NuScale Power (SMR) Q3 2026 earnings summary

Executive summary

• Doosan Enerbility signed an agreement to fabricate the NPM first module’s upper reactor coolant system, advancing the collaboration into physical production.

• Q3 net loss narrowed to $45.7M from $532.6M, principally against the prior-year $507.4M PMA milestone expense.

• September 30 liquidity was $1,893.0M in cash, cash equivalents and short- and long-term investments.

Financial highlights

• Q3 2026 revenue was $281K vs. $8.242M YoY; nine-month revenue was $921K vs. $29.671M, reflecting completed RoPower license and FEED work in 2025.

• Q3 gross margin was $133K vs. $2.709M; nine-month gross margin was $2K vs. $11.5M.

• Q3 operating loss was $64.820M vs. $538.440M; nine-month operating loss was $186.347M vs. $616.849M.

• Q3 loss attributable to Class A holders was $43.7M, or $0.11/share, vs. $273.3M, or $1.85/share; nine-month loss was $135.2M, or $0.37/share, vs. $305.0M, or $1.37/share.

• Q3 R&D rose $7.0M YoY to $18.007M, mainly from NPM development; G&A declined $491.3M to $27.918M, mainly against the prior-year PMA charge.

Outlook and guidance

• Near-term operating expenses are expected to remain fairly constant; costs may rise as projects engage, through both OpEx and cost of goods sold.

• ENTRA1 continued discussions with TVA toward a definitive PPA for a potential program targeting up to 6 GW; advancement depends on one or more PPAs.

• RoPower discussions continue with Romanian partners; work is expected to resume after a pre-EPC contract is signed, contingent on financing.

• Management expects prior CFPP COLA work to be 50%-60% transferable to new applications and plans to provide margin guidance after an order and OEM agreement clarify costs.