HIGHOutside partyCustomer
RoPower
“10-K Item 1: 'The Company has been working with one customer and one prospective customer. The customer is RoPower Nuclear S.A.'”
SMR · Concentration risk · 10-K extracted
NuScale Power (SMR) concentration risks
Updated
The most significant concentration NuScale Power discloses is RoPower, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: NuScale Power’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH2
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partyCounterparty
ENTRA1
“10-K Item 1: 'ENTRA1, is NuScale’s exclusive global strategic partner for commercialization and development of power plants utilizing NPMs'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile is extreme in its narrowness: both disclosed exposures are high-share, and together they define the entirety of the commercial and strategic framework at the pre-revenue stage. The only current customer is RoPower Nuclear S.A., a high-share dependency on a single counterparty at the commercialization stage. Because the company has been working with one customer and one prospective customer, the revenue outlook is entirely dependent on the execution of that single relationship advancing to contract and deployment — a dependency with no portfolio diversification to absorb a setback. The strategic relationship adds an equally concentrated layer: ENTRA1 is the company's exclusive global strategic partner for commercialization and development of power plants utilizing the company's nuclear power modules, a high-share counterparty dependency. The exclusivity and global scope of the ENTRA1 arrangement mean that the company's entire route to market — outside of the direct RoPower engagement — flows through a single commercial partner. If ENTRA1's execution, financial position, or strategic priorities change, the company's ability to generate pipeline and deploy commercially would be materially constrained. The two exposures compound: RoPower is the sole near-term revenue source, and ENTRA1 is the sole channel for reaching additional customers. There is no disclosed product, geographic, or supplier diversification to consider. On balance, both relationships are existential variables at this stage of the company's development — monitoring their stability, financial health, and progress toward deployment is the primary analytical focus for assessing commercial risk.
For the engine’s reasoning on SMR’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Specialty Industrial Machinery
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CMI | Cummins Inc. | 2 | 1 | 0 | 3 |
| SMR● | NuScale Power Corporation | 2 | 0 | 0 | 2 |
| AOS | A.O. Smith Corporation | 1 | 1 | 1 | 3 |
| CR | Crane Company | 0 | 1 | 0 | 1 |
| AME | AMETEK, Inc. | 0 | 0 | 1 | 1 |
| BW | Babcock & Wilcox Enterprises, I | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.