Earnings

NuScale Raises Cash to $1.9 Billion After Equity Sales

The Tip Desk · August 5, 2026 · 3 min read

The SMR maker ended June with $1.9 billion in cash and investments after $984.5 million of net stock issuance in the first half, as second-quarter revenue fell to $75 thousand.

NuScale Power Corporation (SMR) closed the second quarter of 2026 with $1.9 billion in cash, cash equivalents and short- and long-term investments, up from $1.0 billion at the end of March, after issuing common stock that generated $984.5 million net of fees in the six months ended June 30.

The Corvallis, Oregon-based small modular reactor company said the liquidity is intended to support near-term commercial readiness. Long-lead material work in process stood at $68.6 million at June 30, and investments were $820.8 million.

Revenue collapsed as the Fluor Front-End Engineering and Design Phase 2 work for the RoPower project in Romania finished in late 2025, leaving no comparable activity in the second quarter. Sales were $75 thousand in the three months ended June 30, 2026, down $8.0 million from $8.054 million a year earlier. Cost of sales fell to a $227 thousand expense, and gross margin swung to a $152 thousand loss from a $1.781 million profit.

That engineering wind-down also shifted labor out of cost of sales. Other expenses rose to $18.547 million from $10.538 million a year earlier because engineers and project personnel worked on fewer commercial projects and compensation increased as the company ramped resources for supply-chain readiness and future commercial deliveries.

Research and development expenses increased to $18.429 million, up $6.6 million from a year earlier, primarily on $7.1 million higher costs to advance technological readiness and design maturity of NuScale Power Module components, partly offset by $0.6 million lower regulatory costs after SDA approval in May 2025. General and administrative expenses rose to $26.875 million, on $1.2 million higher personnel and equity-based compensation and $3.9 million higher organizational costs, partly offset by $1.0 million lower legal fees.

Loss from operations widened to $64.003 million from $43.082 million a year earlier. Investment income increased to $13.940 million, up $8.5 million from $5.452 million, because of a stronger cash position and higher investments in cash equivalents, short-term investments and long-term investments.

Net loss attributable to Class A common stockholders was $47.539 million, or $0.13 a share, versus $17.641 million, or $0.13 a share, a year earlier, on 364.5 million weighted-average shares versus 133.4 million.

For the six months ended June 30, 2026, net cash used in operating activities was $372.9 million. Accounts payable and accrued expenses fell to $19.8 million at June 30 from $286.5 million at year-end 2025.

President and Chief Executive Officer John Hopkins said the company has spent years on work that makes near-term deployment possible and that work is now substantially complete. He said NuScale holds the only U.S. Nuclear Regulatory Commission design certification in the SMR industry, that its technology runs on fuel that is proven and available today, and that it has built a supply chain of more than 60 specialized partners with over 30 agreements already executed.

Exclusive global strategic partner ENTRA1 Energy continues to advance discussions with the Tennessee Valley Authority toward a definitive power purchase agreement for potentially the largest nuclear power deployment program in U.S. history. NuScale is working with S.N. Nuclearelectrica S.A. and RoPower Nuclear to satisfy conditions attached to Nuclearelectrica shareholders’ vote to advance the RoPower project in Doicești, Romania, which would deploy six NuScale Power Modules at a former coal plant site.

NuScale awarded Paragon, a supplier of safety-related products, a contract to complete final design development of the Highly Integrated Protection System for the NuScale Power Module, which the company described as a critical milestone in supply-chain readiness.

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