NuScale Power (NYSE: SMR) fell after hours on November 6, 2025, following a revenue miss and wider‑than‑expected loss. Separately, long‑time backer Fluor agreed to convert and monetize its remaining stake by Q2 2026. Here’s what moved SMR today, the key numbers, and what to watch next.
Key takeaways (Nov 6, 2025)
- Stock move: SMR traded around $32.46, down about 14% in late trading following results. As of 21:52 UTC (4:52 p.m. ET).
- Q3 snapshot: Revenue $8.24M (FactSet est. $11.1M), EPS −$1.85. Cash and investments $753.8M; raised $475.2M via an at‑the‑market share program.
- After‑hours reaction: Shares fell after NuScale posted a wider quarterly loss and missed consensus on revenue and EPS.
- Ownership overhang:Fluor (FLR) will convert its remaining Class B units to Class A shares and begin a structured monetization, targeting completion by end of Q2 2026; the plan includes volume restrictions and limits on NuScale’s equity issuance through Feb 2026.
SMR stock price today
NuScale Power’s stock fell roughly 14% after the closing bell to about $32.46, versus a prior close near $37.91. Today’s tape showed a wide range as investors digested earnings and the Fluor announcement. (Data delayed up to 15 minutes.)
Earnings: what NuScale reported (Q3 2025)
NuScale said Q3 revenue was $8.24 million, primarily from engineering services tied to RoPower’s planned SMR plant in Romania. General & administrative expense surged year over year, driven largely by the recognition of $495 million tied to Milestone Contribution 1 under the company’s ENTRA1 partnership, pushing the quarter to a loss per share of −$1.85. Liquidity remained solid, with $753.8 million in cash, cash equivalents and investments, bolstered by $475.2 million in gross proceeds from selling 13.2 million shares via an ATM program.
Wall Street had been looking for ~$11.1 million in revenue (FactSet), underscoring the miss that pressured shares.
Why the stock fell after hours
Shortly after the release, SMR slid in extended trading as investors reacted to the wider‑than‑expected loss and revenue shortfall versus consensus. Market commentary highlighted both the miss and the non‑cash G&A line tied to the ENTRA1 milestone.
Fluor’s conversion & monetization plan: what it means
In a separate release, Fluor and NuScale unveiled an agreement to convert Fluor’s remaining Class B units into Class A shares and begin a structured monetization, with completion targeted by the end of Q2 2026. Fluor will vote in favor of increasing NuScale’s authorized share count, reduce certain economic rights under the tax receivable agreement, and waive some claims related to their commercial arrangements. The parties also agreed to volume restrictions on Fluor’s sales to help preserve equity value, plus limits on NuScale’s equity issuance through February 2026. A NuScale board special committee was involved in the discussions.
Investor lens: The plan aims to create a clear path for Fluor to exit over time—potentially removing an overhang—while attempting to manage supply via volume constraints. The trade‑off is attention on share authorization and dilution mechanics as NuScale continues to fund commercialization.
Strategic context and catalysts to watch
- TVA/ENTRA1 program: Management described NuScale’s selection in a Tennessee Valley Authority program with ENTRA1 Energy as the largest SMR deployment program in U.S. history, reinforcing the company’s positioning in AI‑era baseload power. Details and tone featured prominently in today’s release.
- Conference call: NuScale scheduled its Q3 call for 5:00 p.m. ET today (replay available). Topics to listen for: financing runway, timeline for ENTRA1/TVA milestones, Romania’s RoPower schedule, and how the Fluor sales cadence will be paced.
- SMR sector backdrop: Outside the U.S., EDF today outlined plans to develop up to 30 SMRs by 2050, highlighting intensifying global competition and potential partnership avenues for supply chains and siting.
By the numbers (quick reference)
- Ticker / Exchange: SMR / NYSE
- After‑hours price (approx.): $32.46 (−14.4%) as of 21:52 UTC (data delayed).
- 52‑week range: $11.09 – $57.33.
- Q3 revenue: $8.24M; EPS: −$1.85.
- Consensus revenue (FactSet): ~$11.1M.
- Liquidity (end of Q3): $753.8M cash & investments; ATM proceeds: $475.2M; shares sold: 13.2M.
- After‑hours reaction note: Shares fell on a wider loss and revenue miss.
What it means for investors
SMR remains a high‑beta, commercialization‑stage nuclear name benefitting from powerful secular tailwinds (data centers, grid reliability, decarbonization). Today’s results show progress on revenue and balance‑sheet strength, but also execution and funding complexity as NuScale scales from engineering services to full project delivery. The Fluor exit plan could ultimately reduce ownership uncertainty, though it introduces a managed supply of shares into the market over the next several quarters. Expect near‑term stock moves to track updates on project milestones, authorized share actions, and capital strategy.
Editor’s note: This article is for information purposes only and not investment advice.
Sources & further reading
- NuScale Q3 2025 results press release (revenue, EPS, liquidity, ATM activity; call details).
- NuScale results (alt host on FT), same release for ease of access.
- Fluor–NuScale stake monetization agreement (conversion, volume restrictions, timing, equity‑issuance limits, share authorization vote).
- After‑hours price and day stats (delayed).
- Street reaction: wider loss & revenue miss (after‑hours move).
- Consensus revenue reference (FactSet) for the miss context.
- Sector context: EDF outlines long‑term SMR plan (Nov 6, 2025).
