How SMR (NuScale Power) Makes Money in 2025: A Deep-Dive With Income Statement

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Understanding how a [industry descriptor] like SMR Income Statement Overview makes money is essential for investors and anyone interested in the business of [industry]. In this post, we break down SMR's quarterly income statement (Q3 2025) using a Sankey chart to visualize the financial flows — what comes in, where it goes, and what's left as profit.

Quick SMR Overview

SMR Income Statement Overview operates [brief description of business model and main products/services]. Revenue comes [description of main revenue streams]. [Additional context about business segments if applicable].

Revenue Breakdown

• Total Revenue (Q3 2025): $[REVENUE]B ([YoY]% YoY)
  • [Segment 1]: $XXB (XX% of total)
  • [Segment 2]: $XXB (XX% of total)
  • Growth is powered by [key growth drivers].

Gross Profit and Margins

• Gross Profit: $2.71B (0.0% gross margin)
  • Cost of Revenue: $[COSTOFREVENUE]B ([YoY]% YoY)
  • SMR maintains [robust/strong/moderate] margins due to [reasons - e.g., scalable digital business model, operational efficiencies].
• Most costs come from [list main cost categories].

Operating Income and Expenses

• Operating Income: $[OPERATING_INCOME]B ([YoY]% YoY, XX% margin)
• Operating Expenses: $0.53B (+1187.1% YoY)
  • R&D: $0.011B (-9.1% YoY, 0.0% of revenue) — [description of investment areas]
  • SG&A: $0.519B (+2950.5% YoY, 0.0% of revenue) — [description]
  • SMR continues to [prioritize innovation/control costs/invest in growth] while [maintaining efficiency/expanding operations].

Net Income

• Pre-Tax Income: $[PRETAX_INCOME]B ([YoY]% YoY, XX% margin)
• Income Tax: $[INCOME_TAX]B (XX% effective tax rate)
• Net Income: $0.273B (+1465.5% YoY, 0.0% net margin)
• SMR converts a [high/significant/moderate] portion of sales into profit due to [scalability/efficiency/pricing power/etc.].

What Drives SMR's Money Machine?

• [Main revenue driver]: [XX%+ of revenue / description]
• [Key metric]: [Description with numbers]
• [Investment area]: [Description of strategic investments]
• [Future growth areas]: [Description], though not yet profitable

Visualizing SMR's Financial Flows

The Sankey chart below visualizes how each dollar flows from gross revenue, through costs and expenses, down to net income. This helps investors spot where value is created, what areas weigh on profits, and how efficiently the company operates.

• Most revenue flows into gross profit, with operating expenses (especially SG&A) taking the largest chunk.
• Even after significant costs, [XX]% of revenue drops to the bottom line.

Key Takeaways

• SMR's money comes overwhelmingly from [main revenue source]
• High gross and net margins illustrate the power of SMR's [business model characteristic]
• Heavy investment in [investment area], balanced by efficiency in operating costs
• Ongoing growth is driven by [growth drivers]

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FAQ About SMR's Income Statement

1. What is the main source of SMR's revenue in 2025?

SMR generates over XX% of its revenue from [main revenue source]. [Additional revenue sources if significant].

2. How profitable is SMR in Q3 2025?

SMR reported net income of $0.273B in Q3 2025, with a net margin of approximately 0.0%, reflecting [strong/moderate] profitability driven by [key factors].

3. What are the largest expense categories for SMR?

The biggest expenses on SMR's income statement are operating expenses, particularly Research & Development (R&D) and Sales, General & Administrative (SG&A) costs. R&D investment reached $0.011B in Q3 2025, as SMR prioritizes [investment areas].

4. Why does [segment/division] operate at a loss?

[Segment], despite generating $XXM in revenue, posted an operating loss of over $XXB in Q3 2025. This is because SMR aggressively invests in [description], believing these will drive long-term growth—even if the division is unprofitable today.

5. How does SMR's effective tax rate compare to previous years?

SMR's effective tax rate in Q3 2025 was XX%, [consistent with/higher than/lower than] previous years. This [low/high/moderate] rate is primarily due to [reasons - e.g., tax benefits from share-based compensation, international structuring, etc.].

Warnings:
- All available data has been extracted from SMR's actual Q3 2025 financial statements.
- Some fields (total revenue, cost of revenue, segment breakdowns, margins, and tax rate) were not provided in the source data and should be filled in with actual numbers from the company's filings for publication.
- All percentages and dollar amounts above reflect the data provided; update placeholders with actuals for final publication.
- The Sankey chart image will be inserted automatically using the provided URL.