NUSCALE POWER Corp (SMR)

Price$7.48Cached quoteAs of 2026-10-08 14:14 UTC

AI: Overvalued

Price checkThe market still values future reactor success far above the business NuScale earns today.

At the observed market value of roughly $4.1 billion, NuScale is worth about 380 times the roughly $10.7 million of revenue from the last four reported quarters. Even subtracting about $1.9 billion of cash and investments leaves roughly $2.2 billion attached to technology and future contracts, despite ongoing losses and almost no current sales. That valuation can work only if large projects convert into binding, profitable orders; for a value investor, that is too much unproven success already embedded.

Big pictureNuScale has ample liquidity, but cash generation is negative and project revenue remains highly uneven.

First-half 2026 operations used $372.9 million of cash, including $259.9 million paid to ENTRA1; the second quarter alone used about $58.2 million. Revenue fell to $75,000 from $8.1 million a year earlier because Romania engineering work had ended, showing that results are driven by project stages rather than recurring sales. The balance sheet can absorb substantial spending, but future project contributions and supply-chain work could raise cash use again. Earnings and cash flow are not yet durable because commercial module sales have not begun.

Business strengthRegulatory approval and manufacturing progress are real advantages, but shareholders have financed most of the progress.

NuScale has a rare asset: a U.S. Nuclear Regulatory Commission-approved 77-megawatt module design, plus more than 60 supply-chain partners and long-lead materials already in process. Yet financing has carried much of the story. In the first half of 2026, NuScale sold about 89.7 million Class A shares for roughly $1.0 billion, lifting total share-like economic interests to about 429.7 million from 337.9 million at year-end. A new $750 million stock-sale program creates further dilution capacity; there are no buybacks or dividends offsetting it.

What could change the storyA binding customer contract with sound economics could justify more value; continued financing without orders would not.

The clearest bull trigger is a binding TVA power purchase agreement followed by an original-equipment order for NuScale modules, with disclosed pricing, margins, customer funding and cash timing. The bear case is unusually specific: NuScale already recorded $507.4 million for the first 15% ENTRA1 milestone on 72 modules. On the same basis, that implies about $3.4 billion of total milestone contributions, so later stages could be very large. New orders must therefore create value well above both these contributions and future dilution.

AI: News

Quarterly revenue collapseQuarterly revenue nearly disappeared, while a large cash reserve kept the company funded for development.

On August 5, NuScale reported second-quarter revenue of $75,000 versus $8.1 million a year earlier and ended June with about $1.9 billion of cash and investments. Management said TVA talks and Romania work were still advancing, but the regulatory filing says the TVA program remains contingent on binding power purchase agreements. The event mattered because it sharpened the gap between a strong funding position and a business that still has almost no current commercial revenue.

New share-sale programNuScale opened another large share-sale program, improving funding flexibility while increasing dilution risk for existing owners.

On August 11, NuScale filed an at-the-market program allowing up to $750 million of additional Class A shares to be sold over time. This came after roughly $1.0 billion of stock had already been sold during the first half of 2026. The program lowers near-term financing risk and can fund commercialization work, but each share sold spreads any future project value across more owners, making contract quality and cash returns more important.

Safety component milestoneA specialized reactor safety component reached a manufacturing milestone, reducing one technical risk without creating revenue.

On September 1, NuScale and MillenniTEK said they successfully fabricated first-of-a-kind boron-oxide pellets for the passive emergency core cooling system. The work advances a specialized safety component toward production readiness and reduces one piece of manufacturing risk. It does not itself create a customer order, construction start or material revenue. The shares ended the regular session slightly lower, so the market did not clearly treat the milestone as a major commercial breakthrough.

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Revenue

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2025

Net income

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$31.5M	$37.0M	$22.8M	$11.8M	$2.9M	$600,000
Gross profit	$11.4M	$32.1M	$3.8M	$4.5M	$1.1M	$245,000
Gross margin	36.31%	86.67%	16.87%	38.01%	38.16%	40.83%
Research & development	$45.5M	$46.8M	$156.1M	$127.7M	$94.4M	$95.3M
Operating expenses	$701.0M	$170.8M	$279.4M	$234.5M	$1.3M	$159.1M
Operating income	−$689.6M	−$138.7M	−$275.6M	−$230.0M	−$174.3M	−$158.8M
Operating margin	−2,190.57%	−374.48%	−1,208.09%	−1,948.45%	−6,090.15%	−26,473.83%
EBITDA	−$688.4M	−$136.9M	−$273.0M	−$227.3M	−$172.1M	−$156.8M
EBITDA margin	−2,186.82%	−369.50%	−1,196.88%	−1,925.59%	−6,013.45%	−26,127.50%
Net income	−$355.8M	−$136.6M	−$58.4M	−$25.9M	−$102.5M	−$88.4M
Net profit margin	−1,130.26%	−368.80%	−255.86%	−219.54%	−3,581.17%	−14,731.17%
Basic EPSper basic share	-$2.17	-$1.47	-$0.80	-$0.51	$0.00	$0.00
Diluted EPSper diluted share	-$2.17	-$1.47	-$0.80	-$0.51	$0.00	$0.00

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Owners

Reported shareholders

Ownership data is not available for this listing yet.

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)113$2.47B disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 21, 2026Form 4	FLUOR CORPDirector	SellClass A Common Stock · indirect	13.50M	$11.81	$159.44M	0
Apr 15, 2026Form 4	FLUOR CORPDirector	SellClass A Common Stock · indirect	12.94M	$11.63	$150.45M	13.50M
Apr 9, 2026Form 4	FLUOR CORPDirector,TenPercentOwner	SellClass A Common Stock · indirect	13.50M	$12.07	$162.94M	26.44M
Mar 25, 2026Form 4	Tonnel David AChief Accounting Officer	SellClass A Common Stock	2.3K	$11.85	$27.1K	7.4K
Mar 4, 2026Form 4 · 10b5-1	Fisher Carl M.Chief Operating Officer	SellClass A Common Stock	13.5K	$12.64	$170.6K	90.9K