NuScale Power (SMR) Q2 2026 earnings summary

Executive summary

• Advanced discussions with ENTRA1 and TVA for a major U.S. nuclear deployment; definitive agreements remain the catalyst for licensing, front-end engineering, and OEM contract work.

• RoPower is progressing toward a six-module deployment at a former coal plant in Romania; its next phase awaits customer and prime-contractor contracting.

• Deployment readiness includes NRC design approvals, conventional fuel, mature engineering, long-lead components in production, and agreements with more than half of 60+ suppliers.

• Paragon received a contract for final design of the Highly Integrated Protection System; the 12th Energy Exploration Center opened at the University of Virginia’s College at Wise.

Financial highlights

• Q2 revenue was $75,000 versus $8.1 million in Q2 2025; six-month revenue was $640,000 versus $21.4 million, reflecting completion of RoPower FEED Phase 2 in late 2025.

• Net loss attributable to Class A stockholders was $47.5 million for Q2 and $91.6 million for the first six months of 2026; Q2 loss per share was $(0.13).

• Quarter-end cash, cash equivalents, and investments totaled $1.9 billion.

• Q2 gross margin was negative $(152,000), following a $175,000 revenue reduction from a Fluor contract adjustment.

• Year over year, cost of sales fell $6.0 million, R&D expense rose $6.6 million, and G&A expense rose $4.4 million.

Outlook and guidance

• Revenue from products and services is expected to grow as project activity advances; Romania revenue could begin in 2027 if the next-phase contract is secured.

• Once PPAs are finalized, planned next steps include starting the COLA and front-end engineering design and negotiating OEM contracts.

• RoPower’s pre-EPC phase is expected to advance toward final notice to proceed in roughly a year, subject to customer decisions and contract progress.

• Construction from first safety-related concrete to mechanical completion is expected to take less than 40 months, excluding NRC licensing and other upfront work; no specific future OpEx guidance was given.