding as of February 24, 2025.
Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A.
Form 10-K Summary 52 Signatures 53 Glossary The definitions and abbreviations set forth below apply to the indicated terms used throughout this filing.
Class A common stock refers to shares of Class A common stock, par value $0.0001 per share, of NuScale Power Corporation.
DCRA refers to the Development Cost Reimbursement Agreement, as amended, entered into with CFPP LLC DOE refers to the U.S.
Legacy NuScale Equityholders refers to the holders of NuScale LLC Class B units LLM Agreement refers to the Long Lead Material Reimbursement Agreement, dated February 28, 2023, entered into between NuScale LLC and CFPP LLC Merger refers to the merger of Merger Sub with and into NuScale LLC, with NuScale LLC as the surviving entity.
NuScale Corp refers to NuScale Power Corporation, a Delaware corporation and the combined company following the consummation of the Transaction, and its consolidated subsidiaries, including NuScale LLC.
NuScale LLC refers to NuScale Power, LLC, an Oregon limited liability company.
Release Agreement refers to the Confidential Settlement and Release Agreement, dated November 7, 2023, entered into between NuScale Power, LLC and CFPP LLC SDA refers to Standard Design Approval.
Tax Receivable Agreement or TRA refers to the tax receivable agreement entered into concurrently with the consummation of the Transaction between NuScale Corp, NuScale LLC and the Legacy NuScale Equityholders.
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