SMR

NuScale is not yet a business in any financial sense — it is a regulatory and licensing story wrapped around a tiny, shrinking revenue base. FY2025 revenue was just $31.5M and actually fell 15% YoY, yet the market caps the equity at $1.68B for a 53.4x price-to-sales multiple. Against that, the company posted a -$690M operating loss and a -$356M net loss (net loss is smaller than operating loss, implying sizable non-operating/fair-value items rather than real operating progress). Net margin of -1,130% and an operating margin of -2,190% tell you there is no profit engine here, only spend: R&D of $45.5M and an operating cash burn of -$460M in a single year. The five-year revenue history ($2.9M → $11.8M → $22.8M → $37.0M → $31.5M) shows the top line has now stalled and reversed, which is the opposite of what a 53x P/S demands.

The balance sheet is the one genuine strength: $836M cash, $1.17B equity, and only 0.26x liabilities/equity, so this is not a near-term solvency story. But $836M of cash against -$460M of annual operating burn is under two years of runway, and the path to closing that gap runs straight through the equity holder — share count already jumped 75.6% YoY. Continued capital raising at these prices is the base case, and that dilution is a structural headwind no catalyst offsets.