SMRNUSCALE POWER Corp

Fabricated Plate Work (boiler Shops)

Revenue: $31M; 15% YoY
Operating margin: -2190.6%; 485% YoY
EBITDA: −$689M; 402% YoY
Market cap: $1.3B
Employees: 428; $74K revenue each
Net debt / EBITDA: —
AI in 10-K: 2.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
1 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
61% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentYes
68% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$74K · 0th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.0 per 10K words · 55th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3M	$12M	$23M	$37M	$31M	15%
Operating income	−$174M	−$230M	−$276M	−$139M	−$690M	397%
Net income	−$102M	−$26M	−$58M	−$137M	−$356M	160%
Operating cash flow	−$99M	−$149M	−$183M	−$109M	−$460M	323%
Capex	$2M	$2M	$2M	$44K	$508K	1055%
Stock-based comp	$6M	$9M	$16M	$14M	$19M	40%
Buybacks	$17K	$566K	$0	$0	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 27, 2024	Chubu Global Investment Americas Inc.	SC 13D/A	57.1%	Passive
Nov 10, 2022	Japan Bank for International Cooperation	SC 13D/A	66.0%	Active
May 12, 2022	Japan Bank for International Cooperation	SC 13D	8.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $5M · 15
Net: −$5M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$4M	$33.1B	325710000	145460000
FY2024	$3M	$19M	264640000	76800000
FY2023	$2M	$470K	15260000	90600000
FY2022	$3M	$3M	111630000	107300000