NuScale Power (NYSE: SMR) reported second quarter fiscal 2026 results that revealed a dramatic divergence between its revenue performance and its liquidity position.
The company’s revenue collapsed 99% year over year to just $75,000 for the quarter ending June 30, 2026, while its operating loss widened 49% to $64 million.
Despite the revenue collapse, NuScale ended the quarter holding $1.9 billion in cash, cash equivalents, and liquid investments, representing a near four-fold increase from a year ago.
That cash balance grew by approximately $900 million from the first quarter of 2026, a figure that tells a very different story than the revenue line alone.
The revenue decline stems directly from NuScale concluding its FEED Phase 2 work on its RoPower project in late 2025, leaving no comparable projects to immediately replace that income stream.
Because NuScale’s revenue is tied to project milestones rather than recurring contracts, its quarterly income figures are inherently lumpy and not reliable indicators of long-term business prospects.
The $900 million cash increase is largely explained by $984.5 million in net proceeds raised through stock offerings during the first half of 2026, a strategy that has meaningfully diluted existing shareholders.
NuScale grew its Class A share count from 318.5 million shares at the end of 2025 to 410.4 million shares by the close of the second quarter, representing substantial dilution in just two quarters.
The company then filed on August 11 to sell an additional $750 million in shares through an at-the-market offering, signaling that further dilution is firmly on the horizon.
This pattern of repeated equity raises reflects the structural reality that NuScale does not expect to deploy its first commercial small modular reactors until the next decade, requiring years of cash-burn management.
The company’s stock continues to trade at approximately 14 times its projected 2028 sales, a valuation that appears difficult to justify given the current revenue environment and ongoing share dilution.
Compounding investor concerns, NuScale insiders have been net sellers of the stock over the past 12 months, a signal that those closest to the company’s operations are not aggressively buying at current prices.
Investors evaluating NuScale must weigh its long-term technology potential against the practical reality of steep losses, accelerating dilution, and a commercial deployment timeline still years away.
