NuScale Power Corporation (NYSE: SMR) is scheduled to report its second-quarter 2026 financial results on August 5, after the closing bell.
The Zacks Consensus Estimate for Q2 revenues stands at $1 million, representing a steep decline of 87.6% from the same quarter a year earlier.
The consensus earnings estimate of -$0.13 per share has held steady over the past seven days, matching the loss recorded in the year-ago quarter.
For the full year 2026, revenue estimates are pegged at $35.9 million, implying year-over-year growth of 14%, while the bottom-line consensus of -$0.46 per share signals an improvement of 78.8%.
NuScale’s recent earnings track record offers little encouragement, with the company missing the Zacks Consensus Estimate in each of its last four reported quarters, producing an average negative surprise of 579.4%.
The most recently reported quarter alone saw a negative earnings surprise of 27.3%, reinforcing a pattern of consistent underperformance against analyst expectations.
The Zacks model does not indicate a likely earnings beat for Q2, as SMR carries an Earnings ESP of 0.00% and a Zacks Rank of 4, which is classified as a Sell.
On the commercial side, NuScale continued advancing discussions between ENTRA1 and the Tennessee Valley Authority on a power purchase agreement tied to a planned 6-gigawatt deployment during the quarter.
Romania’s RoPower project also progressed into its next phase following shareholder approval, with the project expected to spend approximately 15 months on engineering and site-specific work before construction begins, provided pre-EPC financing is secured.
NuScale ended the first quarter with roughly $1 billion in liquidity, a figure that rose to more than $1.2 billion by early May, giving the company flexibility to fund commercialization and manufacturing readiness efforts.
Management also expanded its partnership with Framatome, continued production activities with Doosan Enerbility, and conducted supplier reviews with 37 strategic partners while working to reduce single-source dependencies.
First-quarter revenues fell sharply to $565,000 from $13.4 million in the prior-year period, as major RoPower licensing work and Phase 2 FEED engineering services had already been completed in 2025.
Management indicated that meaningful revenues and operating cash flow are expected only as projects advance into later commercial stages, leaving near-term earnings heavily dependent on project timing.
Over the past year, NuScale shares have plunged more than 80%, a significantly steeper decline than Oklo Inc. (NYSE: OKLO), which fell 49.2%, and Nano Nuclear Energy (NASDAQ: NNE), which dropped 55.3%.
Despite its weak operating fundamentals, SMR is currently trading at 2.77 times book value, a premium relative to both OKLO and NNE, raising further questions about the stock’s near-term risk-reward profile.
With no signal of an earnings beat, persistent revenue dependency on large project milestones, and a stretched valuation, the case for holding NuScale shares into the Q2 earnings release appears difficult to justify on current fundamentals.
