NuScale Power — Third Quarter 2026 Earnings Summary

Financial Performance

• Revenue for the three months ended September 30, 2026, was $281,000, a decrease of $8.0 million compared to $8.242 million in the prior year period.
• Revenue for the nine months ended September 30, 2026, was $921,000, a decrease of $28.751 million compared to $29.671 million in the prior year period.
• Cost of sales for the three months ended September 30, 2026, was $148,000, a decrease of $5.4 million compared to $5.533 million in the prior year period.
• Research and development (R&D) expenses increased by $7.0 million to $18.007 million for the three months ended September 30, 2026, from $11.054 million in the prior year period.
• General and administrative (G&A) expenses decreased by $491.3 million to $27.918 million for the three months ended September 30, 2026, from $519.222 million in the prior year period.
• Other expenses increased by $8.1 million to $19.028 million for the three months ended September 30, 2026, from $10.873 million in the prior year period.
• Investment income increased by $13.4 million to $19.111 million for the three months ended September 30, 2026, from $5.761 million in the prior year period.
• Net loss for the three months ended September 30, 2026, was $45.709 million, compared to $532.646 million in the prior year period.
• Net loss attributable to Class A Common Stockholders for the three months ended September 30, 2026, was $43.653 million, compared to $273.319 million in the prior year period.
• Loss per share of Class A Common Stock (Basic and Diluted) was $(0.11) for the three months ended September 30, 2026, compared to $(1.85) in the prior year period.
• Net loss for the nine months ended September 30, 2026, was $142.457 million, compared to $600.650 million in the prior year period.
• Net loss attributable to Class A Common Stockholders for the nine months ended September 30, 2026, was $135.207 million, compared to $304.965 million in the prior year period.
• Loss per share of Class A Common Stock (Basic and Diluted) was $(0.37) for the nine months ended September 30, 2026, compared to $(1.37) in the prior year period.
• Cash, cash equivalents, and short- and long-term investments totaled $1.9 billion as of September 30, 2026.
• Total assets were $2.020 billion as of September 30, 2026, compared to $1.413 billion as of December 31, 2025.
• Total liabilities were $45.645 million as of September 30, 2026, compared to $298.961 million as of December 31, 2025.
• Net cash used in operating activities for the nine months ended September 30, 2026, was $401.418 million, compared to $255.906 million in the prior year period.
• Net cash used in investing activities for the nine months ended September 30, 2026, was $902.362 million, compared to $306.332 million in the prior year period.
• Net cash provided by financing activities for the nine months ended September 30, 2026, was $985.235 million, compared to $568.267 million in the prior year period.

Business Segments and Product Lines

• NuScale signed an agreement with Doosan Enerbility for the fabrication of the upper reactor coolant system, the most complex and foundational component of the NuScale Power Module™ (NPM).
• NuScale deployed nuclear-specific artificial intelligence tools, developed with Nuclearn and NPX, across engineering and knowledge-management functions.
• NuScale, together with MillenniTEK, fabricated first-of-a-kind reactor safety components for the NPMs.
• NuScale continues to support commercial partner ENTRA1 Energy in its dialogue with the Tennessee Valley Authority (TVA) regarding the development of the largest commercial nuclear power deployment program in U.S. history.
• The NuScale Power Module™ is a small, safe, pressurized water reactor capable of generating 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross), scalable up to 924 MWe (12 modules).

Other Key Points

• The company ended the quarter with $513.4 million in cash and cash equivalents and $420.0 million in short-term investments.
• Long-lead material work in process increased to $69.7 million as of September 30, 2026, from $63.8 million as of December 31, 2025.
• Class A common stock outstanding increased to 410.5 million shares as of September 30, 2026, from 318.5 million shares as of December 31, 2025.
• Additional paid-in capital increased to $2.892 billion as of September 30, 2026, from $1.902 billion as of December 31, 2025.
• The company noted that the prior year revenue included work associated with Fluor's Front-End Engineering and Design (FEED) Phase 2 engineering services for the RoPower project, which was completed in late 2025.
• The company highlighted that the decrease in G&A expenses was partly due to lower allocation of costs to Cost of sales as engineers and project personnel worked on fewer commercial projects compared to the prior year.