NuScale Power (NYSE: SMR) generated just $75,000 in revenue during the second quarter of 2026, while recording cost of sales of $227,000, underlining just how early-stage the business remains.
The company is attempting to design, build, and sell small modular nuclear reactors, a technology that has attracted significant investor interest but has yet to produce a paying customer for NuScale.
Despite the near-zero revenue, NuScale raised approximately $985 million in the first half of 2026 through an at-the-market stock offering, pushing its total cash balance to roughly $1.1 billion.
To raise that capital, NuScale sold nearly 89.7 million shares, growing its Class A share count from 318.5 million at the end of 2025 to 410.4 million shares by the close of the second quarter of 2026.
When research and development costs and selling, general, and administrative expenses are factored in, NuScale’s total operating loss reached $64 million in the second quarter alone.
Measured against the $1.1 billion cash pile, that quarterly burn rate implies the company could sustain operations for approximately four years before funds become critically low.
However, UBS estimates NuScale will suffer $700 million in negative free cash flow between 2026 and 2028, consuming roughly 65% of its current cash on hand during that window.
Analysts polled by S&P Global Market Intelligence project an even steeper cash burn of closer to $1 billion over the same period, a figure that would nearly drain NuScale’s reserves entirely.
NuScale has moved to get ahead of the problem by establishing a new at-the-money stock program designed to raise as much as an additional $750 million in fresh capital.
On the commercial front, Romanian power company RoPower has approved a nuclear project that would deploy six NuScale small modular reactors, though the project still requires project financing to proceed.
NuScale is also working with ENTRA1 Energy and the Tennessee Valley Authority on a separate project that could result in a sale, but no agreement has been finalized as of yet.
Analysts project NuScale’s revenue could climb from approximately $11 million currently to $185 million by 2028, but the company must avoid exhausting its cash reserves before reaching that milestone.
The central challenge for NuScale is securing a first confirmed customer at commercial scale, a development that Wall Street is treating as the critical catalyst for the company’s long-term viability.
