NuScale Power reported second quarter 2026 revenue of just $75,000, a collapse of 99% year-over-year as the small modular reactor developer remains in a pre-commercialization stage with no customer deployments yet underway. The Corvallis, Oregon-based company posted a net loss attributable to shareholders of $47.5 million, compared to $17.6 million in the same quarter a year earlier, according to earnings released Tuesday.
The revenue decline primarily reflects the completion in late 2025 of engineering work on the RoPower project in Romania, which generated revenue in the prior year but has no comparable activity in 2026. NuScale’s operating loss widened to $64 million from $43.1 million year-over-year, driven by increased research and development spending of $18.4 million for the quarter as the company advances its reactor design maturity and supply chain readiness.
General and administrative expenses climbed by $4.4 million to $26.9 million for the quarter, partly due to higher personnel costs and organizational expenses as NuScale ramps up its team to support future commercial projects. The company’s loss per share remained at $0.13, matching analyst consensus despite the wider absolute loss, as NuScale expanded its share count through a secondary offering in the first half of 2026.
Despite the operating losses, NuScale strengthened its financial position, ending the quarter with $1.9 billion in cash, cash equivalents, and investments—a significant increase from the year-earlier quarter. The company’s investment income surged to $13.9 million in Q2 from $5.5 million a year prior, reflecting higher returns on its expanded cash reserves.
NuScale’s losses are typical for development-stage nuclear technology companies still pursuing regulatory approvals and design certification. The company holds the only U.S. Nuclear Regulatory Commission design certification among small modular reactor makers, a distinction that positions it as the furthest along in the U.S. SMR industry. Comparable pre-revenue nuclear firms such as Nano Nuclear Energy (NNE) and Oklo have reported similar per-share losses—NNE posted a Q2 2026 loss of $0.17 per share, while Oklo reported a Q4 2025 loss of $0.27 per share—as they invest heavily in development and regulatory pathways.
NuScale’s path to revenue generation hinges on its exclusive partnership with ENTRA1 Energy, which in September 2025 announced a landmark agreement with the Tennessee Valley Authority to deploy up to 6 gigawatts of NuScale SMR capacity across TVA’s seven-state region. The partnership would represent the largest SMR deployment program in U.S. history, though no definitive power purchase agreement has yet been signed. In its Q2 earnings, NuScale highlighted continued discussions with TVA toward such an agreement and noted that ENTRA1 is working with Romanian utility Nuclearelectrica to satisfy conditions attached to advancing the RoPower project, which would deploy six NuScale modules at a former coal plant site.
NuScale CEO John Hopkins stated in the earnings release that “the question for off-takers is no longer whether to go with nuclear—it is which technology can actually deliver, and when,” emphasizing the company’s focus on near-term deployment readiness. The company has built a supply chain of over 60 specialized partners with more than 30 agreements already executed, and recently awarded a contract to Paragon to complete final design development of the Highly Integrated Protection System for the NuScale Power Module.
Sources
- NuScale Power — Q2 2026 earnings press release and unaudited financial statements showing $75K revenue, $50.1M net loss, $64M operating loss, and $1.9B liquidity position
- Las Vegas Sun — Full financial tables and commentary from NuScale’s August 5, 2026 earnings announcement
- Business Wire — NuScale Q2 2026 results reporting and conference call details
- ANS (American Nuclear Society) — Coverage of TVA and ENTRA1 Energy’s 6 GW NuScale SMR deployment agreement announced September 2025
- Trustwave/EnabLx — Analysis of pre-revenue nuclear development-stage companies including Nano Nuclear and comparable loss metrics
- Proactive Investors — Oklo Q4 2024 loss reporting and development-stage nuclear company context
