NuScale Power Reports First Quarter 2026 Results
Closes prior fetch-blocked gap: revenue $565K (vs $13.4M), net loss $46.7M, cash $341.1M + $549.0M ST investments ($1.0B liquidity); TVA 6GW + RoPower Romania both advancing
NuScale Power — Q1 2026 Results
Provenance note: This supersedes the summary-derived
nuscale-q1-2026-contextsource (ingested 2026-06-24, which flagged SEC EDGAR as fetch-blocked). The same accession number (0001822966-26-000052) fetched successfully viacurlwith a declared User-Agent — confirming the SEC-solved doctrine applies here too. Full financial statements below are read directly from the primary 8-K exhibit, not a secondary summary.
Abstract
NuScale Power Corporation (NYSE: SMR) reported results for the quarter ended March 31, 2026. Revenue and profitability both declined sharply year-over-year on the completion of the RoPower technology-license agreement and FEED Phase 2 engineering work in 2025, with no comparable revenue in Q1 2026. Liquidity remains strong at $1.0 billion.
Key Contributions / Findings — Condensed Financials (unaudited, $ thousands)
| Metric | Q1 2026 | Q1 2025 |
|---|---|---|
| Revenue | $565 | $13,375 |
| Cost of sales | $(544) | $(6,373) |
| Gross margin | $21 | $7,002 |
| R&D expenses | $12,805 | $9,131 |
| G&A expenses | $24,839 | $23,264 |
| Other expenses | $19,901 | $9,934 |
| Loss from operations | $(57,524) | $(35,327) |
| Investment income | $10,835 | $5,211 |
| Net loss | $(46,685) | $(30,395) |
| Net loss attrib. to Class A stockholders | $(44,015) | $(14,005) |
Balance sheet (March 31, 2026 vs. Dec 31, 2025):
- Cash and cash equivalents: $341,129K (vs. $836,417K) — the quarter-over-quarter cash decline is largely the flip side of a $549M build in short-term investments plus a payables paydown (accounts payable and accrued expenses fell from $286.5M to $21.6M).
- Short-term investments: $549,000K (vs. $417,800K)
- Total assets: $1,148,327K (vs. $1,412,512K)
- Total liabilities: $38,430K (vs. $298,961K)
- Total stockholders' equity: $1,109,897K (vs. $1,113,551K)
Operational updates:
- ENTRA1 Energy (NuScale's exclusive global strategic partner) continues work with TVA to progress planning for "the largest nuclear power deployment program in U.S. history" — up to 6 GW of NuScale SMR capacity.
- SN Nuclearelectrica SA (Romania) shareholders approved advancing RoPower to the next phase: 6 NuScale Power Modules at a former coal-plant site in Doicești.
- Expanded supply-chain partnership with Framatome across the US and Europe to accelerate fuel delivery.
Why It Matters (lens: energy — SMR pipeline)
This is the exact gap the KB flagged on 2026-06-24 ("NuScale Q1 2026 financials — the 8-K was fetch-blocked; revenue, net loss, cash & equivalents, backlog... unread"). With full figures now in hand: the revenue collapse (-96% YoY) confirms NuScale is pre-revenue on its core NPM business and dependent on licensing deals (RoPower) for lumpy top-line; the widening net loss ($46.7M vs $30.4M) against $1.0B liquidity gives a multi-year runway at the current burn rate. Read alongside the Kairos Power and TVA items below — NuScale's own 6 GW TVA program is the same buyer-class pattern (a single utility/hyperscaler underwriting multiple pre-commercial SMR designs) that Meta's 6.6 GW multi-vendor deal established in January 2026.
Limitations
- Order backlog / module-order count (a LENS-adjacent metric) is not disclosed in this exhibit — likely only in the full 10-Q.
Source: NuScale Power Q1 2026 8-K, Exhibit 99.1 — SEC EDGAR, filed May 7, 2026. Fetched via curl with declared User-Agent; WebFetch had previously 403'd this exact filing.