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SMR US Earnings call

NuScale Power Corporation

NuScale Power Corporation develops and provides small modular reactor technology and associated services such as licensing support and fuel supply. The company serves government entities, utilities, and industrial companies requiring carbon-free power in domestic and international markets. Source: 10-K annual report (2026-02-26)

Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 7 May 2026

Net loss widened on the previous quarter. Management sounded restrained, in its script and in answers to analysts.

1 · Numbers

Loss widened

Net income vs Q1 2026

Outlook given

Net income -47.5M vs -44.0M

Revenue −86.7%

2 · How management spoke

Restrained

Less upbeat than 73% of company calls

Answers to analysts: cautious, in line with the script.

Similar to last call.

3 · What stood out

NuScale Power Corporation has 12 modules currently in production, which are long lead items the company has been working on over a 2-year period.

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Key theme

    Suppliers have already designed, scaled, and tested components to facilitate faster production when SMR executes an OEM.

    Source quote
    “This means when we execute an OEM, many of our suppliers will already have designed, scaled, tested and in some cases, began production of components.”
  2. Key theme

    The combination of emergency planning zones and dry cooling using air condensers is expected to be extremely important for the company going forward.

    Source quote
    “Having a combination of emergency planning zone and being able to dry cool using air condensers is going to be extremely important going forward.”
  3. Figure

    The company has master services agreements with over 30 of its more than 60 suppliers, which impacts the management of their supply chain.

    Source quote
    “I commented about over 60 suppliers, of which half of them we have master services agreements.”
  4. Figure

    SMR has 12 modules currently in production which are long lead items that the company has been working on over a 2-year period.

    Source quote
    “We have 12 modules of which a lot of them are currently in production, which are long lead items, and we've been working on those over a 2-year period.”
  5. Guidance

    The company expects commercialization to happen soon.

4 more
  1. Guidance

    The company reported that it was deliberate, targeted, executed, and consistent during the quarter.

  2. Key theme

    Securing the contract will result in revenue next year.

    Source quote
    “So if we get the contract in place, yes, there will be revenue next year.”
  3. Key theme

    Demand for reliable carbon-free power is accelerating rather than building slowly.

    Source quote
    “Demand for reliable carbon-free power is not building slowly. It is accelerating.”
  4. Figure

    NuScale remains the only SMR company to have received design certification from the U.S. Nuclear Regulatory Commission, including standard design approvals for 2 of its designs.

    Source quote
    “NuScale remains the only SMR company to have received design certification from the U.S. Nuclear Regulatory Commission, including standard design approvals for 2 of our designs.”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Restrained (was restrained)
Answers to analysts Cautious (was cautious)

Script and answers carried a similar tone, so the script's message held up under questioning.

Numbers

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric Q2 2026period end 2026-06-30 Q1 2026period end 2026-03-31 Change Q2 2025 YoY
Revenue 75.0K 565.0K −86.7% 8.1M −99.1%
Gross profit — 21.0K 1.8M
Operating income -64.0M -57.5M Loss widened -43.1M Loss widened
Net income -47.5M -44.0M Loss widened -17.6M Loss widened
EPS -0.13 -0.14 Loss narrowed -0.13 ±0%
P/E — — — — —

Topics

Most discussed now

  • The Vogtle AP1000 expansion, the most recent large nuclear construction project in the United States, is the clearest example of...
  • Significant engineering decisions were still being made on active construction sites.
  • When NuScale Power invests in Framatome fuel design, as an example, it removes a bottleneck from the critical path.
  • When NuScale Power invests in supply chain agreements, it reduces the time to deployment and derisk the cost structure of its...
  • Jose is out promoting, and in fact, he spoke at CERAWeek at the petrochemical conference, he's speaking here coming up...

Faded since Q1 2026

  • Fading NuScale Power still believes it is significant years ahead of others, and I want everybody to be successful.
  • Fading If NuScale Power looks at RoPower as an example, it had technology licensing.
  • Fading NuScale Power is also it is highly encouraged by TVA's strong pro-nuclear stance yesterday from Mike Skaggs, the Interim CEO.
  • Fading It's been a long cycle, but I believe NuScale Power is finally starting to see the light at the end of the...

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

  • Material agreement · SEC 8-K
  • Results of operations · SEC 8-K

    NuScale Power Corporation announced its financial results for the second quarter ended June 30, 2026, but the filing does not provide specific financial figures or year-over-year comparisons.

  • Shareholder vote results · SEC 8-K · routine
  • Results of operations · SEC 8-K

    NuScale Power Corporation announced its financial results for the first quarter ended March 31, 2026, but the filing does not provide specific financial figures or year-over-year comparisons.

  • Regulation FD disclosure · SEC 8-K

    NuScale Power Corporation announced an update call regarding its business and financial results scheduled for May 7, 2026, at 5:00 p.m. Eastern Time.

  • Material agreement; Agreement terminated · SEC 8-K

    NuScale Power Corporation entered into a Sales Agreement on February 26, 2026, for an at-the-market offering program to sell up to $1,000,000,000 of its Class A common stock.

  • Results of operations · SEC 8-K

    NuScale Power Corporation announced its financial results for the fourth quarter and full year ended December 31, 2025, on February 26, 2026.

  • Regulation FD disclosure · SEC 8-K

    NuScale Power Corporation announced an update call regarding its business and financial results scheduled for February 26, 2026, at 5:00 p.m. Eastern Time.

Balance sheet & ownership

From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-10.

Cash & runway

Cash & equivalents

$766.5M

2026-06-30

Short-term investments

$305.7M

Long-term investments

$820.8M

total liquidity $1.89B

Avg quarterly burn

$194.1M

operating cash flow, TTM: FY2025 + H1 2026 − H1 2025

Implied runway

9.8 quarters

(cash + short- and long-term investments) ÷ burn

Dilution

weighted-average basic shares, per quarter. Change: +173.2% YoY, +14.0% QoQ.

QuarterShares
Q3 202495.2M
Q1 2025127.7M
Q2 2025133.4M
Q3 2025147.7M
Q1 2026319.7M
Q2 2026364.5M

Insider transactions

Form 4 open-market trades (codes S/P), trailing 12 months. 41 filings parsed.

Sold by insiders

111.8M shares

$1.84B · 20 transactions

Bought by insiders

0 shares

0 transactions

Net direction

net selling

Catalyst calendar

management-stated targets — from the latest earnings call; plans, not promises.

  1. probably later this month

    meeting with the new government in Bucharest

    Source quote
    “Myself and my COO are planning to go to Bucharest to meet with that government probably later this month.”
  2. probably another year from now

    pre-EPC phase reaching the final notice to proceed

    Source quote
    “Now we're going into what's called the pre-EPC, which will take it up to the final notice to proceed, which is probably another year from now.”
  3. soon

    commercialization

    Source quote
    “We expect commercialization to happen soon.”
  4. next year

    revenue from the Romanian project (RoPower) if the contract is in place

    Source quote
    “So if we get the contract in place, yes, there will be revenue next year.”
  5. near future

    executing on projects

    Source quote
    “They're executing on projects, and we expect to continue executing on projects in the near future.”