Third Quarter 2026 Highlights
-- NuScale progressed from development to physical production, signing an
agreement with Doosan Enerbility for the fabrication of the most complex
and foundational component of the NuScale Power Module(TM) ("NPM"), the
upper reactor coolant system.
-- NuScale advanced its supply chain maturity through two additional
milestones: deploying nuclear-specific artificial intelligence tools,
developed with Nuclearn and NPX , across engineering and
knowledge-management functions, and, together with MillenniTEK ,
fabricating first-of-a-kind reactor safety components for the NPMs.
-- NuScale continues to support its commercial partner, ENTRA1 Energy
("ENTRA1"), in their dialogue with the Tennessee Valley Authority ("TVA")
on the development of the largest commercial nuclear power deployment
program in U.S. history.
-- NuScale maintained a strong liquidity position with $1.9 billion in
cash, cash equivalents and short- and long-term investments to support
immediate commercial readiness.
CORVALLIS, Ore.--(BUSINESS WIRE)--November 05, 2026--
NuScale Power Corporation (NYSE: SMR) ("NuScale", "NuScale Power" or the "Company"), the industry-leading provider of proprietary and innovative advanced SMR nuclear technology, today announced results for the quarter ended September 30, 2026.
"This was a significant quarter for NuScale as we progressed from development to physical production of our first commercial NuScale Power Module," said John Hopkins, NuScale President and Chief Executive Officer. "Our contract with Doosan Enerbility to fabricate the upper reactor coolant system of the NPM moves our Nuclear Regulatory Commission-approved design into actual build and sets the foundation for all modules to follow. We also continued to deepen our global supply chain and ended the period with strong liquidity, giving us the flexibility to make the strategic investments needed to move toward full-scale production."
Liquidity & Capital Resources
-- Ended the third quarter of 2026 with cash, cash equivalents, and short-
and long-term investments of $1.9 billion.
Financial Update
-- Revenue and cost of sales decreased by $8.0 million and $5.4 million,
respectively, during the three months ended September 30, 2026, as
compared to the same period in the prior year, primarily due to the
revenue recognized in the prior year quarter from the work associated
with Fluor's Front-End Engineering and Design ("FEED") Phase 2
engineering services in support of the RoPower project, which was
completed in late 2025, with no comparable activity in 2026.
-- Research and development ("R&D") expenses increased $7.0 million during
the three months ended September 30, 2026, as compared to the three
months ended September 30, 2025, primarily as a result of $6.7 million
higher costs associated with the Company's increased activities to
advance the technological readiness and design maturity of our NPM
components.
-- General and administrative ("G&A") expenses decreased by $491.3 million
during the three months ended September 30, 2026, as compared to the
three months ended September 30, 2025.
-- Other expenses increased by $8.1 million during the three months ended
September 30, 2026, as compared to the three months ended September 30,
2025, primarily due to (a) the Company's engineers and project personnel
working on fewer commercial projects than in the prior year, resulting in
the lower allocation to Cost of sales described above and (b) higher
other compensation costs incurred as we have ramped up the resources
supporting supply chain readiness and the delivery of future commercial
projects.
-- Investment income increased by $13.4 million during the three months
ended September 30, 2026, as compared to the three months ended September
30, 2025, primarily as a result of the Company's stronger cash position,
higher interest rates and greater investments in cash equivalents,
short-term investments and long-term investments.
Conference Call
NuScale will host a conference call today at 5:00 p.m. ET. A live webcast of the call will be available by dialing +1 833-461-5787 with conference ID 330 196 832 or by visiting the Quarterly Results page of the Company's website.
A replay of the webcast will be available for 30 days.
About NuScale Power
Founded in 2007, NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. The NuScale Power Module(TM), the Company's groundbreaking SMR technology, is a small, safe, pressurized water reactor that can each generate 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross), and can be scaled to meet customer needs through an array of flexible configurations up to 924 MWe (12 modules) of output.
As the first and only SMR to have its designs certified by the U.S. Nuclear Regulatory Commission, NuScale is well-positioned to serve diverse customers across the world by supplying nuclear energy for electrical generation, data centers, district heating, desalination, commercial-scale hydrogen production, and other process heat applications.
To learn more, visit NuScale Power's website or follow us on LinkedIn, Facebook, Instagram, X, and YouTube.
Forward Looking Statements
This release contains forward-looking statements (including without limitation statements containing words such as "will," "believes," "expects," "anticipates," "plans" or other similar expressions). These forward-looking statements include statements relating to our strategic and operational plans, expectations (including regarding our market positioning, our progress toward deploying our technology, the RoPower plant, the market for nuclear energy and providing energy technology for communities around the world), future growth, and the outlook of our business.
Actual results may differ materially as a result of a number of factors, including, among other things, the following: our status as a holding company; our ability to enter into binding contracts with customers to deliver NPMs; competition from other nuclear reactor technologies; delays in the development and manufacturing of NPMs and related technology; the possibility that we may incur losses in the future and may not be able to achieve or maintain profitability; the cost of electricity generated from nuclear sources or our NPMs may not be cost competitive; the market for SMRs is not yet established and may not achieve growth as expected; our dependence on our relationships with ENTRA1, Fluor and other strategic investors and partners; risks related to the Partnership Milestones Agreement entered into by NuScale Power, LLC and ENTRA1 on August 27, 2025; our supply base is constrained; our ability to manage our growth effectively; our need for additional funding in the future; manufacturing and construction issues; loss of government funding; the politically sensitive environment we are operating in and the public perception of nuclear energy; our dependence on senior management and other highly skilled personnel; our ability to obtain design approvals internationally; our customers' ability to obtain required regulatory approvals on a timely basis or at all; compliance with environmental laws and evolving government laws and regulations; the impact of changing trade policies and new or increased tariffs; risks related to cybersecurity; changes in tax laws; our ability to protect our intellectual property; our limited number of authorized shares available for issuance; the price of our Class A common stock may be volatile; additional sales of our common stock or exercise of our options could result in dilution to our stockholders; we have and may in the future be subject to short selling strategies; NuScale Power, LLC being treated as a corporation for U.S. federal income tax or state tax purposes; and requirements under the Tax Receivable Agreement. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, our results may differ materially from its expectations and projections.
Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the general economic conditions and other risks, uncertainties and factors set forth in the sections entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, and in Part II, Item 1A "Risk Factors" of the Form 10-Q for the quarter ended September 30, 2026. The referenced SEC filings are available either publicly or upon request from NuScale's Investor Relations Department at ir@nuscalepower.com. The Company disclaims any intent or obligation other than as required by law to update or revise any forward-looking statements.
NuScale Power Corporation
Condensed Consolidated Balance Sheet
(Unaudited)
(in thousands, except share and per September 30, December 31,
share amounts) 2026 2025
------------------------------------ --------------- ----------------
ASSETS
Current Assets
Cash and cash equivalents $ 513,359 $ 836,417
Short-term investments 420,032 417,800
Restricted cash 5,150 5,100
Prepaid expenses 8,641 4,877
Accounts and other receivables, net
(2025 - $5,452 from related party) 15,778 8,378
---------- ---------
Total current assets 962,960 1,272,572
Property, plant and equipment, net 3,120 1,924
In-process research and development 16,900 16,900
Intangible assets, net 394 527
Goodwill 8,255 8,255
Long-lead material work in process 69,692 63,767
Investments 930,684 32,954
Other assets 28,035 15,613
---------- ---------
Total Assets $ 2,020,040 $ 1,412,512
---------- ---------
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses $ 26,720 $ 286,515
Accrued compensation 11,603 8,280
Other accrued liabilities 845 648
Deferred revenue 295 613
---------- ---------
Total current liabilities 39,463 296,056
Noncurrent liabilities 5,846 2,570
Deferred revenue 336 335
---------- ---------
Total Liabilities 45,645 298,961
---------- ---------
Stockholders' Equity
Class A common stock, par value
$0.0001 per share, 662,000,000
shares authorized, 410,541,392 and
318,480,601 shares outstanding as of
September 30, 2026 and December 31,
2025, respectively 41 32
Class B common stock, par value
$0.0001 per share, 179,000,000
shares authorized, 19,332,018 and
19,413,185 shares outstanding as of
September 30, 2026 and December 31,
2025, respectively 2 2
Additional paid-in capital 2,892,114 1,901,678
Accumulated deficit (868,078) (732,871)
---------- ---------
Total Stockholders' Equity
Excluding Noncontrolling
Interests 2,024,079 1,168,841
Noncontrolling interests (49,684) (55,290)
---------- ---------
Total Stockholders' Equity 1,974,395 1,113,551
---------- ---------
Total Liabilities and
Stockholders' Equity $ 2,020,040 $ 1,412,512
========== =========
NuScale Power Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------------- ------------------------------
(in thousands,
except share and
per share
amounts) 2026 2025 2026 2025
----------------- ----------- ----------- ----------- -----------
Revenue (2025 -
$7,873 and
$22,573 from
related party) $ 281 $ 8,242 $ 921 $ 29,671
Cost of sales (148) (5,533) (919) (18,179)
----------- ----------- ----------- -----------
Gross Margin 133 2,709 2 11,492
Research and
development
expenses 18,007 11,054 49,241 31,987
General and
administrative
expenses 27,918 519,222 79,632 565,009
Other expenses 19,028 10,873 57,476 31,345
----------- ----------- ----------- -----------
Loss From
Operations (64,820) (538,440) (186,347) (616,849)
Sponsored cost
share -- 33 4 117
Investment income 19,111 5,761 43,886 16,424
----------- ----------- ----------- -----------
Loss Before
Income Taxes (45,709) (532,646) (142,457) (600,308)
Foreign income
taxes -- -- -- 342
----------- ----------- ----------- -----------
Net Loss (45,709) (532,646) (142,457) (600,650)
Net loss
attributable to
noncontrolling
interests (2,056) (259,327) (7,250) (295,685)
----------- ----------- ----------- -----------
Net Loss
Attributable to
Class A Common
Stockholders $ (43,653) $ (273,319) $ (135,207) $ (304,965)
=========== =========== =========== ===========
Loss per Share of
Class A Common
Stock:
Basic and Diluted $ (0.11) $ (1.85) $ (0.37) $ (1.37)
Weighted-Average
Shares of Class A
Common Stock
Outstanding:
Basic and Diluted 410,458,377 147,685,584 365,230,553 223,201,115
NuScale Power Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30,
------------------------------ ---------------------------------------
(in thousands) 2026 2025
------------------------------ ------------- ------------
OPERATING CASH FLOW
Net Loss $ (142,457) $ (600,650)
Adjustments to reconcile net
loss to operating cash flow:
Depreciation and
amortization 984 911
Equity-based compensation
expense 18,066 14,495
Disposal of property, plant
and equipment -- 46
Other changes in assets and
liabilities:
Prepaid expenses and
other assets (7,075) (12,149)
Accounts and other
receivables (2025 -
$1,531 from related
party) (8,166) 5,916
Long-lead material work
in process (5,925) (19,927)
Long-lead material
liability -- (4)
Accounts payable and
accrued expenses (261,209) 354,072
Net change in right of
use assets and lease
liabilities 591 (156)
Deferred revenue 449 169
Accrued compensation 3,324 1,371
------------- ------------
Net Cash Used in Operating
Activities (401,418) (255,906)
------------- ------------
INVESTING CASH FLOW
Proceeds from sale of
short-term investments 804,938 102,788
Proceeds from sale of
investments 17,403 43,976
Purchase of short-term
investments (747,592) (346,988)
Purchase of investments (975,064) (105,967)
Purchase of property, plant and
equipment (2,047) (141)
------------- ------------
Net Cash Used in Investing
Activities (902,362) (306,332)
------------- ------------
FINANCING CASH FLOW
Proceeds from the issuance of
common stock, net of issuance
fees 984,475 562,370
Proceeds from exercise of
common share options 760 5,897
------------- ------------
Net Cash Provided by
Financing Activities 985,235 568,267
------------- ------------
Net Change in Cash, Cash
Equivalents and Restricted
Cash (318,545) 6,029
Cash, cash equivalents and
restricted cash:
Beginning of period 841,517 406,656
------------- ------------
End of period $ 522,972 $ 412,685
Summary of Noncash Investing
and Financing Activities:
Investments that converted into
short-term investments $ 59,115 $ --
Plant, property and equipment
in accounts payable -- 380
Accrued foreign income tax
withholding to noncontrolling
interests -- 416
Supplemental disclosures of
cash flow information:
Foreign income taxes paid $ -- $ 1,600
View source version on businesswire.com: https://www.businesswire.com/news/home/20261105716597/en/
CONTACT: Investor Contact
Jennifer Hills, Vice President, Finance, NuScale Power
ir@nuscalepower.com
Media Contact
Chuck Goodnight, Vice President, Business Development, NuScale Power
media@nuscalepower.com
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