NuScale Third-Quarter Revenue Falls; Doosan Pact Advances Module Production

The Tip Desk · November 11, 2026 · 3 min read

The SMR maker booked $281 thousand of third-quarter revenue and ended September with $1.9 billion in cash, cash equivalents and investments.

NuScale Power Corporation (SMR), the provider of small modular reactor technology, reported revenue of $281 thousand for the third quarter ended September 30, 2026, down from $8.242 million a year earlier. The company also said it signed an agreement with Doosan Enerbility to fabricate the upper reactor coolant system of the NuScale Power Module, the component the company described as the most complex and foundational part of the design. President and Chief Executive Officer John Hopkins said the contract moves the Nuclear Regulatory Commission-approved design into physical production of the first commercial module.

That production milestone was the operating turn of the quarter. The company also deployed nuclear-specific artificial intelligence tools developed with Nuclearn and NPX across engineering and knowledge-management functions, and, with MillenniTEK, fabricated first-of-a-kind reactor safety components for the modules. Long-lead material work in process stood at $69.7 million at September 30, 2026, versus $63.8 million at year-end 2025.

Revenue for the three months ended September 30, 2026 was $281 thousand, down from $8.242 million a year earlier. The company said the decline reflected Fluor’s Front-End Engineering and Design Phase 2 work for the RoPower project, completed in late 2025, with no comparable activity in 2026. Cost of sales fell $5.4 million to $148 thousand, leaving gross margin of $133 thousand.

Research and development expenses rose $7.0 million year over year to $18.007 million, which the company attributed primarily to $6.7 million of higher costs to advance technological readiness and design maturity of NPM components. Other expenses increased $8.1 million to $19.028 million, which the company tied to engineers working on fewer commercial projects and higher compensation as it ramped resources for supply-chain readiness.

General and administrative expenses were $27.918 million, down $491.3 million from $519.222 million in the year-ago quarter. Investment income rose $13.4 million to $19.111 million, which the company said resulted from a stronger cash position, higher interest rates and greater investments in cash equivalents, short-term investments and long-term investments.

Net loss attributable to Class A common stockholders narrowed to $43.653 million, or $0.11 a share, from $273.319 million, or $1.85 a share, a year earlier. Weighted-average Class A shares outstanding rose to 410.5 million from 147.7 million.

Cash, cash equivalents and short- and long-term investments were $1.9 billion at September 30, 2026, matching the liquidity figure reported at June 30. Cash and cash equivalents were $513.4 million and long-term investments $930.7 million. Accounts payable and accrued expenses were $26.7 million.

Hopkins said the company ended the period with strong liquidity, giving it flexibility to make the strategic investments needed to move toward full-scale production. NuScale said it continues to support commercial partner ENTRA1 Energy in its dialogue with the Tennessee Valley Authority on what the company called the largest commercial nuclear power deployment program in U.S. history.