NuScale Power (SMR) Q1 2026 earnings summary

Executive summary

• Positioned as a global leader in advanced nuclear, with unique NRC regulatory approvals and readiness for deployment, including recent approval for 77 MW modules and exclusive partnerships with ENTRA1 and TVA for major U.S. and international projects.

• RoPower project in Romania advances to the next phase after shareholder approval, deploying 6 NuScale Power Modules at a former coal site, with NuScale as the selected technology.

• Expanded supply chain partnerships, notably with Framatome and Paragon Energy Solutions, support accelerated fuel delivery and design maturity in the U.S. and Europe.

• Maintained strong liquidity, ending Q1 2026 with $1 billion, rising to $1.2 billion by early May 2026.

• Key projects advancing: ENTRA1/TVA PPA discussions, RoPower in Romania, and robust supply chain partnerships.

Financial highlights

• Revenue for Q1 2026 was $0.6 million, down from $13.4 million in Q1 2025, mainly due to completion of prior RoPower-related agreements.

• Net loss attributable to Class A shareholders widened to $44.0 million from $14.0 million year-over-year.

• Cash, cash equivalents, and investments totaled $1.0 billion at quarter-end, with no debt outstanding.

• Operating expenses for the quarter were approximately $55 million, expected to rise as commercialization nears.

• Raised $37.9 million from the sale of 3.2 million Class A shares in Q1 2026.

Outlook and guidance

• Anticipates revenue and cash flow growth as projects like TVA/ENTRA1 and RoPower progress to new phases, with a focus on finalizing PPA with TVA and advancing OEM contract negotiations.

• Expects to be operationally cash flow positive by year-end, contingent on project milestones.

• Sufficient liquidity for at least the next 12 months, with continued access to capital markets and a focus on transitioning to revenue-generating commercial contracts.