In Q1'26, SMR's ROE stood at -3.77%, ROA at -3.83%, and ROIC at -4.85%, reflecting a modest deterioration from the prior quarter's Q4'25 figures of -4.35%, -3.60%, and -6.51%, respectively, while remaining significantly improved from the deeper losses seen earlier in the period. Over the timeframe from Q2'23 to Q1'26, all three metrics—ROE, ROA, and ROIC—exhibited a predominantly negative and volatile trend, starting with moderate declines (e.g., ROE at -8.65%, ROA at -3.08%, ROIC at -20.53% in Q2'23) that worsened progressively through Q4'23 (ROE -20.07%, ROA -8.34%, ROIC -51.16%) amid operational challenges, before showing partial recovery in 2024 and early 2025 with ROIC notably rebounding to -2.61% in Q4'24; however, a sharp downturn in Q3'25 (ROE -32.98%, ROA -30.95%, ROIC -63.15%) highlighted renewed pressures, followed by stabilization in subsequent quarters without achieving positive territory. This analysis underscores ongoing inefficiencies in asset utilization and capital returns for SMR, with analysts monitoring for sustained improvement beyond Q1'26.