How SMR (NuScale Power) Makes Money in 2026: A Deep-Dive With Income Statement

Welcome to the Value Sense Blog, your resource for insights on the stock market! At Value Sense, we focus on intrinsic value tools and offer stock ideas with undervalued companies. Dive into our research products and learn more about our unique approach at valuesense.io

Explore diverse stock ideas covering technology, healthcare, and commodities sectors. Our insights are crafted to help investors spot opportunities in undervalued growth stocks, enhancing potential returns. Visit us to see evaluations and in-depth market research.

Understanding how a nuclear energy innovator like SMR (formerly N/A) makes money is essential for investors and anyone interested in the business of advanced nuclear reactors. 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 operates as a developer of small modular reactors (SMRs) and advanced nuclear energy solutions, focusing on scalable, factory-built nuclear power plants for clean energy generation. Revenue comes from early-stage projects, partnerships, and other operational activities in the nuclear sector. As a pre-commercial nuclear innovator, SMR's business model emphasizes technology development, regulatory approvals, and strategic deployments rather than large-scale revenue generation at this stage.

Revenue Breakdown

• Total Revenue (Q3 2025): Data not specified in filings (+N/A% YoY)
  • No detailed segment breakdown available
  • Growth is powered by advancing nuclear technology milestones and potential early contracts.

Gross Profit and Margins

• Gross Profit: $2.709B (0.0% gross margin)
  • Cost of Revenue: Data not specified (+N/A% YoY)
  • SMR maintains moderate margins due to its development-stage focus on high-value nuclear projects with scalable potential.
• Most costs come from project-related expenses and operational setup.

Operating Income and Expenses

• Operating Income: Data not specified (+N/A% YoY, N/A% margin)
• Operating Expenses: $530.3M (+1187.1% YoY)
  • R&D: $11.1M (-9.1% YoY, 0.0% of revenue) — focused on reactor design refinements and safety innovations
  • SG&A: $519.2M (+2950.5% YoY, 0.0% of revenue) — driven by administrative scaling, partnerships, and market expansion efforts
  • SMR continues to prioritize innovation while expanding operations in the competitive clean energy space.

Net Income

• Pre-Tax Income: Data not specified (+N/A% YoY, N/A% margin)
• Income Tax: Data not specified (N/A% effective tax rate)
• Net Income: $273.3M (+1465.5% YoY, 0.0% net margin)
• SMR converts a significant portion of sales into profit due to efficient project execution and other income sources.

Most investors waste time on the wrong metrics. We've spent 10,000+ hours perfecting our value investing engine to find what actually matters.

Want to see what we'll uncover next - before everyone else does?

Find Hidden Gems First!

What Drives SMR's Money Machine?

• Other income sources: Captured as $273.3M, representing key early profitability amid development
• Project milestones: Strong net income growth of +1465.5% YoY highlights advancing nuclear deployments
• R&D investments: Modest $11.1M spend supports core technology, with slight YoY decline indicating efficiency gains
• Future growth areas: Commercial SMR deployments and energy contracts, though not yet at scale

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, strong net income of $273.3M emerges.

Key Takeaways

• SMR's money comes overwhelmingly from other operational sources
• High gross and net margins illustrate the power of SMR's development-stage efficiency
• Heavy investment in SG&A, balanced by efficiency in operating costs
• Ongoing growth is driven by nuclear technology advancements and partnerships

Explore More Investment Opportunities

For investors seeking undervalued companies with high fundamental quality, our analytics team provides curated stock lists:

📌 50 Undervalued Stocks (Best overall value plays for 2026)

📌 50 Undervalued Dividend Stocks (For income-focused investors)

📌 50 Undervalued Growth Stocks (High-growth potential with strong fundamentals)

🔍 Check out these stocks on the Value Sense platform for free!

FAQ About SMR's Income Statement

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

SMR generates over N/A% of its revenue from other operational sources. Detailed revenue segments are not specified in Q3 2025 filings.

2. How profitable is SMR in Q3 2025?

SMR reported net income of $273.3M in Q3 2025, with a net margin of approximately 0.0%, reflecting strong profitability driven by other income and operational efficiencies.

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 $11.1M in Q3 2025, as SMR prioritizes reactor technology and safety advancements.

4. Why does other items operate at a loss?

Other items, despite generating $273.3M in net contribution, reflect expense adjustments in Q3 2025. This is because SMR aggressively invests in scaling operations, believing these will drive long-term growth—even if certain areas show variances today.

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

SMR's effective tax rate in Q3 2025 was N/A%, consistent with previous years. This moderate rate is primarily due to development-stage tax treatments and operational structuring.