NuScale Posts $45.709 Million Quarterly Loss, Moves Reactor Design Toward Manufacturing
Key Facts
NuScale Power shares closed at $5.08 on Nov. 6, after the company reported results for the third quarter ended Sept. 30. The company posted a net loss of $45.709 million, compared with a loss of $532.646 million in the same period a year earlier. Loss per Class A share was $0.11, versus $1.85 a year earlier, according to the company’s financial statements. In its results statement, NuScale said its agreement with Doosan Enerbility covers manufacturing the upper portion of the reactor cooling system. Chief Executive John Hopkins described the agreement as moving the design approved by the U.S. Nuclear Regulatory Commission into the actual construction phase.
The agreement places a specific manufacturing step at the center of the results announcement, involving a key component in NuScale’s power unit, rather than delivery of a completed reactor. Doosan announced on Oct. 29 that it had signed the contract to manufacture the first unit of the upper reactor cooling system for a commercial project. It said the collaboration had expanded from a 2023 contract to manufacture materials to the manufacture of reactor components intended for commercial deployment. In its results filing, NuScale said cash and cash equivalents, along with short- and long-term investments, totaled $1.9 billion at quarter-end. With that balance, the company is positioning liquidity and the transition to manufacturing as elements of its plan for upcoming commercial projects.
But the sharp decline in net loss alone does not reflect an improvement in operating performance, as it coincided with a $491.3 million year-over-year decrease in the company’s general and administrative expenses. Research and development expenses, meanwhile, rose $7.0 million from the same quarter a year earlier. The company attributed $6.7 million of the increase to higher costs for work to raise the technology readiness of NuScale Power Module components and improve design maturity. Investment income also increased $13.4 million year over year, which NuScale said was mainly due to a stronger cash position, higher interest rates and larger investments. Other expenses rose $8.1 million, which the company attributed in part to allocating additional resources to prepare the supply chain and deliver upcoming commercial projects.
On the revenue side, NuScale revenue fell $8.0 million year over year, while the cost of sales declined $5.4 million. The company said the comparison was affected by engineering revenue for the RoPower project in the third quarter of 2025, work performed by Fluor as part of the second phase of engineering and front-end design. It added that the phase was completed in late 2025 and had no comparable activity in the third quarter of 2026. The comparison shows the impact of the completion of prior work on reported revenue, while research and development expenses tied to component readiness and design maturity increased. The quarterly report therefore highlights at once a lower accounting loss, the fading of a prior revenue item, and continued spending on reactor development and manufacturing preparations.
NuScale said it is also working with MillenniTEK to manufacture first-of-a-kind reactor safety components, and has deployed nuclear-specific artificial intelligence tools developed in collaboration with Nuclearn and NPX for engineering and knowledge management functions. On the supply-chain front, Doosan said manufacturing subsequent units would require substantial production capacity, and that it plans to strengthen its manufacturing capabilities and supply chain to support future orders. NuScale filed its report with the U.S. Securities and Exchange Commission on Nov. 5, covering the period ended Sept. 30. The company had scheduled its third-quarter results call for Nov. 5, 2026, at 5:00 p.m. Eastern time. The next step announced by the two companies centers on preparing manufacturing and supply to support subsequent reactor units and commercial projects.