NuScale Power (SMR) Earnings Date & Reports

Key Takeaways

• NuScale Power (SMR) is expected to report third-quarter 2026 results in early November 2026, covering the fiscal quarter ended September 30, 2026.
• The Zacks Consensus Estimate points to a loss of $0.13 per share, roughly in line with the prior quarter's reported loss.
• Revenue is likely to stay minimal after the completion of Fluor's Phase 2 front-end engineering and design (FEED) work for the RoPower project in late 2025 left no comparable activity this year.
• Progress toward a definitive power purchase agreement between partner ENTRA1 Energy and the Tennessee Valley Authority (TVA) remains the central commercial catalyst.
• NuScale ended the second quarter of 2026 with roughly $1.9 billion in cash, cash equivalents, and short- and long-term investments.

Earnings Context and Why It Matters

NuScale Power is a small modular reactor (SMR) technology developer that is still largely pre-revenue, so its quarterly report is rarely about the income statement alone. Investors instead focus on liquidity, supply-chain readiness, and whether major commercial agreements are converting into binding contracts. The company's second-quarter 2026 results illustrated this tension: revenue of just $0.1 million fell 98.8% year over year as FEED work wound down, yet the balance sheet strengthened to $1.9 billion. With the stock down roughly 31% year to date as of early August 2026, the upcoming report will test whether strategic progress can support sentiment through an extended period of minimal sales.

Earnings Expectations

Analysts expect another narrow loss for the September 2026 quarter. The Zacks Consensus Estimate currently calls for a loss of $0.13 per share, while the following quarter's estimate stands at a loss of $0.12 per share. For context, NuScale reported a loss of $0.13 per share in the second quarter of 2026, which was in line with estimates even as revenue missed the roughly $1 million consensus by a wide margin.

On the revenue line, expectations remain subdued. Because the company's sales are tied to engineering, licensing, and consulting work that can be irregular, quarterly top-line results tend to be volatile and are not yet a reliable gauge of long-term value. Investors are likely to pay closer attention to non-GAAP items such as liquidity, cash burn, share issuance, and updates on the TVA and RoPower projects than to the headline revenue figure.

Historically, the stock has shown sharp sensitivity to milestone announcements rather than earnings per share (EPS, the portion of profit or loss attributable to each share) alone. The third-quarter 2025 report, for example, included a $495 million milestone expense that pushed the reported loss to $1.85 per share, underscoring how one-time items can distort quarter-to-quarter comparisons.

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Market Reaction and Investor Sentiment

Sentiment heading into the quarter remains cautious. NuScale's second-quarter 2026 report showed a 99% revenue decline, and although the $0.13 loss met expectations, the miss on revenue highlighted how dependent the company remains on a handful of early-stage projects. Investors have increasingly framed the SMR story around contract conversion rather than current financials, which leaves the stock sensitive to any commentary on the TVA negotiations and the RoPower project in Romania.

Key risk factors include shareholder dilution from ongoing at-the-market (ATM) equity offerings, continued operating losses, and the reality that commercial reactor deployments are not expected until the early 2030s. Positive signals, such as progress on supply-chain agreements with partners like Doosan Enerbility and Framatome, may help offset these concerns but are unlikely to change the near-term financial picture.

Forward Outlook and Key Factors to Monitor

The most important item to watch is whether ENTRA1 Energy and the Tennessee Valley Authority move from ongoing discussions to a definitive power purchase agreement. That program, which could represent up to 6 gigawatts of SMR capacity, is potentially the largest nuclear deployment effort in U.S. history. Any update on timing or scope will likely matter more to the stock than the quarterly loss itself.

In Romania, NuScale is working with Nuclearelectrica and RoPower to satisfy conditions tied to advancing a six-module project at Doicești, a former coal plant site. A final investment decision there, expected in the coming years, would mark another step toward recurring project revenue.

Investors should also track cash burn and the pace of share issuance. NuScale strengthened its liquidity position substantially in 2026, but that funding has come partly through equity sales that dilute existing shareholders. Managing that balance while funding supply-chain agreements and design finalization will be central to the company's credibility.

Finally, watch for updates on the company's supplier network of more than 60 specialized partners. Progress on long-lead components, fuel development with Framatome, and the Highly Integrated Protection System (HIPS) contract with Paragon signal whether NuScale can actually deliver modules when commercial orders firm up.

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