NuScale Power Reports Third Quarter 2026 Results
NUSCALE POWER Corp (SMR) filed an SEC Form 8-K — Results of Operations and Financial Condition. NuScale Power Reports Third Quarter 2026 Results Third Quarter 2026 Highlights • NuScale progressed from development to physical production, signing an agreement with Doosan Enerbility for the fabrication of the most complex and foundational component of the NuScale Power Module™
How this was made
The 30-second read
Why it matters
The report provides the first public disclosure of Q3 2026 financials and operational milestones, offering fresh data for traders.
Market read
First‑time earnings release with operational progress, impacting SMR sector sentiment and potential future contracts.
What to watch
Future revenue streams from the TVA partnership and potential additional government funding are not reflected in the current quarter.
NuScale Power Reports Third Quarter 2026 Results
NuScale reported sharply lower revenue and a gross margin of $133 for the quarter, while operating expenses and investment spending remained substantial. The company ended the period with $1.9 billion in cash, cash equivalents and short- and long-term investments and advanced supply-chain and production milestones.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30GAAP | $ 281 | – | decreased by $8.0 million |
| Cost of sales, three months ended September 30GAAP | −$148K | – | decreased by $5.4 million |
| Gross Margin, three months ended September 30GAAP | $133K | – | – |
| Research and development expenses, three months ended September 30GAAP | $18.01M | – | increased $7.0 million |
| General and administrative expenses, three months ended September 30GAAP | $27.92M | – | decreased by $491.3 million |
| Other expenses, three months ended September 30GAAP | $19.03M | – | increased by $8.1 million |
| Loss From Operations, three months ended September 30GAAP | −$64.82M | – | – |
| Investment income, three months ended September 30GAAP | $19.11M | – | increased by $13.4 million |
| Loss Before Income Taxes, three months ended September 30GAAP | −$45.71M | – | – |
| Net Loss, three months ended September 30GAAP | −$45.71M | – | – |
| Net Loss Attributable to Class A Common Stockholders, three months ended September 30GAAP | −$43.65M | – | – |
| Loss per Share of Class A Common Stock: Basic and Diluted, three months ended September 30GAAP | $ (0.11) | – | – |
| Revenue, nine months ended September 30GAAP | $ 921 | – | – |
| Cost of sales, nine months ended September 30GAAP | −$919K | – | – |
| Gross Margin, nine months ended September 30GAAP | $2K | – | – |
| Research and development expenses, nine months ended September 30GAAP | $49.24M | – | – |
| General and administrative expenses, nine months ended September 30GAAP | $79.63M | – | – |
| Other expenses, nine months ended September 30GAAP | $57.48M | – | – |
| Loss From Operations, nine months ended September 30GAAP | −$186.3M | – | – |
| Investment income, nine months ended September 30GAAP | $43.89M | – | – |
| Net Loss, nine months ended September 30GAAP | −$142.5M | – | – |
| Net Loss Attributable to Class A Common Stockholders, nine months ended September 30GAAP | −$135.2M | – | – |
| Loss per Share of Class A Common Stock: Basic and Diluted, nine months ended September 30GAAP | $ (0.37) | – | – |
| Net Cash Used in Operating Activities, nine months ended September 30GAAP | −$401.4M | – | – |
| Net Cash Used in Investing Activities, nine months ended September 30GAAP | −$902.4M | – | – |
| Net Cash Provided by Financing Activities, nine months ended September 30GAAP | $985.2M | – | – |
What drove it
- Revenue and cost of sales declined primarily because the prior-year quarter included revenue from Fluor's Front-End Engineering and Design Phase 2 engineering services supporting the RoPower project, which was completed in late 2025, with no comparable activity in 2026.
- R&D expense increased primarily because of $6.7 million of higher costs associated with increased activities to advance the technological readiness and design maturity of NuScale Power Module components.
- Other expenses increased as engineers and project personnel worked on fewer commercial projects, lowering allocation to cost of sales, and as other compensation costs rose to support supply-chain readiness and future commercial projects.
- Investment income increased primarily from a stronger cash position, higher interest rates, and greater investments in cash equivalents, short-term investments and long-term investments.
- NuScale signed an agreement with Doosan Enerbility for fabrication of the upper reactor coolant system of the NuScale Power Module.
- NuScale and MillenniTEK fabricated first-of-a-kind reactor safety components for the NuScale Power Modules.
Concerns
- Quarterly revenue was $ 281 and gross margin was $ 133.
- Net Cash Used in Operating Activities for the nine months ended September 30, 2026 was $ (401,418).
- Net Cash Used in Investing Activities for the nine months ended September 30, 2026 was $ (902,362).
- The company reported a Net Loss of $ (45,709) for the quarter and $ (142,457) for the nine months ended September 30, 2026.
- The release states that NuScale's ability to enter into binding customer contracts, supply-base constraints, manufacturing and construction issues, additional funding needs, and regulatory approvals are among its risk factors.
What to watch
- Fabrication progress on the upper reactor coolant system under the Doosan Enerbility agreement.
- Supply-chain readiness and delivery of future commercial projects.
- ENTRA1 Energy's dialogue with the Tennessee Valley Authority on the commercial nuclear power deployment program.
- The pace of commercial-project activity and revenue recognition following completion of the RoPower FEED Phase 2 engineering services in late 2025.
- Operating cash use, investment purchases, and liquidity as NuScale makes strategic investments toward full-scale production.
Balance sheet and cash flow
- Cash and cash equivalents at September 30, 2026: $ 513,359.
- Short-term investments at September 30, 2026: 420,032.
- Investments at September 30, 2026: 930,684.
- Cash, cash equivalents, and short- and long-term investments at the end of the third quarter of 2026: $1.9 billion.
- Long-lead material work in process at September 30, 2026: 69,692.
- Total Assets at September 30, 2026: $ 2,020,040.
- Total Liabilities at September 30, 2026: 45,645.
- Total Stockholders' Equity at September 30, 2026: 1,974,395.
- Proceeds from the issuance of common stock, net of issuance fees, for the nine months ended September 30, 2026: 984,475.
- Purchase of investments for the nine months ended September 30, 2026: (975,064).
- Net Change in Cash, Cash Equivalents and Restricted Cash for the nine months ended September 30, 2026: (318,545).
- Cash, cash equivalents and restricted cash at the end of the nine months ended September 30, 2026: $ 522,972.
Analysis
NuScale's third-quarter results reflect limited current commercial revenue alongside continued spending to prepare its reactor design and supply chain for production. Revenue was $ 281, compared with $ 8,242 in the prior-year quarter, and gross margin was $ 133, compared with $ 2,709. The company attributed the revenue decline to the absence of comparable 2026 work after Fluor's FEED Phase 2 engineering services for the RoPower project were completed in late 2025.
The operating cost mix remained focused on technology readiness and commercial delivery preparation. Research and development expenses were $ 18,007, compared with $ 11,054, as NuScale increased activities to advance the technological readiness and design maturity of NuScale Power Module components. Other expenses were $ 19,028, compared with $ 10,873, reflecting lower allocation of engineering and project personnel costs to cost of sales and higher compensation costs supporting supply-chain readiness and future commercial projects. General and administrative expenses were $ 27,918, compared with $ 519,222.
The company recorded a Loss From Operations of $ (64,820), while investment income was $ 19,111. NuScale said investment income increased because of its stronger cash position, higher interest rates, and greater investments in cash equivalents, short-term investments and long-term investments. Net Loss was $ (45,709), and Net Loss Attributable to Class A Common Stockholders was $ (43,653), with basic and diluted loss per share of $ (0.11).
Liquidity is the central financial support for NuScale's production transition. The company reported $1.9 billion of cash, cash equivalents, and short- and long-term investments at quarter-end. For the nine months ended September 30, 2026, Net Cash Used in Operating Activities was $ (401,418) and Net Cash Used in Investing Activities was $ (902,362), while proceeds from the issuance of common stock, net of issuance fees, were 984,475.
Operationally, NuScale highlighted its agreement with Doosan Enerbility to fabricate the upper reactor coolant system, deployment of nuclear-specific artificial intelligence tools with Nuclearn and NPX, and fabrication of first-of-a-kind reactor safety components with MillenniTEK. The release did not provide forward financial guidance. Near-term attention is therefore on execution of these manufacturing and supply-chain milestones, commercial-project progress with ENTRA1 and TVA, and the pace at which spending converts into customer contracts and revenue.
Management, verbatim
This was a significant quarter for NuScale as we progressed from development to physical production of our first commercial NuScale Power Module.
John Hopkins, NuScale President and Chief Executive Officer
Our contract with Doosan Enerbility to fabricate the upper reactor coolant system of the NPM moves our Nuclear Regulatory Commission-approved design into actual build and sets the foundation for all modules to follow.
John Hopkins, NuScale President and Chief Executive Officer
We also continued to deepen our global supply chain and ended the period with strong liquidity, giving us the flexibility to make the strategic investments needed to move toward full-scale production.
John Hopkins, NuScale President and Chief Executive Officer
Not in the filing
stated, not guessed- Forward financial guidance was not provided.
- Previous-period outlook was not provided.
- Segment revenue and segment operating results were not provided.
- Non-GAAP revenue, earnings, operating income, EPS, cash flow, or margin measures were not provided.
- Gross margin percentage was not provided.
- Quarterly operating cash flow, investing cash flow, financing cash flow, and free cash flow were not provided.
- Debt balances were not provided.
- Share repurchases and dividend declarations or payments were not provided.
- Tax rate was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing is an SEC Form 8‑K Item 2.02 quarterly results release for NuScale Power (NYSE: SMR).
Ticker impact
NuScale Power reported Q3 2026 results, noting $1.9 B cash, $8 M revenue decline and progress to physical production with a Doosan Enerbility agreement.
likely slight downside pressure from the revenue miss, offset partially by the cash position and production milestone
Revenue fell $8 M YoY, a negative signal, yet the $1.9 B cash balance and the Doosan contract suggest future upside, creating mixed short‑term market reaction.
Market effects
Advances in SMR production may boost confidence in the small modular reactor sector and attract further investment.
U.S. nuclear energy market sees a new supplier moving toward commercial deployment.
Progress supports the broader clean‑energy transition and could influence global nuclear adoption trends.
Counterpoint
Despite the revenue dip, the shift to physical production and the Doosan agreement could spark upside if contracts with TVA and ENTRA1 materialize.
Key entities
- companyNuScale Power Corp
Provider of advanced small modular reactor (SMR) nuclear technology, ticker SMR.
- partnerDoosan Enerbility
Manufacturer contracted to fabricate the upper reactor coolant system for NuScale's Power Module.
