What Changed For NuScale Power Stock, And What Did Not

NuScale Power (SMR) stock fell 87.1% over the twelve months to October 19, 2026, while the S&P 500 returned 16.8%. In late 2025, NuScale finished the engineering design work it did with Fluor for the RoPower project in Romania. The company has not yet built a small modular reactor for commercial use, so work like that is most of what it sells. How much of NuScale's business went with that work?

How Much Of NuScale's Revenue Has Gone?

Most of it, and almost all of the latest quarter's. NuScale recorded $10.7 million in revenue over the twelve months ended June 30, 2026, compared with $56.1 million a year earlier. Revenue for the quarter ended June 30, 2026, was $0.1 million, down from $8.1 million in the same quarter of 2025. Management said on the August 5 call that the drop reflects the completed Fluor design work, which had no comparable activity in the latest quarter.

That revenue came almost entirely from one place. In fiscal 2025, 95.5% of NuScale's revenue came from its power plant and module services segment. New revenue now waits on a contract. Management said on the same call that NuScale will have revenue in 2027 if the contract is in place, and that the company was waiting on the green light to finalize its contract agreements.

How Large Are NuScale's Losses Against Its Revenue?

Far larger than the revenue itself. NuScale lost $733 million at the operating level over the twelve months ended June 30, 2026, compared with $131 million a year earlier, and most of that loss came in the quarter ended September 30, 2025. Even after the fall, shares were priced at 194 times revenue over the twelve months ended June 30, 2026, at the October 19 close. That compares with 3.1 times for the S&P 500. The price appears to assume revenue that has not arrived yet.

NuScale did not fall alone. Oklo, another loss-making company on its peer list, fell 83% over the same year, while profitable GE Vernova rose 52%.

NuScale Still Has Its Cash And Its Approved Design

NuScale still has almost no debt, holding under $1 million in total debt at June 30, 2026. Its cash and short-term investments stood at $1,072 million on that date, compared with $421 million a year earlier. Management also said on the August 5 call that NuScale remains the only SMR company to have received design certification from the U.S. Nuclear Regulatory Commission.

Neither the cash nor the approved design fell with the stock, though the cash rose on money that did not come from its operations. NuScale's operations used $776 million of cash over the latest twelve months, so the company is paying its way from that cash until a plant contract is signed. NuScale's cash is the number to watch in its third-quarter report, expected on or around November 5, 2026.

Does This Mean You Should Act On SMR?

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