NuScale Power (SMR) Q2 2026 earnings summary

Executive summary

• Demand for reliable, carbon-free power is accelerating, with urgency from hyperscalers, industrials, and utilities seeking clean energy on tight timelines.

• Advanced discussions are underway for major power purchase agreements with TVA and ENTRA1, potentially the largest nuclear deployment in U.S. history, and progress continues on the RoPower project in Romania, aiming to deploy six modules at a former coal plant.

• NuScale is the only SMR company with U.S. NRC design certification and standard design approvals for two designs, reinforcing regulatory leadership.

• Strategic partnerships and supply chain maturity, including agreements with Doosan Enerbility, Framatome, and Paragon, support rapid deployment and readiness.

• Opened the 12th Energy Exploration Center to support nuclear workforce development.

Financial highlights

• Q2 2026 revenue was $75,000, down from $8.1 million year-over-year, reflecting project completions and a negative gross margin adjustment; six-month revenue was $640,000, down from $21.4 million.

• Net loss attributable to Class A stockholders was $47.5 million for Q2 2026, or $(0.13) per share.

• Liquidity increased to $1.9 billion in cash, cash equivalents, and investments as of June 30, 2026.

• Gross margin turned negative due to a $175,000 revenue reduction from a contract adjustment with Fluor.

• Investment income increased significantly, reflecting a stronger cash position and higher investments.

Outlook and guidance

• Product and services revenue expected to grow as project activity advances and commercial contracts are finalized.

• Sufficient cash and investments to meet requirements for the next 12 months and beyond.

• Management is prepared to provide margin guidance once OEM and supplier contracts are finalized and visibility improves.

• First-of-a-kind project construction expected to take less than 40 months from first concrete pour to mechanical completion, with potential regulatory process acceleration.

• Strategic focus on advancing commercial agreements and project milestones in the U.S. and Europe.