NEW YORK, August 7, 2026, 18:08 EDT — U.S. markets have ended the regular session, but after-hours activity persists.
- NuScale ended Friday up 3.7% at $9.82.
- Revenue for the second quarter plunged 99.1% to $75,000, while the operating loss amounted to $64 million.
- Initial estimates indicate that equity proceeds accounted for 52% of liquidity at the end of the quarter.
NuScale Power Corporation NYSE:SMR gained on Friday even though quarterly revenue dropped close to zero, as investors considered improved liquidity against significant dilution.
NuScale reported cash and investments totaling $1.893 billion at the end of June. Share sales in the first half generated $984.5 million net, accounting for 52% of those funds. That represents the key transaction.
NuScale received additional time to pursue binding orders, funded largely by current shareholders. The number of Class A shares outstanding rose by 28.9% from December.
Nuclear-related stocks saw widespread gains on Friday. Oklo Inc. NYSE:OKLO climbed 14.8%, Cameco Corporation NYSE:CCJ increased by 4.1%, and BWX Technologies Inc. NYSE:BWXT advanced 1.9%.
| Friday market comparison | Close | Daily change |
|---|---|---|
| NuScale Power | $9.82 | up 3.7% |
| Oklo | $48.42 | up 14.8% |
| Cameco | $97.39 | up 4.1% |
| BWX Technologies | $169.90 | up 1.9% |
NuScale shares rose 9.0% from Monday’s close to Friday’s close. The company’s earnings on Wednesday and a fuel-cycle agreement announced Thursday influenced trading during the week.
Revenue dropped 99.1% to $8.05 million compared with a year ago, keeping earnings weak. The loss per share was 13 cents, in line with analyst forecasts.
| Q2 financial comparison | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $0.075 million | $8.054 million | -99.1% |
| Gross margin | $(0.152) million | $1.781 million | NM |
| Operating loss | $64.003 million | $43.082 million | +48.6% |
| Net loss | $50.063 million | $37.609 million | +33.1% |
| Investment income | $13.940 million | $5.452 million | +155.7% |
| Loss per share | $0.13 | $0.13 | Unchanged |
The operating loss increased by 48.6% to $64.0 million. Expenses for research, administration, and other areas rose across the board. A boost in investment income offset the losses only partially.
Revenue declined after Fluor Corporation NYSE:FLR finished its engineering project. According to the filing, Fluor accounted for 92% of last year’s quarterly revenue.
Chief Executive John Hopkins stated that customers are now questioning “which technology can actually deliver, and when.” NuScale points to its regulatory approval, existing fuel supply, and supplier base. NuScale Power
No significant binding order has resulted from that preparedness so far. The ENTRA1-Tennessee Valley Authority framework allows for up to six gigawatts, but it is not binding and is subject to future power-purchase agreements.
At the same time, NuScale’s capital structure shifted rapidly. The company finalized its $1 billion at-the-market offering in June, issuing 89.7 million shares at an average price of $11.14.
| Capital and dilution measure | Reported value | Preliminary investor comparison |
|---|---|---|
| Liquidity at quarter’s end | $1.893 billion | Baseline |
| ATM net proceeds, first half | $984.5 million | 52.0% of liquidity |
| Outstanding Class A shares | 410.4 million | Up 28.9% since year-end |
| Average price per ATM share sold | $11.14 | Friday closing price was 11.8% less |
| Operating cash outflow, first half | $372.9 million | $268.2 million reduction in payables included |
Operating cash outflow amounted to $372.9 million over the first half. This figure reflects a $268.2 million decrease in payables and accrued expenses. As a result, a basic runway calculation would not provide an accurate picture.
The MOU signed on Thursday with Curio and Framatome expanded the potential fuel supply network. The organizations will evaluate technical compatibility, qualification, and sourcing alternatives. No details were given about the financial terms or revenue schedule.
Analysts’ responses reflect ongoing unpredictability. New price targets span between $6 and $20. The wider survey of 16 ratings recorded six Buys, eight Holds, and two Sells.
| Analyst | Firm | Recommendation | Target | Potential versus $9.82 | Date |
|---|---|---|---|---|---|
| Derek Soderberg | Cantor Fitzgerald | Buy, reiterated | $20.00 | +103.7% | Aug. 5 |
| Jeff Grampp | Northland Securities | Buy, reiterated | $16.00 | +62.9% | Aug. 6 |
| George Gianarikas | Canaccord Genuity Group Inc. (TSE:CF) | Buy, reiterated | $15.00 | +52.7% | Aug. 6 |
| Christopher Souther | Truist Financial Corporation NYSE:TFC | Hold, reiterated | $10.00 | +1.8% | Aug. 6 |
| Vikram Bagri | Citigroup Inc. NYSE:C | Sell, reiterated | $6.50 | -33.8% | Aug. 6 |
| Brian K. Lee | The Goldman Sachs Group, Inc. NYSE:GS | Hold, reiterated | $6.00 | -38.9% | Aug. 5 |
| Consensus, 16 ratings | Market-data count | Hold | $12.90 average | +31.4% | Aug. 7 |
There are two upcoming public updates next week. NuScale will appear at Canaccord’s conference on August 11, followed by its participation at Citigroup’s natural-resources conference on August 12 and 13.
Investors are expected to seek binding agreements, information on customer financing, and details on power-purchase schedules. This is based on inference rather than official company guidance.
Risks are still elevated. NuScale generates limited recurring revenue and remains unprofitable. Delays could occur in binding contracts, customer financing, construction, or regulatory clearances. Additional share offerings might further dilute existing shareholders.
The cash reserves currently provide a buffer. A sustained revaluation will require turning non-binding demand into confirmed, financed orders.
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