Key Takeaways
- NuScale Power shares rose 16.3% after its third-quarter loss of $0.11 a share beat the $0.26 estimate, despite revenue of just $281,000.
- CEO John Hopkins said the Doosan Enerbility contract moves NuScale “from development to physical production.”
- With $1.9 billion of cash, NuScale’s enterprise value is only about $1.1 billion, and Oklo jumped 22.7% on a similar setup.
- ENTRA1’s talks with TVA remain non-binding, and the Feb. 26 report is the next check.
NuScale Power (SMR) is a company with $281,000 of quarterly revenue and $1.9 billion in the bank. On Friday, investors decided that combination deserved a 16.3% pop, lifting the stock to $5.
The third-quarter loss of $0.11 a share came in well short of the $0.26 analysts feared. Revenue, meanwhile, missed badly against a $10.1 million estimate.
Oklo (OKLO) jumped 22.7% the same day after its own narrower loss. The two rose together because they share a problem: neither has a binding customer order, and both trade close to their cash.
For NuScale, the drop before Friday was brutal. The stock lost 46% in three months and still sits 84% below its 52-week high of $32.
Revenue fell to almost nothing
Revenue was $8.24 million a year ago. That figure came mostly from Fluor’s engineering work on Romania’s RoPower project, which finished in late 2025 with nothing comparable this year.
The loss shrank sharply instead:
- Net loss: $45.7 million, down 91% from a year earlier
- Cash, equivalents and investments: $1.9 billion, up from $916 million a year ago
- Equity raised in 2026: roughly $985 million
That last line explains the cash. NuScale also signed a $750 million at-the-market program in August, so more stock sales are on the table.
Strip out the cash, though, and something odd shows up…
NuScale’s enterprise value was only about $1.1 billion at Friday’s close, against a $2.1 billion market value.
Doosan makes it physical
The real news came Oct. 29. NuScale hired Doosan Enerbility to fabricate the upper reactor coolant system for its first commercial power module.
CEO John Hopkins called it a move “from development to physical production” on the third-quarter release. He added that the contract “sets the foundation for all modules to follow.”
That matters because NuScale holds the only small modular reactor design the NRC has approved. Oklo, by comparison, is still working through its first license application.
But a design needs a buyer. Partner ENTRA1 is negotiating with the Tennessee Valley Authority over a large deployment program, and that deal remains non-binding. A definitive agreement may not come until 2027.
Wall Street’s revenue forecasts show how much rides on it:
Consensus sees revenue climbing steeply from here, which only happens if TVA or another utility signs.
TIKR tracks 18 analysts on NuScale Power. How many say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on NuScale Power, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See NuScale Power’s Analyst Ratings
Waiting is the business model
NuScale’s quarterly loss of $45.7 million was close to Oklo’s $41.7 million. But Oklo is also funding $400 million to $500 million of capital spending this year, while NuScale has no plant of its own to build.
Still, Romania remains stuck. RoPower was delayed after a change in government, and management says talks continue with RoPower and Nuclearelectrica.
Analysts haven’t been kind. Citi cut its target to $4 in October with a Sell rating, and Barclays moved to Underweight over the slow pace of binding contracts. The mean target of $10 still implies about 100% upside, which tells you how wide the spread of views has become.
The stock’s long slide shows how fast sentiment flipped:
Friday’s 16% bounce barely registers against that decline.
My take: At an enterprise value near $1.1 billion, investors are paying very little for an NRC-approved design that Doosan is now building. That’s cheap optionality. Yet without a signed order, NuScale keeps selling stock to wait, and I’d only add on a definitive TVA deal.
The fiscal-year report, expected Feb. 26, is the next checkpoint. It should show whether ENTRA1 and TVA moved closer to binding terms.
So what is NuScale Power stock actually worth?
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Disclaimer:
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