NuScale Power Corporation (NYSE: SMR) experienced a sharp pre-market decline of 6.53% on Friday. The significant drop follows the release of the company's fourth quarter and full year 2025 financial results, which fell well short of analyst expectations, coupled with the announcement of a new equity offering.

The company reported a quarterly adjusted loss of $0.80 per share, missing the consensus estimate for a loss of $0.13 by a wide margin. Quarterly revenue came in at $1.81 million, a dramatic 94.7% decrease from the same period last year and far below the $8.57 million analysts had anticipated. For the full year, revenue declined to $31.5 million from $37.0 million in the prior year, while general and administrative expenses skyrocketed to $609.8 million, a sevenfold increase that included a $507.4 million milestone payment related to its partnership with ENTRA1 Energy.

Adding to investor concerns, NuScale Power announced it has entered into a new at-the-market (ATM) equity offering agreement, allowing the company to offer and sell up to $1 billion in Class A common stock. This potential dilution of existing shareholders, combined with the weaker-than-expected financial performance, prompted the pre-market sell-off.