Will NuScale Power Stock's Jump After Earnings Last? Trefis Team Thu, November 12, 2026 at 3:21 PM EST 3 min read SMR -6.54% OKLO -4.60% ^GSPC -0.35% GEV +1.26% BWXT -1.03% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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NuScale Power (SMR) stock rose 16.2% in the session after its fiscal Q3 2026 report on November 5, while the S&P 500 gained 0.3%. Oklo, a peer, rose 23% in the same session. NuScale's jump came even though its own quarter brought in almost no revenue. For the gain to last, NuScale has to win a customer for the NuScale Power Module and have the cash to fund the wait. So how close is NuScale to that first order?
NuScale Power Has Not Signed A Module Order Yet
NuScale has no order for its modules, and the next step toward one is not a sale either. On the November 5 call, management said a power purchase agreement between ENTRA1 and TVA comes first. Actual module sales follow later under a separate supply contract, an OEM agreement, between NuScale and ENTRA1.
NuScale's revenue was $0.28 million in fiscal Q3 2026, against $8.24 million a year earlier. Management said the earlier quarter included engineering work for the RoPower project, and there was no comparable work this time. Twelve-month revenue rose to $63.9 million in the year to September 2025, from $7.38 million a year before. It then fell back to $2.73 million in the twelve months to September 2026.
So NuScale's revenue has fallen as engineering work for the RoPower project wound down, and the tiny revenue in fiscal Q3 2026 says little about demand for the module itself.
Does NuScale Power Have Enough Cash To Wait?
For now, yes: NuScale finished September 2026 with $933 million in cash and short-term investments, alongside almost no debt. Management put the company's liquidity at about $1.9 billion, a wider measure than cash and short-term investments. Free cash flow stood at negative $608 million over the past twelve months, meaning the cash would last about a year and a half at that pace. The pace has been uneven, however. Free cash flow was negative $28.7 million in fiscal Q3 2026, compared with negative $316 million in fiscal Q1.
Management said operating expenses were $65 million in fiscal Q3 2026 and should stay fairly constant. It added that spending will grow once NuScale starts work on a project, which it hopes will be with TVA and ENTRA1. So the cash covers a wait of about a year and a half at the past year's pace, and management expects spending to grow once a project begins.
Where NuScale Power's Spending Goes Before An Order
NuScale is directing part of its spending toward building modules before it secures a buyer. Management said the company's first-article work with Doosan Enerbility and its long-lead materials are building up on the balance sheet as inventory.
The cash and the order appear tied together. Management expects the money NuScale puts into modules today to come back through module sales under a future OEM agreement. Management also said it would have more clarity on margins once it has an order. When the timing of a commercial agreement came up on the November 5 call, management gave no date, saying the process continues and has been lengthy.
NuScale currently has the cash to keep waiting, but it does not yet have the order. At the company's next report, expected in February 2027, the things to watch are whether ENTRA1 and TVA have signed their power purchase agreement and how much cash NuScale used in the quarter.
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