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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ryan Pfingst | B. Riley Securities | 11 (0%) |
| Eric Stine | Craig-Hallum | 11 (0%) |
| Marc Bianchi | TD Cowen | 10 (10%) |
| Brian Lee | Goldman Sachs | 6 (0%) |
| Sherif Elmaghrabi | BTIG | 6 (0%) |
| George Gianarikas | Canaccord Genuity | 6 (0%) |
| Derek Soderberg | Cantor Fitzgerald | 5 (0%) |
| Leanne Hayden | Canaccord Genuity | 5 (20%) |
| Vikram Bagri | Citigroup | 5 (20%) |
| Craig Shere | Tuohy Brothers | 5 (40%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Craig-Hallum | 1 | 11 (0%) |
| Canaccord Genuity | 2 | 11 (9%) |
| B. Riley Securities | 1 | 11 (0%) |
| TD Cowen | 1 |
| 10 (10%) |
| BTIG | 2 | 8 (0%) |
| Goldman Sachs | 1 | 6 (0%) |
| Tuohy Brothers | 1 | 5 (40%) |
| Cantor Fitzgerald | 1 | 5 (0%) |
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.
Demand | Capital Allocation | Revenue Growth | Guidance Reliability | Competitive Dynamics | Supply Chain | Regulation Policy | Capex Investment | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 1 | 2 | 1 | 3 | 1 | 2 | 2 |
| 2025Q1 | 4 | 2 | 2 | 3 | 2 | 2 | 1 | |
| 2025Q2 | 5 | 1 | 3 | 1 | 2 | 2 | ||
| 2025Q3 | 3 | 4 | 2 | 2 | 2 | 1 | 1 | |
| 2025Q4 | 1 | 4 | 2 | 3 | 1 | 1 | ||
| 2026Q1 | 3 | 6 | 4 | 2 | 2 | 4 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 3 | 4 | 5 | 3 | 1 | 3 |
| Capital Allocation | 1 | 2 | 1 | 4 | 4 | 6 |
| Revenue Growth | 2 | 2 | 2 | 2 | 4 | |
| Guidance Reliability | 1 | 3 | 2 | 3 | 2 | |
| Competitive Dynamics | 3 | 3 | 2 | 2 | ||
| Supply Chain | 1 | 2 | 1 | 1 | 1 | 4 |
| Regulation Policy | 2 | 2 | 2 | 1 | 2 | |
| Capex Investment | 2 | 1 | 2 | 1 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $34M | +650.5% | $-0.77 | -220.8% | -34.6% | -219.1% | $-26M |
| FY2025 Q1 | $13M | +869.9% | $-0.11 | +47.6% | -264.1% | -104.7% | $-23M |
| FY2025 Q2 | $8M | +732.9% | $-0.13 | +58.1% | -534.9% |
| -219.0% |
| $-33M |
| FY2025 Q3 | $8M | +1635.2% | $-1.85 | -927.8% | -6532.9% | -3316.2% | $-200M |
| FY2025 Q4 | $2M | -94.7% | $-0.16 | +79.2% | -4022.2% | -2811.3% | $-204M |
| FY2026 Q1 | $565,000 | -95.8% | $-0.27 | -145.5% | -10181.2% | -7790.3% | $-316M |
| FY2026 Q2 | $75,000 | -99.1% | $-0.29 | -123.1% | -85337.3% | -63385.3% | $-57M |
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).
What SMR and other companies said about each other on FY2026 Q1 earnings calls — 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.
“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.
“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 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 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.
“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.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
SMR NuScale Power Corporation | 2 | -95.8% | |
| BE Bloom Energy Corporation | 10 | +130.4% | |
| HUBB Hubbell Incorporated | 8 | +11.1% | |
| VRT Vertiv Holdings Co | 9 | +30.1% |