SMRHIGH SIGNALFINANCIAL10-K

SMR experienced severe operational deterioration with operating losses nearly quadrupling to $690M despite substantially increased cash reserves from apparent capital raising activities.

The dramatic 397% increase in operating losses to $690M signals significant operational challenges or major investment spending that far outpaced any revenue generation. While the company more than doubled its cash position to $836M (likely from equity or debt financing), the burn rate acceleration suggests potential going concern issues if operational performance doesn't improve substantially.

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

SMR's financial position shows a stark contrast between improved liquidity and deteriorating operations. While current assets grew 170% to $1.3B and cash more than doubled to $836M (indicating successful capital raising), operating cash flow worsened dramatically from -$109M to -$460M and operating losses nearly quadrupled to $690M. The tripling of current liabilities to $296M alongside massive operating losses suggests the company is burning through capital at an unsustainable rate despite having raised significant funds.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+1054.5%
$44K→$508K

Capital expenditure jumped 1054.5% — major investment cycle underway; assess returns on deployment.

Operating Income
P&L
-397.1%
-$138.7M→-$689.6M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Operating Cash Flow
Cash Flow
-323%
-$108.7M→-$459.6M

Operating cash flow fell 323% — earnings quality concerns; investigate working capital changes and non-cash items.

Current Liabilities
Balance Sheet
+230%
$89.7M→$296.1M

Current liabilities surged 230% — significant near-term obligations; verify ability to meet short-term debt.

Total Liabilities
Balance Sheet
+226.5%
$91.6M→$299.0M

Liabilities grew 226.5% — significant increase in debt or obligations, assess impact on financial flexibility.

Current Assets
Balance Sheet
+170.1%
$471.1M→$1.3B

Current assets grew 170.1% — improving short-term liquidity or inventory/receivables build.

Net Income
P&L
-160.4%
-$136.6M→-$355.8M

Net income declined 160.4% — review whether driven by operations, interest costs, or non-recurring items.

Total Assets
Balance Sheet
+159.3%
$544.7M→$1.4B

Asset base grew 159.3% — expansion through organic growth, acquisitions, or capital deployment.

Accounts Receivable
Balance Sheet
+131.7%
$4.8M→$11.2M

Receivables surged 131.7% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Cash & Equivalents
Balance Sheet
+108.3%
$401.6M→$836.4M

Cash position surged 108.3% — strong cash generation or capital raise providing significant financial cushion.

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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