NuScale Power Corporation

What they do

NuScale develops and licenses SMR technology built on conventional light water reactor principles, with the NPM rated at 77 MWe and deployed in scalable 4-, 6-, or 12-module plant configurations (308, 462, or 924 MWe). The company's 12-module design is approved for 160 MWt / 50 MWe per NPM, and in May 2025 the NRC finalized approval of a second Standard Design Approval for a 6-unit 77 MWe design. Beyond module sales, NuScale plans to sell licensing support, testing, training, fuel supply services and program management over the plant lifecycle. ENTRA1 Energy is NuScale's exclusive global partner for commercialization and development, and NuScale cannot pursue opportunities without ENTRA1's consent.

Revenue drivers

• Engineering and licensing services — Revenue to date has come from engineering services, notably Fluor FEED Phase 2 work in support of the RoPower project in Romania, which was completed in late 2025 with no comparable activity in 2026.
• NuScale Power Module (NPM) sales — Future module sales to power plant developers; no NPM units are yet in commercial operation, so this line has no reported revenue to date.
• Lifecycle services — Planned licensing support, testing, training, fuel supply and program management, which management expects to begin roughly five years before a plant's commercial operation date and recur through plant life.

Recent performance

Second quarter 2026 revenue was $75,000, down from $8.2 million in the quarter ended September 30, 2025, as the RoPower FEED Phase 2 work completed. Full-year 2025 revenue was $31.5 million versus $37.0 million in 2024, while the 2025 net loss widened to $355.8 million from $136.6 million. Q2 2026 revenues and cost of sales each fell by about $8.0 million and $6.0 million year over year, R&D rose $6.6 million and G&A rose $4.4 million versus the prior-year quarter. Investment income rose $8.5 million year over year. The company reported $1.9 billion in cash, cash equivalents and short- and long-term investments at June 30, 2026, against $35.5 million of total liabilities and $2.06 billion of shareholder equity.

Strategy

NuScale is focused on converting its NRC approvals into deployed projects, with the TVA discussions through ENTRA1 cited as a potential large U.S. deployment and the six-module RoPower project at a former coal site in Doicesti, Romania as the most advanced SMR effort in Europe. The Romanian government approved the investment decision on February 12, 2026, and RoPower is authorized to advance licensing and geotechnical work and negotiate long-lead contracts, but the pre-EPC contract is not expected until financing is secured. The company awarded Paragon a contract to complete final design development of the Highly Integrated Protection System (HIPS) and states it has built a supply chain of more than 60 partners with over 30 agreements executed. R&D spending is directed at advancing NPM component technological readiness and design maturity.

Risks

• No commercial module revenue yet — Revenue has collapsed to $75,000 in the June 2026 quarter after FEED Phase 2 ended, and no NPM units are in commercial operation.
• Partner-dependent commercialization — ENTRA1 is the exclusive global commercialization partner and can decline opportunities, while NuScale needs ENTRA1's consent to pursue them itself.
• Cash burn — Operating cash flow was negative $459.6 million in 2025, and the net loss reached $355.8 million that year.
• Single international customer and project timing — RoPower is the only international customer, and the project will not proceed to pre-EPC until financing is secured, which the company cannot control.

Outlook

Management points to ENTRA1's discussions with the Tennessee Valley Authority toward a definitive power purchase agreement for what could be the largest nuclear deployment program in U.S. history. In Romania, the company expects the pre-EPC phase to run up to 15 months once financing is secured, including development of a Class 2 cost estimate. NuScale reports $1.9 billion of liquidity to support near-term commercial readiness and cites growing data-center and AI-driven U.S. power demand as supporting the domestic market.