The One Number NuScale Power Stock Investors Should Watch

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NuScale Power (SMR) says it is the only small modular reactor company with a design certified by U.S. regulators. Its partner ENTRA1 Energy has been in talks with the Tennessee Valley Authority about a power program built on that design. Yet the stock lost 84.9% over the past year, while the S&P 500 gained 15.0%. Revenue was just $75,000 in the June quarter. That is the contradiction. So how close is NuScale to a signed contract?

NuScale Power Has Talks, But No Signed Contract Yet

By NuScale’s August 5, 2026 earnings call, no contract had been signed. Management said the talks were active and progressing, with ENTRA1 and the Tennessee Valley Authority working toward a definitive power purchase agreement for what management called potentially the largest nuclear power deployment program in U.S. history. Separately, management was waiting on the green light from Romania’s newly seated government to finalize its contract agreements for the RoPower project.

Sales show the pause between projects. Revenue fell from $8.05 million a year earlier because the second phase of early engineering work for the RoPower project, done with Fluor, ended in late 2025 and nothing comparable replaced it, management said.

Management points to NuScale’s design as its edge over rivals. NuScale uses conventional fuel, while management said several rival designs need high-assay, low-enriched uranium, a fuel not available on a commercial scale. A deal would also matter for NuScale’s sales. As the reactor maker, the company expects its share to be about 30% of a plant’s cost, maybe more, with the rest going to builders and other contractors.

Management also said that if the contract is in place, there will be revenue in 2027. That makes revenue the one number that will show whether the talks have turned into a business.

Can NuScale Power Afford To Wait?

So far it can, though the share count has grown sharply. Management put NuScale’s cash, cash equivalents and investments at about $1.9 billion at the end of June, up $900 million since March 31, 2026.

In the June quarter, NuScale used $58.6 million of free cash flow, against $33.3 million a year earlier. Over the twelve months to June, the company used $779 million, most of that before the June quarter.

The share count is the other side of the cash. NuScale’s diluted shares averaged 365 million in the June quarter, against 133 million a year earlier. A news report on August 18, 2026 described a new $750 million share sale by NuScale. Each new sale leaves every existing share with a smaller slice of whatever contracts NuScale wins.

What NuScale Power’s Revenue Will Not Tell You Yet

Revenue will trail any signed contract by months. Once the power purchase agreements are finalized, management said NuScale would start the license application, the front-end engineering design and its own contracts as the reactor maker. On the RoPower project in Romania, management said the final notice to proceed was probably another year away from the August call.

The next report is likely to say more about NuScale’s spending and cash than about the talks. If ENTRA1 and the Tennessee Valley Authority do not sign, NuScale keeps spending with almost no sales, and more share sales like August’s could follow.

NuScale’s cash is holding up for now. As of the August call, the talks with the Tennessee Valley Authority had yet to become a contract. Revenue is still the number to watch, but management tied revenue in 2027 to a signed contract in Romania, so it may not show up in NuScale’s next report, expected in November 2026.

Does This Mean You Should Act On SMR?

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