NuScale Power Reports Third Quarter 2026 Results

Third Quarter 2026 Highlights

• NuScale progressed from development to physical production, signing an agreement with Doosan Enerbility for the fabrication of the most complex and foundational component of the NuScale Power Module™ (“NPM”), the upper reactor coolant system.

• NuScale advanced its supply chain maturity through two additional milestones: deploying nuclear-specific artificial intelligence tools, developed with Nuclearn and NPX, across engineering and knowledge-management functions, and, together with MillenniTEK, fabricating first-of-a-kind reactor safety components for the NPMs.

• NuScale continues to support its commercial partner, ENTRA1 Energy (“ENTRA1”), in their dialogue with the Tennessee Valley Authority (“TVA”) on the development of the largest commercial nuclear power deployment program in U.S. history.

• NuScale maintained a strong liquidity position with $1.9 billion in cash, cash equivalents and short- and long-term investments to support immediate commercial readiness.

CORVALLIS, Ore.--(BUSINESS WIRE)--NuScale Power Corporation (NYSE: SMR) (“NuScale”, “NuScale Power” or the “Company”), the industry-leading provider of proprietary and innovative advanced SMR nuclear technology, today announced results for the quarter ended September 30, 2026.

“This was a significant quarter for NuScale as we progressed from development to physical production of our first commercial NuScale Power Module,” said John Hopkins, NuScale President and Chief Executive Officer. “Our contract with Doosan Enerbility to fabricate the upper reactor coolant system of the NPM moves our Nuclear Regulatory Commission-approved design into actual build and sets the foundation for all modules to follow. We also continued to deepen our global supply chain and ended the period with strong liquidity, giving us the flexibility to make the strategic investments needed to move toward full-scale production.”

Liquidity & Capital Resources

• Ended the third quarter of 2026 with cash, cash equivalents, and short- and long-term investments of $1.9 billion.

Financial Update

• Revenue and cost of sales decreased by $8.0 million and $5.4 million, respectively, during the three months ended September 30, 2026, as compared to the same period in the prior year, primarily due to the revenue recognized in the prior year quarter from the work associated with Fluor’s Front-End Engineering and Design (“FEED”) Phase 2 engineering services in support of the RoPower project, which was completed in late 2025, with no comparable activity in 2026.

• Research and development (“R&D”) expenses increased $7.0 million during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, primarily as a result of $6.7 million higher costs associated with the Company’s increased activities to advance the technological readiness and design maturity of our NPM components.

• General and administrative (“G&A”) expenses decreased by $491.3 million during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025.

• Other expenses increased by $8.1 million during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, primarily due to (a) the Company’s engineers and project personnel working on fewer commercial projects than in the prior year, resulting in the lower allocation to Cost of sales described above and (b) higher other compensation costs incurred as we have ramped up the resources supporting supply chain readiness and the delivery of future commercial projects.

• Investment income increased by $13.4 million during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, primarily as a result of the Company’s stronger cash position, higher interest rates and greater investments in cash equivalents, short-term investments and long-term investments.

Conference Call

NuScale will host a conference call today at 5:00 p.m. ET. A live webcast of the call will be available by dialing [phone] with conference ID 330 196 832 or by visiting the Quarterly Results page of the Company’s website.

A replay of the webcast will be available for 30 days.

About NuScale Power

Founded in 2007, NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. The NuScale Power Module™, the Company’s groundbreaking SMR technology, is a small, safe, pressurized water reactor that can each generate 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross), and can be scaled to meet customer needs through an array of flexible configurations up to 924 MWe (12 modules) of output.

As the first and only SMR to have its designs certified by the U.S. Nuclear Regulatory Commission, NuScale is well-positioned to serve diverse customers across the world by supplying nuclear energy for electrical generation, data centers, district heating, desalination, commercial-scale hydrogen production, and other process heat applications.

To learn more, visit NuScale Power’s website or follow us on LinkedIn, Facebook, Instagram, X, and YouTube.

Forward Looking Statements

This release contains forward-looking statements (including without limitation statements containing words such as "will," "believes," "expects," “anticipates,” "plans" or other similar expressions). These forward-looking statements include statements relating to our strategic and operational plans, expectations (including regarding our market positioning, our progress toward deploying our technology, the RoPower plant, the market for nuclear energy and providing energy technology for communities around the world), future growth, and the outlook of our business.

Actual results may differ materially as a result of a number of factors, including, among other things, the following: our status as a holding company; our ability to enter into binding contracts with customers to deliver NPMs; competition from other nuclear reactor technologies; delays in the development and manufacturing of NPMs and related technology; the possibility that we may incur losses in the future and may not be able to achieve or maintain profitability; the cost of electricity generated from nuclear sources or our NPMs may not be cost competitive; the market for SMRs is not yet established and may not achieve growth as expected; our dependence on our relationships with ENTRA1, Fluor and other strategic investors and partners; risks related to the Partnership Milestones Agreement entered into by NuScale Power, LLC and ENTRA1 on August 27, 2025; our supply base is constrained; our ability to manage our growth effectively; our need for additional funding in the future; manufacturing and construction issues; loss of government funding; the politically sensitive environment we are operating in and the public perception of nuclear energy; our dependence on senior management and other highly skilled personnel; our ability to obtain design approvals internationally; our customers’ ability to obtain required regulatory approvals on a timely basis or at all; compliance with environmental laws and evolving government laws and regulations; the impact of changing trade policies and new or increased tariffs; risks related to cybersecurity; changes in tax laws; our ability to protect our intellectual property; our limited number of authorized shares available for issuance; the price of our Class A common stock may be volatile; additional sales of our common stock or exercise of our options could result in dilution to our stockholders; we have and may in the future be subject to short selling strategies; NuScale Power, LLC being treated as a corporation for U.S. federal income tax or state tax purposes; and requirements under the Tax Receivable Agreement. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, our results may differ materially from its expectations and projections.

Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and in Part II, Item 1A “Risk Factors” of the Form 10-Q for the quarter ended September 30, 2026. The referenced SEC filings are available either publicly or upon request from NuScale's Investor Relations Department at [e-mail]. The Company disclaims any intent or obligation other than as required by law to update or revise any forward-looking statements.

NuScale Power Corporation Condensed Consolidated Balance Sheet (Unaudited)
(in thousands, except share and per share amounts)	September 30, 2026			December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents	$	513,359		$	836,417
Short-term investments		420,032			417,800
Restricted cash		5,150			5,100
Prepaid expenses		8,641			4,877
Accounts and other receivables, net (2025 - $5,452 from related party)		15,778			8,378
Total current assets		962,960			1,272,572
Property, plant and equipment, net		3,120			1,924
In-process research and development		16,900			16,900
Intangible assets, net		394			527
Goodwill		8,255			8,255
Long-lead material work in process		69,692			63,767
Investments		930,684			32,954
Other assets		28,035			15,613
Total Assets	$	2,020,040		$	1,412,512
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses	$	26,720		$	286,515
Accrued compensation		11,603			8,280
Other accrued liabilities		845			648
Deferred revenue		295			613
Total current liabilities		39,463			296,056
Noncurrent liabilities		5,846			2,570
Deferred revenue		336			335
Total Liabilities		45,645			298,961
Stockholders’ Equity
Class A common stock, par value $0.0001 per share, 662,000,000 shares authorized, 410,541,392 and 318,480,601 shares outstanding as of September 30, 2026 and December 31, 2025, respectively		41			32
Class B common stock, par value $0.0001 per share, 179,000,000 shares authorized, 19,332,018 and 19,413,185 shares outstanding as of September 30, 2026 and December 31, 2025, respectively		2			2
Additional paid-in capital		2,892,114			1,901,678
Accumulated deficit		(868,078	)		(732,871	)
Total Stockholders’ Equity Excluding Noncontrolling Interests		2,024,079			1,168,841
Noncontrolling interests		(49,684	)		(55,290	)
Total Stockholders' Equity		1,974,395			1,113,551
Total Liabilities and Stockholders' Equity	$	2,020,040		$	1,412,512

NuScale Power Corporation Condensed Consolidated Statements of Operations (Unaudited)
	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except share and per share amounts)		2026			2025			2026			2025
Revenue (2025 - $7,873 and $22,573 from related party)	$	281		$	8,242		$	921		$	29,671
Cost of sales		(148	)		(5,533	)		(919	)		(18,179	)
Gross Margin		133			2,709			2			11,492
Research and development expenses		18,007			11,054			49,241			31,987
General and administrative expenses		27,918			519,222			79,632			565,009
Other expenses		19,028			10,873			57,476			31,345
Loss From Operations		(64,820	)		(538,440	)		(186,347	)		(616,849	)
Sponsored cost share		—			33			4			117
Investment income		19,111			5,761			43,886			16,424
Loss Before Income Taxes		(45,709	)		(532,646	)		(142,457	)		(600,308	)
Foreign income taxes		—			—			—			342
Net Loss		(45,709	)		(532,646	)		(142,457	)		(600,650	)
Net loss attributable to noncontrolling interests		(2,056	)		(259,327	)		(7,250	)		(295,685	)
Net Loss Attributable to Class A Common Stockholders	$	(43,653	)	$	(273,319	)	$	(135,207	)	$	(304,965	)
Loss per Share of Class A Common Stock:
Basic and Diluted	$	(0.11	)	$	(1.85	)	$	(0.37	)	$	(1.37	)
Weighted-Average Shares of Class A Common Stock Outstanding:
Basic and Diluted		410,458,377			147,685,584			365,230,553			223,201,115

NuScale Power Corporation Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)	Nine Months Ended September 30,
		2026			2025
OPERATING CASH FLOW
Net Loss	$	(142,457	)	$	(600,650	)
Adjustments to reconcile net loss to operating cash flow:
Depreciation and amortization		984			911
Equity-based compensation expense		18,066			14,495
Disposal of property, plant and equipment		—			46
Other changes in assets and liabilities:
Prepaid expenses and other assets		(7,075	)		(12,149	)
Accounts and other receivables (2025 - $1,531 from related party)		(8,166	)		5,916
Long-lead material work in process		(5,925	)		(19,927	)
Long-lead material liability		—			(4	)
Accounts payable and accrued expenses		(261,209	)		354,072
Net change in right of use assets and lease liabilities		591			(156	)
Deferred revenue		449			169
Accrued compensation		3,324			1,371
Net Cash Used in Operating Activities		(401,418	)		(255,906	)
INVESTING CASH FLOW
Proceeds from sale of short-term investments		804,938			102,788
Proceeds from sale of investments		17,403			43,976
Purchase of short-term investments		(747,592	)		(346,988	)
Purchase of investments		(975,064	)		(105,967	)
Purchase of property, plant and equipment		(2,047	)		(141	)
Net Cash Used in Investing Activities		(902,362	)		(306,332	)
FINANCING CASH FLOW
Proceeds from the issuance of common stock, net of issuance fees		984,475			562,370
Proceeds from exercise of common share options		760			5,897
Net Cash Provided by Financing Activities		985,235			568,267
Net Change in Cash, Cash Equivalents and Restricted Cash		(318,545	)		6,029
Cash, cash equivalents and restricted cash:
Beginning of period		841,517			406,656
End of period	$	522,972		$	412,685
Summary of Noncash Investing and Financing Activities:
Investments that converted into short-term investments	$	59,115		$	—
Plant, property and equipment in accounts payable		—			380
Accrued foreign income tax withholding to noncontrolling interests		—			416
Supplemental disclosures of cash flow information:
Foreign income taxes paid	$	—		$	1,600