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- NuScale's exclusive global strategic partner, ENTRA1 Energy ("ENTRA1"), continues its work with Tennessee Valley Authority ("TVA") to progress planning for the largest nuclear power deployment program in U.S. history with up to 6 gigawatts of NuScale small modular reactor ("SMR") capacity
- Shareholders of SN Nuclearelectrica SA approved proceeding with the next phase of the RoPower project to deploy a power plant with 6 NuScale Power Modules TM ("NPMs") at a former coal plant site in Doicești, Romania
- NuScale and Framatome expanded their longstanding global supply chain partnership across the United States and Europe to support accelerated fuel delivery
- NuScale maintained a strong liquidity position, ending the first quarter with $1 billion in liquidity and capital resources to drive project development and deployment
NuScale Power Corporation (NYSE: SMR) ("NuScale", "NuScale Power" or the "Company"), the industry-leading provider of proprietary and innovative advanced SMR nuclear technology, today announced results for the first quarter ended March 31, 2026.
"The demand for reliable, carbon-free power has never been greater, and NuScale is the only SMR technology provider with a U.S. Nuclear Regulatory Commission ("NRC") approved design, an established supply chain and NPM components currently in production for commercial use to meet this essential need. We ended the first quarter with $1 billion in liquidity, expanded our supply chain partnership with Framatome and saw continued progress on the TVA program. We are building the infrastructure that this pivotal moment requires," said John Hopkins, NuScale President and Chief Executive Officer.
Liquidity & Capital Resources
- Ended the first quarter of 2026 with cash, cash equivalents, and short- and long-term investments of $1.0 billion.
Financial Update
- Revenue and cost of sales decreased by $12.8 million and $5.8 million, respectively, during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to the revenue recognized from the RoPower technology license agreement ("TLA") completed during the first three months of 2025 as well as the work associated with the Fluor's Front-End Engineering and Design ("FEED") Phase 2 engineering services in support of the RoPower project, which was completed in late 2025, with no comparable activity in 2026.
- Research and development ("R&D") expenses increased $3.7 million during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily as a result of $5.7 million higher costs associated with the Company's increased activities to advance the technological readiness and design maturity of our NPM components, partially offset by $1.9 million in lower regulatory costs as we received SDA approval in May 2025.
- General and administrative expenses ("G&A") increased $1.6 million during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to $1.4 million of higher compensation costs due to increased headcount and $1.1 million of higher organizational costs, partially offset by $1.1 million of lower accounting and legal fees now that the initial costs associated with becoming a large accelerated filer have passed.
- Other expenses increased $10.0 million during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to (a) the Company's engineers and project personnel working on fewer commercial projects than in the prior year, resulting in the lower allocation to Cost of sales described above and (b) higher Other Compensation costs incurred as we have ramped up the resources supporting supply chain readiness and the delivery of future commercial projects.
- Investment income increased $5.6 million during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily as a result of the Company's stronger cash position and higher investments in cash equivalents, short-term investments and longer-term investments.
Conference Call:
NuScale will host a conference call today at 5:00 p.m. ET. A live webcast of the call will be available by dialing (888) 550-5460 with conference ID 4347254 or by visiting the Quarterly Results page of the Company's website.
A replay of the webcast will be available for 30 days.
About NuScale Power
Founded in 2007, NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. The NuScale Power Module™, the Company's groundbreaking SMR technology, is a small, safe, pressurized water reactor that can each generate 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross), and can be scaled to meet customer needs through an array of flexible configurations up to 924 MWe (12 modules) of output.
As the first and only SMR to have its designs certified by the U.S. Nuclear Regulatory Commission, NuScale is well-positioned to serve diverse customers across the world by supplying nuclear energy for electrical generation, data centers, district heating, desalination, commercial-scale hydrogen production, and other process heat applications.
To learn more, visit NuScale Power's website or follow us on LinkedIn , Facebook , Instagram , X , and YouTube .
Forward Looking Statements
This release contains forward-looking statements (including without limitation statements containing words such as "will," "believes," "expects," "anticipates," "plans" or other similar expressions). These forward-looking statements include statements relating to our strategic and operational plans, expectations (including regarding our market positioning, our progress toward deploying our technology, the RoPower plant, the market for nuclear energy and providing energy technology for communities around the world), future growth, and the outlook of our business.
Actual results may differ materially as a result of a number of factors, including, among other things, the following: our status as a holding company; our ability to enter into binding contracts with customers to deliver NPMs; competition from other nuclear reactor technologies; delays in the development and manufacturing of NPMs and related technology; the possibility that we may incur losses in the future and may not be able to achieve or maintain profitability; the cost of electricity generated from nuclear sources or our NPMs may not be cost competitive; the market for SMRs is not yet established and may not achieve growth as expected; our dependence on our relationships with ENTRA1, Fluor and other strategic investors and partners; risks related to the Partnership Milestones Agreement entered into by NuScale Power, LLC and ENTRA1 on August 27, 2025; our supply base is constrained; our ability to manage our growth effectively; our need for additional funding in the future; manufacturing and construction issues; loss of government funding; the politically sensitive environment we are operating in and the public perception of nuclear energy; our dependence on senior management and other highly skilled personnel; our ability to obtain design approvals internationally; our customers' ability to obtain required regulatory approvals on a timely basis or at all; compliance with environmental laws and evolving government laws and regulations; the impact of changing trade policies and new or increased tariffs; risks related to cybersecurity; changes in tax laws; our ability to protect our intellectual property; our limited number of authorized shares available for issuance; the price of our Class A common stock may be volatile; additional sales of our common stock or exercise of our options could result in dilution to our stockholders; we have and may in the future be subject to short selling strategies; NuScale Power, LLC being treated as a corporation for U.S. federal income tax or state tax purposes; and requirements under the Tax Receivable Agreement. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, our results may differ materially from its expectations and projections.
Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the general economic conditions and other risks, uncertainties and factors set forth in the sections entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 and in Part II, Item 1A "Risk Factors" of the Form 10-Q for the quarter ended March 31, 2026. The referenced SEC filings are available either publicly or upon request from NuScale's Investor Relations Department at ir@nuscalepower.com . The Company disclaims any intent or obligation other than as required by law to update or revise any forward-looking statements.
| NuScale Power Corporation | ||||||||
|
| ||||||||
| Condensed Consolidated Balance Sheet (Unaudited) | ||||||||
| (in thousands, except share and per share amounts) |
| March 31, 2026 |
| December 31, 2025 | ||||
| ASSETS |
|
|
|
| ||||
| Current Assets |
|
|
|
| ||||
| Cash and cash equivalents |
| $ | 341,129 |
|
| $ | 836,417 |
|
| Short-term investments |
|
| 549,000 |
|
|
| 417,800 |
|
| Restricted cash |
|
| 5,100 |
|
|
| 5,100 |
|
| Prepaid expenses |
|
| 4,768 |
|
|
| 4,877 |
|
| Accounts and other receivables, net (2026 - $5,488; 2025 - $5,452 from related party) |
|
| 8,468 |
|
|
| 8,378 |
|
| Total current assets |
|
| 908,465 |
|
|
| 1,272,572 |
|
| Property, plant and equipment, net |
|
| 3,181 |
|
|
| 1,924 |
|
| In-process research and development |
|
| 16,900 |
|
|
| 16,900 |
|
| Intangible assets, net |
|
| 483 |
|
|
| 527 |
|
| Goodwill |
|
| 8,255 |
|
|
| 8,255 |
|
| Long-lead material work in process |
|
| 65,092 |
|
|
| 63,767 |
|
| Investments |
|
| 118,634 |
|
|
| 32,954 |
|
| Other assets |
|
| 27,317 |
|
|
| 15,613 |
|
| Total Assets |
| $ | 1,148,327 |
|
| $ | 1,412,512 |
|
| LIABILITIES AND EQUITY |
|
|
|
| ||||
| Current Liabilities |
|
|
|
| ||||
| Accounts payable and accrued expenses |
| $ | 21,558 |
|
| $ | 286,515 |
|
| Accrued compensation |
|
| 7,243 |
|
|
| 8,280 |
|
| Other accrued liabilities |
|
| 728 |
|
|
| 613 |
|
| Deferred revenue |
|
| 1,409 |
|
|
| 648 |
|
| Total current liabilities |
|
| 30,938 |
|
|
| 296,056 |
|
| Noncurrent liabilities |
|
| 7,185 |
|
|
| 2,570 |
|
| Deferred revenue |
|
| 307 |
|
|
| 335 |
|
| Total Liabilities |
|
| 38,430 |
|
|
| 298,961 |
|
| Stockholders' Equity |
|
|
|
| ||||
| Class A common stock, par value $0.0001 per share, 662,000,000 shares authorized, 323,741,458 and 318,480,601 shares outstanding as of March 31, 2026 and December 31, 2025, respectively |
|
| 32 |
|
|
| 32 |
|
| Class B common stock, par value $0.0001 per share, 179,000,000 shares authorized, 19,375,371 and 19,413,185 shares outstanding as of March 31, 2026 and December 31, 2025, respectively |
|
| 2 |
|
|
| 2 |
|
| Additional paid-in capital |
|
| 1,943,726 |
|
|
| 1,901,678 |
|
| Accumulated deficit |
|
| (776,886 | ) |
|
| (732,871 | ) |
| Total Stockholders' Equity Excluding Noncontrolling Interests |
|
| 1,166,874 |
|
|
| 1,168,841 |
|
| Noncontrolling interests |
|
| (56,977 | ) |
|
| (55,290 | ) |
| Total Stockholders' Equity |
|
| 1,109,897 |
|
|
| 1,113,551 |
|
| Total Liabilities and Stockholders' Equity |
| $ | 1,148,327 |
|
| $ | 1,412,512 |
|
| NuScale Power Corporation | ||||||||
| Condensed Consolidated Statements of Operations | ||||||||
| (Unaudited) | ||||||||
|
|
| Three Months Ended March 31, | ||||||
| (in thousands, except share and per share amounts) |
|
| 2026 |
|
|
| 2025 |
|
| Revenue (2026 - $—; 2025 - $7,269 from related party) |
| $ | 565 |
|
| $ | 13,375 |
|
| Cost of sales |
|
| (544 | ) |
|
| (6,373 | ) |
| Gross Margin |
|
| 21 |
|
|
| 7,002 |
|
| Research and development expenses |
|
| 12,805 |
|
|
| 9,131 |
|
| General and administrative expenses |
|
| 24,839 |
|
|
| 23,264 |
|
| Other expenses |
|
| 19,901 |
|
|
| 9,934 |
|
| Loss From Operations |
|
| (57,524 | ) |
|
| (35,327 | ) |
| Sponsored cost share |
|
| 4 |
|
|
| 63 |
|
| Investment income |
|
| 10,835 |
|
|
| 5,211 |
|
| Loss Before Income Taxes |
|
| (46,685 | ) |
|
| (30,053 | ) |
| Foreign income taxes |
|
| — |
|
|
| 342 |
|
| Net Loss |
|
| (46,685 | ) |
|
| (30,395 | ) |
| Net loss attributable to noncontrolling interests |
|
| (2,670 | ) |
|
| (16,390 | ) |
| Net Loss Attributable to Class A Common Stockholders |
| $ | (44,015 | ) |
| $ | (14,005 | ) |
|
|
|
|
|
| ||||
| Loss per Share of Class A Common Stock: |
|
|
|
| ||||
| Basic and Diluted |
| $ | (0.14 | ) |
| $ | (0.11 | ) |
|
|
|
|
|
| ||||
| Weighted-Average Shares of Class A Common Stock Outstanding: |
|
|
|
| ||||
| Basic and Diluted |
|
| 319,712,720 |
|
|
| 127,718,255 |
|
| NuScale Power Corporation | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (Unaudited) | ||||||||
|
|
| Three Months Ended March 31, | ||||||
|
|
| 2026 |
|
|
| 2025 |
| |
| OPERATING CASH FLOW |
|
|
|
| ||||
| Net Loss |
| $ | (46,685 | ) |
| $ | (30,395 | ) |
| Adjustments to reconcile net loss to operating cash flow: |
|
|
|
| ||||
| Depreciation and amortization |
|
| 309 |
|
|
| 313 |
|
| Equity-based compensation expense |
|
| 5,239 |
|
|
| 4,458 |
|
| Other changes in assets and liabilities: |
|
|
|
| ||||
| Prepaid expenses and other assets |
|
| (7,769 | ) |
|
| (229 | ) |
| Accounts and other receivables (2026 - $(36); 2025 - $3,315 from related party) |
|
| (90 | ) |
|
| 7,766 |
|
| Long-lead material work in process |
|
| (1,325 | ) |
|
| (1,609 | ) |
| Accounts payable and accrued expenses |
|
| (264,195 | ) |
|
| (1,292 | ) |
| Net change in right of use assets and lease liabilities |
|
| 107 |
|
|
| (52 | ) |
| Deferred revenue |
|
| 768 |
|
|
| (22 | ) |
| Accrued compensation |
|
| (1,037 | ) |
|
| (1,724 | ) |
| Net Cash Used in Operating Activities |
|
| (314,678 | ) |
|
| (22,786 | ) |
|
|
|
|
|
| ||||
| INVESTING CASH FLOW |
|
|
|
| ||||
| Proceeds from sale of short-term investments |
|
| 222,800 |
|
|
| 20,000 |
|
| Proceeds from sale of investments |
|
| 5,865 |
|
|
| — |
|
| Purchase of short-term investments |
|
| (344,000 | ) |
|
| (10,000 | ) |
| Purchase of investments |
|
| (101,545 | ) |
|
| — |
|
| Purchase of property, plant and equipment |
|
| (1,522 | ) |
|
| (67 | ) |
| Net Cash (Used in) Provided by Investing Activities |
|
| (218,402 | ) |
|
| 9,933 |
|
|
|
|
|
|
| ||||
| FINANCING CASH FLOW |
|
|
|
| ||||
| Proceeds from the issuance of common stock, net of issuance fees |
|
| 37,261 |
|
|
| 99,757 |
|
| Proceeds from exercise of common share options |
|
| 531 |
|
|
| 2,962 |
|
| Net Cash Provided by Financing Activities |
|
| 37,792 |
|
|
| 102,719 |
|
|
|
|
|
|
| ||||
| Net Change in Cash, Cash Equivalents and Restricted Cash |
|
| (495,288 | ) |
|
| 89,866 |
|
| Cash, cash equivalents and restricted cash: |
|
|
|
| ||||
| Beginning of period |
|
| 841,517 |
|
|
| 406,656 |
|
| End of period |
| $ | 346,229 |
|
| $ | 496,522 |
|
| Summary of Noncash Investing and Financing Activities: |
|
|
|
| ||||
| Investments that converted into short-term investments |
| $ | 10,000 |
|
| $ | — |
|
| Accrued foreign income tax withholding to noncontrolling interests |
|
| — |
|
|
| 416 |
|
| Plant, property and equipment in accounts payable |
|
| — |
|
|
| 65 |
|
| Supplemental disclosures of cash flow information: |
|
|
|
| ||||
| Foreign income taxes paid |
| $ | — |
|
| $ | 1,600 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260507412828/en/
Investor Contact
Rodney McMahan, Senior Director, Investor Relations, NuScale Power
ir@nuscalepower.com
Media Contact
Chuck Goodnight, Vice President, Business Development, NuScale Power
media@nuscalepower.com
