Summary of NuScale Power Q2 2026 Earnings Call

1Key Financial Results and Metrics

Revenue: NuScale reported revenue of $0.1 million for Q2 2026, a significant decrease from $8.1 million in Q2 2025, primarily due to the completion of the Fluor front-end engineering design work in late 2025.

Cash Position: The company ended the quarter with approximately $1.9 billion in cash, cash equivalents, and investments, reflecting a $900 million increase since Q1 2026. This strong liquidity is aimed at supporting near-term commercial deployment.

2Strategic Updates and Business Highlights

Regulatory Approval: NuScale remains the only small modular reactor (SMR) company to have received design certification from the U.S. Nuclear Regulatory Commission (NRC), enhancing its competitive position.

Supply Chain Development: The company has established agreements with over 60 specialized suppliers, with more than half already signed. Key partnerships include Doosan Enerbility for major components and Framatome for fuel design.

Project Updates:

ENTRA1 Energy: is progressing discussions with the Tennessee Valley Authority (TVA) for a potential power purchase agreement (PPA) for a large nuclear deployment.

The RoPower project in Romania is advancing, with NuScale awaiting further developments from the new government.

Energy Exploration Centers: NuScale opened its 12th E2 Center at the University of Virginia, aimed at training the next generation of nuclear plant operators.

3Forward Guidance and Outlook

The company anticipates growth in both product and service revenues as project activities advance.

There is optimism regarding the TVA PPA and other potential customer engagements, particularly with hyperscalers and industrial users seeking clean energy solutions.

The management emphasized readiness for deployment, with engineering, supply chain, and regulatory approvals in place.

4Bad News, Challenges, or Points of Concern

The sharp decline in revenue year-over-year raises concerns about the company's ability to generate consistent income during the transition to commercial operations.

There are dependencies on the successful negotiation of PPAs and project contracts, which could delay revenue generation.

Competitive pressures exist, particularly from other SMR technologies that may not have the same level of regulatory approval or supply chain maturity.

The ongoing geopolitical situation and changes in government in Romania could introduce uncertainties for the RoPower project.

5Notable Q&A Insights

Management indicated that while financial commitments from Japan and South Korea are promising, they are not critical to the TVA PPA's capital structure.

Discussions with ENTRA1 regarding the project pipeline are ongoing, with a focus on immediate energy needs from potential customers.

The company expects to leverage about 60% of its previous construction operating license application for future projects, which could save time and regulatory costs.

There was a reassurance that the recent negative revenue due to the Fluor negotiation does not indicate a trend, as it was a one-time adjustment rather than a reflection of ongoing operational issues. Overall, NuScale Power is positioning itself strategically for future growth with a strong liquidity position and established supply chains, while facing challenges related to revenue generation and project execution timelines.