Should This One Number Scare You About NuScale Power Stock?

NuScale Power (SMR) reported revenue of $0.1 million for the three months ended June 30, 2026, compared with $8.1 million a year earlier. That number matters because NuScale is still spending to get its nuclear power modules ready to sell. The company recorded an operating loss of about $0.7 billion over the last twelve months, but most of it was a one-time payment of about $507 million to partner ENTRA1. In the latest quarter, the operating loss was about $64 million and operations used about $58 million of cash. So where did NuScale’s revenue go?

Why Did NuScale’s Revenue Almost Disappear?

Management attributed the revenue drop to the conclusion of a single piece of work. On an August 5, 2026 call, the company noted that Fluor engineering design work for the RoPower project in Romania finished in late 2025. Nothing comparable took its place in the latest quarter.

The drop is not new, either. Revenue has fallen by more than 90% from a year earlier in each of the last three quarters, ending with a 99% contraction in the latest period. Over the last twelve months, revenue fell 81%. This compares with a 305% increase in the twelve months before that. NuScale’s revenue appears to have depended on one specific project rather than a steady run of orders.

NuScale Has About Two Years Of Cash

NuScale ended June with about $1.9 billion in cash and investments, compared to a market value of about $2.5 billion today. Its debt sits at 0.0% of its market value, but its operations consumed about $0.8 billion in cash over the last twelve months. At that pace, the cash would last a little over two years.

The stock fell 84% over the past twelve months, while the S&P 500 returned 17.3%. NuScale still sells for 228.5 times revenue, against 3.1 for the index. The current valuation likely assumes that a contract is coming.

What Could Bring NuScale’s Revenue Back?

Management points to a signed customer contract as the solution. NuScale partner ENTRA1 is negotiating a definitive power purchase agreement with the Tennessee Valley Authority. Management stated its understanding is that those talks are active and progressing. It identified the commercial contract as the main catalyst but offered no timeline on the August 5 call.

NuScale has some things in its favor while it waits. Management noted it remains the only company in its field holding design certification from the U.S. Nuclear Regulatory Commission. Furthermore, the company’s forgings, the components that take the longest to manufacture, have been in production for two years. The RoPower project in Romania plans to deploy six NuScale power modules. NuScale stated on the August 5 call that it is waiting for a new government to approve the final contracts.

Investors should take the missing revenue seriously without treating it as an emergency, because NuScale has cash for now and what it lacks is a signed contract. A definitive agreement between ENTRA1 and the Tennessee Valley Authority would change that. Revenue is the number to watch when NuScale next reports quarterly results.

Does This Mean You Should Act On SMR?

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