What Happened To NuScale Power Stock Over The Past Year

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NuScale Power (SMR) stock fell 81.6% in the year to November 10, 2026, while the S&P 500 returned 11.4%. Near the end of that year came the company's fiscal Q3 2026 results on November 5, 2026, when management described its agreement with Doosan Enerbility to begin making the first NuScale power module, the company's reactor. So what changed inside NuScale's business over that year?

NuScale's Revenue Has Almost Disappeared

NuScale reported revenue of $0.3 million for fiscal Q3 2026, compared with $8.2 million in the same quarter of 2025. On the November 5 call, management said the year-earlier quarter included front-end engineering and design work for the RoPower project, and that there was no comparable work this time. Over the full twelve months to September 2026, revenue came to $2.73 million, down from $63.9 million in the twelve months before.

No module sale has replaced that engineering work yet. Management said the sale of a module will come with an agreement between NuScale and ENTRA1 Energy, its commercialization partner, after ENTRA1 signs a power purchase agreement with TVA. On the same call, management said supporting that TVA agreement remains the company's immediate priority.

What Are NuScale Shareholders Paying For Now?

The price appears to assume module sales that NuScale has yet to win. The stock trades at 785.1 times its sales over the last twelve months, compared with 3.2 times for the S&P 500. NuScale stock was not alone in falling over the same year, as Oklo, another nuclear company with little revenue so far, fell 78%.

The company spent more cash over the year, however. Free cash flow was negative $608 million over the twelve months to September 2026, compared with negative $282 million in the twelve months before.

NuScale Holds More Cash Than A Year Ago

NuScale ended September 2026 with $933 million in cash and short-term investments, against $692 million a year earlier. The business itself used cash over that time, so the rise came from outside the business. Its debt was $0.845 million, so the company still borrows almost nothing, as it did a year ago.

That cash is spread across many more shares, however. NuScale had 410 million diluted shares over the latest twelve months, compared with 148 million over the twelve months before. Part of that rise may reflect Fluor converting its Class B units into Class A stock, which NuScale said a year ago that Fluor could do.

NuScale's cash balance is the figure to watch when it next reports, expected in February 2027.

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