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.
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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.
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