NUSCALE POWER CorpSMR

NUSCALE POWER Corp Revenue Disclosure

10-KFiled Feb 26, 20262 min read
Revenue
As NuScale moves towards the commercialization of a modular, scalable electric Light Water Reactor nuclear power plant, the Company enters into engineering, design, and licensing services contracts to assist in the development of nuclear power plants that are often unique and non-standard in nature. Identifying the separate performance obligations with the revenue contracts and determining the amount of revenue that should be recognized involves judgment due to the unique and non-standard nature of the contracts the Company enters into.

During the fourth quarter of 2024, NuScale executed a contract with Fluor, to provide sub-contract engineering and design services to support the Doicesti project FEED Phase 2. Due to a termination clause within the contract, the Company recognized revenue over time to the extent work was performed. As required by GAAP, we constrained any portion of revenue that we did not expect to recover. As of December 31, 2025, substantially all the services associated with this project have been completed.

NuScale has also executed a contract that includes variable consideration. The variable consideration is recognized subject to appropriate constraints, as required by GAAP, to avoid a significant reversal of revenue in future periods. Management reviewed the Company’s variable consideration on at least a quarterly basis. At December 31, 2025, the Company has earned and collected all variable consideration under this contract.
Revenue is disaggregated below by the different services currently provided by the Company:

For the Year Ended December 31,
202520242023
Power Plant and NPM related services$30,077 $36,161 $21,120 
Energy Exploration Centers1,268 473 673 
Other134 411 1,017 
Total$31,479 $37,045 $22,810 

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Mar 3, 2025
2023Mar 15, 2024
2022Mar 16, 2023

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

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