NuScale Power Q3 2026: Tiny Revenue, Big Reactor Deal
As seen on the 24/7 Wall St. homepage on November 5, 2026.
NuScale is now a pre-revenue story in all but name, with quarterly sales of $281,000 missing expectations once the Romanian RoPower engineering fees rolled off. Buyers of this $1.8 billion stock are paying for the new Doosan Enerbility deal to fabricate the first commercial reactor module's coolant system, funded by $1.90 billion in cash and investments.
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NuScale Power reported just $281,000 in revenue for the third quarter of 2026, missing analyst expectations of $3.84 million. The collapse was largely mechanical: the year-ago quarter had included engineering fees from Fluor's front-end design work on the Romanian RoPower project, which wrapped in late 2025 and left nothing comparable on the books this quarter.
On the bottom line, the story was more encouraging. NuScale posted a GAAP loss of $0.11 per share, beating the consensus estimate of negative $0.12. For a company burning cash to build a first-of-its-kind reactor, that margin of beat is modest, but it continues a recent pattern of keeping losses broadly in line with or below what analysts model.
The quarter's headline event was a fabrication agreement with Doosan Enerbility covering the upper reactor coolant system, which management described as the most complex and foundational component of the NuScale Power Module. CEO John Hopkins called it the moment the company moved "from development to physical production" of its first commercial module. NuScale now has a nuclear design approved by the Nuclear Regulatory Commission and a manufacturing partner putting metal on the floor.
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Funding the runway is $1.90 billion in cash and investments, supported by roughly $985 million in equity raised year to date. Total liabilities stood at $45.6 million against shareholders' equity of nearly $1.97 billion, leaving the balance sheet unusually clean for a pre-revenue technology company. Management said that liquidity gives it flexibility to pursue full-scale production without immediate financing pressure.
NuScale provided no financial guidance. The company said it continues to support ENTRA1 Energy in talks with the Tennessee Valley Authority on what it describes as the largest commercial nuclear power deployment program in U.S. history, though analysts have noted that a binding agreement with TVA may not be signed until 2027. Until a customer contract is signed, NuScale remains a bet on a balance sheet and a build schedule.
Mentioned: SMR