NuScale Power Reports Second Quarter 2026 Results

Key Terms

small modular reactor technical

A small modular reactor is a compact nuclear power plant designed to generate electricity in smaller amounts compared to traditional reactors. It can be built in factories, then transported and assembled on-site, making it quicker and often cheaper to deploy. For investors, these reactors represent a potential source of clean energy with lower upfront costs and flexible scaling, which could influence future energy markets and infrastructure investments.

power purchase agreement financial

A power purchase agreement (PPA) is a long-term contract in which a buyer agrees to purchase electricity from a generator at an agreed price and schedule, similar to a multi-year subscription for power or a long-term lease of an energy source. Investors care because PPAs provide predictable revenue and cash flow for the generator, reduce market-price exposure, and shift credit and performance risk to the buyer, all of which affect valuation, financing and perceived investment stability.

gross margin financial

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

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noncontrolling interests financial

The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.

pressurized water reactor technical

A pressurized water reactor is a type of nuclear power plant that uses water kept under high pressure to carry heat away from the nuclear core without letting it boil; that hot water then passes through a heat exchanger to make steam that drives turbines to produce electricity. Think of it like a sealed pressure cooker transferring heat into a separate steam system. Investors care because this design influences construction and operating costs, safety and regulatory risk, fuel and maintenance needs, and long-term liabilities such as decommissioning—factors that affect a plant’s profitability and investment risk.

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Second Quarter 2026 Highlights

• NuScale’s exclusive global strategic partner, ENTRA1 Energy (“ENTRA1”), continues to advance discussions with the Tennessee Valley Authority (“TVA”) toward a definitive power purchase agreement for potentially the largest nuclear power deployment program in U.S. history

• NuScale is working with S.N. Nuclearelectrica S.A. (“Nuclearelectrica”) and RoPower Nuclear (“RoPower”) to satisfy conditions attached to Nuclearelectrica shareholders’ vote to advance the RoPower project in Doicești, Romania, which would deploy six NuScale Power Modules^TM (“NPMs”) at a former coal plant site and represents the most advanced SMR effort in Europe

• NuScale awarded Paragon, a leading supplier of safety-related products, a contract to complete final design development of the Highly Integrated Protection System (“HIPS”) for the NuScale Power Module – a critical milestone in the Company's supply chain readiness

• NuScale ended the second quarter with a strong liquidity position of $1.9 billion in cash, cash equivalents and short- and long-term investments to support near-term commercial readiness

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 ir@nuscalepower.com. 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:
Foreign income taxes paid		$	—			$	1,600

 

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Investor Relations Contact
ir@nuscalepower.com

Media Contact
media@nuscalepower.com

Source: NuScale Power