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All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Most active analysts
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Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
CompanyFiscal year ends DecMost recent earnings call: Aug 5, 2026 (FY2026 Q2)Next earnings call: Nov 5, 2026
2/ 10
FY2026 Q1Cautious±0.0 vs FY2025 Q4Default view · newest free
Calendar quarter Q1 2026Earnings call May 7, 2026
FY2026 Q1 in brief
NuScale's GAAP revenue fell to $0.6 million in the first quarter of 2026 from $13.4 million a year earlier, as the one-time RoPower technology-licensing agreement and Fluor FEED Phase 2 engineering services that drove prior-year revenue were completed in…
NegativeGAAP Revenue Fell Sharply On RoPower Licensing Roll-Off
MixedENTRA1-TVA 6-Gigawatt PPA Advancing But Still Unsigned
MixedRoPower Romania Project Cleared A Government Milestone
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
Sources.Tellvest earnings-call sentiment score for NuScale Power Corporation (SMR), FY2026 Q1: 2/10. Scores: NuScale Power Corporation’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: SMR daily prices (open, high, low, close) with a 50-day moving average; lines mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Key financials
FY2026 Q1 selectedReported GAAP figures from SEC filings
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Quarter
Revenue
Rev YoY
EPS
EPS YoY
Gross margin
Op margin
Net margin
FCF
FY2024 Q4
$34M
+650.5%
—
—
91.1%
-34.6%
-219.1%
-$26M
FY2025 Q1
$13M
+869.9%
-$0.11
n/m
52.4%
-264.1%
-104.7%
-$23M
FY2025 Q2
$8M
+732.9%
-$0.13
n/m
22.1%
-534.9%
-219.0%
-$33M
FY2025 Q3
$8M
+1635.2%
-$1.85
n/m
32.9%
-6532.9%
-3316.2%
-$200M
FY2025 Q4
$2M
-94.7%
—
—
-3.4%
-4022.2%
-2811.3%
-$204M
FY2026 Q1Selected
$565,000
-95.8%
-$0.14
n/m
3.7%
-10181.2%
-7790.3%
-$316M
FY2026 Q2
$75,000
-99.1%
-$0.13
n/m
-202.7%
-85337.3%
-63385.3%
-$59M
FY2025 Q1: Prior-year quarter was a loss (-$0.21 EPS), so a percent change isn't meaningful.
GAAP revenue YoY -95.8% → base 2. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base2Base 2GAAP revenue YoY -95.8% → base 2. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0NuScale is a pre-commercial / pre-revenue SMR developer (Industrials - Electrical Equipment & Parts), not in the Sector Rules Table. Per the pre-commercial deep-tech ruling (SENTIMENT-RUNBOOK Step 7, added 2026-09-02, Josh-approved, RGTI): milestone-driven pre-commercial hardware is scored MECHANICALLY off GAAP revenue with no sector adjustment and NO SECTOR_REVIEW_NEEDED flag. The YoY revenue collapse is real, not a GAAP distortion - prior-year Q1 2025 carried one-time RoPower technology-licensing and Fluor FEED Phase 2 revenue that did not recur, and management stated no adjusted/organic quarterly revenue growth figure. Transcript adjustment 0.+EPS0EPS 0GAAP EPS is negative in both the current quarter (-0.27) and the prior-year quarter (-0.11), so the YoY percentage is mathematically meaningless; per the loss-making-company rule the EPS adjustment is skipped (0). GAAP operating income is also a loss in both periods (oi_yoy -62.83% reflects a widening operating loss on a negative base, not margin expansion or compression), so the operating-income cross-check produces no meaningful spread. No non-GAAP substitution applied.+Guidance0Guidance 0NuScale does not provide forward guidance and reiterated this on the call, explicitly declining to guide on CapEx per module or dollars per kilowatt-hour. No forward metric was raised, lowered, introduced, or withdrawn -> 0.=Final2
How this score was built
Base2Base 2GAAP revenue YoY -95.8% → base 2. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0NuScale is a pre-commercial / pre-revenue SMR developer (Industrials - Electrical Equipment & Parts), not in the Sector Rules Table. Per the pre-commercial deep-tech ruling (SENTIMENT-RUNBOOK Step 7, added 2026-09-02, Josh-approved, RGTI): milestone-driven pre-commercial hardware is scored MECHANICALLY off GAAP revenue with no sector adjustment and NO SECTOR_REVIEW_NEEDED flag. The YoY revenue collapse is real, not a GAAP distortion - prior-year Q1 2025 carried one-time RoPower technology-licensing and Fluor FEED Phase 2 revenue that did not recur, and management stated no adjusted/organic quarterly revenue growth figure. Transcript adjustment 0.
11.37
5.01
Aug '26Nov '26
14.305.01
2
May '26Nov '26
39.355.01
622
Nov '25Nov '26
FY2025 Q2: Prior-year quarter was a loss (-$0.31 EPS), so a percent change isn't meaningful.
FY2025 Q3: Prior-year quarter was a loss (-$0.18 EPS), so a percent change isn't meaningful.
FY2026 Q1: Prior-year quarter was a loss (-$0.11 EPS), so a percent change isn't meaningful.
FY2026 Q2: Prior-year quarter was a loss (-$0.13 EPS), so a percent change isn't meaningful.
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“GAAP net loss; management did not discuss per-share results on the call”
Revenue
“NuScale reported revenue of $0.6 million for the 3-month period ending March 31, 2026, compared to $13.4 million during the same period in the prior year”
Guidance
“Management reiterated that NuScale does not provide forward guidance and declined to guide on CapEx per module or dollars per kilowatt-hour”
Key metric
“Liquidity of $1 billion at March 31, 2026, rising to over $1.2 billion by early May 2026; roughly $55 million of quarterly operating expense; $37.9 million raised via the ATM program; Fluor exited its remaining NuScale stake at a 4.3x return”
Quarter in detail
· FY2026 Q1
Macro signals
↑AI & Tech↑Oil Energy→Trade & Tariffs
NuScale's GAAP revenue fell to $0.6 million in the first quarter of 2026 from $13.4 million a year earlier, as the one-time RoPower technology-licensing agreement and Fluor FEED Phase 2 engineering services that drove prior-year revenue were completed in 2025, and the pre-commercial developer again reported a net loss. Progress in the quarter was strategic rather than financial: ENTRA1's discussions with TVA over a 6-gigawatt program advanced toward a definitive power purchase agreement, the Romanian government approved the RoPower investment decision, and NuScale reinforced its position as the only SMR company with NRC standard design approval. Management strengthened the balance sheet, with liquidity of $1 billion at quarter-end rising to over $1.2 billion by early May against roughly $55 million of quarterly operating expense, and highlighted supply-chain readiness with 37 supplier partners and module components in production at Doosan. Management declined to provide forward guidance and characterized it as a quieter quarter from an announcement perspective, with no commercial contracts yet signed. The near-term story hinges on converting the ENTRA1/TVA and RoPower pipelines into signed, revenue-generating agreements.
Key themes
7
negative📊 company
GAAP Revenue Fell Sharply On RoPower Licensing Roll-Off
NuScale reported revenue of $0.6 million for Q1 2026 versus $13.4 million a year earlier, as the RoPower technology-licensing agreement and Fluor FEED Phase 2 engineering services that drove prior-year revenue were completed in 2025.
Revenue Growth
mixed📊 company
ENTRA1-TVA 6-Gigawatt PPA Advancing But Still Unsigned
Management said ENTRA1's discussions with TVA for up to 6 gigawatts are advancing well toward a definitive PPA that would be the largest nuclear deployment program in U.S. history, but nothing is signed, the CEO called it a complicated slow process, and only expressed hope it could close later this year.
DemandCompetitive Dynamics
mixed📊 company
RoPower Romania Project Cleared A Government Milestone
The Romanian government approved the investment decision for the Doicesti SMR plant in February, but the next ~15-month phase remains contingent on Fluor securing pre-EPC financing, with NuScale a subcontractor to Fluor.
Regulation PolicyRevenue Growth
mixed📊 company
Fortress Balance Sheet Against Continued Cash Burn
Liquidity stood at $1 billion at March 31, 2026 and rose to over $1.2 billion by early May, but the pre-revenue company ran roughly $55 million of quarterly operating expense and funded part of the gap with a $37.9 million ATM equity sale.
Capital Allocation
positive📊 company
NRC Design Approval Underpins First-Mover Position
NuScale reiterated it is the only SMR company with U.S. NRC standard design approval, for both its 50-megawatt and 77-megawatt modules under the Part 52 one-step licensing framework, which it framed as a decisive regulatory advantage over Part 50 rivals.
Regulation PolicyCompetitive Dynamics
positive📊 company
Supply-Chain Readiness Advancing With Framatome And Doosan
NuScale convened 37 key supplier partners at its annual working group, advanced a multisourcing strategy for critical components, and noted key module components remain in active production at Doosan Enerbility with fuel supply secured through Framatome.
Supply Chain
positive🏢 sector
Surging Demand For Reliable Baseload Nuclear Power
Management described a watershed moment for nuclear with demand pull unlike anything it has seen, driven by hyperscaler data centers seeking behind-the-meter power and coal-fired plant retirements expected at the end of the decade.
EPS0EPS 0GAAP EPS is negative in both the current quarter (-0.27) and the prior-year quarter (-0.11), so the YoY percentage is mathematically meaningless; per the loss-making-company rule the EPS adjustment is skipped (0). GAAP operating income is also a loss in both periods (oi_yoy -62.83% reflects a widening operating loss on a negative base, not margin expansion or compression), so the operating-income cross-check produces no meaningful spread. No non-GAAP substitution applied.
+
Guidance0Guidance 0NuScale does not provide forward guidance and reiterated this on the call, explicitly declining to guide on CapEx per module or dollars per kilowatt-hour. No forward metric was raised, lowered, introduced, or withdrawn -> 0.
=
Final2
Going forward, before any major project news, is it fair to say that the cash burn should be improving?
Mentions of other companies on SMR's FY2026 Q1 call, and mentions of SMR on other companies' calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we've taken small positions, but financial positions in things like NuScale Power, which is the small module reactor technology because we need all the power that we can get”
Nucor holds a financial investment in NuScale Power's small modular reactor technology as part of securing long-term low-carbon power for steelmaking.
“just looking at some of the things TVA has done with like GE Hitachi and some of the other nuclear development programs”
An analyst cited GE Hitachi's incremental, non-fixed-price-PPA nuclear development approach with TVA as a reference point, underscoring that GE Vernova's GE Hitachi is a competing SMR vendor engaged with the same prospective customer.
FramatomeNot covered by TellvestFY2026 Q1ManagementSupplier
“based on what Framatome's capabilities are, we don't see any bottlenecks or any kind of shortcomings there because we got ahead of it early”
Fuel supplier Framatome, with multiple global fabrication sites, is positioned to meet NuScale's low-enriched-uranium fuel needs without bottlenecks.
Doosan EnerbilityNot covered by TellvestFY2026 Q1ManagementSupplier
“key NuScale Power Module components remain an active production by Doosan Enerbility, marking continued progression from design into manufacturing execution”
Manufacturing partner Doosan Enerbility has NuScale Power Module components in active production, signaling the program is moving from design into fabrication.
Fluor CorporationNot covered by TellvestFY2026 Q1ManagementInvestment
“Fluor announced that they had completed the sale of their remaining NuScale shares removing a significant overhang on our equity. Fluor did well on their investment in NuScale, generating a 4.3x return on an initial investment of $570 million.”
Longtime backer Fluor fully exited its NuScale stake at a 4.3x return on a $570 million investment, monetizing the position and removing an equity overhang on NuScale.
Fluor CorporationNot covered by TellvestFY2026 Q1ManagementPartner
“Fluor Corporation serves as a primary contractor, leading overall engineering and procurement construction delivery with RoPower, the project owner and Fluor's client.”
Fluor is the prime EPC contractor on the RoPower Romania SMR project, with NuScale a subcontractor; Fluor is now negotiating the pre-EPC scope that determines NuScale's next revenue.
ENTRA1Not covered by TellvestFY2026 Q1ManagementPartner
“TVA announced a major agreement with ENTRA1 for up to 6 gigawatts of safe, reliable 24/7 baseload energy”
ENTRA1 is NuScale's commercialization partner that holds the up-to-6-gigawatt TVA agreement and is leading PPA and financing discussions; progress here drives NuScale's path to first commercial deployment.
NuScale's GAAP revenue fell to $0.6 million in the first quarter of 2026 from $13.4 million a year earlier, as the one-time RoPower technology-licensing agreement and Fluor FEED Phase 2 engineering services that drove prior-year revenue were completed in 2025, and the pre-commercial developer again reported a net loss
Dover opened 2026 with double-digit revenue growth (GAAP revenue +10.05% year over year) and adjusted EPS of $2.28, up 11%, driven by secular-growth end markets, acquired company performance and constructive demand across the portfolio
Revenue grew 7% with EBITDA surging 87% to $896 million as GE Vernova delivered $4.8 billion in Q1 free cash flow, meaningfully exceeding full-year FY2025 FCF
Revenue flat organically as 80/20 walkaways and China offset EPS growth
SMRNuScale Power Corporation
Score 2Rev YoY -95.8%Trend
NuScale's GAAP revenue fell to $0.6 million in the first quarter of 2026 from $13.4 million a year earlier, as the one-time RoPower technology-licensing agreement and Fluor FEED Phase 2 engineering services that drove prior-year revenue were completed in 2025, and the pre-commercial developer again reported a net loss
Dover opened 2026 with double-digit revenue growth (GAAP revenue +10.05% year over year) and adjusted EPS of $2.28, up 11%, driven by secular-growth end markets, acquired company performance and constructive demand across the portfolio
Revenue grew 7% with EBITDA surging 87% to $896 million as GE Vernova delivered $4.8 billion in Q1 free cash flow, meaningfully exceeding full-year FY2025 FCF