NuScale Q3 Revenue Falls to $281,000, Operating Loss $64.8M

NuScale Power Corporation reported third-quarter 2026 revenue of $281,000 in its results release on Nov. 5, down from $8.2 million a year earlier, and a loss from operations of $64.8 million.

The figures come from the unaudited financial statements attached to the company's own release for the quarter ended Sept. 30. NuScale reported a net loss of $45.7 million, of which $43.7 million fell to Class A common stockholders, or $0.11 per share. A year earlier the net loss was $532.6 million. The company attributed the revenue drop to work it booked in 2025 for Fluor's front-end engineering and design Phase 2 study for the RoPower project in Romania. That work finished in late 2025 and has no 2026 counterpart, NuScale said.

What the Q3 numbers show

Research and development expenses rose to $18.0 million from $11.1 million, which NuScale tied to $6.7 million of higher costs for advancing the design maturity of its power module components. General and administrative expenses fell to $27.9 million from $519.2 million, a decrease of $491.3 million that the release states without giving a cause. That prior-year G&A line made up $519.2 million of the quarter's $538.4 million loss from operations.

NuScale said it ended the quarter with $1.9 billion in cash, cash equivalents and short- and long-term investments. The balance sheet shows $513.4 million in cash and equivalents, $420.0 million in short-term investments and $930.7 million in long-term investments. Across the first nine months, net cash used in operating activities was $401.4 million, against $255.9 million a year earlier, while the company raised $984.5 million from issuing common stock, net of fees.

How Q3 compares with Q2

NuScale's second-quarter release, dated Aug. 5, put revenue at $75,000 and the loss from operations at $64.0 million. Q3 revenue was therefore $206,000 higher, and the operating loss grew by $0.8 million. R&D was $18.4 million in Q2 and G&A was $26.9 million, so the cost base moved little between the two quarters. Liquidity was $1.9 billion in both releases.

The wording on the commercial pipeline changed. The Q2 release said ENTRA1 Energy, NuScale's exclusive global strategic partner, was advancing discussions with the Tennessee Valley Authority toward a definitive power purchase agreement (PPA). The Q3 release says NuScale continues to support ENTRA1 in its dialogue with TVA on what it calls the largest commercial nuclear deployment program in U.S. history. Neither release reports a signed PPA. As Voltgrid reported, the ENTRA1-TVA agreement for up to 6 GW is non-binding. The Q3 release also lists no update on RoPower, which the Q2 release described as awaiting conditions tied to a Nuclearelectrica shareholder vote.

Doosan contract moves the module into fabrication

The operational headline is the contract with Doosan Enerbility to fabricate the upper reactor coolant system of the NuScale Power Module, which CEO John Hopkins called the most complex and foundational component. He said it moves the NRC-approved design from development into physical production. The company gave no contract value in the release; the Doosan order was covered earlier on Oct. 29. NuScale also said it deployed nuclear-specific AI tools with Nuclearn and NPX and fabricated first-of-a-kind reactor safety components with MillenniTEK.

For data-center buyers, the power module is rated at 77 MWe or 250 MWt gross, in plants of up to 12 modules or 924 MWe, per NuScale. Those are design figures, not capacity under contract.

What is not confirmed yet

The release gives no order backlog, no module delivery date and no PPA. NuScale's management call was set for 5:00 p.m. ET on Nov. 5, and this report does not draw on it. The comparison above uses NuScale's own releases and statements only, so no outside analyst view is included.