Nuscale Power Corp.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 5 August 2026: press release. The quarter’s numbers.

Key takeaways

TVA discussions toward definitive agreement: ENTRA1, NuScale's exclusive global strategic partner, continues discussions with TVA toward a definitive power purchase agreement for what the release calls potentially the largest nuclear deployment program in U.S. history. Source
RoPower conditions on Romanian vote: NuScale is working with Nuclearelectrica and RoPower Nuclear to meet conditions tied to the Nuclearelectrica shareholder vote. The vote concerns a project to deploy six NPMs at a former coal plant site in Doicești, Romania. Source
Paragon awarded HIPS design contract: NuScale awarded Paragon, a supplier of safety-related products, a contract to complete final design development of the Highly Integrated Protection System, which the release calls a supply chain readiness milestone. Source
Cash and investments reached $1.9 billion: Cash, cash equivalents and short- and long-term investments were $1.9 billion at June 30, 2026, against $1.0 billion at March 31, 2026, per the first-quarter release. Source
Share sales raised $984 million: Proceeds from issuing common stock, net of fees, were $984,475 thousand in the six months, against $37,261 thousand in the first quarter. Class A shares outstanding reached 410,367,790 at June 30. Source
Revenue fell to $75 thousand: Revenue was $75 thousand for the quarter, down $8.0 million. The release attributes this to FEED Phase 2 work for RoPower, completed in late 2025, with no comparable 2026 activity. Source
Other expenses rose $8.0 million: Other expenses rose $8.0 million to $18,547 thousand. The release attributes this mainly to engineers and project personnel working on fewer commercial projects, lowering the cost of sales allocation. Source

“As demand for clean, reliable power grows more urgent by the day, the question for off- takers is no longer whether to go with nuclear - it is which technology can actually deliver, and when,”
John Hopkins, NuScale President and Chief Executive Officer

What changed from last quarter

New: Paragon was awarded a contract for final design development of the Highly Integrated Protection System. The first-quarter release does not mention this award. Source
New: The TVA item moved from planning progress in the first quarter to discussions toward a definitive power purchase agreement in the second. Source

Customer projects and pipeline

TVA discussions toward definitive agreement: ENTRA1, NuScale's exclusive global strategic partner, continues discussions with TVA toward a definitive power purchase agreement for what the release calls potentially the largest nuclear deployment program in U.S. history. Source
RoPower conditions on Romanian vote: NuScale is working with Nuclearelectrica and RoPower Nuclear to meet conditions tied to the Nuclearelectrica shareholder vote. The vote concerns a project to deploy six NPMs at a former coal plant site in Doicești, Romania. Source
First-quarter TVA capacity framing: The first-quarter release described the TVA program as up to 6 gigawatts of NuScale SMR capacity. The second-quarter release gives no capacity figure for the program.

Supply chain and product readiness

Paragon awarded HIPS design contract: NuScale awarded Paragon, a supplier of safety-related products, a contract to complete final design development of the Highly Integrated Protection System, which the release calls a supply chain readiness milestone. Source
R&D rose on module readiness work: R&D rose $6.6 million to $18,429 thousand. The release cites $7.1 million of higher costs to advance the technological readiness and design maturity of NPM components, partly offset by $0.6 million lower regulatory costs. Source
Module output and configuration described: The release says each NuScale Power Module generates 77 MWe, with configurations scalable up to 924 MWe across 12 modules. Source

“At NuScale, we have spent years doing the work that makes near-term deployment possible, and that work is now substantially complete.”
John Hopkins, NuScale President and Chief Executive Officer

Liquidity, cash and capital

Cash and investments reached $1.9 billion: Cash, cash equivalents and short- and long-term investments were $1.9 billion at June 30, 2026, against $1.0 billion at March 31, 2026, per the first-quarter release. Source
Share sales raised $984 million: Proceeds from issuing common stock, net of fees, were $984,475 thousand in the six months, against $37,261 thousand in the first quarter. Class A shares outstanding reached 410,367,790 at June 30. Source
Operating cash used rose to $373 million: Net cash used in operating activities was $372,860 thousand for the six months, against $56,107 thousand a year earlier. The release shows a $268,201 thousand outflow in accounts payable and accrued expenses. Source
Equity rose to $2.0 billion: Total stockholders' equity was $2,013,657 thousand at June 30, 2026, against $1,113,551 thousand at December 31, 2025. Source
Equipment purchases of $2.0 million: Purchases of property, plant and equipment were $1,953 thousand for the six months. The statement shows no amount for the prior-year period. Source

Revenue and gross margin

Revenue fell to $75 thousand: Revenue was $75 thousand for the quarter, down $8.0 million. The release attributes this to FEED Phase 2 work for RoPower, completed in late 2025, with no comparable 2026 activity. Source
Six-month revenue fell to $640 thousand: Six-month revenue was $640 thousand, against $21,429 thousand a year earlier, of which $14,700 thousand was from a related party. Source
Gross margin was $(152) thousand: Gross margin was $(152) thousand for the quarter, against $1,781 thousand a year earlier. Cost of sales was $(227) thousand, against $(6,273) thousand. Source
Loss per share held at $0.13: Net loss attributable to Class A stockholders was $(47,539) thousand, against $(17,641) thousand. Basic and diluted loss per share was $(0.13) in both periods. Source

“No one is better positioned to deliver carbon-free, 24/7 power on the shortest possible timeline.”
John Hopkins, NuScale President and Chief Executive Officer

Overhead and investment income

G&A rose on organizational costs: G&A rose $4.4 million to $26,875 thousand, mainly on $3.9 million of higher organizational costs, according to the release. Source
Other expenses rose $8.0 million: Other expenses rose $8.0 million to $18,547 thousand. The release attributes this mainly to engineers and project personnel working on fewer commercial projects, lowering the cost of sales allocation. Source
Investment income rose $8.5 million: Investment income rose $8.5 million to $13,940 thousand, which the release attributes to a stronger cash position and higher investments in cash equivalents and short- and long-term investments. Source
Pre-tax loss rose to $50.1 million: Loss from operations was $(64,003) thousand against $(43,082) thousand. Loss before income taxes was $(50,063) thousand against $(37,609) thousand. Source

Headcount, compensation and filer costs

Headcount growth lifted personnel costs: The release ties $1.2 million of higher personnel and equity-based compensation costs to increased headcount, within the G&A increase. Source
Supply chain resources drove compensation: Other compensation rose as the company ramped up resources supporting supply chain readiness and delivery of future commercial projects. Source
Large accelerated filer legal costs fell: Legal fees fell $1.0 million now that the initial costs of becoming a large accelerated filer have passed, according to the release. Source

Figures management reported

Figure	Reported
Supply chain partners and agreements Source	more than 60 partners; over 30 agreements executed
RoPower planned NuScale Power Modules Source	six

Risks management discussed

Demand: The TVA project depends on a definitive power purchase agreement that the release describes as still under discussion. Source
External: Progress on RoPower depends on meeting conditions attached to the Nuclearelectrica shareholder vote, which the release describes as still being addressed. Source

Earlier plans management reported on

Not stated: In the first quarter, Nuclearelectrica shareholders approved proceeding with the next RoPower phase. The second-quarter release describes conditions still being addressed.
Not stated: The first-quarter release said work with TVA continued to progress planning for the program.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

NuScale Power Reports Second Quarter 2026 Results Second Quarter 2026 Highlights

NuScale’s exclusive global strategic partner, ENTRA1 Energy (“ENTRA1”), continues to advance discussions with the Tennessee Valley Authority (“TVA”) toward a definitive power purchase agreement for potentially the largest nuclear power deployment program in U.S. history
NuScale is working with S.N. Nuclearelectrica S.A. (“Nuclearelectrica”) and RoPower Nuclear (“RoPower”) to satisfy conditions attached to Nuclearelectrica shareholders' vote to advance the RoPower project in Doicești, Romania, which would deploy six NuScale Power ModulesTM (“NPMs”) at a former coal plant site and represents the most advanced SMR effort in Europe
NuScale awarded Paragon, a leading supplier of safety-related products, a contract to complete final design development of the Highly Integrated Protection System (“HIPS”) for the NuScale Power Module - a critical milestone in the Company's supply chain readiness
NuScale ended the second quarter with a strong liquidity position of $1.9 billion in cash, cash equivalents and short- and long-term investments to support near- term commercial readiness CORVALLIS, Ore. - August 5, 2026 - NuScale Power Corporation (NYSE: SMR) (“NuScale”, “NuScale Power” or the “Company”), the industry-leading provider of proprietary and innovative advanced SMR nuclear technology, today announced results for the quarter ended June 30, 2026. “As demand for clean, reliable power grows more urgent by the day, the question for off- takers is no longer whether to go with nuclear - it is which technology can actually deliver, and when,” said John Hopkins, NuScale President and Chief Executive Officer. “At NuScale, we have spent years doing the work that makes near-term deployment possible, and that work is now substantially complete. We hold the only U.S. Nuclear Regulatory Commission design certification in the SMR industry, our technology runs on fuel that is proven and available today, and we have built a supply chain of more than 60 specialized partners with over 30 agreements already executed. No one is better positioned to deliver carbon-free, 24/7 power on the shortest possible timeline.”

Liquidity & Capital Resources

Ended the second quarter of 2026 with cash, cash equivalents, and short- and long- term investments of $1.9 billion. Financial Update
Revenue and cost of sales decreased by $8.0 million and $6.0 million, respectively, during the three months ended June 30, 2026, as compared to the same period in the prior year, primarily due to the revenue recognized from the work associated with the Fluor Front-End Engineering and Design (“FEED”) Phase 2 engineering services in support of the RoPower project, which was completed in late 2025, with no comparable activity in 2026.
Research and development (“R&D”) expenses increased $6.6 million during the three months ended June 30, 2026, as compared to the same period in the prior year, primarily as a result of $7.1 million higher costs associated with the Company’s increased activities to advance the technological readiness and design maturity of our NPM components, partially offset by $0.6 million in lower regulatory costs as we received SDA approval in May 2025.
General and administrative expenses (“G&A”) increased $4.4 million during the three months ended June 30, 2026, as compared to the same period in the prior year, primarily due to $1.2 million of higher personnel and equity-based compensation costs due to increased headcount and $3.9 million of higher organizational costs, partially offset by $1.0 million of lower legal fees now that the initial costs associated with becoming a large accelerated filer have passed.
Other expenses increased $8.0 million during the three months ended June 30, 2026, as compared to the same period in the prior year, primarily due to (a) the Company’s engineers and project personnel working on fewer commercial projects than in the prior year, resulting in the lower allocation to cost of sales described above and (b) higher other compensation costs incurred as we have ramped up the resources supporting supply chain readiness and the delivery of future commercial projects.
Investment income increased $8.5 million during the three months ended June 30, 2026, as compared to the same period in the prior year, primarily as a result of the Company’s stronger cash position and higher investments in cash equivalents, short- term investments and long-term investments.

Conference Call: NuScale will host a conference call today at 5:00 p.m. ET. A live webcast of the call will be available by dialing +1 833-461-5787 with conference ID 732 803 137 or by visiting the Quarterly Results page of the Company’s website.

A replay of the webcast will be available for 30 days. About NuScale Power Founded in 2007, NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. The NuScale Power ModuleTM, the Company’s groundbreaking SMR technology, is a small, safe, pressurized water reactor that can each generate 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross), and can be scaled to meet customer needs through an array of flexible configurations up to 924 MWe (12 modules) of output.

As the first and only SMR to have its designs certified by the U.S. Nuclear Regulatory Commission, NuScale is well-positioned to serve diverse customers across the world by supplying nuclear energy for electrical generation, data centers, district heating, desalination, commercial-scale hydrogen production, and other process heat applications. To learn more, visit NuScale Power’s website or follow us on LinkedIn, Facebook, Instagram, X, and YouTube.

Forward-looking statements notice

Forward Looking Statements This release contains forward-looking statements (including without limitation statements containing words such as "will," "believes," "expects," “anticipates,” "plans" or other similar expressions). These forward-looking statements may include statements relating to our strategic and operational plans, expectations (including regarding our market positioning, our progress toward deploying our technology, the market for nuclear energy and providing energy technology for communities around the world), future growth, and the outlook of our business. Our actual results may differ materially from what may be included in forward-looking statements as a result of a number of factors, including, among other things, the following: our ability to enter into binding contracts with customers to deliver NPMs; competition from other nuclear reactor technologies; delays in the development and manufacturing of NPMs and related technology; the possibility that we may continue to incur losses in the future and may not be able to achieve or maintain profitability; the cost of electricity generated from nuclear sources or our NPMs may not be cost competitive; the market for SMRs is not yet

established and may not achieve growth as expected; our dependence on our relationships with ENTRA1 and other strategic partners; risks related to the Partnership Milestones Agreement that we entered into with ENTRA1; our ability to manage our growth effectively; our need for additional funding in the future; our partners’ and potential customers’ ability to secure funding; manufacturing and construction issues, including that our supply base in constrained; the politically sensitive environment we operating in and the public perception of nuclear energy; our dependence on senior management and other highly skilled personnel; our ability to obtain design approvals internationally; our customers’ ability to obtain required regulatory approvals on a timely basis or at all; compliance with environmental laws and evolving government laws and regulations; the impact of changing trade policies and new or increased tariffs; risks related to cybersecurity; changes in tax laws; our ability to protect our intellectual property; our limited number of authorized shares available for issuance; the price of our Class A common stock may be volatile; additional sales of our common stock or exercise of our options could result in dilution to our stockholders; we have and may in the future be subject to short selling strategies; NuScale Power, LLC being treated as a corporation for U.S. federal income tax or state tax purposes; and requirements under the Tax Receivable Agreement. Caution must be exercised in relying on these and other forward- looking statements. Due to known and unknown risks, our results may differ materially from its expectations and projections.

Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent filings we make with the SEC. The referenced SECfilings are available either publicly or upon request from NuScale's Investor Relations Department at ir@nuscalepower.com. The Company disclaims any intent or obligation other than as required by law to update or revise any forward-looking statements.

NuScale Power Corporation Condensed Consolidated Balance Sheet (Unaudited) (in thousands, except share and per share amounts) June 30, 2026 December 31, 2025 ASSETS Current Assets Cash and cash equivalents $ 766,460 $ 836,417 Short-term investments 305,688 417,800 Restricted cash 5,100 5,100 Prepaid expenses 10,654 4,877 Accounts and other receivables, net (2025 - $5,452 from related party) 13,190 8,378 Total current assets 1,101,092 1,272,572 Property, plant and equipment, net 3,323 1,924 In-process research and development 16,900 16,900 Intangible assets, net 438 527 Goodwill 8,255 8,255 Long-lead material work in process 68,553 63,767 Investments 820,849 32,954 Other assets 29,783 15,613 Total Assets $ 2,049,193 $ 1,412,512 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses $ 19,764 $ 286,515 Accrued compensation 8,308 8,280 Other accrued liabilities 756 648 Deferred revenue 240 613 Total current liabilities 29,068 296,056 Noncurrent liabilities 5,955 2,570 Deferred revenue 513 335 Total Liabilities 35,536 298,961 Stockholders’ Equity Class A common stock, par value $0.0001 per share, 662,000,000 shares authorized, 410,367,790 and 318,480,601 shares outstanding as of June 30, 2026 and December 31, 2025, respectively 41 32 Class B common stock, par value $0.0001 per share, 179,000,000 shares authorized, 19,333,750 and 19,413,185 shares outstanding as of June 30, 2026 and December 31, 2025, respectively 2 2 Additional paid-in capital 2,885,691 1,901,678 Accumulated deficit (824,425) (732,871) Total Stockholders’ Equity Excluding Noncontrolling Interests 2,061,309 1,168,841 Noncontrolling interests (47,652) (55,290) Total Stockholders' Equity 2,013,657 1,113,551 Total Liabilities and Stockholders' Equity $ 2,049,193 $ 1,412,512

NuScale Power Corporation Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share amounts) 2026 2025 2026 2025 Revenue (2025 - $7,431 and $14,700 from related party) $ 75 $ 8,054 $ 640 $ 21,429 Cost of sales (227) (6,273) (771) (12,646) Gross Margin (152) 1,781 (131) 8,783 Research and development expenses 18,429 11,802 31,234 20,933 General and administrative expenses 26,875 22,523 51,714 45,787 Other expenses 18,547 10,538 38,448 20,472 Loss From Operations (64,003) (43,082) (121,527) (78,409) Sponsored cost share - 21 4 84 Investment income 13,940 5,452 24,775 10,663 Loss Before Income Taxes (50,063) (37,609) (96,748) (67,662) Foreign income taxes - - - 342 Net Loss (50,063) (37,609) (96,748) (68,004) Net loss attributable to noncontrolling interests (2,524) (19,968) (5,194) (36,358) Net Loss Attributable to Class A Common Stockholders $ (47,539) $ (17,641) $ (91,554) $ (31,646) Loss per Share of Class A Common Stock: Basic and Diluted $ (0.13) $ (0.13) $ (0.27) $ (0.24) Weighted-Average Shares of Class A Common Stock Outstanding: Basic and Diluted 364,523,356 133,417,743 342,241,824 130,583,744

NuScale Power Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) Six Months Ended June 30, 2026 2025 OPERATING CASH FLOW Net Loss $ (96,748) $ (68,004) Adjustments to reconcile net loss to operating cashflow: Depreciation and amortization 643 618 Equity-based compensation expense 11,752 9,697 Disposal of property, plant and equipment - 46 Other changes in assets and liabilities: Prepaid expenses and other assets (10,856) (600) Accounts and other receivables (2025 - $979 from related party) (5,578) 8,310 Long-lead material work in process (4,786) (20,959) Long-lead material liability - (4) Accounts payable and accrued expenses (268,201) 16,222 Net change in right of use assets and lease liabilities 315 (103) Deferred revenue 571 (300) Accrued compensation 28 (1,030) Net Cash Used in Operating Activities (372,860) (56,107) INVESTING CASH FLOW Proceeds from sale of short-term investments 629,800 20,000 Proceeds from sale of investments 17,553 - Purchase of short-term investments (472,707) (103,051) Purchase of investments (850,429) (69,168) Purchase of property, plant and equipment (1,953) - Net Cash Used in Investing Activities (677,736) (152,219) FINANCING CASH FLOW Proceeds from the issuance of common stock, net of issuance fees 984,475 99,757 Proceeds from exercise of common share options 627 4,708 Net Cash Provided by Financing Activities 985,102 104,465 Net Change in Cash, Cash Equivalents and Restricted Cash (65,494) (103,861) Cash, cash equivalents and restricted cash: Beginning of period 841,517 406,656 End of period $ 776,023 $ 302,795 Summary of Noncash Investing and Financing Activities: Investments that converted into short-term investments $ 44,981 $ - Accrued foreign income tax withholding to noncontrolling interests - 416 Supplemental disclosures of cashflow information: Foreign income taxes paid $ - $ 1,600

Investor Relations Contact ir@nuscalepower.com Media Contact media@nuscalepower.com