NuScale Power (SMR) Q2 2026 earnings summary

Executive summary

• Demand for reliable, carbon-free power is accelerating, with urgency from hyperscalers, industrials, and utilities seeking clean energy on tight timelines.

• Advanced discussions and negotiations are underway for major SMR deployments in the U.S. with TVA and internationally with RoPower in Romania, both representing leading projects in their regions.

• The company is the only SMR provider with U.S. NRC design certification and has achieved a second NRC Standard Design Approval, reinforcing regulatory leadership.

• Strategic partnerships with over 60 suppliers, including Paragon, Doosan Enerbility, and Framatome, ensure supply chain readiness and critical component production.

• Energy Exploration Centers expanded to 12 locations, supporting workforce development for future operations.

Financial highlights

• Q2 2026 revenue was $75,000, down from $8.1 million year-over-year, reflecting project phase completions and a negative gross margin adjustment.

• Net loss attributable to Class A shareholders was $47.5 million for Q2 2026, or $(0.13) per share, with increased R&D and G&A expenses.

• Liquidity totaled $1.9 billion in cash, cash equivalents, and investments as of June 30, 2026, supporting near-term commercial readiness.

• Gross margin was negative at $(152) thousand for Q2 2026 due to a contract adjustment.

• No debt outstanding; capital raised through equity issuance, including $984.5 million in H1 2026.

Outlook and guidance

• Product and services revenue is expected to grow as project activity advances and contracts are finalized.

• The company is ready to move quickly once PPAs are signed, with front-end engineering and OEM negotiations to follow.

• Guidance on margins will be provided once OEM and supplier contracts are finalized, with expectations for improved margins after first-of-a-kind projects.

• Sufficient cash and investments to meet requirements for the next 12 months and beyond.

• Strategic focus on advancing commercial agreements and project milestones in the U.S. and Europe.