AI Takeaway
SMR reported a deeply loss-widening FY2025, with revenue declining 15% to $31.5M while operating losses ballooned to -$689.6M, driven by a massive surge in cost of revenue and operating expenses, even as the company raised over $1.3B in financing to fund its nuclear microreactor development program.
Revenue
$31.48M
-15.02% YoY
EPS (Basic)
$-2.17
-47.62% YoY
Gross Margin
36.3%
-50.36% YoY
Operating Income
$-689.57M
-397.08% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Revenue fell 15.0% year-over-year to $31.5M in FY2025 from $37.0M in FY2024, reflecting the company's continued pre-commercial stage status as a nuclear microreactor developer with limited revenue-generating activities.
Source: Source: 10-K Income Statement, Financial Data
Cost of revenue surged 306.1% to $20.0M from just $4.9M in the prior year, causing gross margin to collapse from 86.7% to 36.3%, indicating significantly higher direct project or service costs being recognized in the period.
Source: Source: 10-K Income Statement, Financial Data
Operating loss expanded by 397.1% to -$689.6M from -$138.7M in FY2024, suggesting substantial non-cash charges (such as impairments or stock-based compensation) or large increases in operating expenses beyond R&D, which itself remained relatively stable at $45.5M.
Source: Source: 10-K Income Statement, Financial Data
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Upgrade to unlockSMR has not yet commercialized its nuclear microreactor technology and continues to burn cash at an accelerating rate, with operating cash outflows of -$459.6M in FY2025 versus -$108.7M in FY2024. If the company cannot raise additional capital or achieve revenue milestones, its financial position could deteriorate rapidly despite the current $836.4M cash balance.
Source: Source: 10-K Cash Flow Statement & Balance Sheet, Financial Data
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Upgrade to unlockReported EPS of $-0.31 versus the $-0.12 analyst consensus — a -148.2% miss for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $31.48M | $37.05M | -15.02% |
Cost of Revenue | $20.05M | $4.94M | +306.08% |
Gross Profit | $11.43M | $32.11M | -64.40% |
Operating Income | $-689.57M | $-138.72M | -397.08% |
Net Income | $-355.79M | $-136.62M | -160.42% |
EPS (Basic) | $-2.17 | $-1.47 | -47.62% |
EPS (Diluted) | $-2.17 | $-1.47 | -47.62% |
R&D Expense | $45.53M | $46.82M | -2.74% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $1.41B | $544.67M | +159.33% |
Current Assets | $1.27B | $471.14M | +170.11% |
Total Liabilities | $298.96M | $91.55M | +226.54% |
Current Liabilities | $296.06M | $89.72M | +229.97% |
Stockholders' Equity | $1.17B | $618.7M | +88.92% |
Cash & Equivalents | $836.42M | $401.56M | +108.29% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $-459.61M | $-108.67M | -322.96% |
Investing Cash Flow | $-411.26M | $-39.85M | -932.05% |
Financing Cash Flow | $1.31B | $429.81M | +203.80% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Gross Margin | 36.3% | 86.7% | -50.36% |
Operating Margin | -2190.6% | -374.5% | -1816.10% |
Net Margin | -1130.3% | — | — |
ROE | -30.4% | — | — |
ROA | -25.2% | — | — |
Current Ratio | $4.298 | — | — |
Debt to Equity | $0.256 | — | — |
SMR's FY2025 results showed a 15% revenue decline to $31.5M and a dramatic widening of operating losses to -$689.6M from -$138.7M in FY2024. The company offset this by raising over $1.3B in financing, ending the year with $836.4M in cash to fund its nuclear microreactor development program.
SMR's operating loss widened by 397% to -$689.6M in FY2025, driven by a 306% surge in cost of revenue to $20.0M and what appears to be a large increase in other operating expenses beyond R&D (which was relatively flat at $45.5M). This suggests significant non-cash charges or accelerated spending on development infrastructure during the year.
SMR ended FY2025 with $836.4M in cash and equivalents, more than double the $401.6M held at the end of FY2024, thanks to $1.31B in financing activities. With a current ratio of 4.30, the company has strong short-term liquidity to support ongoing operations.
While SMR is burning cash rapidly — with operating outflows of -$459.6M in FY2025 — its $836.4M cash balance and demonstrated ability to raise capital ($1.3B in FY2025 alone) provide a meaningful liquidity cushion. However, the company remains pre-commercial with no clear near-term path to profitability, so continued capital raises will be essential.
SMR's gross margin fell sharply to 36.3% in FY2025 from 86.7% in FY2024, a decline of over 50 percentage points, as cost of revenue surged 306% to $20.0M while revenue actually declined 15% to $31.5M. This compression signals that the company's direct project costs are rising much faster than its revenue.