NEW YORK, August 5, 2026, 19:10 EDT — U.S. regular trading had ended but after-hours activity continued.
- NuScale shares dropped 3.6% after the bell to $9.04, following a 1.2% decline at the close.
- Revenue for the second quarter declined 99.1% to $75,000. Liquidity totaled $1.893 billion.
- Initial calculations estimate that a same-scope, 72-module PPA would contribute approximately $1.184 billion.
NuScale Power Corporation NYSE:SMR may be exposed to a significant liability to ENTRA1. The binding power purchase agreement, covering 72 modules, suggests an obligation of approximately $1.184 billion. This early projection represents 62.5% of available liquidity as of June.
The company’s quarterly filing identifies a binding PPA as Milestone Contribution 2, which represents 35% of the total contribution. For the first tranche, representing 15%, NuScale reported $507.4 million.
The initial tranche was part of a non-binding deal that included 72 modules. NuScale has yet to record the subsequent tranches. The actual values will depend on the scope, schedule, and finalized contract details.
ENTRA1 milestone comparison — with 72 modules in scope
| Milestone trigger | Contract share | Reported or implied contribution | Share of June liquidity |
|---|---|---|---|
| Non-binding project agreement | 15% | $507.4 million realized | 26.8% |
| Binding PPA or power offtake | 35% | $1.184 billion estimated | 62.5% |
| Equipment purchase agreement | 50% | $1.691 billion estimated | 89.3% |
| Remaining second and third tranches | 85% | $2.875 billion estimated | 151.9% |
Initial calculations take $507.393 million ÷ 15%, then use the indicated percentages. These figures presume all terms and all 72 modules remain as is. These are not official company forecasts.
The discussions with the Tennessee Valley Authority act as a dual trigger. Securing a contract would confirm demand, but it could also result in a significant new requirement for funding.
The existing TVA framework allows for up to 6 gigawatts and is not binding. Progression to its subsequent stage is contingent upon one or more PPAs. ENTRA1 maintains the option to select or not select NuScale equipment.
NuScale closed June holding $1.893 billion in cash and investments, with no debt on its balance sheet. The financial buffer was built with significant equity raises, as the company issued 89.7 million shares, generating a net $984.5 million during the first half.
Capital raising and share dilution
| Metric | Dec. 31, 2025 | June 30, 2026 | Change |
|---|---|---|---|
| Cash and investments | $1.287 billion | $1.893 billion | +47.1% |
| Class A shares | 318.5 million | 410.4 million | +28.9% |
| Total shares and economic interests | 337.9 million | 429.7 million | +27.2% |
| Total liabilities | $299.0 million | $35.5 million | -88.1% |
Liquidity includes cash, cash equivalents, as well as both short-term and long-term investments.
Total economic shares increased by 27.2% over six months. The equity program recorded an average sale price of $11.14, 18.8% higher than Wednesday’s closing value.
Revenue for the quarter dropped sharply to $75,000 from $8.1 million. Operating loss increased by 48.6% to $64.0 million. Investment income rose to $13.9 million, supported by higher cash balances.
Q2 financial results comparison
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $0.075 million | $8.054 million | -99.1% |
| Research and development | $18.4 million | $11.8 million | +56.2% |
| Operating loss | $64.0 million | $43.1 million | +48.6% |
| Class A attributable loss | $47.5 million | $17.6 million | +169.5% |
| Weighted-average Class A shares | 364.5 million | 133.4 million | +173.2% |
| Loss per share | $0.13 | $0.13 | No change |
Numbers have not been audited. Company-reported results are used to calculate percentage changes.
The per-share loss of 13 cents was flat compared to the previous year. The share count rose significantly, with weighted-average shares up 173%, while attributable loss increased 169%.
Revenue declined following the conclusion of Romanian engineering operations in 2025. Gross margin turned negative due to a $176,000 price adjustment. NuScale increased research expenditure as it progressed with module component development.
Chief Executive John Hopkins stated that buyers have stopped questioning “whether to go with nuclear.” NuScale’s filing indicates that funding is still the key challenge for execution. NuScale Power
Shares were up 9.1% over the previous five sessions ahead of earnings. The stock ended regular trading Wednesday at $9.38. At 19:03 EDT, MarketWatch listed $9.04 after hours.
Last five consecutive regular sessions
| Session | Closing price | Volume |
|---|---|---|
| July 30 | $8.60 | 34.97 million |
| July 31 | $8.42 | 38.77 million |
| August 3 | $9.01 | 27.71 million |
| August 4 | $9.49 | 25.47 million |
| August 5 | $9.38 | 31.42 million |
The share price rose 9.1% from the close on July 30 to the close on August 5.
Analysts are split, with eight out of 17 ratings at Hold and seven assigning positive recommendations. The median price target from FactSet is $14, suggesting potential upside of 49.3% from Wednesday’s closing price.
Latest analyst ratings
| FactSet measure | Count or value | Share or implied move |
|---|---|---|
| Buy | 6 | 35.3% of ratings |
| Overweight | 1 | 5.9% |
| Hold | 8 | 47.1% |
| Underweight | 0 | 0% |
| Sell | 2 | 11.8% |
| Consensus | Overweight | — |
| Median target | $14.00 | +49.3% |
| Average target | $14.70 | +56.7% |
| Target range | $6.00–$25.00 | -36.0% to +166.5% |
Implied movements are based on the $9.38 close during the regular trading session.
Thursday’s regular session will gauge the after-hours move. Upcoming attention will center on PPA scope, payment timing, and analyst forecast changes. A reduced module tally would decrease the initial obligation.
Risks: The $1.184 billion figure is a proportional estimate and does not represent company guidance. Payment schedules may be phased or subject to new terms. Ongoing risks include licensing issues, customer financing, construction delays, and additional dilution.
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