NuScale Power — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported revenue of $281,000 for the three months ended September 30, 2026, a decrease of $8.0 million compared to $8.242 million in the prior year period.
• Reported revenue of $921,000 for the nine months ended September 30, 2026, a decrease of $28.751 million compared to $29.671 million in the prior year period.
• Revenue decline primarily attributed to the completion of Fluor's Front-End Engineering and Design (FEED) Phase 2 engineering services for the RoPower project in late 2025, with no comparable activity in 2026.
• Cost of sales decreased $5.4 million to $148,000 for the quarter ended September 30, 2026, compared to $5.533 million in the prior year.
• Gross margin was $133,000 for the quarter ended September 30, 2026, compared to $2.709 million in the prior year.
• Research and development (R&D) expenses increased $7.0 million to $18.007 million for the quarter ended September 30, 2026, compared to $11.054 million in the prior year, driven by costs to advance NPM component technological readiness and design maturity.
• General and administrative (G&A) expenses decreased $491.3 million to $27.918 million for the quarter ended September 30, 2026, compared to $519.222 million in the prior year.
• Other expenses increased $8.1 million to $19.028 million for the quarter ended September 30, 2026, compared to $10.873 million in the prior year, due to lower allocation of personnel costs to Cost of Sales and higher compensation for supply chain readiness.
• Investment income increased $13.4 million to $19.111 million for the quarter ended September 30, 2026, compared to $5.761 million in the prior year, driven by a stronger cash position and higher interest rates.
• Net loss for the quarter ended September 30, 2026, was $45.709 million, compared to a net loss of $532.646 million in the prior year.
• Net loss attributable to Class A Common Stockholders was $43.653 million for the quarter, compared to $273.319 million in the prior year.
• Loss per share of Class A Common Stock was $0.11 for the quarter, compared to $1.85 in the prior year.
• Ended the quarter with $1.9 billion in cash, cash equivalents, and short- and long-term investments.
• Total assets were $2.02 billion as of September 30, 2026, compared to $1.41 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.
• Deferred revenue was $295,000 (current) and $336,000 (noncurrent) as of September 30, 2026, compared to $613,000 (current) and $335,000 (noncurrent) as of December 31, 2025.
• Net cash used in operating activities was $401.418 million for the nine months ended September 30, 2026, compared to $255.906 million in the prior year.
• Net cash provided by financing activities was $985.235 million for the nine months ended September 30, 2026, primarily from the issuance of common stock.

Business Segments and Product Lines:

• 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).
• Deployed nuclear-specific artificial intelligence tools, developed with Nuclearn and NPX, across engineering and knowledge-management functions.
• Fabricated first-of-a-kind reactor safety components for the NPMs in collaboration with MillenniTEK.
• The NPM is a small, safe, pressurized water reactor capable of generating 77 MWe or 250 MWt, scalable up to 924 MWe (12 modules).
• The company is the first and only SMR with designs certified by the U.S. Nuclear Regulatory Commission.

Market and Competitive Landscape:

• Continuing 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 market for SMRs is noted as not yet established.

Risks and Challenges:

• Risks include delays in development and manufacturing, potential future losses, and the possibility that NPM electricity costs may not be cost-competitive.
• Dependence on relationships with ENTRA1, Fluor, and other strategic investors and partners.
• Supply base constraints and the need for additional future funding.
• Risks related to the Partnership Milestones Agreement entered into by NuScale Power, LLC and ENTRA1 on August 27, 2025.
• Potential for loss of government funding, politically sensitive environment, and public perception of nuclear energy.
• Risks associated with cybersecurity, changing trade policies, tariffs, and evolving government laws and regulations.
• Dependence on senior management and highly skilled personnel, and the ability to obtain international design approvals.

Management Commentary and Tone:

• John Hopkins, President and CEO, described the quarter as "significant" as the company progressed from development to physical production of the first commercial NPM.
• Management stated the Doosan Enerbility contract moves the NRC-approved design into actual build and sets the foundation for future modules.
• Management highlighted deepening the global supply chain and maintaining strong liquidity to support strategic investments for full-scale production.

Other Key Points:

• Issued 410,541,392 shares of Class A common stock outstanding as of September 30, 2026, compared to 318,480,601 shares as of December 31, 2025.
• Issued 19,332,018 shares of Class B common stock outstanding as of September 30, 2026, compared to 19,413,185 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.
• Accumulated deficit increased to $(868.078) million as of September 30, 2026, from $(732.871) million as of December 31, 2025.
• Conference call held on November 5, 2026, at 5:00 p.m. ET, with a live webcast available.