NuScale Power Corporation

Section 1: Company Overview and Fundamentals

1.1 Company Overview:

NuScale Power Corporation (NYSE: SMR) specializes in developing and delivering proprietary advanced small modular reactor (SMR) nuclear technologies.

Kalkine’s Low Carbon Research Report covers the Investment Highlights, Low Carbon Emission Initiatives, Key Financial Metrics, Risks, and Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

Stock Performance:

• Price Trend and Moving Averages: SMR remains firmly bearish, trading at USD 22.45, well below its 21-day and 50-day moving averages, indicating persistent downward momentum. The breakdown from the USD 35–40 zone and declining averages highlight continued selling pressure and a weak near-term trend outlook.
• Momentum Indicators and Sentiment: The RSI at 30.28 signals near-oversold conditions and ongoing bearish sentiment. Although oversold levels can trigger short rebounds, the consistent decline in momentum suggests limited buyer interest and no immediate signs of reversal.
• Support, Resistance, and Volume: Volume at 26.05 million reflects heightened selling activity, reinforcing weak demand. Key support lies around USD 11–12, while resistance stands near USD 35–40. Price stability above current levels is uncertain, and recovery would require reclaiming major moving averages.
• Overall Market Outlook: Overall, SMR’s technical setup remains weak, with negative trend direction, soft momentum, and strong selling pressure. While oversold signals offer a slim chance of a short-term bounce, the broader outlook stays cautious unless buying strength returns and the stock re-establishes levels above its moving averages.

1.2 Why do Low Carbon Emissions matter?

The shift toward a low-carbon economy is one of the most significant challenges of current time, spurred by the urgent need to combat climate change and reduce the environmental impact of corporate activities. This report covers the US-listed low-carbon emission company NuScale Power Corporation (NYSE: SMR), that is committed to sustainability and responsible environmental practices.

Carbon and Waste Management - Key Metrics

Between 2021 and 2023, NuScale Power demonstrated evolving trends in governance composition and leadership diversity. The proportion of independent board members fluctuated, declining from 57.14% in 2021 to 45.45% in 2022 before rebounding to 54.55% in 2023, reflecting adjustments in board structure while maintaining a generally strong level of independent oversight. In contrast, executive gender diversity showed consistent and substantial improvement, rising from 8.33% in 2021 to 16.67% in 2022 and further to 33.33% in 2023, indicating sustained efforts to enhance female representation in leadership roles. Overall, while board independence exhibited short-term variability, the continued advancement in gender diversity highlights NuScale’s growing focus on inclusive leadership and balanced corporate governance.

Peer Comparison:

1.2 The Key Positives, Negatives, and Investment summary  

1.3 Top 10 shareholders:

The top 10 shareholders together form ~34.60% of the total shareholding, signifying concentrated shareholding. The Vanguard Group, Inc. and BlackRock Institutional Trust Company, N.A. are the biggest shareholders, holding the maximum stake in the company at 6.58% and 5.09% respectively.

1.4 Key Metrics

NuScale Power Corporation’s quarterly performance shows highly uneven but improving operational delivery, with revenue surging from USD 0.48 million in Q3FY24 to USD 34.22 million in Q4FY24 due to one-time project milestones, followed by normalised figures between USD 8–13 million across FY25 as development-driven service revenues resumed. Gross profit followed a similar pattern, peaking at USD 31.17 million in Q4FY24 before stabilising in the USD 1.8–7 million range thereafter. Gross margins fluctuated widely—from 91.09% in Q4FY24, reflecting high-margin milestone work, to 22.11% in Q2FY25, and recovering to 32.89% in Q3FY25—indicating variability linked to project mix and timing of PMA-related and FEED-based revenues. Overall, the trajectory underscores NuScale’s dependence on milestone-driven revenue events, while the steady Q2–Q3 margin rebound signals incremental operational efficiency as commercialization progresses.

Section 2: Business Updates and Corporate Business Highlights

2.1 Key Business Updates:

2.2 Insights of Q3FY25:

Section 3: Key Risks & Outlook

Section 4: Stock Recommendation Summary:

4.1 Price Performance and Technical Summary:

Stock Performance:

• Price Trend and Moving Averages: SMR remains firmly bearish, trading at USD 22.45, well below its 21-day and 50-day moving averages, indicating persistent downward momentum. The breakdown from the USD 35–40 zone and declining averages highlight continued selling pressure and a weak near-term trend outlook.
• Momentum Indicators and Sentiment: The RSI at 30.28 signals near-oversold conditions and ongoing bearish sentiment. Although oversold levels can trigger short rebounds, the consistent decline in momentum suggests limited buyer interest and no immediate signs of reversal.
• Support, Resistance, and Volume: Volume at 26.05 million reflects heightened selling activity, reinforcing weak demand. Key support lies around USD 11–12, while resistance stands near USD 35–40. Price stability above current levels is uncertain, and recovery would require reclaiming major moving averages.
• Overall Market Outlook: Overall, SMR’s technical setup remains weak, with negative trend direction, soft momentum, and strong selling pressure. While oversold signals offer a slim chance of a short-term bounce, the broader outlook stays cautious unless buying strength returns and the stock re-establishes levels above its moving averages.

 4.2 Fundamental Valuation

Valuation Methodology: EV/Sales Multiple Based Relative Valuation

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is November 14, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: The report publishing date is as per the Pacific Time Zone.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

 Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

 Stop-loss: It is a level to protect against further losses in case of unfavorable movement in the stock prices.