NEW YORK, July 26, 2026, 13:09 (EDT)
- The stock ended Friday at $8.09, dropping 8.2%, though it rose 4.8% over the week.
- Initial estimate: net proceeds from share sales amounted to 96.5% of an ENTRA1 payment for the first quarter.
- NuScale Power is scheduled to release second-quarter results on August 5. Analysts forecast a loss of 13 cents per share.
NuScale secured $250.8 million in net proceeds from share offerings by early May, closely aligning with a $259.9 million first-quarter disbursement to ENTRA1.
The 96.5% figure represents an initial estimate derived from filings. The disbursement was set off following ENTRA1’s execution of a nonbinding agreement for 72 NuScale modules.
Economic interests increased by a minimum of 8.2% between year-end and early May. By March 31, NuScale had reported no liability for subsequent ENTRA1 milestones.
That makes contract conversion the primary operational benchmark. NuScale possesses cash reserves, though its financial foundation is broader.
U.S. financial markets did not open on Sunday. NuScale shares ended Friday’s session at $8.09, dropping 8.2% on the day. The stock still advanced 4.8% over the course of the week.
Shares moved lower broadly on Friday. Oklo NYSE:OKLO dropped 8.5%, and Nano Nuclear Energy NASDAQ:NNE declined 7.6%. The similar declines indicate industry-wide weakness.
Barclays LON:BARC analyst Christine Cho lowered her price target to $11 from $15 on July 23, while maintaining an equal-weight rating.
The reported cash flows and stock sales are as follows:
| NuScale metric | Value |
|---|---|
| Operating cash used in Q1 | $314.7 million |
| Q1 payment to ENTRA1 | $259.9 million |
| ENTRA1 payment as portion of operating cash used | 82.6% |
| Net proceeds from ATM through early May | $250.8 million |
| ATM proceeds as percentage of ENTRA1 payment | 96.5% |
| Economic interests as of December 31 | 337.9 million |
| Economic interests by early May | At least 365.5 million |
| Increase since year-end | 8.2% |
Initial estimates are based on reported data. ATM refers to at-the-market. Economic stakes encompass both Class A shares and Class B units.
NuScale reported $1.0 billion in liquidity and capital resources as of the end of March. By early May, this figure had surpassed $1.2 billion, according to Chief Financial Officer Ramsey Hamady.
Operations continued at a limited scale. Revenue for the first quarter dropped 95.8% to $565,000. The Class A net loss increased to $44.0 million.
Management attributed the revenue decline to the conclusion of licensing and engineering work in Romania. These activities drove sales during the first part of 2025, but there is no equivalent work planned for 2026.
ENTRA1’s payment represented 82.6% of operating cash consumed during the quarter. The initial milestone reached $507.4 million, to be divided between 2025 and 2026.
Further contributions depend on a binding power deal or equipment agreement. As of March 31, NuScale had not recorded those payments.
Chief Executive John Hopkins called the customer closure in May “a complicated slow process.” He said NuScale continued to prioritize TVA.
ENTRA1’s TVA initiative aims for a maximum of 6 gigawatts using NuScale’s capacity. The agreement in place is not binding and will require future power-purchase agreements to proceed.
NuScale’s 77-megawatt reactor design holds approval from U.S. regulators. The company’s revenue is currently generated from engineering, licensing, and related services.
No NuScale event appears on the calendar for July 27-31. Second-quarter earnings are due August 5 at 5 p.m. ET. Analysts predict a loss of 13 cents per share.
Investors are set to scrutinise ATM utilisation, outstanding shares, and partnership obligations. A confirmed order could shift the dynamic between dilution and income.
Risks: Delays in sales could result from project financing, manufacturing, and licensing processes. Future ENTRA1 milestones might lead to higher cash consumption, and new ATM issuances would dilute existing shareholders.
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