NuScale Power has unveiled its financial performance for the fourth quarter and full year 2025, coupled with the announcement of a significant new financing initiative. The company’s reported losses were narrower than market experts had projected. However, investor attention is firmly fixed on a planned equity offering program that could raise up to $1 billion, highlighting the substantial capital required to commercialize its small modular reactor (SMR) technology.
Operational Highlights and Financial Performance
On the operational front, NuScale continues to advance its projects. A new collaborative effort with the Oak Ridge National Laboratory aims to explore the application of artificial intelligence in nuclear fuel management. Internationally, a key project in Romania to convert a coal-fired power plant to NuScale’s SMR technology has progressed into the final investment decision and implementation phase.
Financially, the company posted a fourth-quarter 2025 loss of $0.08 per share, outperforming the consensus estimate which anticipated a loss of $0.13. Quarterly revenue, however, came in at $1.81 million, missing expectations. For the full year, revenue declined to $31.5 million from $37 million in the prior year.
Billion-Dollar Capital Raise and Market Volatility
To bolster its financial position, NuScale disclosed a new “at-the-market” (ATM) equity offering program. This facility allows the firm to sell up to $1 billion worth of its Class A common stock into the market at its discretion. The move is designed to ensure financial flexibility and replaces a previous arrangement from November 2025.
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This capital-raising effort comes against a backdrop of extreme stock volatility. The share price has declined by approximately 35% over the past 30 days, with an annualized volatility reading exceeding 100%. The ATM program underscores the significant funding needs for the company’s upcoming development stages.
Legal Overhang and Investor Outlook
These developments are shadowed by emerging legal risks. A class-action lawsuit alleging securities fraud was filed on February 26, 2026, relating to events in November 2025. This legal uncertainty raises questions about whether the new financing can provide the stability needed for NuScale’s commercial rollout.
Investors should prepare for continued share price fluctuations in the coming months. The deadline to file as a lead plaintiff in the class-action suit is set for April 20, 2026. Market focus will likely center on how effectively NuScale can deploy capital from the ATM program to execute on its flagship Romanian project.
Key Market Data:
* Previous Close (Thursday): $13.33
* 30-Day Change: -34.91%
* 52-Week High: $53.43 (October 15, 2025)
* 30-Day Annualized Volatility: 102.77%
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