NuScale Power Corporation (NYSE: SMR) shares jumped by approximately 20 per cent on Tuesday after its first-quarter earnings revenue nearly tripled analysts expectations.
According to its Monday earnings package, the company reported a quarterly revenue of USD$13.4 million, significantly surpassing analysts’ expectations of USD$4.26 million.
NuScale attributed its revenue boost to progress on the FEED Phase 2 project and a Technology License Agreement for Romania’s RoPower Doicești power plant. The company reduced its quarterly operating expenses by USD$2.3 million year-over-year to USD$42.3 million, primarily by lowering research and development costs as it advances from development toward commercialization. NuScale also narrowed its net loss from operations to USD$35.3 million, down from USD$44.0 million in the same quarter last year.
“In the first quarter, NuScale continued to take proactive steps to build on our leadership as the first and only SMR provider to receive NRC design approval,” said John Hopkins, President and CEO of NuScale Power.
“With 12 modules already in the manufacturing process, we further readied our supply chain to ensure we stay on course to achieve our 2030 delivery target.”
Hopkins said NuScale, alongside exclusive commercialization partner ENTRA1 Energy, is in advanced talks with several potential customers. These include governments, data centers, utilities, coal plant operators shifting to nuclear, and petrochemical and energy companies. He noted that NuScale has built a strong foundation across its business. Hopkins added they are excited about the opportunities ahead as they work to deliver reliable, carbon-free energy around the clock.
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Short interest could have played a part
NuScale ended the first quarter of 2025 with $521.4 million in cash, cash equivalents, and short-term investments. Additionally, during the quarter, the company successfully sold 4.5 million shares through its At-The-Market (ATM) program. This generated USD$102.4 million in gross proceeds.
Revenue rose to USD$13.4 million for the three months ended March 31, 2025. Furthermore, this is up from USD$1.4 million during the same period in 2024. This USD$12.0 million increase came primarily from the FEED Phase 2 project and the Technology License Agreement for the RoPower Doicești power plant.
Short interest may have also played a part in Tuesday’s substantial bump.
Interest has dropped from the peaks seen in late 2024 and early 2025 but remains near record levels. The most recent report showed short interest rising month-over-month ahead of the Q1 release. However, it has declined since, and short-covering could accelerate following the Q1 business updates.
Analysts and institutional investors have also shown growing interest, aligning with rising share prices. Analysts currently rate the stock a solid Moderate Buy and expect it to move toward the high-end of target ranges. While the consensus sees fair value near mid-May levels, the high-end target implies an additional 25 per cent upside. Additionally, institutional investors appear bullish. They own nearly 80 per cent of the stock and continued buying on balance through Q1 and Q2 2025.
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