NuScale Power Corporation (NYSE: SMR) closed Friday’s regular session up 3.7% at $9.82, even as quarterly revenue collapsed to near zero and dilution concerns mounted.
Second-quarter revenue fell 99.1% to $75,000, while the operating loss widened by 48.6% to $64.0 million, reflecting broad increases in research, administrative, and operational expenses.
The company reported cash and investments totaling $1.893 billion at the end of June, with share sales in the first half generating $984.5 million net, accounting for 52% of that total liquidity.
NuScale finalized its $1 billion at-the-market offering in June, issuing 89.7 million shares at an average price of $11.14, causing Class A shares outstanding to rise 28.9% since December.
Operating cash outflow for the first half reached $372.9 million, which included a $268.2 million decrease in payables and accrued expenses, complicating any straightforward runway calculation.
Revenue declined sharply after Fluor Corporation (NYSE: FLR) completed its engineering project, with Fluor having accounted for 92% of NuScale’s quarterly revenue in the prior year.
The loss per share came in at 13 cents, in line with analyst forecasts, offering little reassurance to investors already weighing the pace of the company’s cash consumption.
Chief Executive John Hopkins argued that customers are now questioning “which technology can actually deliver, and when,” positioning NuScale’s regulatory approval and existing fuel supply as competitive advantages.
No binding order has yet materialized from the company’s stated readiness, and the ENTRA1-Tennessee Valley Authority framework, while allowing for up to six gigawatts, remains non-binding and subject to future power-purchase agreements.
A memorandum of understanding signed Thursday with Curio and Framatome expanded NuScale’s potential fuel supply network, covering technical compatibility, qualification, and sourcing alternatives, though no financial terms were disclosed.
Nuclear-related stocks broadly posted gains on Friday, with Oklo Inc. (NYSE: OKLO) climbing 14.8%, Cameco Corporation (NYSE: CCJ) rising 4.1%, and BWX Technologies Inc. (NYSE: BWXT) advancing 1.9%.
NuScale shares gained 9.0% over the full trading week, with Wednesday’s earnings release and Thursday’s fuel-cycle agreement both influencing investor sentiment across the period.
Analyst opinion remains sharply divided, with 16 ratings on record split between six Buys, eight Holds, and two Sells, and price targets ranging widely from $6 to $20.
NuScale is scheduled to appear at Canaccord’s conference on August 11 and at Citigroup’s natural-resources conference on August 12 and 13, where investors are expected to press for details on binding agreements and customer financing.
The company’s substantial cash reserves provide near-term breathing room, but a durable revaluation of the stock will ultimately depend on converting non-binding demand into confirmed, financed orders.
