该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
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.
营收
3147.9万美元
同比 -15.02%
每股收益（稀释）
-2.17美元
同比 -47.62%
毛利率
36.3%
同比 -50.4 个百分点
营业利润
-6.9亿美元
同比 -397.08%
SEC XBRL 原值
Nuscale Power (SMR) FY2025 营收 3147.9万美元，同比下降 15.0%。 营业利润率 -2190.6%，去年同期为 -374.5%。 经营活动现金流净流出 4.6亿美元。
近 4 个季度：0 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | -0.13 | -0.13 | 不及预期 -0.1% |
| 2026年3月 | -0.14 | -0.13 | 不及预期 -8.8% |
| 2025年12月本次财报 | -0.31 | -0.12 | 不及预期 -148.2% |
| 2025年9月 | -1.85 | -0.14 | 不及预期 -1197.3% |
2025年12月 实际 EPS -0.31美元，分析师一致预期 -0.12美元，不及预期 -148.2%。
由 AI 基于本次 SEC 报告整理
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.
来源: 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.
来源: 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.
来源: 10-K Income Statement, Financial Data
Financing activities generated $1.31B in FY2025 (up 203.8% from $429.8M), driving cash and equivalents to $836.4M from $401.6M, and total assets to $1.41B — providing a substantial liquidity runway for ongoing development activities.
来源: 10-K Balance Sheet & Cash Flow Statement, Financial Data
Operating cash outflow reached -$459.6M (vs. -$108.7M prior year) and investing outflows hit -$411.3M (vs. -$39.8M), reflecting accelerating capital deployment into the company's nuclear technology development and infrastructure buildout.
来源: 10-K Cash Flow Statement, Financial Data
由 AI 基于本次 SEC 报告整理 · 高 4 中 1 低 0
SMR 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.
来源: 10-K Cash Flow Statement & Balance Sheet, Financial Data
The company reported an operating loss of -$689.6M in FY2025, representing an operating margin of approximately -2,191%, which is a dramatic deterioration from -374% in FY2024. This level of loss relative to revenue signals that the business model is far from self-sustaining and depends entirely on external capital.
来源: 10-K Income Statement, Financial Data
With only $31.5M in revenue and a 15% year-over-year decline, SMR has minimal commercial revenue and appears dependent on a narrow set of contracts or government-related activities. Any loss of key customers or contract delays could further reduce the already thin revenue base.
来源: 10-K Income Statement, Financial Data
As a nuclear microreactor developer, SMR faces extensive regulatory scrutiny from the Nuclear Regulatory Commission (NRC) and other agencies. Delays in licensing approvals or changes in nuclear energy policy could significantly push back commercialization timelines and increase development costs.
来源: 10-K Risk Factors (inferred from business model), Financial Data
The company raised over $1.3B in financing in FY2025, which likely involved significant equity issuance given the pre-revenue stage. With basic EPS deteriorating to -$2.17 from -$1.47, ongoing dilution from future capital raises poses a risk to existing shareholders' ownership percentage and per-share value.
来源: 10-K Income Statement & Financing Cash Flow, Financial Data
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 万美元 | 3147.90 万美元 | 3704.50 万美元 | -15.02% |
营业成本 万美元 | 2004.80 万美元 | 493.70 万美元 | +306.08% |
毛利润 万美元 | 1143.10 万美元 | 3210.80 万美元 | -64.40% |
营业利润 亿美元 | -6.90 亿美元 | -1.39 亿美元 | -397.08% |
净利润 亿美元 | -3.56 亿美元 | -1.37 亿美元 | -160.42% |
每股收益（基本） 美元 | -2.17 美元 | -1.47 美元 | -47.62% |
每股收益（稀释） 美元 | -2.17 美元 | -1.47 美元 | -47.62% |
研发费用 万美元 | 4553.20 万美元 | 4681.70 万美元 | -2.74% |
答案基于本次 SEC 报告与本页数据