What is Spring Valley Acquisition's operating income?

Spring Valley Acquisition's total operating income in 2025 was -$689.57 million, based on the following breakdown: Total Gross Profit: $11.43 million Total Operating Expenses: $701.00 million

Spring Valley Acquisition (SV) Financials

$12.00 -0.27 (-2.20%)

As of 06/4/2026

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Annual Income Statements for Spring Valley Acquisition

This table shows Spring Valley Acquisition's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-88	-102	-26	-58	-137	-356
Consolidated Net Income / (Loss)	-88	-102	-142	-180	-348	-664
Net Income / (Loss) Continuing Operations	-88	-102	-142	-180	-348	-664
Total Pre-Tax Income	-88	-102	-142	-180	-346	-664
Total Operating Income	-159	-174	-230	-276	-139	-690
Total Gross Profit	0.25	1.09	4.49	3.85	32	11
Total Revenue	0.60	2.86	12	23	37	31
Operating Revenue	0.60	2.86	12	23	37	31
Total Cost of Revenue	0.36	1.77	7.32	19	4.94	20
Operating Cost of Revenue	0.36	1.77	7.32	19	4.94	20
Total Operating Expenses	159	175	234	279	171	701
Selling, General & Admin Expense	64	81	107	123	124	655
Research & Development Expense	95	94	128	156	47	46
Total Other Income / (Expense), net	70	72	88	95	-208	25
Interest Expense	-	1.72	-	-61	-6.88	-0.15
Interest & Investment Income	-0.65	-	3.76	11	8.39	25
Other Income / (Expense), net	71	74	85	24	-223	0.00
Income Tax Expense	0.00	0.00	0.00	0.00	1.94	0.34
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	-85	-122	-212	-309
Basic Earnings per Share	$0.00	$0.00	($0.51)	($0.80)	($1.47)	($2.17)
Weighted Average Basic Shares Outstanding	0.00	0.00	50.76M	73.39M	93.25M	163.73M
Diluted Earnings per Share	$0.00	$0.00	($0.51)	($0.80)	($1.47)	($2.17)
Weighted Average Diluted Shares Outstanding	0.00	0.00	50.76M	73.39M	93.25M	163.73M
Weighted Average Basic & Diluted Shares Outstanding	-	28.75M	226.99M	234.29M	282.43M	338.02M

This table shows Spring Valley Acquisition's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-19	-19	-17	-28	-17	-75	-14	-18	-273	-51	-44
Consolidated Net Income / (Loss)	-58	-56	-48	-74	-46	-180	-30	-38	-533	-64	-47
Net Income / (Loss) Continuing Operations	-58	-56	-48	-74	-46	-180	-30	-38	-533	-64	-47
Total Pre-Tax Income	-58	-56	-48	-74	-46	-178	-30	-38	-533	-64	-47
Total Operating Income	-93	-71	-44	-42	-41	-12	-35	-43	-538	-73	-58
Total Gross Profit	1.01	0.72	0.64	0.12	0.18	31	7.00	1.78	2.71	-0.06	0.02
Total Revenue	6.95	4.56	1.38	0.97	0.48	34	13	8.05	8.24	1.81	0.57
Operating Revenue	6.95	4.56	1.38	0.97	0.48	34	13	8.05	8.24	1.81	0.57
Total Cost of Revenue	5.94	3.84	0.74	0.85	0.30	3.06	6.37	6.27	5.53	1.87	0.54
Operating Cost of Revenue	5.94	3.84	0.74	0.85	0.30	3.06	6.37	6.27	5.53	1.87	0.54
Total Operating Expenses	94	72	45	42	41	43	42	45	541	73	58
Selling, General & Admin Expense	30	34	31	30	29	34	33	33	530	59	45
Research & Development Expense	64	38	13	12	12	9.37	9.13	12	11	14	13
Total Other Income / (Expense), net	35	15	-4.11	-33	-4.52	-167	5.27	5.47	5.79	8.91	11
Interest & Investment Income	2.74	-	1.54	1.73	2.01	-	5.21	5.45	5.76	8.88	11
Other Income / (Expense), net	11	-11	-9.05	-37	-7.19	-170	0.06	0.00	0.00	-	0.00
Income Tax Expense	0.00	-	0.00	0.00	0.01	1.92	0.34	0.00	0.00	-	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-39	-38	-32	-47	-28	-105	-16	-20	-259	-13	-2.67
Basic Earnings per Share	($0.26)	($0.25)	($0.21)	($0.31)	($0.18)	($0.77)	($0.11)	($0.13)	($1.85)	($0.08)	($0.14)
Weighted Average Basic Shares Outstanding	74.84M	73.39M	79.59M	89.55M	95.20M	93.25M	127.72M	133.42M	147.69M	163.73M	319.71M
Diluted Earnings per Share	($0.26)	($0.25)	($0.21)	($0.31)	($0.18)	($0.77)	($0.11)	($0.13)	($1.85)	($0.08)	($0.14)
Weighted Average Diluted Shares Outstanding	74.84M	73.39M	79.59M	89.55M	95.20M	93.25M	127.72M	133.42M	147.69M	163.73M	319.71M
Weighted Average Basic & Diluted Shares Outstanding	231.33M	234.29M	243.01M	249.18M	255.36M	282.43M	284.39M	284.88M	298.48M	338.02M	365.48M

This table details how cash moves in and out of Spring Valley Acquisition's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-12	72	167	-119	281	435
Net Cash From Operating Activities	-47	-99	-149	-183	-109	-460
Net Cash From Continuing Operating Activities	-47	-99	-149	-183	-109	-460
Net Income / (Loss) Continuing Operations	-88	-102	-142	-180	-348	-664
Consolidated Net Income / (Loss)	-88	-102	-142	-180	-348	-664
Depreciation Expense	1.90	2.02	2.52	2.38	1.67	1.00
Amortization Expense	0.18	0.18	0.18	0.18	0.18	0.18
Non-Cash Adjustments To Reconcile Net Income	5.91	8.07	-0.43	-43	231	1.95
Changes in Operating Assets and Liabilities, net	33	-6.93	-9.30	37	7.31	202
Net Cash From Investing Activities	-3.53	-1.95	-52	48	-40	-411
Net Cash From Continuing Investing Activities	-3.53	-1.95	-52	48	-40	-411
Purchase of Property, Plant & Equipment	-3.53	-1.95	-2.33	-1.73	-0.04	-0.51
Purchase of Investments	0.00	0.00	-50	0.00	-65	-667
Sale and/or Maturity of Investments	-	-	0.00	50	25	256
Other Investing Activities, net	-	-	0.00	0.00	0.20	0.00
Net Cash From Financing Activities	38	173	368	16	430	1,306
Net Cash From Continuing Financing Activities	38	173	368	16	430	1,306
Payment of Dividends	-	-	0.00	0.00	-2.62	-0.42
Issuance of Common Equity	0.00	0.11	0.02	9.84	205	1,300
Other Financing Activities, net	0.04	0.75	369	6.29	228	6.42
Cash Income Taxes Paid	-	-	0.00	0.00	3.22	2.30

This table details how cash moves in and out of Spring Valley Acquisition's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-18	-71	12	-1.06	-19	290	90	-194	110	429	-495
Net Cash From Operating Activities	-28	-73	-33	-36	-13	-26	-23	-33	-200	-204	-315
Net Cash From Continuing Operating Activities	-28	-73	-33	-36	-13	-26	-23	-33	-200	-204	-315
Net Income / (Loss) Continuing Operations	-58	-56	-48	-74	-46	-180	-30	-38	-533	-64	-47
Consolidated Net Income / (Loss)	-58	-56	-48	-74	-46	-180	-30	-38	-533	-64	-47
Depreciation Expense	0.64	0.57	0.49	0.40	0.39	0.38	0.31	0.26	0.38	0.09	0.31
Non-Cash Adjustments To Reconcile Net Income	-14	-9.25	7.45	36	31	153	2.85	-14	5.83	7.34	3.91
Changes in Operating Assets and Liabilities, net	44	-8.13	6.61	1.98	1.79	0.87	4.45	18	327	-148	-272
Net Cash From Investing Activities	-0.05	-0.05	0.00	0.20	-45	4.96	9.93	-162	-154	-105	-218
Net Cash From Continuing Investing Activities	-0.05	-0.05	0.00	0.20	-45	4.96	9.93	-162	-154	-105	-218
Purchase of Property, Plant & Equipment	-0.05	-0.05	0.00	-	-	-0.04	-0.07	-	-	-0.37	-1.52
Purchase of Investments	-	-	0.00	-	-	-20	-10	-162	-281	-214	-446
Sale and/or Maturity of Investments	-	-	0.00	-	-	25	20	-	127	109	229
Net Cash From Financing Activities	9.76	1.99	45	35	38	311	103	1.75	464	737	38
Net Cash From Continuing Financing Activities	9.76	1.99	45	35	38	311	103	1.75	464	737	38
Issuance of Common Equity	7.87	1.97	42	31	31	101	100	-	463	737	37
Other Financing Activities, net	1.90	0.03	3.60	3.75	7.22	213	2.96	1.75	1.19	0.52	0.53
Cash Income Taxes Paid	-	-	0.00	-	-	0.01	1.60	-	-	0.70	0.00

This table presents Spring Valley Acquisition's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	234	121	349	225	545	1,413
Total Current Assets	2.14	86	284	155	471	1,273
Cash & Equivalents	1.91	77	218	120	402	836
Restricted Cash	-	-	0.00	5.10	5.10	5.10
Short-Term Investments	-	0.00	50	0.00	40	418
Accounts Receivable	-	4.83	11	10	21	8.38
Prepaid Expenses	0.24	4.15	5.53	19	3.38	4.88
Plant, Property, & Equipment, net	0.00	4.96	4.77	4.12	2.42	1.92
Total Noncurrent Assets	232	30	59	66	71	138
Long-Term Investments	-	-	-	-	0.00	33
Goodwill	-	8.26	8.26	8.26	8.26	8.26
Intangible Assets	-	1.24	1.06	0.88	0.70	0.53
Other Noncurrent Operating Assets	232	21	50	57	62	96
Total Liabilities & Shareholders' Equity	234	121	349	225	545	1,413
Total Liabilities	42	53	72	96	92	299
Total Current Liabilities	0.05	48	39	87	90	296
Accounts Payable	0.00	22	28	45	48	287
Current Deferred Revenue	-	-	-	0.00	0.76	0.65
Current Employee Benefit Liabilities	-	11	9.04	8.55	7.33	8.28
Other Current Liabilities	-	1.44	1.57	34	34	0.61
Total Noncurrent Liabilities	42	4.39	33	8.06	1.83	2.91
Noncurrent Deferred Revenue	-	1.42	0.86	0.90	0.18	0.34
Other Noncurrent Operating Liabilities	42	2.98	32	7.16	1.65	2.57
Total Equity & Noncontrolling Interests	-40	66	277	129	453	1,114
Total Preferred & Common Equity	-40	66	115	93	619	1,169
Total Common Equity	-40	-753	115	93	619	1,169
Common Stock	0.00	28	297	334	996	1,902
Retained Earnings	-40	-782	-182	-240	-377	-733
Noncontrolling Interest	-	0.00	162	36	-166	-55

This table presents Spring Valley Acquisition's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	404	332	309	309	230	229	253	618	606	883	1,148
Total Current Assets	348	246	188	159	157	156	181	543	443	720	908
Cash & Equivalents	269	218	154	117	132	131	112	491	298	408	341
Restricted Cash	-	-	-	-	5.10	5.10	5.10	5.10	5.10	5.10	5.10
Short-Term Investments	50	0.00	0.00	0.00	-	-	45	30	123	284	549
Accounts Receivable	23	21	25	20	5.10	8.38	7.91	13	13	15	8.47
Prepaid Expenses	6.43	7.30	8.73	21	15	12	11	3.55	3.92	7.75	4.77
Plant, Property, & Equipment, net	4.97	4.51	5.24	4.63	3.55	3.15	2.76	2.28	1.85	2.12	3.18
Total Noncurrent Assets	51	81	116	145	69	70	70	72	162	161	237
Long-Term Investments	-	-	-	-	-	-	-	-	69	62	119
Goodwill	8.26	8.26	8.26	8.26	8.26	8.26	8.26	8.26	8.26	8.26	8.26
Intangible Assets	1.10	1.02	0.97	0.93	0.84	0.79	0.75	0.66	0.62	0.57	0.48
Other Noncurrent Operating Assets	42	72	107	136	60	61	61	63	84	90	109
Total Liabilities & Shareholders' Equity	404	332	309	309	230	229	253	618	606	883	1,148
Total Liabilities	85	86	85	129	101	136	163	89	108	448	38
Total Current Liabilities	42	52	36	81	85	59	81	87	105	446	31
Accounts Payable	32	44	28	36	46	19	18	48	65	403	22
Current Deferred Revenue	-	-	-	-	-	-	-	0.57	0.30	0.63	1.41
Current Employee Benefit Liabilities	9.05	6.44	6.40	9.59	5.41	5.73	7.75	5.61	6.30	8.70	7.24
Other Current Liabilities	1.46	1.51	1.67	36	34	34	35	33	34	33	0.73
Total Noncurrent Liabilities	42	34	49	47	16	77	83	1.36	2.66	2.69	7.49
Noncurrent Deferred Revenue	1.13	1.08	24	33	0.21	0.08	0.08	0.35	0.34	0.48	0.31
Other Noncurrent Operating Liabilities	41	33	25	14	16	77	83	1.01	2.32	2.21	7.19
Total Equity & Noncontrolling Interests	319	247	224	180	129	93	90	529	499	435	1,110
Total Preferred & Common Equity	103	109	110	106	125	136	160	704	693	829	1,167
Total Common Equity	103	109	110	106	125	136	160	704	693	829	1,167
Common Stock	272	303	313	328	382	421	462	1,095	1,102	1,511	1,944
Retained Earnings	-169	-193	-203	-222	-257	-285	-302	-391	-409	-682	-777
Noncontrolling Interest	217	137	114	74	3.63	-43	-70	-175	-194	-394	-57

This table displays calculated financial ratios and metrics derived from Spring Valley Acquisition's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	377.00%	312.44%	93.24%	62.41%	-15.03%
EBITDA Growth	0.00%	-15.09%	-44.69%	-74.84%	-44.31%	-91.28%
EBIT Growth	0.00%	-14.87%	-44.21%	-73.35%	-43.58%	-90.63%
NOPAT Growth	0.00%	-9.73%	-31.95%	-19.81%	49.66%	-397.08%
Net Income Growth	0.00%	-15.96%	-38.13%	-27.22%	-93.42%	-90.73%
EPS Growth	0.00%	0.00%	0.00%	-56.86%	-83.75%	-47.62%
Operating Cash Flow Growth	0.00%	-109.93%	-49.86%	-23.31%	40.70%	-322.96%
Free Cash Flow Firm Growth	0.00%	0.00%	-360.24%	-13.58%	46.87%	-198.72%
Invested Capital Growth	0.00%	-97.20%	75.90%	-57.74%	62.70%	-2,864.85%
Revenue Q/Q Growth	0.00%	0.00%	11.79%	5.17%	401.90%	-50.73%
EBITDA Q/Q Growth	0.00%	0.00%	5.11%	-14.91%	-80.62%	13.69%
EBIT Q/Q Growth	0.00%	0.00%	4.94%	-14.70%	-79.71%	13.67%
NOPAT Q/Q Growth	0.00%	0.00%	7.94%	-1.35%	29.91%	-9.68%
Net Income Q/Q Growth	0.00%	0.00%	7.97%	-5.42%	-55.17%	14.92%
EPS Q/Q Growth	0.00%	0.00%	42.70%	-3.90%	-54.74%	24.13%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-13.88%	-19.06%	30.10%	-62.80%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	25.50%	-1,988.81%	-58.56%
Invested Capital Q/Q Growth	0.00%	0.00%	972.06%	-93.61%	109.03%	44.85%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	40.83%	38.16%	38.01%	16.87%	86.67%	36.31%
EBITDA Margin	-14,276.00%	-3,444.55%	-1,208.36%	-1,093.30%	-971.47%	-2,186.82%
Operating Margin	-26,473.83%	-6,090.15%	-1,948.45%	-1,208.09%	-374.48%	-2,190.57%
EBIT Margin	-14,622.33%	-3,521.24%	-1,231.22%	-1,104.51%	-976.44%	-2,190.57%
Profit (Net Income) Margin	-14,731.17%	-3,581.17%	-1,199.36%	-789.63%	-940.44%	-2,110.81%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.56%	100.05%
Interest Burden Percent	100.74%	101.70%	97.41%	71.49%	95.78%	96.31%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-58.28%	-124.42%	-2,183.45%	-2,884.42%	-1,860.83%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-1,254.45%	-184.51%	-2,195.19%	-2,890.92%	-1,772.97%	0.00%
Return on Net Nonoperating Assets (RNNOA)	12.41%	45.91%	2,101.49%	2,795.78%	1,741.21%	0.00%
Return on Equity (ROE)	-45.87%	-78.51%	-81.96%	-88.63%	-119.63%	-84.82%
Cash Return on Invested Capital (CROIC)	0.00%	64.68%	-2,238.47%	-2,803.24%	-1,908.57%	0.00%
Operating Return on Assets (OROA)	-37.42%	-56.67%	-61.87%	-87.86%	-94.01%	-70.47%
Return on Assets (ROA)	-37.70%	-57.64%	-60.27%	-62.81%	-90.55%	-67.90%
Return on Common Equity (ROCE)	9.43%	238.49%	151.53%	-45.39%	-146.26%	-96.78%
Return on Equity Simple (ROE_SIMPLE)	223.12%	-154.69%	-123.45%	-192.73%	-56.31%	0.00%
Net Operating Profit after Tax (NOPAT)	-111	-122	-161	-193	-97	-483
NOPAT Margin	-18,531.68%	-4,263.10%	-1,363.91%	-845.66%	-262.13%	-1,533.40%
Net Nonoperating Expense Percent (NNEP)	1,196.17%	60.09%	11.75%	6.50%	-87.86%	-20.91%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-58.10%	-149.14%	-21.43%	-43.35%
Cost of Revenue to Revenue	59.17%	61.84%	61.99%	83.13%	13.33%	63.69%
SG&A Expenses to Revenue	10,636.83%	2,830.33%	904.95%	540.83%	334.77%	2,082.25%
R&D to Revenue	15,877.83%	3,297.97%	1,081.51%	684.13%	126.38%	144.64%
Operating Expenses to Revenue	26,514.67%	6,128.30%	1,986.46%	1,224.96%	461.15%	2,226.89%
Earnings before Interest and Taxes (EBIT)	-88	-101	-145	-252	-362	-690
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-86	-99	-143	-249	-360	-688
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	20.20	8.14	7.40	3.62
Price to Tangible Book Value (P/TBV)	0.00	0.00	21.99	9.03	7.51	3.65
Price to Revenue (P/Rev)	337.33	100.76	196.25	33.37	123.60	134.36
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.27	195.91	235.19	169.04	613.62	0.00
Enterprise Value to Revenue (EV/Rev)	721.32	365.88	187.33	29.44	107.07	91.55
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	16.51	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.21	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.01	-0.25	-0.96	-0.97	-0.98	-1.11
Leverage Ratio	1.22	1.36	1.36	1.41	1.32	1.25
Compound Leverage Factor	1.23	1.39	1.32	1.01	1.27	1.20
Debt to Total Capital	0.00%	17.03%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	17.03%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	994.30%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	120.56%	2.60%	58.61%	27.74%	-36.54%	-4.97%
Common Equity to Total Capital	-20.56%	-913.93%	41.39%	72.26%	136.54%	104.97%
Debt to EBITDA	0.00	-0.14	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.64	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	-0.12	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.52	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	1.45	-8.10	18.20	0.05	27.75	7.00
Noncontrolling Interest Sharing Ratio	120.56%	403.75%	284.89%	48.79%	-22.27%	-14.10%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	42.93	1.78	7.38	1.77	5.25	4.30
Quick Ratio	38.18	1.69	7.23	1.49	5.16	4.26
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	63	-165	-187	-100	-298
Operating Cash Flow to CapEx	-1,339.62%	-5,080.02%	-6,372.60%	-10,623.42%	-246,968.18%	-90,474.41%
Free Cash Flow to Firm to Interest Expense	0.00	36.98	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	-57.82	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	-58.96	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.02	0.05	0.08	0.10	0.03
Accounts Receivable Turnover	0.00	0.00	1.47	2.14	2.37	2.14
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	2.43	5.13	11.33	14.49
Accounts Payable Turnover	0.00	0.00	0.29	0.52	0.11	0.12
Days Sales Outstanding (DSO)	0.00	0.00	247.87	170.63	153.86	170.92
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	1,255.23	701.43	3,433.08	3,044.66
Cash Conversion Cycle (CCC)	0.00	0.00	-1,007.36	-530.81	-3,279.23	-2,873.74
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	191	5.35	9.40	3.97	6.46	-179
Invested Capital Turnover	0.00	0.03	1.60	3.41	7.10	-0.37
Increase / (Decrease) in Invested Capital	0.00	-185	4.06	-5.43	2.49	-185
Enterprise Value (EV)	433	1,047	2,211	672	3,966	2,882
Market Capitalization	202	288	2,317	761	4,579	4,229
Book Value per Share	($1.98)	($26.21)	$0.51	$0.40	$2.42	$3.92
Tangible Book Value per Share	($1.98)	($26.54)	$0.47	$0.36	$2.39	$3.89
Total Capital	193	82	277	129	453	1,114
Total Debt	0.00	14	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-1.91	-63	-268	-125	-447	-1,292
Capital Expenditures (CapEx)	3.53	1.95	2.33	1.73	0.04	0.51
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.19	-25	-22	-58	-65	-283
Debt-free Net Working Capital (DFNWC)	2.09	52	246	67	381	977
Net Working Capital (NWC)	2.09	38	246	67	381	977
Net Nonoperating Expense (NNE)	-23	-20	-19	-13	251	182
Net Nonoperating Obligations (NNO)	-1.91	-63	-268	-125	-447	-1,292
Total Depreciation and Amortization (D&A)	2.08	2.20	2.70	2.56	1.84	1.18
Debt-free, Cash-free Net Working Capital to Revenue	31.19%	-887.04%	-184.91%	-255.49%	-176.11%	-898.38%
Debt-free Net Working Capital to Revenue	348.92%	1,806.67%	2,082.84%	294.12%	1,029.60%	3,102.12%
Net Working Capital to Revenue	348.92%	1,316.07%	2,082.84%	294.12%	1,029.60%	3,102.12%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.22	($0.51)	($0.80)	($1.47)	($2.17)
Adjusted Weighted Average Basic Shares Outstanding	0.00	28.75M	50.76M	73.39M	93.25M	163.73M
Adjusted Diluted Earnings per Share	$0.00	$0.22	($0.51)	($0.80)	($1.47)	($2.17)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	28.75M	50.76M	73.39M	93.25M	163.73M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	28.75M	226.99M	234.29M	282.43M	338.02M
Normalized Net Operating Profit after Tax (NOPAT)	-111	-122	-161	-193	-97	-483
Normalized NOPAT Margin	-18,531.68%	-4,263.10%	-1,363.91%	-845.66%	-262.13%	-1,533.40%
Pre Tax Income Margin	-14,731.17%	-3,581.17%	-1,199.36%	-789.63%	-935.22%	-2,109.72%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-58.76	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	-71.14	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	-59.90	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	-72.28	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	-0.75%	-0.06%
Augmented Payout Ratio	-0.06%	-0.02%	-0.40%	0.00%	-0.75%	-0.06%

This table displays calculated financial ratios and metrics derived from Spring Valley Acquisition's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	338,016,328.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	338,016,328.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.13
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	119.10%	32.64%	-74.95%	-83.31%	-93.17%	650.53%	869.91%	732.89%	1,635.16%	-94.72%	-95.78%
EBITDA Growth	-62.96%	-65.39%	-37.94%	-61.76%	41.13%	-121.68%	33.29%	45.27%	-1,028.41%	60.01%	-63.69%
EBIT Growth	-62.03%	-64.35%	-36.97%	-60.69%	41.09%	-120.55%	33.37%	45.20%	-1,016.86%	60.02%	-63.11%
NOPAT Growth	-40.57%	-5.45%	20.73%	25.38%	55.85%	83.32%	19.66%	-2.88%	-1,212.66%	-513.43%	-62.83%
Net Income Growth	-17.53%	-19.61%	-35.02%	-150.35%	21.90%	-219.46%	36.78%	49.48%	-1,069.26%	64.61%	-53.59%
EPS Growth	-13.04%	-13.64%	-31.25%	-138.46%	30.77%	-208.00%	47.62%	58.06%	-927.78%	89.61%	-27.27%
Operating Cash Flow Growth	31.96%	-66.84%	22.37%	8.15%	54.01%	63.92%	31.96%	7.52%	-1,469.76%	-671.11%	-1,281.01%
Free Cash Flow Firm Growth	-186.12%	13.50%	-94.47%	164.92%	183.16%	75.65%	-683.55%	-192.22%	-218.45%	1,344.53%	-269.44%
Invested Capital Growth	6,989.74%	-57.74%	-129.40%	-161.21%	-215.16%	62.70%	135.29%	109.01%	-352.58%	-2,864.85%	3,140.01%
Revenue Q/Q Growth	19.93%	-34.39%	-69.76%	-29.88%	-50.88%	7,105.05%	-60.92%	-39.78%	2.33%	-78.06%	-68.75%
EBITDA Q/Q Growth	-67.95%	-0.87%	-26.16%	-48.93%	38.88%	-279.85%	80.70%	-22.17%	-1,157.82%	86.50%	21.23%
EBIT Q/Q Growth	-67.29%	-0.77%	-25.60%	-48.27%	38.67%	-277.28%	80.58%	-21.95%	-1,149.80%	86.49%	20.90%
NOPAT Q/Q Growth	-65.56%	23.53%	38.12%	4.76%	2.05%	71.10%	-197.99%	-21.95%	-1,149.80%	86.49%	20.90%
Net Income Q/Q Growth	-96.17%	3.23%	14.82%	-54.82%	38.80%	-295.83%	83.14%	-23.73%	-1,316.27%	88.02%	26.84%
EPS Q/Q Growth	-100.00%	3.85%	16.00%	-47.62%	41.94%	-327.78%	85.71%	-18.18%	-1,323.08%	95.68%	-75.00%
Operating Cash Flow Q/Q Growth	29.45%	-164.54%	54.26%	-7.59%	64.68%	-107.55%	13.74%	-46.23%	-499.62%	-1.95%	-54.48%
Free Cash Flow Firm Q/Q Growth	1.42%	64.93%	113.96%	1,245.27%	26.28%	-110.27%	-234.51%	-112.59%	-62.20%	207.90%	-199.30%
Invested Capital Q/Q Growth	-10.91%	-93.61%	-311.40%	-408.67%	-67.60%	109.03%	-54.15%	29.82%	-8,521.52%	44.85%	153.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	14.53%	15.79%	46.70%	12.10%	37.89%	91.07%	52.35%	22.11%	32.87%	-3.37%	3.72%
EBITDA Margin	-1,167.70%	-1,795.13%	-3,805.95%	-8,083.14%	-10,057.26%	-530.22%	-261.79%	-531.13%	-6,528.25%	-4,017.09%	-10,125.84%
Operating Margin	-1,336.92%	-1,558.25%	-3,188.76%	-4,330.71%	-8,635.58%	-34.64%	-264.13%	-534.91%	-6,532.88%	-4,022.23%	-10,181.24%
EBIT Margin	-1,177.55%	-1,808.53%	-3,844.67%	-8,129.37%	-10,149.47%	-531.45%	-264.13%	-534.91%	-6,532.88%	-4,022.23%	-10,180.53%
Profit (Net Income) Margin	-839.25%	-1,237.79%	-3,486.58%	-7,697.83%	-9,590.32%	-526.87%	-227.25%	-466.96%	-6,462.58%	-3,529.42%	-8,262.83%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.03%	101.08%	101.14%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	71.27%	68.44%	90.69%	94.69%	94.47%	98.08%	85.07%	87.30%	98.92%	87.75%	81.16%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-643.78%	-3,720.45%	-4,135.77%	-3,103.17%	0.00%	-172.13%	0.00%	0.00%	0.00%	0.00%	-2,687.96%
ROIC Less NNEP Spread (ROIC-NNEP)	-646.86%	-3,717.04%	-4,126.04%	-3,072.09%	0.00%	-111.99%	0.00%	0.00%	0.00%	0.00%	-2,687.13%
Return on Net Nonoperating Assets (RNNOA)	565.15%	3,594.71%	3,904.38%	2,810.16%	0.00%	109.98%	0.00%	0.00%	0.00%	0.00%	2,524.86%
Return on Equity (ROE)	-78.64%	-125.73%	-231.39%	-293.01%	-166.45%	-62.15%	-100.49%	-99.25%	-297.54%	-84.82%	-163.10%
Cash Return on Invested Capital (CROIC)	-798.12%	-2,803.24%	0.00%	0.00%	0.00%	-1,908.57%	-3,455.41%	-3,598.47%	0.00%	0.00%	-1,194.58%
Operating Return on Assets (OROA)	-71.66%	-143.86%	-255.54%	-418.20%	-266.69%	-51.17%	-30.55%	-71.85%	-734.62%	-129.39%	-215.19%
Return on Assets (ROA)	-51.07%	-98.46%	-231.74%	-396.00%	-251.99%	-50.73%	-26.29%	-62.73%	-726.72%	-113.53%	-174.66%
Return on Common Equity (ROCE)	-32.88%	-64.39%	-144.55%	-227.37%	-164.11%	-75.99%	-126.58%	-138.98%	-560.45%	-96.78%	-186.13%
Return on Equity Simple (ROE_SIMPLE)	-161.32%	0.00%	-153.99%	-174.06%	-140.26%	0.00%	-46.97%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-65	-50	-31	-29	-29	-8.30	-25	-30	-377	-51	-40
NOPAT Margin	-935.84%	-1,090.77%	-2,232.13%	-3,031.50%	-6,044.91%	-24.25%	-184.89%	-374.44%	-4,573.02%	-2,815.56%	-7,126.87%
Net Nonoperating Expense Percent (NNEP)	3.08%	-3.41%	-9.74%	-31.07%	-12.06%	-60.14%	-1.71%	-2.36%	-33.83%	-1.48%	-0.83%
Return On Investment Capital (ROIC_SIMPLE)	-	-38.46%	-	-	-	-1.83%	-4.67%	-6.05%	-86.68%	-4.57%	-3.63%
Cost of Revenue to Revenue	85.47%	84.21%	53.30%	87.90%	62.11%	8.93%	47.65%	77.89%	67.13%	103.37%	96.28%
SG&A Expenses to Revenue	434.55%	744.58%	2,281.51%	3,088.21%	6,113.47%	98.33%	248.21%	410.49%	6,431.63%	3,269.69%	7,918.58%
R&D to Revenue	916.91%	829.45%	953.95%	1,254.60%	2,560.00%	27.38%	68.27%	146.54%	134.12%	749.17%	2,266.37%
Operating Expenses to Revenue	1,351.45%	1,574.04%	3,235.46%	4,342.81%	8,673.47%	125.71%	316.48%	557.03%	6,565.75%	4,018.86%	10,184.96%
Earnings before Interest and Taxes (EBIT)	-82	-82	-53	-79	-48	-182	-35	-43	-538	-73	-58
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-81	-82	-52	-78	-48	-181	-35	-43	-538	-73	-57
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.60	8.14	9.95	20.84	18.03	7.40	5.68	16.24	12.38	3.62	3.14
Price to Tangible Book Value (P/TBV)	11.61	9.03	10.73	22.32	19.10	7.51	5.75	16.45	12.51	3.65	3.16
Price to Revenue (P/Rev)	51.78	33.37	66.58	205.02	390.94	123.60	81.55	200.45	160.51	134.36	196.27
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	17.36	169.04	0.00	0.00	0.00	613.62	1,112.74	2,744.69	0.00	0.00	27.00
Enterprise Value to Revenue (EV/Rev)	49.77	29.44	59.44	192.10	359.55	107.07	67.25	188.17	142.46	91.55	138.91
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.87	-0.97	-0.95	-0.91	-1.03	-0.98	-1.01	-1.07	-1.75	-1.11	-0.94
Leverage Ratio	1.43	1.41	1.50	1.70	2.08	1.32	1.29	1.41	2.16	1.25	1.08
Compound Leverage Factor	1.02	0.97	1.36	1.61	1.97	1.30	1.10	1.23	2.14	1.10	0.87
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	41.04%	27.74%	2.82%	-46.10%	-77.61%	-36.54%	-32.96%	-38.89%	-90.59%	-4.97%	-5.13%
Common Equity to Total Capital	58.96%	72.26%	97.18%	146.10%	177.61%	136.54%	132.96%	138.89%	190.59%	104.97%	105.13%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	3.72	2.53	5.51	10.24	8.82	28.84	26.97	62.32	11.08	8.44	57.03
Noncontrolling Interest Sharing Ratio	58.19%	48.79%	37.53%	22.40%	1.40%	-22.27%	-25.97%	-40.03%	-88.36%	-14.10%	-14.12%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.95	1.77	1.84	2.66	2.24	5.25	6.23	4.22	1.62	4.30	29.36
Quick Ratio	1.69	1.49	1.61	2.37	2.04	5.16	6.13	4.13	1.59	4.26	29.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-126	-44	6.18	83	105	-11	-36	-77	-124	134	-133
Operating Cash Flow to CapEx	-51,250.00%	-143,552.94%	0.00%	0.00%	0.00%	-60,038.64%	-34,008.96%	0.00%	0.00%	-55,505.18%	-20,675.30%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	-3.74	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	-9.15	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-9.17	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.08	0.07	0.05	0.03	0.10	0.12	0.13	0.11	0.03	0.02
Accounts Receivable Turnover	1.01	2.14	1.43	0.83	0.53	2.37	5.32	5.30	5.53	2.14	1.71
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	4.52	5.13	4.64	3.30	2.00	11.33	16.80	22.47	26.22	14.49	6.83
Accounts Payable Turnover	0.52	0.52	0.36	0.48	0.21	0.11	0.23	0.38	0.10	0.12	0.41
Days Sales Outstanding (DSO)	361.87	170.63	254.89	438.53	694.84	153.86	68.63	68.84	65.98	170.92	213.17
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	697.19	701.43	1,004.30	757.46	1,715.79	3,433.08	1,612.90	955.13	3,620.71	3,044.66	887.75
Cash Conversion Cycle (CCC)	-335.32	-530.81	-749.41	-318.92	-1,020.95	-3,279.23	-1,544.28	-886.29	-3,554.74	-2,873.74	-674.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	62	3.97	-8.40	-43	-72	6.46	2.96	3.85	-324	-179	96
Invested Capital Turnover	0.69	3.41	1.85	1.02	-1.57	7.10	-18.05	-2.89	-0.32	-0.37	0.38
Increase / (Decrease) in Invested Capital	61	-5.43	-37	-113	-134	2.49	11	47	-252	-185	93
Enterprise Value (EV)	1,079	672	1,111	2,662	2,654	3,966	3,298	10,562	9,103	2,882	2,593
Market Capitalization	1,123	761	1,244	2,841	2,886	4,579	3,999	11,251	10,256	4,229	3,664
Book Value per Share	$0.46	$0.40	$0.53	$0.56	$0.64	$2.42	$2.49	$2.44	$2.91	$3.92	$3.45
Tangible Book Value per Share	$0.42	$0.36	$0.50	$0.52	$0.61	$2.39	$2.46	$2.41	$2.88	$3.89	$3.43
Total Capital	180	129	129	93	90	453	529	499	435	1,114	1,110
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-117	-125	-137	-136	-162	-447	-527	-495	-759	-1,292	-1,014
Capital Expenditures (CapEx)	0.05	0.05	0.00	0.00	0.00	0.04	0.07	0.00	0.00	0.37	1.52
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-40	-58	-65	-39	-62	-65	-70	-88	-423	-283	-18
Debt-free Net Working Capital (DFNWC)	78	67	72	97	100	381	456	338	274	977	878
Net Working Capital (NWC)	78	67	72	97	100	381	456	338	274	977	878
Net Nonoperating Expense (NNE)	-6.71	6.70	17	45	17	172	5.67	7.45	156	13	6.42
Net Nonoperating Obligations (NNO)	-117	-125	-137	-136	-162	-447	-527	-495	-759	-1,292	-1,014
Total Depreciation and Amortization (D&A)	0.69	0.61	0.53	0.45	0.44	0.42	0.31	0.31	0.38	0.09	0.31
Debt-free, Cash-free Net Working Capital to Revenue	-183.51%	-255.49%	-350.17%	-278.41%	-836.36%	-176.11%	-143.48%	-157.16%	-661.55%	-898.38%	-94.82%
Debt-free Net Working Capital to Revenue	358.12%	294.12%	383.56%	703.36%	1,354.78%	1,029.60%	930.15%	601.54%	429.13%	3,102.12%	4,700.45%
Net Working Capital to Revenue	358.12%	294.12%	383.56%	703.36%	1,354.78%	1,029.60%	930.15%	601.54%	429.13%	3,102.12%	4,700.45%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.26)	($0.25)	($0.21)	($0.31)	($0.18)	($0.77)	($0.11)	($0.13)	($1.85)	($0.08)	($0.14)
Adjusted Weighted Average Basic Shares Outstanding	74.84M	73.39M	79.59M	89.55M	95.20M	93.25M	127.72M	133.42M	147.69M	163.73M	319.71M
Adjusted Diluted Earnings per Share	($0.26)	($0.25)	($0.21)	($0.31)	($0.18)	($0.77)	($0.11)	($0.13)	($1.85)	($0.08)	($0.14)
Adjusted Weighted Average Diluted Shares Outstanding	74.84M	73.39M	79.59M	89.55M	95.20M	93.25M	127.72M	133.42M	147.69M	163.73M	319.71M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	231.33M	234.29M	243.01M	249.18M	255.36M	282.43M	284.39M	284.88M	298.48M	338.02M	365.48M
Normalized Net Operating Profit after Tax (NOPAT)	-65	-50	-31	-29	-29	-8.30	-25	-30	-377	-51	-40
Normalized NOPAT Margin	-935.84%	-1,090.77%	-2,232.13%	-3,031.50%	-6,044.91%	-24.25%	-184.89%	-374.44%	-4,573.02%	-2,815.56%	-7,126.87%
Pre Tax Income Margin	-839.25%	-1,237.79%	-3,486.58%	-7,697.83%	-9,587.79%	-521.25%	-224.70%	-466.96%	-6,462.58%	-3,529.42%	-8,262.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	-63.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	-2.87	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-63.02	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-2.89	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-0.75%	0.00%	0.00%	0.00%	-0.06%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-0.75%	0.00%	0.00%	0.00%	-0.06%	0.00%

Financials Breakdown Chart

Key Financial Trends

NuScale Power (NYSE: SMR) continues to look like a well-capitalized, but still heavily loss-making, development-stage company. Over the last several quarters, the company has raised significant capital, built a large cash/investment cushion, and maintained a strong current ratio. At the same time, operating losses remain large, and cash from operations is deeply negative as the company spends heavily on SG&A and R&D while revenue remains minimal.

Large liquidity buffer: As of Q1 2026, NuScale held about $895 million in cash, restricted cash, and short-term investments, plus another $119 million in long-term investments.
Balance sheet remains cash-rich: Total current assets were $908 million versus only $31 million in current liabilities in Q1 2026, suggesting strong near-term liquidity.
Debt appears limited: The balance sheet shows no meaningful interest-bearing debt, which reduces solvency risk.
Equity raises have funded operations: NuScale repeatedly issued common stock, including $37 million in Q1 2026 and $737 million in Q4 2025, helping replenish cash.
Revenue is improving from a very low base: Q1 2026 revenue was $565,000, up from $475,000 in Q3 2024 and far above earlier periods, though still tiny in absolute terms.
Gross profit is positive, but barely: Q1 2026 gross profit was just $21,000, indicating the company is still far from scale economics.
Non-operating income helps offset losses: Interest and investment income contributed $10.8 million in Q1 2026, helping narrow losses before the bottom line.
Operating losses remain very large: Q1 2026 operating loss was $57.5 million, despite only a few hundred thousand dollars in revenue.
Cash burn is still substantial: Q1 2026 operating cash flow was negative $314.7 million, and net change in cash was negative $495.3 million after investing activity.
Prior quarters show worsening scalability issues: Revenue has swung around, but expenses have stayed high, with Q3 2025 posting a $538 million operating loss and Q4 2025 still losing $72.7 million from operations.

Bottom line: NuScale’s financial position is currently supported by a large cash and investment balance, but the core business is still not self-funding. For retail investors, the key question is whether the company can convert its nuclear technology and project pipeline into meaningful, recurring revenue before the cash pile is diluted by additional losses or future financing needs.

06/05/26 08:48 PM ETAI Generated. May Contain Errors.

Spring Valley Acquisition Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Spring Valley Acquisition's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Spring Valley Acquisition's net income appears to be on an upward trend, with a most recent value of -$664.46 million in 2025, rising from -$88.39 million in 2020. The previous period was -$348.39 million in 2024.

Spring Valley Acquisition's total operating income in 2025 was -$689.57 million, based on the following breakdown:

Total Gross Profit: $11.43 million
Total Operating Expenses: $701.00 million

Over the last 5 years, Spring Valley Acquisition's total revenue changed from $600 thousand in 2020 to $31.48 million in 2025, a change of 5,146.5%.

Spring Valley Acquisition's total liabilities were at $298.96 million at the end of 2025, a 226.5% increase from 2024, and a 615.9% increase since 2020.

In the past 5 years, Spring Valley Acquisition's cash and equivalents has ranged from $1.91 million in 2020 to $836.42 million in 2025, and is currently $836.42 million as of their latest financial filing in 2025.

Over the last 5 years, Spring Valley Acquisition's book value per share changed from -1.98 in 2020 to 3.92 in 2025, a change of -297.7%.

Related Companies

Financial statements for NASDAQ:SV last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Spring Valley Acquisition (SV) Financials

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Spring Valley Acquisition (SV) Financials

Annual Income Statements for Spring Valley Acquisition

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Quarterly Balance Sheets for Spring Valley Acquisition

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