Akcie NuScale Power v srpnu vzrostly o 10,1 % poté, co společnost oznámila nástroje AI pro jaderný sektor. Zároveň ale ve 2. čtvrtletí tržby spadly o 99 % na 75 000 USD.
A stock that just hit a 52-week low doesn't usually need much to bounce. NuScale Power (SMR +15.26%) found that out in August, gaining 10.1% during the month according to data provided by S&P Global Market Intelligence, after a brutal July.
Has the nuclear energy stock bottomed out, and should investors buy it while they still can amid the artificial intelligence (AI) power crunch?
Image source: Getty Images.
NuScale's Q2 revenue plunged 99% The biggest single-day pop came around Aug. 25 when NuScale announced plans to roll out nuclear-specific AI tools built with Nuclearn and NPX's AtomAssist platform. Early testing showed a cut of up to 80% in the time it takes engineers to find key design information.
Simply put, NuScale, which is developing small modular reactors (SMRs), plans to use custom nuclear AI to sift through mountains of technical documents and regulatory rules to extract data quickly. That should mean quicker decisions and no costly project delays as a reactor moves from design to deployment.
Earlier in the month, though, the news was nowhere near as flattering. NuScale kicked off August by reporting revenue of only $75,000 for the second quarter, down 99 % from $8 million a year earlier.
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The slump wasn't really about business erosion. It was a job ending, as NuScale finished front-end engineering design work on a project in Romania. The company doesn't have anything meaningful yet to replace that revenue with. It also continues to incur big losses and burn cash.
Should you buy NuScale Power stock now? NuScale ended Q2 with $1.9 billion in cash and investments, up $900 million from Q1. On Aug. 11, it filed to sell another $750 million in shares. That's more stock dilution, and a bet that only pays off if NuScale can sign a power purchase agreement (PPA) before investors run out of patience.
That's the single biggest development investors are waiting for, as commercial execution remains unproven. NuScale has the regulatory head start as its SMR design is already approved by the U.S. Nuclear Regulatory Commission.
The AI boom has created an insatiable demand from hyperscalers and data centers for massive, uninterrupted, carbon-free energy. NuScale's certified SMR design puts it in a prime position to meet that need, but commercial execution remains unproven with its first operational reactor still years away.
Until its commercial development partner, ENTRA1 Energy translates non-binding framework agreements into signed PPAs and turns regulatory milestones into concrete factory orders, NuScale Power stock will keep trading on pure speculation rather than revenue or earnings visibility.
Bank of America zopakovala doporučení koupit NuScale Power a cílovou cenu na 12 USD, což znamená asi 24% nárůst v příštích 12 měsících. Klíčem je podpis PPA pro 6GW projekt s TVA.
It has been a tough year for NuScale Power (SMR -0.51%). Shares have fallen nearly 40% since 2026. One Wall Street analyst remains unfazed.
In early August, Rinny Singh, an analyst at Bank of America, reiterated her buy rating on SMR stock, setting a share price target of $12, implying roughly 24% upside over the next 12 months.
Why does Singh remain so bullish despite recent share price weakness? Her bull thesis comes down to one key catalyst -- a catalyst that may soon receive some much-needed momentum.
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Here's why Rinny Singh remains bullish on NuScale Power stock Singh's bull thesis on NuScale stock largely comes down to one critical factor: Can NuScale convert its customer pipeline into revenue-generating projects? The biggest mover from this perspective is the company's 6-gigawatt (GW) project with its financing partner, ENTRA1, and utility provider, the Tennessee Valley Authority (TVA).
Right now, NuScale remains the only company in the U.S. with regulatory permission to build a small modular reactor, or SMR. If built, the company's TVA project would be the biggest SMR facility in the world by a large margin.
Here's the catch: TVA still hasn't made any firm financial commitments to the project. The deal will be non-binding until a power-purchase agreement (PPA) is signed, locking the utility into buying power from the future NuScale facility.
In a note to clients earlier this year, Singh conceded that "converting agreements to firm deals has been slower than anticipated." Singh also expressed concern about NuScale's financial position, citing increased cash burn and near-term funding risk.
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Since that note was published, however, NuScale has significantly improved its capital position. As of last quarter, the company has around $1.9 billion in cash and cash equivalents. This resolves most of Singh's funding concerns, though at the price of shareholder dilution.
A vastly improved balance sheet now let's NuScale focus on executing Singh's most valuable catalyst: converting the non-biding TVA deal into a firm, revenue-generating project. That catalyst would be realized with the signing of a PPA. According to NuScale's management team, a PPA could be in place by the end of 2026.
Last quarter, NuScale's CEO specifically called out "continued advancement on the ENTRA1 and TVA power purchase agreement discussions." NuScale's CFO added that the nuclear company is "hopeful that TVA can come across the line at some point later this year."
If NuScale can secure a PPA for this project, Singh's bull thesis may ultimately look conservative. A PPA not only would provide serious social validation for NuScale's technology and go-to market strategy, but it would also clear up many financing concerns. ENTRA1, NuScale's financing partner, was approved for $25 billion in government funding last year to build large-scale energy projects. Not all of that funding will go to NuScale. But if the TVA deal reaches firm financial commitments this year, expect the market to assign more value to NuScale's future customer pipeline.
Importantly, Singh is not alone in her bullishness. The Wall Street consensus price target for NuScale stock is also around $12 per share. The investment thesis, however, will largely hinge on getting a PPA signed for the 6-gigawatt SMR project with TVA.
NuScale Power je jediná firma v USA schválená regulátory ke stavbě SMR systému, ale klíčový projekt o výkonu 6 GW v USA stále čeká na PPA do konce roku 2026. Firma zůstává neprofitabilní a další zpoždění by mohlo znamenat ředění akcií.
NuScale Power (SMR +3.09%) is a popular nuclear energy stock with significant upside potential. The company is valued at just $4 billion despite operating in what could become a $300 billion global market.
In general, Wall Street analysts are bullish on the company. The consensus price target of $11.85 suggests nearly 30% in near-term upside. Two analysts believe shares could double in value over the next 12 months.
There's no doubt about NuScale's potential. The company specializes in small modular reactors, or SMRs. This technology has been around for decades, with only two SMR facilities ever commercialized worldwide. Adoption of SMRs, however, is heating up quickly. More than 80 SMR systems are currently in development, largely thanks to a single catalyst: rapidly rising energy demand from artificial intelligence (AI) companies.
These companies require large amounts of reliable baseload power. And due to climate commitments, much of this emerging power demand must be met by low-carbon generation. AI companies will need more power years down the line, but they also need more power now. That makes SMRs a better fit versus conventional nuclear power plants. SMRs are essentially miniature nuclear power plants that can be built faster and with lower upfront costs. They can also be located directly next to data center infrastructure.
While SMR competitors are currently in the application pipeline, NuScale remains the only company in the U.S. cleared by regulators to construct an SMR system. This reality, combined with AI's rapidly rising energy needs, paints an optimistic picture for NuScale's future. But there's one risk point every investor should be keenly aware of.
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This is what worries me about NuScale Power stock The long-term demand picture for nuclear energy is promising. Bank of America believes it will be a $10 trillion global opportunity through 2050. Importantly, however, Bank of America believes that SMRs will make up a minority of that opportunity. The bank estimates that meaningful SMR adoption will not arrive until 2035 or later.
NuScale is already ahead of the curve with several major projects in its pipeline. For example, it has a 6-gigawatt deal signed with their financing partner, ENTRA1, and a northeastern utility, the Tennessee Valley Authority. If built, this SMR system will be the largest in the world by far. NuScale also has a 462-megawatt deal in Romania that is advancing through government approvals.
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Here's the problem with NuScale: The company has repeatedly faced customer delays and cancellations. In 2023, its biggest deal at the time collapsed as cost estimates surged.
"Although there were problems specific to that project, the financial challenges and cost trends witnessed in this case will afflict any small modular nuclear reactor project," M.V. Ramana, a professor at the University of British Columbia, warned at the time. "In a rational world, no utility or government would invest another dime on these theoretical reactor concepts."
Even NuScale's Romania deal has faced several delays. Construction has not officially begun, but completion estimates have already been pushed out to 2034.
Good news could be on the way for NuScale's most valuable project, its 6-gigawatt deal in the U.S. NuScale's CFO recently guided investors to expect a power purchase agreement (PPA) by the end of 2026. If signed, a PPA would clear the way for construction to begin.
A PPA would be meaningful for NuScale's prospects as well as its stock price. A delay, however, could be devastating. NuScale remains unprofitable, and pushing out its most promising revenue-generating project would likely require additional shareholder dilution. So while NuScale's long-term prospects remain bright, shareholders should expect a long holding period with the potential for considerable dilution along the way.
NuScale Power a MillenniTEK úspěšně vyrobily první bor-oxidové pelety pro pasivní systém nouzového chlazení jádra. Jde o krok k přípravě komercializace technologie SMR schválené NRC.
CORVALLIS, Ore. & KNOXVILLE, Tenn.--(BUSINESS WIRE)--NuScale Power Corporation (NYSE: SMR), the industry leading provider of proprietary and innovative advanced small modular reactor (SMR) technology, and MillenniTEK, an advanced nuclear materials manufacturer, today announced that they have successfully fabricated first-of-a-kind boron-oxide pellets for NuScale’s passive emergency core cooling system (ECCS).
The achievement marks an important step in NuScale’s continued progress toward commercialization readiness by furthering the development of specialized components and manufacturing processes that support the deployment of its U.S. Nuclear Regulatory Commission (NRC) approved SMR technology.
It also demonstrates NuScale’s commitment to safety, technical rigor, and the continued maturation of its supply chain and manufacturing capabilities. Upon ECCS actuation in a plant with NuScale technology, the pellets are designed to dissolve into the reactor coolant to help control and maintain core reactivity at safe levels without operator intervention.
“NuScale’s technology is built on a commitment to safety, simplicity, and deployability, and this milestone reflects the continued progress we are making to prepare our technology and supply chain for commercial deployment in the near-term,” said John Hopkins, NuScale President and Chief Executive Officer. “By working with experienced advanced nuclear manufacturers like MillenniTEK, we are progressing the production-ready processes needed to support our first customer deployments and bring NuScale’s technology – the only SMR with NRC approval – to market.”
“This first-of-a-kind fabrication milestone demonstrates MillenniTEK’s ability to support the advanced manufacturing needs of next-generation nuclear technologies,” said Steve Getley, MillenniTEK President. “We are proud to work with NuScale to help mature a critical manufacturing process that supports the safe and reliable deployment of its small modular reactor technology.”
NuScale remains focused on advancing the commercialization of its technology through disciplined engineering, manufacturing readiness, supply chain development, and customer deployment planning. As the only SMR technology with NRC-approved designs, NuScale continues to build the technical and industrial foundation needed to deliver reliable, carbon-free energy for customers around the world.
About NuScale Power
Founded in 2007, NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. The NuScale Power Module™, the Company’s groundbreaking SMR technology, is a small, safe, pressurized water reactor that can each generate 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross), and can be scaled to meet customer needs through an array of flexible configurations up to 924 MWe (12 modules) of output.
As the first and only SMR to have its designs certified by the U.S. Nuclear Regulatory Commission, NuScale is well-positioned to serve diverse customers across the world by supplying nuclear energy for electrical generation, data centers, district heating, desalination, commercial-scale hydrogen production, and other process heat applications.
To learn more, visit NuScale Power’s website or follow us on LinkedIn, Facebook, Instagram, X, and YouTube.
About MillenniTEK
MillenniTEK was formed in 2010 by a management buy-out of Millennium Materials, a company that was owned by the UK company, Dyson Group PLC. In 2024, Houston based Pelican Energy Partners acquired the company.
MillenniTEK focuses on innovation and quality, our NQA-1 focused team has doubled production capacity, achieved yields greater than 95%, and introduced new ceramic product lines. Whether it’s technical ceramic manufacturing or rapid prototyping, MillenniTEK is dedicated to changing the world through cutting-edge materials.
The company is split into two divisions, the first being technical ceramic manufacturing where we convert materials that are in powder form into solid high tolerance components, in a high production output environment. The second division develops prototype parts in an array of high temperature materials to support the emerging SMR, Microreactor and Space Reactor sectors. To learn more, visit MillenniTEK’s website.
Forward Looking Statements
This release contains forward-looking statements (including without limitation statements containing words such as "will," "believes," "expects," “anticipates,” "plans" or other similar expressions). These forward-looking statements may include statements relating to our strategic and operational plans, expectations (including regarding our market positioning, our progress toward deploying our technology, the market for nuclear energy and providing energy technology for communities around the world), future growth, and the outlook of our business.
Our actual results may differ materially from what may be included in forward-looking statements as a result of a number of factors, including, among other things, the following: our ability to enter into binding contracts with customers to deliver NPMs; competition from other nuclear reactor technologies; delays in the development and manufacturing of NPMs and related technology; the possibility that we may continue to incur losses in the future and may not be able to achieve or maintain profitability; the cost of electricity generated from nuclear sources or our NPMs may not be cost competitive; the market for SMRs is not yet established and may not achieve growth as expected; our dependence on our relationships with ENTRA1 and other strategic partners; risks related to the Partnership Milestones Agreement that we entered into with ENTRA1; our ability to manage our growth effectively; our need for additional funding in the future; our partners’ and potential customers’ ability to secure funding; manufacturing and construction issues, including that our supply base in constrained; the politically sensitive environment we operating in and the public perception of nuclear energy; our dependence on senior management and other highly skilled personnel; our ability to obtain design approvals internationally; our customers’ ability to obtain required regulatory approvals on a timely basis or at all; compliance with environmental laws and evolving government laws and regulations; the impact of changing trade policies and new or increased tariffs; risks related to cybersecurity; changes in tax laws; our ability to protect our intellectual property; our limited number of authorized shares available for issuance; the price of our Class A common stock may be volatile; additional sales of our common stock or exercise of our options could result in dilution to our stockholders; we have and may in the future be subject to short selling strategies; NuScale Power, LLC being treated as a corporation for U.S. federal income tax or state tax purposes; and requirements under the Tax Receivable Agreement. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, our results may differ materially from its expectations and projections.
Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and in subsequent filings we make with the SEC. The referenced SEC filings are available either publicly or upon request from NuScale's Investor Relations Department at [email protected]. The Company disclaims any intent or obligation other than as required by law to update or revise any forward-looking statements.
NuScale ve 2. čtvrtletí 2026 vykázala tržby jen 75 000 USD, zatímco náklady přesáhly 64 milionů USD. Firma zároveň oznámila plán prodeje akcií až za 750 milionů USD, což by vedlo k ředění podílů stávajících akcionářů.
NuScale Power's (SMR -4.62%) big goal is to mass-produce small-scale modular nuclear reactors (SMRs). These factory-built reactors could help to revolutionize the nuclear power industry, but there's one small problem. NuScale Power has yet to get a customer to sign on the dotted line. And even then, that's just the start of the process of proving the company's SMR technology is a winner. Here's the trade-off investors have to consider when looking at NuScale Power today.
NuScale Power is a money-losing start-up NuScale Power is only appropriate for the most aggressive investors. To put the risk here into perspective, the company generated just $75,000 in revenue in the second quarter of 2026. However, its business expenses totaled over $64 million. To be fair, it's a start-up in a capital-intensive business, so the fact that it is losing money isn't shocking. But the yawning gap between revenues and expenses highlights the risk.
Image source: Getty Images.
Another risk, however, is that the losses here mean NuScale is burning through cash. It has to generate money in some way if it wants to keep supporting its business. And in this situation, a key source of funding is the sale of stock. It recently announced plans to sell up to $750 million in shares. Every new share issued dilutes the nuclear power upstart's existing shareholders.
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The truth is, most investors will probably be better off waiting until NuScale Power has at least signed a definitive contract for one of its SMRs. However, even then, the company still has a lot to prove. After a contract is signed, the company needs to successfully build and deliver an SMR. And that SMR needs to operate as expected. Assuming everything goes well with that first SMR, the company still needs to ramp up production to a level that allows it to operate profitably over the long term. There are a lot of puzzle pieces that need to fit together perfectly here.
NuScale Power is only appropriate for risk takers Surging electricity demand, especially from artificial intelligence data centers that could benefit from dedicated SMRs, suggests a significant opportunity for NuScale Power. However, the company's early stage of development means costs are likely to continue to outrun revenues for a while longer. And that means only the most aggressive investors should even consider owning NuScale Power today. Dilution is a big deal, but it is just one of many risks you'll need to keep in mind.
NuScale čeká na podpis PPA s TVA u projektu SMR o výkonu 6 GW, který by mohl být největší takový kontrakt v USA. Bez něj trh dál pochybuje o posunu projektu i o růstu firmy.
Over the coming decades, nuclear energy will be a $10 trillion opportunity. That's according to Bank of America analysts, who are particularly excited about a relatively novel method of producing nuclear power: small modular reactors, or SMRs.
"Amid surging electricity demand, driven in part by the rise in AI/data centers, nuclear energy offers a potential solution," Bank of America concluded in a recent report. "And new advancements in technology may now make the tipping point in sight for small modular reactors (SMRs) to reshape nuclear energy supply chains over the next decade."
NuScale Power (SMR -4.62%) is currently the only company in the U.S. approved by regulators to build an SMR system. On a recent call with investors, CEO John Hopkins stressed that the company remains "the only SMR company in the world to have earned U.S. Nuclear Regulatory Commission standard design approval," adding that it has "done it for two separate designs, our 50-megawatt and our 77-megawatt modules."
Many other companies are currently working through the approval process for SMRs. But NuScale has leveraged its early approvals to secure large deals, including a 6-gigawatt project for the Tennessee Valley Authority (TVA). If built, that system would be the largest SMR facility in the world by a large margin.
NuScale's second-quarter numbers are already in the books, and it's expected to report Q3 earnings on Nov. 5. Only one detail will likely matter from that announcement: Has a power purchase agreement (PPA) been signed with the TVA?
A power purchase agreement would essentially lock the TVA into buying power from the project. This financial commitment would allow NuScale to begin construction.
It's hard to understate how significant a PPA would be for NuScale's business model and stock price. Right now, the market seems skeptical that the TVA project will ever move forward, and NuScale's struggling stock price and market cap under $4 billion reflect that.
To gauge how much shares could spike with a signed PPA, it's important to consider NuScale's history of failed projects.
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NuScale investors must remember this failed nuclear energy project NuScale has signed major customers before, only to see them cancel the projects before major financial commitments were made firm.
For example, in 2019, it inked a deal with the Utah Associated Municipal Power Systems (UAMPS) to build SMRs to supply electricity to the utilities. The project's original scope called for six 77-megawatt SMR modules, generating a total of 462 MW. It was expected to enter service in 2029. Project delays and higher-than-expected costs led NuScale's utility partners to withdraw, which led to the cancellation of the whole project.
"[S]ubstantial cost overruns and delays from its originally scheduled 2026 operational date spooked utilities ... leading several to withdraw from a 2019 agreement to buy 200 MW from the reactors once completed," one industry report observed.
Before the cancellation was made public in late 2023, NuScale's stock price had already fallen by nearly 80% that year, signaling the market's lack of confidence that the deal would ever result in meaningful revenue, let alone profits.
Image source: Getty Images
"Although there were problems specific to that project, the financial challenges and cost trends witnessed in this case will afflict any small modular nuclear reactor project," one industry insider warned at the time. "In a rational world, no utility or government would invest another dime on these theoretical reactor concepts."
These fears have largely kept a lid on NuScale's stock price, even as the latest deal with TVA moves forward. A PPA would lift a large part of that uncertainty discount. And if NuScale's CFO is right, a PPA could be on the way as early as the company's next earnings announcement.
NuScale Power ve 2. čtvrtletí vykázala tržby jen 75 000 USD, což je meziročně o 99,1 % méně, a zároveň podala žádost o další prodej akcií v objemu 750 milionů USD.
NuScale Power (NYSE:SMR) stock is down 6% Tuesday to $8.66 as the small modular reactor developer digests a Q2 2026 revenue collapse and a fresh $750 million equity offering. The move extends a difficult stretch for the stock, which was already down 35% year to date through Monday’s close.
The broader nuclear complex is also lower midday. Oklo (NYSE:OKLO | OKLO Price Prediction) stock is down 5% to $41.62, BWX Technologies (NYSE:BWXT) stock is declining 2% to $167.41, and Fluor (NYSE:FLR) stock is slipping 2% to $53.59.
Revenue Collapse and a Fresh Share Sale Weigh on Shares NuScale reported Q2 2026 revenue of $75,000, down 99.1% year over year from $8.05 million. The drop reflects completion of the Fluor FEED Phase 2 engineering work on the RoPower project in late 2025, with no comparable billable scope to replace it.
The company ended the quarter with $1.9 billion in cash and investments, a $900 million jump from Q1 2026. That liquidity came largely from $984.5 million in net equity proceeds during H1 2026. Class A share count rose from 318.5 million at year-end 2025 to 410.4 million by June 30.
On August 11, NuScale filed to sell an additional $750 million in shares through an at-the-market offering. SMR stock trades at roughly 14 times projected 2028 sales, and insiders were net sellers over the past 12 months.
Revenue Lumpiness Versus the Long Game CEO John Hopkins framed the quarter around execution readiness, declaring, “We hold the only U.S. Nuclear Regulatory Commission design certification in the SMR industry… No one is better positioned to deliver carbon-free, 24/7 power on the shortest possible timeline.”
NuScale doesn’t expect commercial SMR deployment until the early 2030s. The company’s interim revenue depends on lumpy front-end engineering, licensing, and consulting work, so the 99.1% decline reflects contract timing more than business erosion. Named projects include a 462 MWe deployment at a former coal site in Doicesti, Romania and up to 6 GW of planned capacity across seven states for the Tennessee Valley Authority.
Peers Show a Category Split Year-to-date figures reveal the real market judgment. NuScale stock is down 35% and Oklo stock is down 39% through Monday’s close, while BWX Technologies stock sits roughly flat at down 0.5% and Fluor stock is up 38%. Markets are separating nuclear names earning revenue today from those promising reactors next decade.
The Fluor angle is the sharpest detail. Fluor was NuScale’s EPC partner and largest shareholder, yet Fluor completed monetization of its stake in April 2026 while keeping the contracting relationship. That separates confidence in the technology from willingness to hold the equity. BWX Technologies contrasts as a revenue-generating supplier with more than 11,000 employees and 19 manufacturing facilities.
Centrus Energy (NYSE MKT:LEU) stock, from the only publicly traded proven uranium enricher, is down 24% year to date through Monday’s close. Uranium and fuel-supply names have underperformed less severely than the pre-revenue SMR builders.
The ETF Backdrop Shares of the VanEck Uranium and Nuclear ETF (NYSE ARCA:NLR) are down 5% year to date through Monday’s close. The fund is weighted toward established nuclear utilities and fuel suppliers rather than pre-revenue developers, so the modest drop against NuScale’s and Oklo’s much larger declines makes it a poor proxy for SMR-specific risk (for investors who’d rather own the buildout than the developers, we lined up five nuclear names, utilities and fuel included, in a free report here). It’s a narrow thematic vehicle with meaningful concentration, and it isn’t leveraged.
Bull Case, Bear Case, and What to Watch NuScale’s bull case rests on $1.9 billion of liquidity, the sole NRC design certification in SMR, named TVA and Romania projects, and a supply chain of more than 60 specialized partners. The bear case is $75,000 of quarterly revenue, a share count that expanded sharply in six months with $750 million more filed, no deployment until the early 2030s, and insider selling. Given the pre-revenue profile and active dilution, position sizing in SMR stock should stay modest.
Traders can watch for the pace at which the at-the-market offering draws down. Meanwhile, shareholders may want to keep an eye on whether new FEED work fills the RoPower gap and whether TVA or Romania scopes convert into billable engineering.
Contact [email protected] for any questions or corrections.
NuScale ve 2. čtvrtletí zvýšila hotovost, peněžní ekvivalenty a likvidní investice na 1,9 miliardy USD, hlavně díky 984,5 milionu USD z emisí akcií. Tržby meziročně spadly o 99 % na 75 000 USD.
NuScale (SMR -2.13%), a developer of small modular reactors (SMRs), posted its second-quarter results on Aug. 5. Its revenue plunged 99% year over year to just $75,000, but it ended the quarter with $1.9 billion in cash, cash equivalents, and liquid investments. That was an increase of $900 million from the first quarter and a near four-fold jump from a year ago. Let's see why NuScale's liquidity matters more than its declining revenue.
Why is NuScale's revenue growth so lumpy? NuScale's SMRs are much smaller than conventional nuclear reactors. They're prefabricated to reduce the time, labor, and costs for building a nuclear power plant. A single SMR generates only 77 MWe, but it can be deployed with other reactors to construct higher-capacity plants. That modular flexibility makes its SMRs well-suited for remote areas.
Image source: Getty Images.
NuScale is working with Fluor (FLR +4.53%) to deploy six of its 77 MWe reactors in a 462 MWe plant for Romania's RoPower, and plans to deploy up to six gigawatts of its SMR capacity across seven states in the U.S. for the Tennessee Valley Authority (TVA).
However, it doesn't expect to actually deploy any of those SMRs until the early 2030s. Until then, most of its revenue will come from its front-end engineering and design (FEED) studies, licensing fees, and consulting work for those upcoming projects.
In late 2025, NuScale concluded its FEED Phase 2 work on its RoPower project. Without any comparable projects to fill that void immediately, its revenue plummeted in the first half of 2026. That's why its revenue growth is lumpy and not a clear indicator of its future returns.
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Why does its liquidity matter more? Instead, its huge increase in liquidity during the second quarter deserves more attention. That increase is mainly attributable to its $984.5 million in net proceeds from stock offerings in the first half of 2026. To achieve that, NuScale increased its Class A share count from 318.5 million shares at the end of 2025 to 410.4 million shares at the end of the second quarter of 2026.
On Aug. 11, NuScale filed to sell an additional $750 million in shares through an at-the-market offering. That dilution will continue for the foreseeable future, since its revenue growth is lumpy, it's racking up steep losses, and it won't deploy its first commercial SMRs until the next decade.
That's not a great look for a stock that still trades at 14 times its projected 2028 sales. That's also probably why its insiders were net sellers over the past 12 months, and why investors should carefully assess how quickly NuScale is actually burning through its cash.
NuScale uvedla, že její partner ENTRA1 Energy jedná s TVA o projektu malých modulárních reaktorů o výkonu 6 až 8 gigawattů. Pokud vznikne, půjde o největší jadernou výstavbu v historii USA.
NuScale Power (SMR -4.67%) has spent years talking about the future of small modular reactors. Now, management believes that the future could arrive in a very big way.
During its second-quarter earnings call, CEO John Hopkins said NuScale's strategic partner, ENTRA1 Energy, continues advancing discussions with the Tennessee Valley Authority (TVA) toward what could become the largest nuclear power deployment program in U.S. history. The proposed project could eventually range from 6 to 8 gigawatts of generating capacity, which would be much larger than any previous small nuclear reactor (SMR) deployment envisioned in the United States.
To put that into perspective, the largest traditional nuclear power plant in the U.S. has four operational reactors and a total generating capacity of 4.65 to 4.8 gigawatts. In other words, this SMR deployment could be massive.
Image source: Getty Images.
Reducing risk and project costs To be sure, NuScale isn't simply selling reactors. The company is trying to establish a new way of building nuclear power plants using factory-built modules that can be deployed quickly and expanded over time.
Its latest VOYGR design uses 77-megawatt reactor modules that can be combined into larger power stations depending on customer demand. Because the modules are standardized, management believes construction risk and project costs can be reduced compared with traditional large-scale nuclear plants.
Indeed, this is becoming increasingly important as utilities, industrial manufacturers, and artificial intelligence (AI) data center developers are all searching for reliable, carbon-free electricity. While wind and solar continue to expand, nuclear also provides clean, dependable power.
NuScale says it's ready One of management's biggest messages during the earnings call wasn't about demand. It was about preparation. Hopkins argued that NuScale has spent years completing the engineering, regulatory approvals, fuel arrangements, and supplier agreements needed before construction begins.
The company remains the only SMR developer with U.S. Nuclear Regulatory Commission design certification, and management says more than half of its critical supply chain partners are already under contract. Fuel supplier Framatome, heavy-forging manufacturer Doosan Enerbility, and dozens of additional suppliers are already part of NuScale's commercial network.
The company also ended the second quarter with $1.9 billion in cash, cash equivalents, and investments, giving it financial flexibility as it moves toward commercialization.
That said, at first glance, NuScale's quarterly financial results don't look all that impressive. Q2 revenue totaled just $75,000, down sharply from $8.1 million a year earlier. The company also reported a quarterly net loss of approximately $47.5 million.
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For a company at NuScale's stage, however, current revenue isn't the primary metric worth watching. Instead, you also need to focus on whether NuScale can convert years of engineering work into commercial reactor deployments. A definitive agreement with TVA would represent the company's biggest validation yet and could demonstrate that utilities are prepared to move beyond feasibility studies and into construction.
The opportunity is enormous, but so is the challenge Management's confidence is understandable. A successful 6- to 8-gigawatt TVA deployment would establish NuScale as the clear commercial leader in the U.S. small modular reactor market and could serve as a blueprint for additional projects nationwide. It would also validate years of investment in regulatory approvals, manufacturing partnerships, and engineering development.
But these discussions are still just that -- discussions. No definitive power purchase agreement has been signed, project economics still need to be finalized, and large nuclear projects have historically faced delays, cost overruns, and political hurdles.
Still, the potential scale of the opportunity is difficult to ignore. If the TVA project ultimately moves forward anywhere close to management's expectations, it wouldn't simply represent another NuScale contract. It would mark one of the most ambitious nuclear construction programs the United States has undertaken in decades, and one that could reshape how future nuclear power plants are built.
NuScale Power (SMR +2.71%) is worth about $4.2 billion at today's stock price. Its revenue over the past 12 months totals about $10.7 million.
With a gap that wide, the market is paying for what the small modular reactor (SMR) developer might build (reactors for the utilities and artificial intelligence (AI) data-center operators now shopping for around-the-clock power), not for anything it sells today. That isn't automatically a mistake, of course. But the United States has run the new-reactor experiment before, recently, and the results are worth having in hand before paying for this one.
Image source: The Motley Fool.
The 26-to-2 record In the late 2000s, the United States launched what was called a nuclear renaissance. By mid-2009, utilities had filed combined license applications with the U.S. Nuclear Regulatory Commission (NRC) for 26 new reactors at 17 sites.
Two of them were finished.
Georgia's Vogtle Units 3 and 4, originally estimated at $14 billion and expected in service in 2016 and 2017, entered commercial operation in July 2023 and spring 2024. The final cost was more than $30 billion. Seven years late, more than double the money.
South Carolina's V.C. Summer expansion got far enough to start construction before its utilities halted the project in 2017. The rest never produced an operating reactor. Some were withdrawn or suspended, and several won licenses only to be left to lapse. And when Vogtle's second new unit entered service in 2024, no other reactor was under construction anywhere in the country.
The failure mode wasn't the technology. Nuclear projects died in the delivery -- the years and the billions between an application and a working plant.
NuScale's answer NuScale's pitch is aimed at exactly that problem. Its 77-megawatt reactor modules are built in a factory rather than assembled on site, and they can be deployed in configurations of up to 12 modules per plant. The company holds the only SMR design certification the NRC has issued, and it received approval for an updated design in May 2025.
It also says it has built a supply chain of more than 60 partners and has executed over 30 supply agreements. But a 12-module plant tops out at 924 megawatts -- less than a single new Vogtle unit produces.
"[T]he question for off-takers is no longer whether to go with nuclear -- it is which technology can actually deliver, and when," CEO John Hopkins said in the company's second-quarter release.
The financials, however, describe a company still waiting for its market to arrive. Second-quarter revenue came in at $75,000, down from $8.1 million a year earlier, when NuScale was still collecting engineering fees from its Romanian project work. That work wrapped up in late 2025, and revenue for the first half of 2026 totaled just $640,000. The company's second-quarter net loss attributable to its Class A shareholders was $47.5 million.
NuScale does hold $1.9 billion in cash and investments, so it can fund itself for years to come. But that cushion has come from shareholders. The weighted-average Class A share count nearly tripled year over year, to about 365 million shares, and the company added a new $750 million at-the-market stock sale program on Tuesday.
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Two deals, both pending To me, the last cycle sets a clear test for a growth stock like NuScale: not interest, not agreements to study -- a signed, funded order.
Neither of NuScale's two lead opportunities has reached that line yet. The Tennessee Valley Authority is in discussions with ENTRA1 Energy, NuScale's commercialization partner, toward a definitive power purchase agreement the company says would potentially be the largest nuclear deployment program in U.S. history. And in Romania, the six-module RoPower project, the most advanced SMR effort in Europe by NuScale's description, is still working through conditions attached to a shareholder vote to advance it.
Both could get there. Sure, this cycle has something the last one lacked: a new class of buyer in data-center operators, with urgent power needs and deep pockets. But the last boom had committed utilities, federal support, and 26 proposed reactors on file. It ultimately produced two reactors, both late and far over budget.
A $4.2 billion valuation on $10.7 million of trailing sales is arguably priced for the moment the orders arrive. In the last cycle, getting the order turned out to be the easy part.
NuScale může díky jednání ENTRA1 Energy s Tennessee Valley Authority o smlouvách na odběr elektřiny otevřít cestu až k 6 GW nové jaderné kapacity v USA. Firma říká, že po dohodě může znovu využít asi 60 % dřívější licenční práce.
Key Takeaways NuScale's TVA opportunity could reach 6 GW, creating a path to major U.S. commercial deployment.Definitive power purchase agreements could trigger licensing, engineering and OEM negotiations.NuScale may reuse about 60% of prior U.S. licensing work to support a future domestic project. NuScale Power Corporation (SMR - Free Report) is approaching a potentially important commercial inflection point as ENTRA1 Energy advances discussions with the Tennessee Valley Authority toward definitive power purchase agreements. However, the stock has lost more than 75% over the past year, underscoring how much investor sentiment has weakened despite the company’s progress toward commercialization.
Image Source: Zacks Investment Research
A completed agreement could move NuScale beyond years of readiness spending and into licensing, front-end engineering and equipment negotiations, creating a clearer path to revenue before eventual module deliveries.
NuScale’s TVA Opportunity Could Reach Gigawatt ScaleThe ENTRA1-TVA collaboration contemplates up to 6 gigawatts of new nuclear capacity using NuScale technology. That scale makes the proposed program NuScale’s clearest route to a major U.S. commercial deployment and could create work across licensing, engineering and future module supply.
The broader advanced-nuclear market is also moving toward deployment. GE Vernova (GEV - Free Report) , through GE Vernova Hitachi Nuclear Energy, has the BWRX-300 under construction in Canada, while the U.S. Nuclear Regulatory Commission is reviewing TVA’s application for a BWRX-300 at Clinch River. Oklo Inc. (OKLO - Free Report) is developing fast-fission power plants and related fuel-cycle capabilities, underscoring the competition to convert nuclear technology into operating assets.
Image Source: NuScale Power Corporation
SMR Is Waiting for a Definitive Commercial TriggerManagement said in August 2026 that ENTRA1-TVA discussions were active and progressing. NuScale is prepared to begin licensing, front-end engineering and original equipment manufacturer negotiations once definitive agreements are completed.
That makes the power purchase agreement process a critical gateway. Until agreements are signed, the opportunity remains prospective, and the timing of meaningful project revenues remains uncertain.
NuScale Can Reuse Prior Licensing WorkNuScale estimates that about 60% of work from a previous U.S. combined construction and operating license application can be reused for a future domestic project. Management said this would be among the first initiatives after power purchase agreements are in place.
Reuse could reduce duplicated effort as a new customer project moves into site-specific licensing. It does not eliminate the regulatory process, but it gives NuScale a base of completed work that may help advance a U.S. project more efficiently.
SMR Has Invested Ahead of a Potential TVA DealNuScale has already spent to prepare for deployment. Detailed design work for critical-path components is substantially complete, and agreements are in place with more than half of its network of more than 60 specialized suppliers.
Long-lead material work in process reached $68.6 million at June 30, 2026. The company also ended the second quarter with about $1.9 billion in cash, cash equivalents and short- and long-term investments, providing capacity for working capital, supply-chain investment, design finalization and fuel-system readiness before substantial customer revenue arrives.
NuScale’s Ranking Adds Support but Not Contract CertaintyTVA could become the commercial trigger that shifts NuScale from readiness spending toward a larger revenue-producing program. The opportunity is sizable, but the investment case still depends on discussions becoming binding agreements and projects progressing through licensing and execution.
SMR currently carries a Zacks Rank #2 (Buy) and a Momentum Score of A, which support a constructive near-term view. Its Value Score of F, Growth Score of F and VGM Score of F are less favorable. The combination favors attention to near-term momentum while keeping contract conversion and execution risk central to the outlook.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NuScale Power v červenci klesla o 16,1 % na 52týdenní minimum kolem 7,21 USD, protože trh zchladl k pre-revenue AI energetickým titulům. Firma stále nemá závaznou smlouvu s odběratelem ani PPA.
Holding the distinction of being the first small modular reactor (SMR) developer with a U.S. Nuclear Regulatory Commission design approval hasn't been able to save NuScale Power (SMR +7.73%) from a rough start to 2026.
The nuclear energy stock slumped 16.1% in July according to data provided by S&P Global Market Intelligence, hitting a 52-week low near $7.21 on July 17 as market sentiment cooled on pre-revenue artificial-intelligence (AI) power plays.
By the end of July, NuScale shares had fallen 40% in the year. They're regaining some of the lost ground, though, in August so far. Could this be the turnaround point?
Image source: Getty Images.
What is happening with NuScale stock? The core problem with NuScale is that it is still developing SMRs. It doesn't have a binding customer contract yet, and doesn't expect to deliver its first nuclear power module – each of which is a self-contained reactor with a capacity to generate 77 megawatt electrical of power -- before 2031.
That's five more years to go to see the first commercial product from a company trading at a market capitalization of $4 billion after the steep fall.
Money has flowed out, not in. NuScale's revenue cratered in the first quarter as it wrapped up services on a project in Romania, leaving it with virtually no active revenue sources. Its losses swelled because of "milestone" payments to exclusive commercialization partner, ENTRA1 Energy. No one quite understood the nature of NuScale's agreement with ENTRA1 Energy, and some investors even filed class action lawsuits.
The one thing that could have changed the narrative -- a signed power purchase agreement (PPA)-- failed to materialize even in July, reminding investors that NuScale is still a "story" stock.
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Analysts turned cautious, too. Analysts from Barclays cut NuScale stock's price target to from $15 per share to $11 a share, while those from Canaccord Genuity slashed their price target to $15 apiece from $25 per share.
It keeps getting worse.
Is NuScale stock a buy now? When NuScale announced its second-quarter numbers in early August, the results confirmed Wall Street's worst fears. Revenue came in at a microscopic $75,000, down 99% year over year from $8.1 million. Losses continue to mount, and cash burn lingers.
Analysts from Citigroup slashed NuScale's price target to $6.50 per share from $7.50 per share after Q2 earnings.
For investors, NuScale's July fall highlights the gap between a long-term thesis and short-term reality. Clean, carbon-free energy is an undeniable growth market amid the AI build-out, and NuScale's regulatory design approval gives it an edge. However, until the company signs a PPA, it'll be a speculative and volatile ride.
Citigroup is an advertising partner of Motley Fool Money. Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.
NuScale Power je letos dole o 32 % a jeho klíčový byznys s nasazováním reaktorů je stále bez tržeb. Firma má ale 1,9 miliardy USD v hotovosti a čeká na nové zakázky.
NuScale Power (NYSE:SMR) stock is down 32% year to date (YTD), trading at $9.61 Tuesday afternoon after a mild bounce off last week’s lows. The stock is climbing 5% on the session, but it still sits far below the $15 level where NuScale stock started 2026.
The bulls can point to SMR stock’s 52-week range of $7.21 to $57.42 as evidence that a move back to $15 is well within recent trading history. The question is whether the catalysts are in place to get it there.
NuScale’s core reactor-deployment business is still pre-revenue, and the past 12 months have punished holders. NuScale shares are down 77% over the trailing year, a reminder that this remains one of the higher-volatility names in the small modular reactor (SMR) trade.
Why NuScale Stock Is Down This Year The Q2 FY2026 earnings report set the tone. NuScale reported revenue of $75,000, down 99.1% year over year (YoY) from $8.05 million, after the Fluor (NYSE:FLR | FLR Price Prediction) engineering contract for the RoPower project wound down in late 2025 with no replacement work booked.
NuScale Power’s GAAP loss came in at -$0.13 per share, essentially in line with estimates, but the net loss widened to $47.54 million. Dilution has been the other pressure point: NuScale’s weighted-average diluted share count expanded to 364.5 million from 133.4 million a year earlier, after the company raised roughly $984.48 million in net equity proceeds during the first half.
The upside is a balance sheet with real staying power. NuScale Power finished the quarter with $1.9 billion in cash, cash equivalents and investments, giving management room to fund supply-chain readiness while it waits for firm customer contracts.
What It Would Take to Get SMR Stock Back to $15 The recovery thesis rests on converting NuScale’s regulatory lead into firm orders and revenue. CEO John Hopkins highlighted on the Q2 2026 call that “NuScale remains the only small modular reactor company to have received design certification from the U.S. Nuclear Regulatory Commission,” and that the company has a supply chain of more than 60 specialized partners with over 30 agreements already executed.
The most watched catalyst is the potential large-scale U.S. deployment with the Tennessee Valley Authority via strategic partner ENTRA1 Energy. Hopkins assured that “the conversations we understand are progressing well. And I can tell you that when the agreement is signed, NuScale will be ready to implement.” A definitive power purchase agreement, plus movement on the six-module RoPower project at Doicești, Romania with Nuclearelectrica, could reshape investor perception.
Beyond project wins, NuScale Power stock likely needs three additional supports to retrace to $15: sustained AI and data-center power demand, supportive federal nuclear policy, and a broader sentiment recovery across the SMR trade. Investors may want to watch for evidence that the regulatory edge is translating into signed orders rather than continued dilution.
Peers and the Broader Nuclear Trade Oklo (NYSE:OKLO), a fellow advanced-nuclear developer, is down 35% YTD. Fuel and uranium names have held up better: Centrus Energy (NYSE:LEU) is down 24% YTD, while Uranium Energy (NYSE:UEC) is down 2% YTD.
The diversification story sits with the sector ETF. The Global X Uranium ETF (NYSEARCA:URA) is up 5% YTD, with an expense ratio of 0.69%. A diversified basket of uranium and nuclear-related equities has actually gained ground while several single names posted sharp drawdowns. The URA ETF is a sector-concentrated thematic fund and unleveraged, so concentration caution still applies.
What to Watch Next The near-term signal is any definitive TVA power purchase agreement announced through ENTRA1, followed by movement on the Romania project once the new government is seated. Either would give NuScale Power stock a fundamental catalyst to reprice.
Given that NuScale remains pre-revenue in its core deployment business and carries real execution and dilution risk, position sizing matters here. Traders can watch for whether SMR shares can hold above the mid-single digits and reclaim the $10 line before $15 becomes a serious conversation. The next scheduled catalyst is NuScale Power’s Q3 2026 report later this fall.
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Autor dává přednost Brookfield Renewable před NuScale, protože Brookfield už nyní generuje 1,7 miliardy USD výnosů a přes 400 milionů USD FFO za 2. čtvrtletí. NuScale zůstává spekulativní a ve 2. čtvrtletí měla výnosy jen 75 tisíc USD.
I have no interest in chasing NuScale (SMR +2.11%) by adding the once-high-flying small modular reactor (SMR) developer to my portfolio. It's just too speculative for me. Instead, I'm buying Brookfield Renewable (BEPC +1.70%)(NYSE: BEP), which has highly visible growth and underappreciated upside amid the global nuclear energy resurgence.
NuScale had been one of the hottest names in the energy sector, running up more than 400% at one point last year. The company's potentially transformative SMR technology could eventually help meet some of the world's booming power needs. However, reality has since set in that NuScale is a much longer-term story, causing the nuclear energy stock to crash by more than 80% from its peak. Despite its much lower current valuation, I still have no desire to chase NuScale, given all that Brookfield currently offers.
Image source: Getty Images.
My concerns with NuScale Let me start by saying that I think NuScale holds tremendous promise. The company's proprietary SMR technology has the potential to be a game changer. It could enable the world to deploy emissions-free nuclear energy more rapidly in the future. That's crucial, given the immense power needs of AI data centers. According to several estimates, U.S. power demand will grow at a 4% compound annual rate through 2030, a significant surge compared with the roughly flat demand growth over the last two decades.
However, my issue with NuScale is that it's a much longer-term story. It doesn't currently generate much revenue (only $75,000 in the second quarter, down from over $8 million in the prior-year period). It's still a long way from generating meaningful revenue since it has yet to successfully build a commercial SMR. It's currently working to sign a power purchase agreement (PPA) to support a large-scale 6-gigawatt (GW) SMR build-out, which would be the largest in U.S. history. That deal could enable NuScale to generate more than $1 billion in revenue from this project by 2030. While that's a lot of potential, there's significant risk, including the risk that it never signs the deal or doesn't deliver as anticipated.
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Real revenue and profits now, with nuclear-powered upside potential Whereas NuScale offers the promise of significant revenue potential in 2030, Brookfield Renewable is generating meaningful and rapidly growing profits now. The leading global renewable energy and sustainable solutions platform generated $1.7 billion of revenue in the second quarter alone, along with over $400 million in funds from operations (FFO). Its FFO per share grew by 11%. That's real value growth accruing to shareholders right now, not the potential for meaningful sales several years out. It firmly supports the company's ability to pay an attractive dividend now (4.7% current yield).
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Meanwhile, Brookfield Renewable has significant visibility into its growth for the next five years. It has a vast portfolio of renewable power assets (47 GW of current operating capacity) secured by long-term PPAs that link rates to inflation. Additionally, it has a massive development pipeline (over 200 GW) to support its growth, backing its target to ramp up its annual new power capacity delivery run rate to 10 GW starting next year. Brookfield also has a strong financial profile to support acquisitions (it recently bought Aypa, the largest stand-alone battery energy storage platform in North America, for $3 billion). Those growth catalysts support its expectation of delivering more than 10% annual FFO per share growth through 2031. That will enable it to grow its dividend within its 5%-9% annual target range. That's real value growth continuing to accrue for shareholders.
On top of that, Brookfield has underappreciated nuclear-driven upside from its investment in Westinghouse Electric (51% stake). The U.S. Department of Energy has committed to providing $17.5 billion to finance long-lead equipment for deploying up to 10 large-scale Westinghouse AP1000 reactors in the U.S. Its Westinghouse investment provides meaningful upside to the nuclear power trend. Brookfield and its partner are currently evaluating a potential IPO of Westinghouse, which could unlock its value.
Brookfield offers better risk-adjusted return potential An investment in NuScale is a more speculative long-term bet on an unproven company with tremendous long-term growth potential. Brookfield Renewable, on the other hand, is an established company generating meaningful, growing revenue and earnings to support a rising dividend. It's capitalizing on the same theme as NuScale (AI power demand), but with a much less risky profile.
That's why I don't plan to chase NuSale right now. While that might change in the future if NuScale signs a long-term PPA to support an SMR project, I'd prefer to invest in a company that is already capitalizing on the opportunity rather than speculate on one that might.
NuScale Power vykázala čtvrtletní ztrátu 0,13 USD na akcii v souladu s odhady, ale výnosy činily jen 80 000 USD a akcie po zveřejnění výsledků zůstaly téměř beze změny. CFO očekává, že smlouva o odběru elektřiny by mohla být podepsána do konce roku 2026.
On paper, NuScale Power (SMR -4.48%) failed to meet expectations when it reported quarterly earnings on Aug. 5. The nuclear power stock reported a quarterly loss of $0.13 per share, in line with expectations. Revenue, however, came in at just $80,000 for the quarter, missing estimates by 93%. Sales were down 99% versus the quarter prior.
These are poor figures for a company that supposedly has massive long-term growth potential. Yet shares traded mostly flat following earnings, with the stock price roughly where it was before the earnings announcement.
The reality is that very little was expected of the company this quarter anyway. No major catalysts were expected to be revealed, and the company has no commercial projects underway, despite an impressive pipeline of interested customers. Revenue and profits, therefore, were always expected to be minimal and, in some ways, irrelevant to the company's long-term future.
When might a meaningful growth catalyst arrive? Good news could be on the way later this year regarding NuScale's biggest project.
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NuScale Power stock could receive a massive boost later this year Nuclear energy is experiencing a renaissance. Some of that is due to climate concerns and a rising global need for low-carbon energy sources. Most of it, however, is due to rising energy demand across the board, driven by the rapid adoption of energy-intensive AI technologies. The Energy Information Administration observes:
[W]e forecast U.S. annual electricity consumption will increase in 2025 and 2026, surpassing the all-time high reached in 2024. This growth contrasts with the trend of relatively flat electricity demand between the mid-2000s and early 2020s. Much of the recent and forecasted growth in electricity consumption is coming from the commercial sector, which includes data centers.
Still, a resurgence in electricity demand translates to just a few percentage points of annual growth, and getting new energy sources online can often take years. In short, this is a massive opportunity, but it will take decades to fully play out.
Image source: Getty Images.
Investors, therefore, shouldn't expect major revelations during every NuScale earnings release. That's especially true since the company has yet to break ground on any of its SMR deals.
Why hasn't NuScale begun construction? None of its customers have committed to payments. NuScale will only start construction once funds are legally obligated to pay for the construction. NuScale's inability to reach this milestone is a big reason why its valuation remains under $4 billion despite operating in a long-term growth market.
However, NuScale's CFO believes that a power purchase agreement could be signed by its utility customer in the U.S. by the end of 2026, committing it to buying power from the future facility, perhaps for decades to come. If a PPA is secured, construction can finally begin.
A signed PPA would likely be a huge boost to NuScale's stock price. It would provide serious social validation of the company's technology and adoption potential. It would also clear up some of NuScale's financing concerns.
To be sure, NuScale's management team has missed self-imposed deadlines before. But if you're looking for high-upside-potential stocks and are willing to take on extra risk, NuScale could be positioned for a stellar second half of 2026.
NuScale Power uvedla, že je připravena na komerční nasazení svých malých modulárních reaktorů díky regulatorním schválením, smlouvám s dodavateli, zajištěnému palivu a silné likviditě. Ve 2. čtvrtletí měla výnosy 0,1 mil. USD a hotovost, ekvivalenty hotovosti a investice přibližně 1,9 mld. USD.
Nano Nuclear’s Air Force Contract Puts Its Short-Squeeze Setup in FocusNuScale Power NYSE: SMR said it is preparing for commercial deployment of its small modular reactor technology, citing regulatory approvals, supplier agreements, fuel readiness and a strengthened liquidity position as demand rises for carbon-free power from data centers, industrial users and utilities.
During the company’s second-quarter 2026 earnings call, President and CEO John Hopkins said the nuclear industry’s near-term opportunity is increasingly shaped by customers seeking clean power on timelines that fit their expansion plans. He said NuScale’s strategy has focused on completing engineering and developing its supply chain before entering construction.
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3 Nuclear Stocks for Investors Willing to Wait Out the Dip“The preconditions for us to move are in place,” Hopkins said in closing remarks. “The regulatory approval exists. Our fuel supply exists. The engineering is mature. The supply chain is mostly contracted.”
Engineering, Regulatory and Supply-Chain Readiness Hopkins contrasted NuScale’s approach with the construction history of the Vogtle AP1000 expansion, saying projects can face delays and cost overruns when detailed engineering is incomplete at the start of construction. He said NuScale has spent years investing in design maturity to reduce execution risk for future projects.
AI’s Power Problem Is Turning Nuclear Stocks Into a Bigger Market StoryThe company said it remains the only SMR company with U.S. Nuclear Regulatory Commission design certification and has received standard design approvals for two designs. NuScale also emphasized that its reactors are designed to use standard low-enriched uranium rather than high-assay low-enriched uranium, or HALEU, which Hopkins said is not commercially available at scale.
NuScale acts as technology systems integrator and engineer of record for an ENTRA1 Energy plant, according to Hopkins. The company said it has assembled a network of more than 60 specialized suppliers and has negotiated agreements with more than half of them.
Doosan Enerbility is producing heavy forgings and major module components for NuScale Power Modules, Hopkins said. Framatome is completing fuel design work under a dedicated agreement, with NuScale saying the arrangement is intended to make fuel available as customers come online. Paragon Energy Solutions received a contract during the quarter to complete final design development for the modules’ safety instrumentation and control systems. In response to analyst questions, Hopkins said forgings are among the principal long-lead items and have been in production for roughly two years. He also said Framatome will manufacture fuel in Washington state and that Paragon’s safety-control work is ahead of schedule.
TVA Discussions and Other Commercial Opportunities NuScale said its strategic partner, ENTRA1 Energy, continues discussions with the Tennessee Valley Authority regarding a potential definitive power purchase agreement. Hopkins characterized those discussions as active and progressing, but the company did not provide a date for an agreement or identify remaining contractual conditions.
Hopkins said NuScale is also in discussions with hyperscalers, data-center operators, utilities, governments and international customers. The company’s immediate commercial focus, however, is helping ENTRA1 advance the TVA opportunity.
NuScale said a potential TVA deployment could range from 6 gigawatts to 8 gigawatts. Hopkins said the company has publicly stated that construction from the first pouring of safety-related concrete to mechanical completion could take less than 40 months, though that timeframe excludes NRC licensing and other preconstruction activities.
The company also discussed potential industrial applications, including electricity supply, district heat, process heat, ammonia production and hydrogen production. Hopkins said NuScale’s emergency planning zone approval and ability to use dry cooling could be important differentiators for industrial sites facing water constraints.
Romania Project Progress NuScale is working with Nuclearelectrica and RoPower to satisfy conditions associated with the Romanian utility’s shareholder approval to advance the Doicești project. The project is intended to deploy six NuScale Power Modules at a former coal plant site.
Hopkins said NuScale completed front-end engineering design work as a subcontractor to Fluor, the project’s prime contractor. He said NuScale and its chief operating officer planned to visit Bucharest later in the month to meet with Romania’s incoming government.
The next phase, described as pre-EPC work, would carry the project toward a final notice to proceed and could take about another year, Hopkins said. He added that if contracts are put in place, the Romanian effort could generate revenue in 2027.
NuScale also said about 60% of the combined operating license application prepared for its prior Carbon Free Power Project could be used for a future U.S. project.
Second-Quarter Financial Results and Liquidity Chief Financial Officer Ramsey Hamady said NuScale reported second-quarter revenue of $0.1 million, down from $8.1 million a year earlier. The decline reflected completion in late 2025 of Fluor’s phase-two front-end engineering design work for the RoPower project, which had no comparable activity in the current quarter.
Hamady said the company closed the quarter with approximately $1.9 billion in cash, cash equivalents and investments, an increase of $900 million from March 31. He described the balance-sheet increase as a proactive measure intended to support long-term capital allocation and commercial readiness.
The company said it expects capital to be directed toward supply-chain agreements, design finalization, fuel systems and working-capital needs as commercialization advances. Hamady said NuScale has not provided formal operating-expense guidance, but said management intends to maintain discipline over spending.
NuScale also opened its 12th Energy Exploration Center during the quarter at the University of Virginia’s College at Wise. The center, supported by a grant from the Virginia Clean Energy Innovation Bank, is designed to provide simulation-based training for future nuclear plant operators, technicians and engineers.
About NuScale Power (NYSE:SMR)NuScale Power Corporation, trading on the NYSE American under the ticker SMR, is a pioneering developer of small modular nuclear reactors. Established in 2007 as a spinout from Oregon State University, the company is headquartered in Portland, Oregon. NuScale’s mission is to deliver zero-carbon baseload power through scalable modular reactor technology, aiming to transform traditional nuclear energy deployment.
At the core of NuScale’s offering is the VOYGR small modular reactor design, featuring 77-megawatt electric (MWe) modules with passive safety systems.
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NuScale uvedla, že jednání s TVA pokračují a plánovaný projekt může zahrnovat kapacitu 6 až 8 GW. Firma má k dispozici asi 1,9 mld. USD hotovosti a je připravena po podpisu smluv.
Key Takeaways NuScale keeps TVA discussions central, with a proposed deployment of 6 to 8 gigawatts of capacity.SMR holds approvals for two designs, uses standard low-enriched uranium and has more than 60 suppliers.NuScale ended Q2 with about $1.9B in liquidity to support suppliers, design completion and delivery readiness. NuScale Power Corporation (SMR - Free Report) used its second-quarter 2026 earnings call to emphasize commercial readiness rather than current revenues. Management said regulatory approvals, conventional fuel, mature engineering and supplier preparation position the company to move after customers sign definitive agreements.
The company reported a loss of 13 cents per share, in line with the Zacks Consensus Estimate. Revenues of $0.1 million fell short of the $1.0 million consensus mark.
SMR Keeps TVA at the CenterPresident and chief executive officer John Hopkins said ENTRA1 Energy’s discussions with the Tennessee Valley Authority remain active and progressing. The proposed deployment could involve 6 to 8 gigawatts of NuScale-powered capacity.
A Canaccord Genuity analyst asked about milestones before a definitive power purchase agreement. Hopkins did not identify specific gating items, but said NuScale would be ready to begin licensing, front-end engineering and OEM negotiations after agreements are finalized.
A Craig-Hallum analyst asked whether foreign investment commitments could accelerate the project. Chief financial officer Robert Hamady said those funds could benefit the capital structure, but the PPA does not depend on them.
NuScale Builds Its Readiness CaseHopkins said NuScale holds U.S. Nuclear Regulatory Commission approvals for two designs and uses standard low-enriched uranium available from established suppliers. He contrasted that position with competing programs is dependent on constrained fuel.
The company has more than 60 specialized suppliers and agreements with over half. Doosan Enerbility is producing long-lead module components, Framatome is completing fuel design and Paragon is advancing the safety control system.
A Texas Capital Securities analyst questioned how durable the company’s lead would remain. Hopkins said a decade of regulatory, engineering and supplier work has made NuScale near-term deployable, with further efficiency and cost improvements planned.
SMR Uses Liquidity to De-Risk DeliveryHamady said NuScale ended the quarter with approximately $1.9 billion in cash, cash equivalents and investments, up $900 million from March 31. The press release tied the balance to near-term commercial readiness.
Management framed the balance sheet as a capital-allocation resource rather than a start-up runway. Potential uses include working capital, supplier commitments, design completion and fuel-system investments needed before delivery.
A BTIG analyst asked when larger cash deployments could begin. Hamady tied the cadence to commercialization, while noting that recent supply-chain actions reflect management’s expectation that commercial activity will advance.
NuScale Advances the RoPower ProjectHopkins said the six-module RoPower project in Doicesti, Romania, completed its prior front-end engineering and design phase. The next step is pre-engineering, procurement and construction work after contracts are completed.
A TD Cowen analyst asked about timing and project conditions. Hopkins said NuScale representatives planned to meet Romania’s new government and placed final notice to proceed roughly a year beyond the next phase.
Management said services revenue could begin once the next contract is in place. The timetable remains dependent on the customer, RoPower and prime contractor Fluor.
SMR Addresses Timing and EconomicsA Tuohy Brothers analyst pressed management for construction timing. Hopkins said the period from the first pour of safety-related concrete to mechanical completion should be less than 40 months, excluding licensing.
Hopkins added that about 60% of combined license application work from an earlier U.S. project can transfer to another domestic deployment. NuScale expects to begin that process after PPAs are completed.
Hamady declined to provide margin guidance before OEM and supplier contracts offer firmer visibility. He said first-of-a-kind economics could be more challenging than repeat projects, while factory manufacturing should support standardization.
NuScale Keeps Focus on Contract ConversionManagement’s tone was confident about technical preparation but restrained on commercial timing. Hopkins repeatedly returned to approved designs, available fuel, mature engineering and contracted suppliers as the foundations for execution.
The next phase depends on definitive customer agreements. Until then, NuScale is prioritizing liquidity, design completion and supply-chain readiness so it can mobilize when a project reaches commitment.
What SMR’s Zacks Signals IndicateSMR carries a Zacks Rank #4 (Sell), with F scores for Value, Growth and VGM Score and a C Momentum Score. The combination reflects an unfavorable earnings-estimate-revision signal alongside weak value and growth characteristics. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Style Scores complement the Zacks Rank, with A or B scores carrying the strongest significance alongside Zacks Rank #1 or #2 stocks. The Zacks Rank can change as analyst estimates are revised following the reported results.
NuScale Power oznámila za 2. čtvrtletí čistou ztrátu 50,1 mil. USD, zatímco tržby činily 75 tis. USD z 8,1 mil. USD před rokem. Společnost měla k 30. červnu hotovost a investice 1,9 mld. USD.
CORVALLIS, Ore.--(BUSINESS WIRE)--NuScale Power Corporation (NYSE: SMR) (“NuScale”, “NuScale Power” or the “Company”), the industry-leading provider of proprietary and innovative advanced SMR nuclear technology, today announced results for the quarter ended June 30, 2026.
“As demand for clean, reliable power grows more urgent by the day, the question for off-takers is no longer whether to go with nuclear — it is which technology can actually deliver, and when,” said John Hopkins, NuScale President and Chief Executive Officer. “At NuScale, we have spent years doing the work that makes near-term deployment possible, and that work is now substantially complete. We hold the only U.S. Nuclear Regulatory Commission design certification in the SMR industry, our technology runs on fuel that is proven and available today, and we have built a supply chain of more than 60 specialized partners with over 30 agreements already executed. No one is better positioned to deliver carbon-free, 24/7 power on the shortest possible timeline.”
Liquidity & Capital Resources
Ended the second quarter of 2026 with cash, cash equivalents, and short- and long-term investments of $1.9 billion. Financial Update
Revenue and cost of sales decreased by $8.0 million and $6.0 million, respectively, during the three months ended June 30, 2026, as compared to the same period in the prior year, primarily due to the revenue recognized from the work associated with the Fluor Front-End Engineering and Design (“FEED”) Phase 2 engineering services in support of the RoPower project, which was completed in late 2025, with no comparable activity in 2026. Research and development (“R&D”) expenses increased $6.6 million during the three months ended June 30, 2026, as compared to the same period in the prior year, primarily as a result of $7.1 million higher costs associated with the Company’s increased activities to advance the technological readiness and design maturity of our NPM components, partially offset by $0.6 million in lower regulatory costs as we received SDA approval in May 2025. General and administrative expenses (“G&A”) increased $4.4 million during the three months ended June 30, 2026, as compared to the same period in the prior year, primarily due to $1.2 million of higher personnel and equity-based compensation costs due to increased headcount and $3.9 million of higher organizational costs, partially offset by $1.0 million of lower legal fees now that the initial costs associated with becoming a large accelerated filer have passed. Other expenses increased $8.0 million during the three months ended June 30, 2026, as compared to the same period in the prior year, primarily due to (a) the Company’s engineers and project personnel working on fewer commercial projects than in the prior year, resulting in the lower allocation to cost of sales described above and (b) higher other compensation costs incurred as we have ramped up the resources supporting supply chain readiness and the delivery of future commercial projects. Investment income increased $8.5 million during the three months ended June 30, 2026, as compared to the same period in the prior year, primarily as a result of the Company’s stronger cash position and higher investments in cash equivalents, short-term investments and long-term investments. Conference Call:
NuScale will host a conference call today at 5:00 p.m. ET. A live webcast of the call will be available by dialing +1 833-461-5787 with conference ID 732 803 137 or by visiting the Quarterly Results page of the Company’s website.
A replay of the webcast will be available for 30 days.
About NuScale Power
Founded in 2007, NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. The NuScale Power Module™, the Company’s groundbreaking SMR technology, is a small, safe, pressurized water reactor that can each generate 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross), and can be scaled to meet customer needs through an array of flexible configurations up to 924 MWe (12 modules) of output.
As the first and only SMR to have its designs certified by the U.S. Nuclear Regulatory Commission, NuScale is well-positioned to serve diverse customers across the world by supplying nuclear energy for electrical generation, data centers, district heating, desalination, commercial-scale hydrogen production, and other process heat applications.
To learn more, visit NuScale Power’s website or follow us on LinkedIn, Facebook, Instagram, X, and YouTube.
Forward Looking Statements
This release contains forward-looking statements (including without limitation statements containing words such as "will," "believes," "expects," “anticipates,” "plans" or other similar expressions). These forward-looking statements may include statements relating to our strategic and operational plans, expectations (including regarding our market positioning, our progress toward deploying our technology, the market for nuclear energy and providing energy technology for communities around the world), future growth, and the outlook of our business.
Our actual results may differ materially from what may be included in forward-looking statements as a result of a number of factors, including, among other things, the following: our ability to enter into binding contracts with customers to deliver NPMs; competition from other nuclear reactor technologies; delays in the development and manufacturing of NPMs and related technology; the possibility that we may continue to incur losses in the future and may not be able to achieve or maintain profitability; the cost of electricity generated from nuclear sources or our NPMs may not be cost competitive; the market for SMRs is not yet established and may not achieve growth as expected; our dependence on our relationships with ENTRA1 and other strategic partners; risks related to the Partnership Milestones Agreement that we entered into with ENTRA1; our ability to manage our growth effectively; our need for additional funding in the future; our partners’ and potential customers’ ability to secure funding; manufacturing and construction issues, including that our supply base in constrained; the politically sensitive environment we operating in and the public perception of nuclear energy; our dependence on senior management and other highly skilled personnel; our ability to obtain design approvals internationally; our customers’ ability to obtain required regulatory approvals on a timely basis or at all; compliance with environmental laws and evolving government laws and regulations; the impact of changing trade policies and new or increased tariffs; risks related to cybersecurity; changes in tax laws; our ability to protect our intellectual property; our limited number of authorized shares available for issuance; the price of our Class A common stock may be volatile; additional sales of our common stock or exercise of our options could result in dilution to our stockholders; we have and may in the future be subject to short selling strategies; NuScale Power, LLC being treated as a corporation for U.S. federal income tax or state tax purposes; and requirements under the Tax Receivable Agreement. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, our results may differ materially from its expectations and projections.
Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent filings we make with the SEC. The referenced SEC filings are available either publicly or upon request from NuScale's Investor Relations Department at [email protected]. The Company disclaims any intent or obligation other than as required by law to update or revise any forward-looking statements.
NuScale Power Corporation
Condensed Consolidated Balance Sheet (Unaudited)
(in thousands, except share and per share amounts)
June 30, 2026
December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents
$
766,460
$
836,417
Short-term investments
305,688
417,800
Restricted cash
5,100
5,100
Prepaid expenses
10,654
4,877
Accounts and other receivables, net (2025 - $5,452 from related party)
13,190
8,378
Total current assets
1,101,092
1,272,572
Property, plant and equipment, net
3,323
1,924
In-process research and development
16,900
16,900
Intangible assets, net
438
527
Goodwill
8,255
8,255
Long-lead material work in process
68,553
63,767
Investments
820,849
32,954
Other assets
29,783
15,613
Total Assets
$
2,049,193
$
1,412,512
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses
$
19,764
$
286,515
Accrued compensation
8,308
8,280
Other accrued liabilities
756
648
Deferred revenue
240
613
Total current liabilities
29,068
296,056
Noncurrent liabilities
5,955
2,570
Deferred revenue
513
335
Total Liabilities
35,536
298,961
Stockholders’ Equity
Class A common stock, par value $0.0001 per share, 662,000,000 shares authorized, 410,367,790 and 318,480,601 shares outstanding as of June 30, 2026 and December 31, 2025, respectively
41
32
Class B common stock, par value $0.0001 per share, 179,000,000 shares authorized, 19,333,750 and 19,413,185 shares outstanding as of June 30, 2026 and December 31, 2025, respectively
2
2
Additional paid-in capital
2,885,691
1,901,678
Accumulated deficit
(824,425
)
(732,871
)
Total Stockholders’ Equity Excluding Noncontrolling Interests
2,061,309
1,168,841
Noncontrolling interests
(47,652
)
(55,290
)
Total Stockholders' Equity
2,013,657
1,113,551
Total Liabilities and Stockholders' Equity
$
2,049,193
$
1,412,512
NuScale Power Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands, except share and per share amounts)
2026
2025
2026
2025
Revenue (2025 - $7,431 and $14,700 from related party)
$
75
$
8,054
$
640
$
21,429
Cost of sales
(227
)
(6,273
)
(771
)
(12,646
)
Gross Margin
(152
)
1,781
(131
)
8,783
Research and development expenses
18,429
11,802
31,234
20,933
General and administrative expenses
26,875
22,523
51,714
45,787
Other expenses
18,547
10,538
38,448
20,472
Loss From Operations
(64,003
)
(43,082
)
(121,527
)
(78,409
)
Sponsored cost share
—
21
4
84
Investment income
13,940
5,452
24,775
10,663
Loss Before Income Taxes
(50,063
)
(37,609
)
(96,748
)
(67,662
)
Foreign income taxes
—
—
—
342
Net Loss
(50,063
)
(37,609
)
(96,748
)
(68,004
)
Net loss attributable to noncontrolling interests
(2,524
)
(19,968
)
(5,194
)
(36,358
)
Net Loss Attributable to Class A Common Stockholders
$
(47,539
)
$
(17,641
)
$
(91,554
)
$
(31,646
)
Loss per Share of Class A Common Stock:
Basic and Diluted
$
(0.13
)
$
(0.13
)
$
(0.27
)
$
(0.24
)
Weighted-Average Shares of Class A Common Stock Outstanding:
Basic and Diluted
364,523,356
133,417,743
342,241,824
130,583,744
NuScale Power Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Six Months Ended
June 30,
2026
2025
OPERATING CASH FLOW
Net Loss
$
(96,748
)
$
(68,004
)
Adjustments to reconcile net loss to operating cash flow:
Depreciation and amortization
643
618
Equity-based compensation expense
11,752
9,697
Disposal of property, plant and equipment
—
46
Other changes in assets and liabilities:
Prepaid expenses and other assets
(10,856
)
(600
)
Accounts and other receivables (2025 - $979 from related party)
(5,578
)
8,310
Long-lead material work in process
(4,786
)
(20,959
)
Long-lead material liability
—
(4
)
Accounts payable and accrued expenses
(268,201
)
16,222
Net change in right of use assets and lease liabilities
315
(103
)
Deferred revenue
571
(300
)
Accrued compensation
28
(1,030
)
Net Cash Used in Operating Activities
(372,860
)
(56,107
)
INVESTING CASH FLOW
Proceeds from sale of short-term investments
629,800
20,000
Proceeds from sale of investments
17,553
—
Purchase of short-term investments
(472,707
)
(103,051
)
Purchase of investments
(850,429
)
(69,168
)
Purchase of property, plant and equipment
(1,953
)
—
Net Cash Used in Investing Activities
(677,736
)
(152,219
)
FINANCING CASH FLOW
Proceeds from the issuance of common stock, net of issuance fees
984,475
99,757
Proceeds from exercise of common share options
627
4,708
Net Cash Provided by Financing Activities
985,102
104,465
Net Change in Cash, Cash Equivalents and Restricted Cash
(65,494
)
(103,861
)
Cash, cash equivalents and restricted cash:
Beginning of period
841,517
406,656
End of period
$
776,023
$
302,795
Summary of Noncash Investing and Financing Activities:
Investments that converted into short-term investments
$
44,981
$
—
Accrued foreign income tax withholding to noncontrolling interests
—
416
Supplemental disclosures of cash flow information:
NuScale Power oznámí výsledky za druhé čtvrtletí po uzavření trhu 5. srpna. Trh čeká na pokrok u 6GW projektu pro Tennessee Valley Authority, který by mohl snížit nejistotu kolem firmy.
NuScale Power Corp (SMR -2.09%) is scheduled to report second-quarter earnings after market close on Aug. 5. The stakes are high.
So far this year, NuScale’s stock price has plunged in value by nearly 50%. The nuclear energy stock now has a market cap of just $3 billion.
And yet analysts from Bank of America believe nuclear energy will be a $10 trillion opportunity over the long term. And NuScale’s small modular reactors, or SMRs, are an ideal solution for the rising energy needs of the artificial intelligence industry.
Why the disconnect between NuScale’s current valuation and its lucrative long-term growth potential? The answer is simply execution risk.
Right now, only a handful of SMR systems operate globally. And while NuScale remains the only company in the U.S. cleared by regulators to build an SMR nuclear facility, it has yet to break ground on any commercial project.
Despite NuScale’s promising technology and project backlog, the market remains skeptical as to whether these projects will ever see the light of day and translate into real revenues and cash flows. The skepticism is reasonable, given that NuScale has repeatedly experienced delays and even outright cancellations of major projects in the past.
If uncertainty surrounding NuScale’s ability to execute on its project pipeline remains the biggest drag on its stock price, this week’s earnings call has the potential to send shares soaring.
Today's Change
(
-2.09
%) $
-0.18
Current Price
$
8.42
This catalyst could send NuScale Power’s stock price soaringNuScale has several promising projects in its pipeline. Arguably, the most valuable and near-term, however, is its 6 GW system intended for the Tennessee Valley Authority, a major U.S. utility.
This project was announced last September. But meaningful updates have been scarce since the initial announcement. Last September, NuScale’s stock price spiked to $47. Today, shares are priced below $10. A positive update on this project could, therefore, give NuScale shares a much-needed lift.
Image source: Getty Images
Fortunately, there’s a good chance that NuScale will deliver positive news on the project this year. The next catalyst is expected to be the signing of a power purchase agreement, or PPA. A PPA would essentially commit the customer to purchasing power from the project at a certain price for years to come. In short, it would ensure NuScale the revenue stream needed to justify the start of construction.
If a PPA is signed this year, uncertainty surrounding NuScale’s business should drop significantly. Not only would a PPA make it much more likely that the project would move into the construction phase, but it would also clarify uncertainties regarding NuScale’s future financing. It would also add another boost of social validation for NuScale’s technology and go-to-market approach.
"We're hopeful that TVA can come across the line at some point later this year," NuScale's CFO revealed in May, referring to the potential of signing a PPA with the Tennessee Valley Authority.
It’s more likely that an update will come later this year during subsequent earnings calls. But if NuScale’s CFO is accurate in his predictions, the news could break at any time. And given the magnitude of such an announcement, investors looking to gain exposure to the nuclear renaissance, or potentially simply add to their NuScale position at a lower cost basis, may be wise to act sooner rather than later.
NuScale Power má v plánu pro TVA až 6 gigawattů nové jaderné kapacity napříč více elektrárnami. V 1. čtvrtletí 2026 měla likviditu 1 miliardu USD, ale tržby meziročně spadly na 565 tisíc USD z 13,4 milionu USD.
Key Takeaways NuScale's TVA program could deploy up to 6 gigawatts of nuclear capacity across multiple plants.Romania's six-module project offers SMR service revenue now and a larger equipment opportunity later.SMR ended first-quarter 2026 with $1 billion in liquidity, while revenues fell sharply year over year. NuScale Power Corporation (SMR - Free Report) sits at the center of rising interest in dependable, around-the-clock electricity. Its small modular reactor technology targets utility-scale power, industrial users and other customers with heavy electricity needs.
The opportunity is large, but still early. NuScale’s path depends on converting development programs into funded projects, customer commitments and executable construction plans.
NuScale’s TVA Program Could Redefine Its ScaleThe Tennessee Valley Authority and ENTRA1 Energy program is the biggest U.S. opportunity in NuScale’s pipeline. The plan covers up to 6 gigawatts of new nuclear capacity using NuScale Power Modules across multiple plants.
That scale matters because it could move NuScale from engineering and licensing work toward a broader commercial model. A finalized power-purchase agreement could lead to site-specific licensing, engineering services and a future equipment supply contract.
The program also could have effects beyond NuScale’s own revenue base. A large deployment schedule may encourage suppliers to expand capacity, support long-lead planning and make later projects easier to repeat.
Constellation Energy Corporation (CEG - Free Report) provides a useful industry reference point because investors are already focused on companies tied to reliable nuclear generation. Cameco Corporation (CCJ - Free Report) offers another point of comparison, as uranium and fuel-cycle readiness become more important to nuclear expansion.
SMR’s Romania Project Builds an International PathNuScale’s RoPower work in Romania gives the company a visible international development track. The planned plant in Doice??ti is expected to use six NuScale Power Modules at a former coal plant site.
The project is also important because it shows how NuScale can generate service revenue before reactor equipment is delivered. Earlier RoPower licensing and engineering work supported revenues in 2024 and 2025, even though the larger equipment opportunity remains tied to later milestones.
NuScale’s role is tied to reactor technology, design assistance and licensing support through Fluor’s work on the project. If financing is secured for the next phase, Romania could become a European reference point for future deployments.
Image Source: NuScale Power Corporation
NuScale’s Supply Chain Readiness Gains ImportanceNuScale is preparing for commercialization by focusing on fuel, manufacturing capacity and critical components. The company has expanded its supply chain partnership with Framatome across the United States and Europe to support fuel delivery.
Manufacturing readiness is also advancing through Doosan Enerbility, which has been producing key NuScale Power Module components. These steps matter because first-of-a-kind nuclear projects can be slowed by supplier bottlenecks and long-lead equipment needs.
NuScale ended the first quarter of 2026 with $1 billion in liquidity and capital resources. That balance-sheet position gives the company flexibility to support supplier commitments, design work and commercialization activities before larger project payments arrive.
SMR’s Nuclear Trend Still Faces Funding FrictionThe demand narrative around small modular reactors is favorable, but deployment remains the harder test. Large nuclear developments require financing, customer commitments, site-specific licensing and coordinated construction planning.
NuScale’s own results show the uneven path. First-quarter 2026 revenues fell to $565,000 from $13.4 million a year earlier, mainly because prior RoPower licensing and engineering activity did not recur.
Cash usage and dilution remain investor concerns. NuScale sold 3.2 million Class A shares through its at-the-market program in the first quarter of 2026, generating $37.9 million in gross proceeds after a larger equity raise in 2025.
NuScale’s Scores Temper the Emerging-Trend StoryNuScale’s long-term positioning in nuclear power remains notable, but the stock’s near-term profile is less favorable. The company is still working to turn development programs into recurring service revenues, equipment orders and future module deliveries. Reflecting these execution and commercialization challenges, NuScale shares are down 82.9% over the past year.
Image Source: Zacks Investment Research
SMR currently carries a Zacks Rank #4 (Sell). That rank warns that participation in a promising industry theme does not, by itself, make the stock attractive for the next one to three months.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Style Scores send a mixed message. SMR has a Momentum Score of B, but its Value Score of F, Growth Score of F and VGM Score of F point to weaker characteristics across valuation, growth and the combined style framework.
For investors, the distinction is important. NuScale may benefit from the broader push for reliable nuclear power, but present financial quality, project timing and estimate trends still argue for caution.
NuScale Power v první polovině roku 2026 klesl o 29,2 %, protože investoři ztrácejí víru v jeho komerční využití. Firma zatím nepostavila reaktor a první dodávka modulu má přijít nejdříve v roce 2031.
If you've been tracking NuScale Power (SMR +1.32%), you witnessed a red-hot narrative crashing into a wall of reality over the last few months. Shares of the nuclear energy start-up crashed in the last quarter of 2025 and continued their downward slide into 2026, losing 29.2% value in the first half of the year, according to data provided by S&P Global Market Intelligence.
President Donald Trump aims to quadruple U.S. nuclear energy capacity to 400 gigawatts by 2050. Because building a traditional nuclear reactor takes years even as power demand has hit unprecedented levels amid the artificial intelligence (AI) data center boom, the government is also supporting small modular reactors (SMRs).
NuScale's SMR design is already approved by the U.S. Nuclear Regulatory Commission, and the company has begun manufacturing its first patented 77-megawatt carbon-free modules.
The problem? NuScale hasn't built a reactor yet. As that reality set in, investors ran for the exit. Here is how the fallout unfolded.
Image source: Getty Images.
Whu NuScale Power stock derailed In early 2026, TD Cowen analyst Marc Bianchi raised alarm bells, warning that NuScale's flagship project in Romania could be delayed until 2034.
NuScale's fourth-quarter earnings report delivered another blow: a massive $507.4 million milestone payment to ENTRA1 Energy, its exclusive commercialization partner. Under the agreement, NuScale owes ENTRA1 fees for its nuclear product developments without guaranteed revenues.
With the company's operating loss surging nearly fivefold to $690 million during the quarter, analysts slashed their price targets on NuScale stock while some disgruntled investors filed class action lawsuits, alleging misrepresentation of ENTRA1 Energy's capabilities and arrangement.
To make matters worse, NuScale's largest shareholder, Fluor, aggressively offloaded its position and exited NuScale completely by April 2026, pocketing $2.4 billion in proceeds. Watching an anchor insider walk away shattered whatever little remained of retail confidence.
Today's Change
(
1.32
%) $
0.12
Current Price
$
8.80
NuScale's first quarter offered no relief. Revenue plummeted from $13.4 million in the prior-year period to a paltry $0.5 million as one-time licensing revenue dried up, while net losses nearly tripled to $44 million.
Is NuScalePower stock a buy before Aug. 5? NuScale did finish Q1 with $890 million in cash and short-term investments and zero long-term debt. But cash reserves can only buy so much time when losses are mounting, and cash burn rates remain high.
Commercial deployment is still years away, with NuScale projecting first module delivery no earlier than 2031. Moreover, although ENTRA1 has been in the headlines for a big agreement with the Tennessee Valley Authority (TVA) to deploy up to 6 GW of nuclear power with NuScale's SMR equipment, the project still lacks a long-term power purchase agreement or a finalized timeline.
NuScale will release its second-quarter numbers on Aug. 5. Expectations are muted. Until the company can transition from regulatory approvals and partnership agreements to a firm revenue-generating model, its stock will remain speculative and volatile.
NuScale Power je po loňském maximu 57,42 USD o 75 % níže a obchoduje se pod 10 USD. Firma zatím nemá žádný závazný kontrakt ani tržby z NPM, první dodávky čeká nejdřív v roce 2031.
Less than a year ago, NuScale Power (SMR +0.11%) was the poster child of the artificial intelligence (AI) energy craze. The nuclear energy stock catapulted to an all-time high of $57.42 on Oct. 16, 2025.
The rally, however, fizzled out even faster than it built up, with NuScale shares slumping 61% in just the last quarter of 2025 and failing to recover since. The stock has now fallen 75% in one year and is trading below $10 as of this writing.
Make no mistake: The AI power narrative isn't hype. AI data centers consume astronomical amounts of power, putting immense pressure on existing grids. This has forced governments and corporations to seek reliable, low-carbon energy alternatives to meet their growing power needs without abandoning their carbon-emission goals.
Yet NuScale became a victim of its own circumstances. A perfect storm of weak operational numbers, class action lawsuits, and its largest shareholder, Fluor, cashing out after the stock's rally sent the stock crashing.
That said, what NuScale is building holds solid potential to fill the global energy gap. Does that make the nuclear energy stock a bargain buy under $10, or is it still a value trap?
Image source: Getty Images.
What exactly does NuScale Power do? Let's first understand what NuScale's business is.
Founded in 2007, NuScale is developing small modular reactors (SMRs). They are designed to be simpler, safer, more scalable, and more cost-effective than traditional nuclear reactors. SMRs are also largely factory-built, which means shorter construction and installation times.
Its core patent is the Nuclear Power Module (NPM). Each individual module is a self-contained reactor capable of generating 77 megawatts electric of carbon-free electricity. Several NPMs can be grouped together to build a power plant that can then be installed virtually anywhere that requires round-the-clock, reliable energy, such as data centers.
NuScale's SMR design is already approved by the U.S. Nuclear Regulatory Commission, and the company has advanced from the research and development stage and has started production of the first modules.
So why is the seemingly promising nuclear energy crashing? There are three problems here.
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Where's the customer? The core thesis of buying NuScale is that tech giants and utilities will buy its modules and reactors and lock in several years of contracts. The company, however, hasn't yet entered into any binding contract with any customer to deliver NPMs.
Payment milestones, but no revenue NuScale has signed ENTRA1 as its exclusive global partner to develop and commercialize power plants using NPMs, but ENTRA1 hasn't yet signed any binding power purchase agreements. Moreover, NuScale is bound to pay ENTRA1 milestone fees for each NPM or NuScale product that could be used in a power plant. There's no revenue guarantee here, and this bizarre arrangement has even prompted several investor class action lawsuits.
Nothing concrete before 2030 Even with all the design and regulatory approvals, NuScale doesn't expect to deliver its first NPMs before 2031. That's if there aren't any delays or complications in design, development, and production.
I'd steer clear of NuScale Power stock, even at under $10 per share, until the company can prove its technology is commercially viable.
NuScale jmenovala ENTRA1 svým exkluzivním globálním komerčním partnerem pro technologii SMR. ENTRA1 a TVA zároveň připravují návrh na až 6 GW nové jaderné kapacity.
Key Takeaways NuScale named ENTRA1 its exclusive global commercialization partner for SMR technology.ENTRA1 will develop, finance, own and operate plants using NuScale's approved SMR technology.ENTRA1 and TVA are working on a proposal for up to 6 GW of new nuclear capacity. NuScale Power Corporation’s (SMR - Free Report) partnership with ENTRA1 Energy has become an important part of its strategy to bring small modular reactors (SMRs) to market. Instead of only supplying its reactor technology, NuScale has named ENTRA1 as its exclusive global commercialization partner. Under this arrangement, NuScale provides its U.S. Nuclear Regulatory Commission-approved SMR technology, while ENTRA1 is responsible for developing, financing, owning and operating the power plants.
This partnership helps address one of the biggest challenges facing advanced nuclear projects: turning proven technology into commercial power plants that can be built and financed. It also simplifies the process for customers by offering a single, integrated solution instead of requiring them to work with multiple companies for development, financing and operations.
ENTRA1's role goes beyond building nuclear power plants. The company aims to provide complete energy solutions by offering different ownership and financing options, such as long-term power purchase agreements or transferring plant ownership to customers. ENTRA1 also plans to use NuScale's SMR technology for a wide range of applications, including electricity generation, hydrogen production, water desalination and industrial heating. This broad approach expands the potential market for NuScale's reactors and helps meet the growing demand for reliable, around-the-clock, carbon-free energy across different industries.
The partnership is already moving from planning to execution. ENTRA1 is continuing to work with the Tennessee Valley Authority (TVA) on a proposal to develop up to 6 gigawatts of new nuclear generating capacity using NuScale Power Modules. If completed, it could become one of the largest nuclear power projects in U.S. history. ENTRA1 is also working toward a long-term power purchase agreement with TVA and expects to benefit from funding opportunities under the U.S.-Japan Framework Agreement. As these projects move forward, ENTRA1 could play a key role in bringing NuScale's SMR technology into commercial use on a much larger scale.
NuScale is not the only company working to commercialize advanced nuclear technology. While its strategy combines approved SMR technology with commercialization through ENTRA1, other nuclear developers are pursuing different reactor designs to meet the growing demand for reliable, carbon-free power.
How Other Advanced Nuclear Companies are Approaching the Market
Oklo Inc. (OKLO - Free Report) is developing liquid-metal-cooled fast reactors that use metal fuel, a technology with decades of operating history. OKLO says its reactors rely on inherent safety features that allow them to respond naturally to changing conditions. OKLO is also building capabilities in fuel recycling, allowing used nuclear fuel to become a future energy source. Beyond electricity generation, OKLO is expanding into advanced fuel services and radioisotope production, creating a broader long-term business model.
NANO Nuclear Energy (NNE - Free Report) is developing compact microreactors designed for applications where large nuclear plants are impractical. NANO Nuclear's portfolio includes the KRONOS Micro Modular Reactor, the ZEUS battery reactor and the portable LOKI microreactor. NANO Nuclear is targeting data centers, industrial facilities, military sites, remote communities and microgrids. By focusing on smaller, modular reactor designs, NANO Nuclear aims to provide reliable, carbon-free power that can be deployed more quickly and flexibly than traditional nuclear plants.
The Zacks Rundown on NuScale Power
Shares of SMR have lost more than 50% over the past six months.
Image Source: Zacks Investment Research
NuScale Power currently has an average brokerage recommendation of 2.56 on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 18 brokerage firms.
Image Source: Zacks Investment Research
See how the Zacks Consensus Estimate for SMR’s earnings has been revised over the past 90 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NuScale Power se propadá kvůli opakovaným odkladům nasazení SMR, které v Rumunsku a USA nebudou online dříve než na počátku 30. let. Firma čelí žalobám a silnému prodeji insiderů.
NuScale Power (SMR 0.34%), a developer of small modular reactors (SMRs) for nuclear power plants, went public through a merger with a special purpose acquisition company (SPAC) on May 3, 2022. Its stock opened at $10.70 per share on the first day, reached a record high of $53.43 on Oct. 15, 2025, but trades at just over $10 as of this writing. Let's see why NuScale's stock plunged, and if it could stabilize and recover in the second half of the year.
Image source: Getty Images.
Why did investors ignore NuScale? NuScale's SMRs can be installed in vessels that are only 65 feet tall and nine feet wide, making them much smaller than conventional nuclear reactors. They're prefabricated and assembled on-site to reduce the time, labor, and costs required to build a nuclear power plant.
NuScale's newest SMR only generates 77 MWe on its own, while conventional nuclear power plants usually generate over 1,000 MWe. However, NuScale's SMRs can be chained together to build smaller plants in areas that aren't well-suited for larger plants.
It's currently working with Fluor (FLR 0.51%) to deploy six of its 77 MWe reactors to construct a 462 MWe plant for Romania's RoPower. It also recently agreed to deploy up to six gigawatts of its SMR capacity across seven states for the Tennessee Valley Authority (TVA).
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Those plans sound promising, but NuScale doesn't expect any of its reactors in Romania and the U.S. to come online until the early 2030s. It repeatedly postponed its first deployments as inflation drove up its costs, challenging the bullish view that SMRs would be a cheaper, faster alternative to conventional reactors for the booming AI market. It also faces intense competition from companies like Oklo (OKLO 3.90%), which are developing even smaller microreactors.
NuScale's constant delays sparked class action lawsuits, and Fluor -- which owned over half of its shares before its public debut -- liquidated its remaining shares this year. Over the past three months, its insiders sold 460 times as many shares as they bought.
Will NuScale's stock bounce back? NuScale will generate most of its revenue from its front-end engineering and design (FEED) studies, licensing fees, and consulting work until it deploys its first commercial SMRs.
For 2026, analysts expect its revenue to rise 79% to $56 million, while narrowing its net loss to $164 million. For 2027, they expect its revenue to more than triple to $173 million with a slightly wider net loss of $171 million. That growth trajectory would be impressive, but it's already priced for perfection at 63 times this year's sales. That high valuation will limit its upside potential as long as the messy macro environment drives investors away from speculative growth stocks.
