NuScale Power (SMR)

NuScale Power (SMR) is the leading US small modular reactor developer and the only company whose SMR design has been approved by the Nuclear Regulatory Commission. In ETFpedia it represents the reactor-technology layer of the AI-electricity buildout, though it remains pre-commercial, with tiny revenue and a sizeable net loss as it works toward its first deployments.

TickerSMR
ExchangeNYSE
SectorNuclear · SMR Developer
CountryUnited States
WikidataQ7067710
Last updated2026-06-04
Financial snapshotas of2026-06-04

Next event:Next earnings · Q2 2026, estimated · Calendar-estimated from prior years; NuScale has not confirmed it. Last report: Q1 2026 on 2026-05-07. (source)

Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-07)

NuScale remains pre-commercial. Q1 2026 revenue fell to about $565 thousand from $13.4 million a year earlier because RoPower license and engineering work that ran in 2025 did not repeat, and the net loss to Class A shareholders widened to $44.0 million, or $0.14 per share. The company ended the quarter with about $1.0 billion of liquidity.

Revenue$0.6M-96%YoY · $565K; RoPower license/engineering work did not repeat
Operating loss-$57.5MwiderYoY · Higher R&D and G&A as staff shifted to readiness work
Net loss (Class A)-$44.0MwiderYoY · vs -$14.0M in Q1 2025
Loss per share-$0.14
Liquidity$1.0B · $341.1M cash plus $549.0M short-term investments

Primary source

Recent & upcoming events

  • · Q1 2026 results.Revenue about $565K (down from $13.4M) as RoPower work concluded; net loss to Class A holders widened to $44.0M, or $0.14 per share; about $1.0 billion of liquidity. (source)
  • · RoPower Romania advances to next phase.RoPower shareholders approved proceeding with the next phase to deploy six NuScale modules at a former coal site in Doicesti, Romania, the company's most advanced deployment. (source)

Figures are from the Q1 2026 earnings release (8-K, Exhibit 99.1). Net loss is the figure attributable to Class A shareholders; NuScale has a dual-class up-C structure with a large non-controlling interest.

Figures are as of 2026-06-04 and reflect the most recent public filings/IR releases; they are updated after each earnings report.

What does NuScale Power do?

NuScale designs and licenses small modular reactors built around the NuScale Power Module, a light-water reactor that produces 77 MWe per module and is meant to be fabricated in a factory and shipped to site rather than built piece by piece in the field. Plants can be configured with several modules, so a developer can scale capacity to demand. NuScale’s design is the only SMR design the US Nuclear Regulatory Commission has approved, a regulatory head start that is central to the bull case (World Nuclear Association, Small Modular Reactors). For now the company earns from licensing, engineering, and project-development work, not from operating reactors, which is why its revenue line is so small.

Why is NuScale part of the AI electricity and nuclear SMR theme?

AI data centers are pushing electricity demand higher faster than the grid is used to, and they want power that is firm, around the clock, and carbon-free. The IEA projects that electricity demand from data centers will more than double by 2030 (IEA, Energy and AI). Small modular reactors are one of the supply answers, and NuScale is the most advanced US name in that race. Its deployment pipeline is the part of the story to watch: RoPower in Romania, where shareholders approved proceeding with the next phase to deploy six NuScale modules at a former coal site in Doicesti, and an ENTRA1 Energy program with the Tennessee Valley Authority for planning up to 6 gigawatts of SMR capacity (NuScale, May 7, 2026).

What did NuScale report most recently?

NuScale is still pre-commercial, and Q1 2026 made that plain. Revenue fell to about $565 thousand from $13.4 million a year earlier, mainly because the RoPower license and engineering work that ran in 2025 did not repeat (NuScale, May 7, 2026). The operating loss widened to $57.5 million on higher research and general costs as staff shifted from completed commercial projects to readiness work, and the net loss attributable to Class A shareholders widened to $44.0 million, or $0.14 per share, from $14.0 million a year earlier.

RoPower shareholders approved proceeding with the next phase to deploy six NuScale Power Modules at the Doicesti site in Romania.

(NuScale Power Q1 2026 results)

The balance sheet is the cushion that buys time: NuScale ended the quarter with about $1.0 billion of liquidity, made up of $341.1 million in cash and equivalents and $549.0 million in short-term investments.

What are the risks for NuScale?

  • Pre-revenue, loss-making. NuScale does not yet operate a commercial reactor. Revenue swings with project milestones and was almost nil in Q1 2026, while the company runs a large net loss and burns cash.
  • Deployment timing. The thesis depends on projects like RoPower and the ENTRA1 program reaching final investment decisions and construction. Nuclear projects are prone to delay, and a slip pushes revenue further out.
  • Funding and dilution. Continued losses mean NuScale leans on its balance sheet and may need to raise capital, which can dilute shareholders.
  • Competition and policy. Other SMR designs, large reactors, and gas all compete for data-center power, and the economics depend on supportive licensing and policy.

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Frequently asked questions about NuScale Power

What does NuScale Power do?

NuScale Power develops small modular reactor technology centered on the NuScale Power Module, a 77 MWe light-water reactor designed for factory fabrication and shipment to site. It is the only company whose SMR design has been approved by the US Nuclear Regulatory Commission. NuScale earns revenue from licensing, engineering, and project-development work rather than from operating plants, so its income is still very small.

Why is NuScale part of the AI electricity and nuclear SMR theme?

AI data centers need large amounts of firm, carbon-free power, and small modular reactors are one way to add it. As the leading US SMR developer with the only NRC-approved design, NuScale sits at the reactor-technology layer of that buildout. Its deployment pipeline, led by the RoPower project in Romania and an ENTRA1 program with the Tennessee Valley Authority for up to 6 gigawatts, is the part of the thesis to watch (NuScale, May 7, 2026).

What was NuScale's latest revenue and is it profitable?

No. NuScale is pre-commercial and loss-making. In Q1 2026 it reported revenue of about $565 thousand, down from $13.4 million a year earlier because RoPower license and engineering work did not repeat, and a net loss to Class A shareholders of $44.0 million, or $0.14 per share (NuScale, May 7, 2026). It ended the quarter with roughly $1.0 billion of liquidity.

When does NuScale report its next earnings?

NuScale is expected to report Q2 2026 results in early August 2026. That date is calendar-estimated and unconfirmed, so check NuScale's investor relations page. It last reported Q1 2026 on May 7, 2026.

Sources & references

  1. NuScale Power Corporation reports first quarter 2026 results (Form 8-K, Exhibit 99.1) · NuScale Power Corporation / SEC EDGAR, 2026-05-07
  2. NuScale Power Corporation · FY2025 annual report (Form 10-K) · NuScale Power Corporation / SEC EDGAR, 2026-02-26
  3. NuScale Power · investor relations (quarterly results and events) · NuScale Power Corporation, 2026-06-04
  4. NuScale Power · Q1 2026 earnings call materials (press release, presentation, transcript) · NuScale Power Corporation, 2026-05-07
  5. Small Modular Reactors · World Nuclear Association, 2025-09-01
  6. Energy and AI · International Energy Agency, 2025-04-10