NuScale Power Q2 Earnings Call Highlights

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NuScale Power (NYSE:SMR) said it is preparing for commercial deployment of its small modular reactor technology, citing regulatory approvals, supplier agreements, fuel readiness and a strengthened liquidity position as demand rises for carbon-free power from data centers, industrial users and utilities.

During the company’s second-quarter 2026 earnings call, President and CEO John Hopkins said the nuclear industry’s near-term opportunity is increasingly shaped by customers seeking clean power on timelines that fit their expansion plans. He said NuScale’s strategy has focused on completing engineering and developing its supply chain before entering construction.

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“The preconditions for us to move are in place,” Hopkins said in closing remarks. “The regulatory approval exists. Our fuel supply exists. The engineering is mature. The supply chain is mostly contracted.”

Engineering, Regulatory and Supply-Chain Readiness

Hopkins contrasted NuScale’s approach with the construction history of the Vogtle AP1000 expansion, saying projects can face delays and cost overruns when detailed engineering is incomplete at the start of construction. He said NuScale has spent years investing in design maturity to reduce execution risk for future projects.

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The company said it remains the only SMR company with U.S. Nuclear Regulatory Commission design certification and has received standard design approvals for two designs. NuScale also emphasized that its reactors are designed to use standard low-enriched uranium rather than high-assay low-enriched uranium, or HALEU, which Hopkins said is not commercially available at scale.

NuScale acts as technology systems integrator and engineer of record for an ENTRA1 Energy plant, according to Hopkins. The company said it has assembled a network of more than 60 specialized suppliers and has negotiated agreements with more than half of them.

• Doosan Enerbility is producing heavy forgings and major module components for NuScale Power Modules, Hopkins said.
• Framatome is completing fuel design work under a dedicated agreement, with NuScale saying the arrangement is intended to make fuel available as customers come online.
• Paragon Energy Solutions received a contract during the quarter to complete final design development for the modules’ safety instrumentation and control systems.

In response to analyst questions, Hopkins said forgings are among the principal long-lead items and have been in production for roughly two years. He also said Framatome will manufacture fuel in Washington state and that Paragon’s safety-control work is ahead of schedule.

TVA Discussions and Other Commercial Opportunities

NuScale said its strategic partner, ENTRA1 Energy, continues discussions with the Tennessee Valley Authority regarding a potential definitive power purchase agreement. Hopkins characterized those discussions as active and progressing, but the company did not provide a date for an agreement or identify remaining contractual conditions.

Hopkins said NuScale is also in discussions with hyperscalers, data-center operators, utilities, governments and international customers. The company’s immediate commercial focus, however, is helping ENTRA1 advance the TVA opportunity.

NuScale said a potential TVA deployment could range from 6 gigawatts to 8 gigawatts. Hopkins said the company has publicly stated that construction from the first pouring of safety-related concrete to mechanical completion could take less than 40 months, though that timeframe excludes NRC licensing and other preconstruction activities.

The company also discussed potential industrial applications, including electricity supply, district heat, process heat, ammonia production and hydrogen production. Hopkins said NuScale’s emergency planning zone approval and ability to use dry cooling could be important differentiators for industrial sites facing water constraints.

Romania Project Progress

NuScale is working with Nuclearelectrica and RoPower to satisfy conditions associated with the Romanian utility’s shareholder approval to advance the Doicești project. The project is intended to deploy six NuScale Power Modules at a former coal plant site.

Hopkins said NuScale completed front-end engineering design work as a subcontractor to Fluor, the project’s prime contractor. He said NuScale and its chief operating officer planned to visit Bucharest later in the month to meet with Romania’s incoming government.

The next phase, described as pre-EPC work, would carry the project toward a final notice to proceed and could take about another year, Hopkins said. He added that if contracts are put in place, the Romanian effort could generate revenue in 2027.

NuScale also said about 60% of the combined operating license application prepared for its prior Carbon Free Power Project could be used for a future U.S. project.

Second-Quarter Financial Results and Liquidity

Chief Financial Officer Ramsey Hamady said NuScale reported second-quarter revenue of $0.1 million, down from $8.1 million a year earlier. The decline reflected completion in late 2025 of Fluor’s phase-two front-end engineering design work for the RoPower project, which had no comparable activity in the current quarter.

Hamady said the company closed the quarter with approximately $1.9 billion in cash, cash equivalents and investments, an increase of $900 million from March 31. He described the balance-sheet increase as a proactive measure intended to support long-term capital allocation and commercial readiness.

The company said it expects capital to be directed toward supply-chain agreements, design finalization, fuel systems and working-capital needs as commercialization advances. Hamady said NuScale has not provided formal operating-expense guidance, but said management intends to maintain discipline over spending.

NuScale also opened its 12th Energy Exploration Center during the quarter at the University of Virginia’s College at Wise. The center, supported by a grant from the Virginia Clean Energy Innovation Bank, is designed to provide simulation-based training for future nuclear plant operators, technicians and engineers.

About NuScale Power (NYSE:SMR)

NuScale Power Corporation, trading on the NYSE American under the ticker SMR, is a pioneering developer of small modular nuclear reactors. Established in 2007 as a spinout from Oregon State University, the company is headquartered in Portland, Oregon. NuScale’s mission is to deliver zero-carbon baseload power through scalable modular reactor technology, aiming to transform traditional nuclear energy deployment.

At the core of NuScale’s offering is the VOYGR small modular reactor design, featuring 77-megawatt electric (MWe) modules with passive safety systems.

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