Nuscale Power (SMR) Q3 FY2026 earnings: revenue $281,000, down 96.6% on the year

Nuscale Power Corp. (SMR) reported revenue of $281,000 for Q3 FY2026, the quarter ended 30 September 2026, down 96.6% on the same quarter a year earlier. Net income was -$44 million, and diluted earnings per share $-0.11. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$281,000

-96.6% on the year · +274.7% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

-23067.6%

-6532.9% a year earlier

Q4 FY2024Q3 FY2026

Net income

-$44 million

Q4 FY2024Q3 FY2026

Diluted EPS

-$0.11

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Net loss was $45.7 million: Net loss was $45.7 million, against $532.6 million a year earlier. Loss attributable to Class A stockholders was $43.7 million, or $(0.11) per share, against $(1.85).
R&D rose on NPM component work: R&D expenses rose $7.0 million to $18.0 million, mainly from $6.7 million of added cost to advance the technological readiness and design maturity of NPM components.
Doosan to fabricate reactor coolant system: NuScale signed an agreement with Doosan Enerbility to fabricate the upper reactor coolant system, which the release calls the most complex and foundational NPM component.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	0.3	0.1	8.2	+274.7%	-96.6%
Cost of revenue	0.1	0.2	5.5	-34.8%	-97.3%
Gross profit	0.1	-0.2	2.7		-95.1%
Gross margin	47.3%	-202.7%	32.9%
Research and development	18.0	18.4	11.1	-2.3%	+62.9%
Operating income	-64.8	-64.0	-538
Operating margin	-23067.6%	-85337.3%	-6532.9%
Pre-tax income	-45.7	-50.1	-533
Net income	-43.7	-47.5	-273
Net margin	-15534.9%	-63385.3%	-3316.2%
Diluted EPS	-$0.11	-$0.13	-$1.85

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	-28.6	-58.2	-200
Capital expenditure	0.1	0.4	0.1	-78.2%	-33.3%
Free cash flow	-28.7	-58.6	-200
Free cash flow margin	-10196.4%	-78150.7%	-2425.9%
Cash from investing	-225	-459	-154
Cash from financing	0.1	947	464	-100.0%	-100.0%
Depreciation and amortisation	0.3	0.3	0.3	+2.1%	+16.4%
Share-based compensation	6.3	6.5	4.8	-3.1%	+31.6%
Diluted shares, weighted	410m	365m	148m	+12.6%	+177.9%
Shares outstanding at period end	430m	430m	298m	+0.0%	+44.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	2,024	2,061	829	-1.8%	+144.2%
Non-controlling interest	-49.7	-47.7	-394
Debt	0.0	0.0	0.0
Operating lease liabilities	5.8	5.9	n/a	-2.5%
Other liabilities	39.9	29.6	448	+34.6%	-91.1%
Total liabilities and equity	2,020	2,049	883	-1.4%	+128.7%
Fixed assets	3.1	3.3	2.1	-6.1%	+47.3%
Goodwill	8.3	8.3	8.3	0.0%	0.0%
Intangible assets	0.4	0.4	0.6	-10.0%	-31.0%
Investments	1,351	1,127	346	+19.9%	+290.2%
Cash and equivalents	513	766	408	-33.0%	+26.0%
Receivables	15.8	13.2	15.2	+19.6%	+3.9%
Other assets	128	131	103	-2.0%	+24.4%
Total assets	2,020	2,049	883	-1.4%	+128.7%

Questions

What was Nuscale Power's revenue in Q3 FY2026?

Nuscale Power (SMR) reported revenue of $281,000 for Q3 FY2026, the quarter ended 30 September 2026, down 96.6% on the same quarter a year earlier.

How much did Nuscale Power earn in Q3 FY2026?

Net loss for Q3 FY2026 was $44 million, and the diluted loss per share $0.11.

When did Nuscale Power report Q3 FY2026 results?

Nuscale Power filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q1 FY2022	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023	Q3 FY2023	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	0.3	2.4	2.7	3.2	3.4	5.5	5.8	7.0	4.6	1.4	1.0	0.5	34.2	13.4	8.1	8.2	1.8	0.6	0.1	0.3
Cost of revenue	0.2	1.2	1.7	1.7	2.6	3.4	5.8	5.9	3.8	0.7	0.8	0.3	3.1	6.4	6.3	5.5	1.9	0.5	0.2	0.1
Gross profit	0.1	1.2	1.0	1.4	0.8	2.1	0.0	1.0	0.7	0.6	0.1	0.2	31.2	7.0	1.8	2.7	-0.1	0.0	-0.2	0.1
Gross margin	47%	51%	37%	45%	24%	38%	1%	15%	16%	47%	12%	38%	91%	52%	22%	33%	-3%	4%	-203%	47%
R&D	26.4	24.4	29.5	35.3	36.1	27.6	26.9	63.7	37.8	13.2	12.1	12.2	9.4	9.1	11.8	11.1	13.5	12.8	18.4	18.0
Operating income	-45.8	-43.8	-52.7	-66.1	-67.4	-55.5	-56.1	-92.9	-71.1	-44.0	-41.9	-41.0	-11.9	-35.3	-43.1	-538	-72.7	-57.5	-64.0	-64.8
Operating margin	-15433%	-1793%	-1916%	-2084%	-1960%	-1008%	-968%	-1337%	-1558%	-3189%	-4331%	-8636%	-35%	-264%	-535%	-6533%	-4022%	-10181%	-85337%	-23068%
Pre-tax income	-27.1	-23.4	-21.4	-49.6	-47.2	-35.6	-29.7	-58.3	-56.4	-48.1	-74.4	-45.5	-178	-30.1	-37.6	-533	-63.8	-46.7	-50.1	-45.7
Net income	-27.1	-23.4	-2.6	-10.7	-12.6	-11.0	-9.5	-19.1	-18.8	-16.6	-27.6	-17.5	-75.0	-14.0	-17.6	-273	-50.8	-44.0	-47.5	-43.7
Net margin	-9125%	-956%	-94%	-338%	-367%	-199%	-164%	-275%	-411%	-1202%	-2856%	-3676%	-219%	-105%	-219%	-3316%	-2811%	-7790%	-63385%	-15535%
Diluted EPS	$0.00	$0.00	-$0.06	-$0.23	-$0.22	-$0.16	-$0.13	-$0.26	-$0.25	-$0.21	-$0.31	-$0.18	-$0.77	-$0.11	-$0.13	-$1.85	n/a	-$0.14	-$0.13	-$0.11
Operating cash flow	-22.7	-33.2	-30.9	-40.7	-43.9	-43.1	-39.2	-27.7	-73.2	-33.5	-36.0	-12.7	-26.4	-22.8	-33.3	-200	-204	-315	-58.2	-28.6
Capital expenditure	1.1	1.2	0.4	0.2	0.6	0.4	1.3	0.1	0.1	0.0	0.0	0.0	0.0	0.1	n/a	0.1	0.4	1.5	0.4	0.1
Free cash flow	-23.8	-34.3	-31.3	-40.8	-44.5	-43.5	-40.5	-27.7	-73.3	-33.5	-36.0	-12.7	-26.5	-22.9	n/a	-200	-204	-316	-58.6	-28.7
Buybacks	0.0	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	282m	284m	285m	298m	338m	365m	430m	430m
Filing	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.