Key Takeaways
- NuScale’s diluted weighted average share count rose from 133.42 million in Q2 2025 to 364.52 million in Q2 2026, up about 173%, while the company sold 89.7 million shares through its 2026 at-the-market program.
- Cash from operations was negative $58.18 million in Q2 2026, far below the negative $314.68 million of Q1, when $259.9 million of ENTRA1 milestone payments settled.
- A new at-the-market program of up to $750 million arrives with the stock at $7.76, about 30% below the $11.14 average price of the last raise.
Diluted weighted average shares up about 173% in a year, yet quarterly operating cash use sits at $58.18 million. Track SMR’s share count against its cash burn on TIKR for free →
NuScale Stock Is Raising Cash Far Faster Than It Is Spending It
On the second-quarter call, NuScale (SMR) CFO Ramsey Hamady offered analysts a new way to read the company. “We’ve diverged from those start-up metrics,” he said. “We’ve diverged from burn rate, and we provide optionality.” The quarter behind that statement produced $75,000 of revenue and ended with about $1.9 billion in cash and investments.
His defense of the cushion was plain. Liquidity, he said, is “often there when you don’t need it, and it’s often not when you do.”
The operating numbers support him. Cash from operations was negative $58.18 million in Q2 2026, against negative $33.32 million a year earlier. The negative $314.68 million in Q1 looks alarming until the filing is read. NuScale expensed $507.4 million for ENTRA1’s Milestone Contribution 1, and $259.9 million of it settled in the first quarter, driving a $264.2 million drop in accounts payable.
Q2 offers a cleaner read of operating cash use than Q1, which included the $259.9 million ENTRA1 payment. At the Q2 rate, $1.9 billion of cash and investments would cover roughly eight years, before capital spending and any further ENTRA1 payments.
The share count moved on a different track. NuScale sold 89.7 million Class A shares between February and June for $984.5 million net, at a weighted average of $11.14. Diluted weighted average shares climbed from 133.42 million in Q2 2025 to 364.52 million in Q2 2026, an increase of about 173%. By July 30, 410.39 million Class A shares were outstanding.
The Balance Sheet Is Safe, but the Next Dollar Costs More Shares
Six days after the report, NuScale filed for another at-the-market program of up to $750 million. At the September 29 close of $7.76, selling all of it would take about 96.6 million shares, roughly 24% of the Class A shares outstanding in July. That exceeds the 89.7 million issued earlier this year, for less money. Both figures are calculations from reported numbers.
Nothing here points to solvency pressure, and a filing is permission, not a commitment. The risk sits per share. NuScale frames the cushion as preparation for commercialization, yet a large cash balance is being built with stock that hands over more of the company with each raise
Management’s own timeline explains the pattern. Hamady likened the timing of draws on cash to the timing of commercialization, while noting NuScale is already investing in its supply chain, design finalization and fuel systems. “Ultimately, the commercial contract is the main catalyst,” he said.
ENTRA1 continues talks with TVA over a power purchase agreement. On RoPower, CEO John Hopkins said that if the contract is put in place, “there will be revenue next year.” Neither is signed, and Hamady said guidance will come once OEM and supplier contracts give visibility.
The Q3 report will show which reading holds. Diluted shares above Q2’s 364.52 million, alongside operating cash use near $58 million, would suggest cash is being raised ahead of need. A signed agreement, followed by supplier payments and the start of licensing and engineering work, would show the cushion being put to work.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
