Key Takeaways
- NuScale Power rose 14% after its third-quarter loss of 11 cents a share beat the 26-cent estimate, though revenue was just $281,000.
- Doosan Enerbility has started building the first module’s most complex component, with no binding customer order behind it.
- NuScale’s $1.9 billion of liquidity covers years of spending, so the stock turns on when ENTRA1 and TVA sign a deal.
- Oklo also rose on a narrower-than-expected loss, making today look like a group bounce.
NuScale Power (SMR) is up 14% this morning after its third-quarter loss of 11 cents a share beat the 26 cents analysts expected. Revenue of $281,000 missed badly, but Oklo (OKLO) is up 21% on its own narrower-than-expected loss, so investors aren’t trading either stock on sales.
CEO John Hopkins pointed to the factory floor instead. “We are no longer simply designing and planning, we are manufacturing,” he said on Thursday’s call, now that Doosan is building the module’s upper reactor coolant system.
Plenty of cash, almost no sales
Going into the report, analysts expected NuScale’s revenue to stay small until 2027.
With $921,000 booked through nine months, the 2026 estimate needs about $19.5 million in the fourth quarter alone. I’d expect it to come down.
NuScale’s cash and equivalents, the part it hasn’t put into investments, came to $513 million at Sept. 30.
Add $1.35 billion of investments, and liquidity is $1.9 billion. At the quarter’s $65 million of operating expenses, which CFO Ramsey Hamady expects to stay fairly constant, that’s about seven years. Shareholders paid for it, though: Class A shares outstanding are up 29% since December.
Oklo is in the same boat with a bigger pile: $3.13 billion of cash and marketable securities at Sept. 30, per its 10-Q. But Oklo plans to own its plants, and it guided to $400 million to $500 million of capital spending this year. NuScale sells modules and leaves construction to others, so its cash has far less to cover.
TIKR tracks 19 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
Still waiting on TVA
Orders still hinge on ENTRA1 Energy, NuScale’s exclusive sales partner, and its talks with the Tennessee Valley Authority.
And a signed power purchase agreement wouldn’t be a sale. Hamady said on the call that licensing and engineering work would follow it, with modules sold under a separate agreement between NuScale and ENTRA1.
Wedbush initiated coverage Wednesday with an Underperform rating and a $5 target, barely above today’s price, and Barclays expects talks to run until at least early 2027.
Bottom line: NuScale can afford the wait, but nothing in this report says when a binding TVA deal comes, and I’d treat today’s jump as a sector bounce. Of course, Hopkins says NuScale is also courting utilities, hyperscalers and industrial customers, and any signed order would matter far more than this quarter’s loss.
So what is NuScale stock actually worth?
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