NuScale Power (SMR) Q1 2026 earnings summary

Executive summary

• Advanced planning continues for the largest U.S. nuclear deployment with TVA, targeting up to 6 GWe of new nuclear capacity using NuScale technology.

• RoPower project in Romania advances to the next phase after shareholder approval, deploying 6 NuScale Power Modules at a former coal site.

• Expanded supply chain partnership with Framatome supports accelerated fuel delivery in the U.S. and Europe.

• Maintained strong liquidity, ending Q1 2026 with $1 billion in liquidity and capital resources.

Financial highlights

• Q1 2026 revenue was $1.8 million, up from $0.6 million in Q4 2025, but down $12.8 million year-over-year due to project timing.

• Cash and cash equivalents at March 31, 2026, totaled $753.8 million, with total cash, cash equivalents, and investments at $1.0 billion.

• Short-term investments were $62.0 million and long-term investments $489.9 million at quarter-end.

• Net loss attributable to Class A shareholders widened to $44.0 million from $14.0 million year-over-year.

• Gross margin was $21,000, down from $7.0 million in Q1 2025.

Outlook and guidance

• ENTRA1 continues progress toward a power purchase agreement with TVA for 6 GWe of new nuclear capacity.

• RoPower project in Romania seeks financing for feasibility studies and site-specific design before construction.

• ENTRA1 positioned to receive investment capital under the $550 billion U.S.-Japan Framework Agreement.

• Demand for carbon-free power remains strong, with NuScale positioned as the only NRC-approved SMR provider.

• Ongoing progress on major U.S. and international deployment programs supports future growth.