Highlights

  • Second quarter 2026 revenue was $75,000, down from $8.1 million a year earlier after Fluor engineering work ended.
  • Class A net loss was $47.5 million, or $0.13 per share, for the quarter ended June 30, 2026.
  • NuScale completed a $1.0 billion at-the-market program in June, lifting Class A shares outstanding to 410.4 million by July 30.
  • Cash and investments totaled $1.89 billion with no debt, while a securities class action and related derivative suit remain pending.

NuScale Power Corporation (NYSE:SMR) shares were trading near their 52-week low at USD 5.55 on October 21, 2026, down 0.58%. The small modular reactor developer completed a $1.0 billion at-the-market stock program in June and filed its report for the quarter ended June 30, 2026 on August 5, showing a wider net loss and very little revenue.

Based in Corvallis, Oregon, NuScale is a Delaware corporation that describes its mission as providing scalable advanced nuclear technology to produce electricity, heat and clean water. Its core product is the NuScale Power Module, a light water reactor module rated at 77 MWe. The company says its 12-module design received a Standard Design Approval from the U.S. Nuclear Regulatory Commission in September 2020, and that the agency approved a second application for a 6-unit, 77 MWe design in May 2025. Its fiscal year ends December 31.

Small Revenue and a Wider Quarterly Loss

Revenue for the three months ended June 30, 2026 was $75,000, compared with $8.1 million a year earlier, when $7.4 million came from Fluor, then a related party. The company tied the decline to the completion of Fluor's FEED Phase 2 engineering work for the RoPower project in late 2025. A June 2026 price adjustment with Fluor for that work cut revenue and receivables by $176,000 and left gross margin negative at $152,000.

Research and development expense rose to $18.4 million from $11.8 million, and general and administrative expense was $26.9 million versus $22.5 million. Other expenses climbed to $18.5 million from $10.5 million as engineers worked on fewer commercial projects. The loss from operations was $64.0 million against $43.1 million. Investment income of $13.9 million, up from $5.5 million, narrowed the net loss to $50.1 million. After noncontrolling interests, the loss to Class A stockholders was $47.5 million, or $0.13 per share, unchanged per share from a year earlier on a much larger share count. For six months, revenue was $640,000 versus $21.4 million, and net loss was $96.7 million versus $68.0 million.

ENTRA1 Payment, Equity Raise and Litigation

Operating cash outflow for the six months was $372.9 million, compared with $56.1 million a year earlier. The company cited a $259.9 million payment to ENTRA1 under the Partnership Milestones Agreement signed August 27, 2025, plus lower customer collections and vendor prepayments for long-lead material. The first milestone contribution was triggered in 2025 after ENTRA1 entered a non-binding agreement covering 72 modules, and its $507.4 million cost was expensed. No liability has been accrued for later milestones.

Financing more than covered the outflow. NuScale sold 89.7 million Class A shares in the six months for gross proceeds of $1.0 billion, at a weighted average price of $11.14 per share. Class A shares outstanding rose from 318.5 million at the end of 2025 to 410.4 million at July 30, 2026. At June 30 it held $766.5 million of cash and equivalents, $305.7 million of short-term investments and $820.8 million of investments, with no debt and an accumulated deficit of $824.4 million. Management said it believes this, along with continued capital market access, covers cash needs for the next 12 months and beyond.

A securities class action filed February 18, 2026 in Oregon federal court, amended on July 10 to add ENTRA1 and others, alleges misleading statements about ENTRA1's capabilities as a nuclear plant developer. A derivative suit based on similar allegations is stayed. The company cannot estimate any potential loss.

Project Pipeline and Stated Priorities

Management said Romania approved the investment decision for the Doicești project on February 12, 2026, letting RoPower seek financing for further studies and design work. NuScale does not expect a pre-EPC contract until financing is secured, and would then resume work on a phase it estimates at up to 15 months. In the United States, it points to a September 2025 non-binding agreement for ENTRA1 and the Tennessee Valley Authority to collaborate on up to 6 gigawatts of new nuclear generation, with the next phase contingent on power purchase agreements. The filing gives no quantitative financial guidance.