Earnings fell at NuScale Power Corvallis, Ore., in the fourth quarter, which the small modular reactor (SMR) developer attributed to a reduction in revenue recognized from the RoPower technology license agreement made in 2024.
Revenue for the fourth quarter ended on Dec. 31 were $31.5 million, down from $37 million in the year-ago quarter. General and administrative expenses were $609.8 million for 2025, up from $75.9 million for the year ended Dec. 31, 2024.
NuScale attributed the increase in its general and administrative expenses to “the recognition of Milestone Contribution 1 of $507.4 million under NuScale’s Partnership Milestone Agreement with ENTRA1, higher strategic business development costs of $14.6 million and $11.8 million in advisory, legal and accounting fees,” according to its Feb. 26 earnings report.
NuScale continues to work with RoPower, a Romanian nuclear company, on a project in Dolcești, Romania to provide six NuScale Power Modules at a decommissioned coal plant site. In December, NuScale completed its work on Fluor’s Phase 2 front-end engineering and design (FEED) study for RoPower’s nuclear power plant, NuScale said during the earnings call.
Romania’s state utility Nuclearelectrica approved the final investment decision for the Dolcești NuScale SMR plant project and will move to the next phase.
Also during the earnings call, NuScale discussed updates regarding its partner’s ENTRA1 and Tennessee Valley Authority’s (TVA) September 2025 agreement to bring 6,000 megawatts or 6 gigawatts of new nuclear energy online in the TVA-seven-state region.
ENTRA1 is an independent energy production company based in Houston, Texas and has a partnership agreement with NuScale. ENTRA1 can finance, own and operate NuScale reactors under their agreement.
NuScale said ENTRA1 began to assemble a team to work on development activities. Site visits have been conducted and detailed site evaluations have started, the company added.
NuScale said four sites have been identified for the 6,000 megawatts project.
In addition to work being conducted on the site evaluation side, a draft power purchase agreement is currently being drafted and ENTRA1 is working with several financial institutions to discuss project financing, the company said.