SMR · NuScale Power Corporation

NuScale Power's Q1 2026 results reflect a transitional period following the completion of key RoPower project milestones from 2025, including the technology license agreement and Fluor's Front-End Engineering and Design Phase 2, which drove a sharp revenue decline to $565k from $13.4M YoY. Gross margin shrank to $21k amid lower cost of sales activity. Operating loss expanded to $57.5M, pressured by R&D expenses rising $3.7M to $12.8M due to NPM component advancement, G&A up $1.6M to $24.8M from headcount growth, and other expenses surging $10M to $19.9M tied to reduced project allocations and supply chain ramp-up. Investment income provided some offset at $10.8M, up $5.6M from higher cash balances. CEO John Hopkins highlighted the company's NRC-approved SMR design, Framatome supply chain expansion, and $1B liquidity to support deployments like ENTRA1's TVA program targeting 6GW and RoPower's 6 NPMs in Romania. Balance sheet shows cash and equivalents at $341M and total liquidity $1B, down from year-end due to $315M operating cash burn largely from $264M payables reduction. Financing inflows of $38M from stock issuance partially offset outflows. Despite wider losses, strategic progress positions NuScale for future SMR demand in carbon-free power.