NuScale Power Q2 2026 Earnings: Revenue Falls to $75,000 as Costs Rise

NuScale Power (NYSE: SMR) reported Q2 2026 revenue of $75,000, down about 99% from $8.05 million a year earlier, while basic and diluted loss per share remained unchanged at $0.13. The revenue decline reflected the late-2025 completion of Fluor FEED Phase 2 engineering work for the RoPower project, leaving no comparable activity this quarter. Higher R&D, administrative and project-readiness expenses widened the operating loss, although increased investment income provided a partial offset.

Core earnings data

For the quarter ended June 30, NuScale’s results continued to reflect a pre-commercial business investing in technology and deployment readiness. Cost of sales declined alongside revenue, but the company still recorded a small gross loss because quarterly revenue was only $75,000.

Operating expenses increased across all three major categories. R&D spending rose primarily because of work to improve the technological readiness and design maturity of NuScale Power Module components, while G&A and other expenses increased as the company added personnel and supply-chain resources.

Net loss attributable to Class A shareholders widened to $47.54 million from $17.64 million. The per-share loss nevertheless remained unchanged because weighted-average Class A shares increased to 364.5 million from 133.4 million.

Commercial project progress

The sharp revenue decline was tied to project timing rather than a disclosed contraction in an ongoing recurring-revenue business. NuScale recognized substantial revenue from Fluor’s FEED Phase 2 engineering services for RoPower in the prior-year period, but that work concluded in late 2025.

ENTRA1 Energy, NuScale’s exclusive global strategic partner, continued discussions with the Tennessee Valley Authority toward a definitive power purchase agreement. The parties had not yet reached that definitive agreement as of the earnings release, so the project remains a prospective deployment rather than contracted revenue.

In Romania, NuScale is working with Nuclearelectrica and RoPower to satisfy conditions connected to a shareholder vote to advance the Doicești project. The proposed project would install six NuScale Power Modules at a former coal-plant site.

NuScale also awarded Paragon a contract to complete final design work on the Highly Integrated Protection System for its module. Management said the company has developed a supply chain involving more than 60 specialized partners and executed more than 30 agreements, but further design, contracting and deployment milestones still need to translate that readiness into commercial activity.

Profitability, cash flow and balance sheet

Readiness spending outweighed higher investment income

R&D expense increased by $6.6 million, driven mainly by $7.1 million of additional spending on NPM component readiness and design maturity. That increase was partly offset by $0.6 million of lower regulatory costs following SDA approval in May 2025.

G&A expense rose by $4.4 million as personnel and equity-based compensation increased by $1.2 million and organizational costs rose by $3.9 million. These increases were partly offset by $1.0 million of lower legal fees. Other expense increased by $8.0 million because fewer engineers and project personnel were assigned to commercial projects—and therefore to cost of sales—while compensation costs associated with supply-chain and future project readiness increased.

Investment income rose by $8.5 million to $13.94 million because NuScale held more cash equivalents and investments. This helped narrow the difference between the operating loss and pretax loss, but it did not offset the increase in operating expenses.

Equity financing supported liquidity while increasing the share count

NuScale ended June with $1.9 billion in cash, cash equivalents and short- and long-term investments. This consisted of $766.46 million in cash and cash equivalents, $305.69 million in short-term investments and $820.85 million in longer-term investments.

The cash-flow figures cover the first six months of 2026 rather than Q2 alone. Operating activities used $372.86 million, compared with $56.11 million a year earlier. A $268.20 million reduction in accounts payable and accrued expenses was the largest factor making operating cash use substantially greater than the six-month net loss.

First-half financing activities provided $985.10 million, including $984.48 million from common stock issuance after fees. Class A shares outstanding consequently increased to 410.4 million at June 30 from 318.5 million at the end of 2025, an increase of about 29%. The capital raise strengthened liquidity but also expanded the equity base for existing shareholders.

Recent insider transactions

The supplied six-month transaction data show 17 purchase transactions involving 605,308 shares and 13 sales involving 111,643,648 shares, resulting in reported net sales of 111,038,341 shares. The latest 10 reported transactions were mostly zero-price director stock awards; transaction data alone do not establish insiders’ views on the company’s prospects.

Risks investors need to watch

• Commercial conversion risk: Discussions with TVA have not yet produced a definitive power purchase agreement, while the Romanian project remains subject to specified conditions. Delays could continue to make revenue limited and uneven.
• Rising development costs: R&D, G&A and supply-chain readiness expenses all increased while quarterly revenue fell to $75,000, widening the operating loss.
• Cash-flow pressure: First-half operating cash use reached $372.86 million, with the settlement of accounts payable and accrued expenses contributing substantially to the outflow.
• Shareholder dilution: Common stock issuance supplied most of the company’s first-half financing inflow and helped build liquidity, but Class A shares outstanding increased by about 29% from year-end.
• Deployment execution: NuScale still needs to complete design and supply-chain milestones and move prospective projects through contracting, financing, regulatory and construction processes.

Summary

NuScale’s Q2 2026 results showed a gap between commercial revenue and ongoing deployment spending: completion of prior RoPower engineering work reduced revenue to a minimal level, while technology, organizational and supply-chain costs increased. Higher investment income and $1.9 billion of liquidity provide financial capacity, but that position was supported by substantial equity issuance. The main issues to monitor are whether TVA and Romanian project activity becomes binding commercial work, how quickly expenses and operating cash use develop, and whether further financing increases the share count.