NuScale Power (NYSE: SMR) generated just $75,000 in revenue during the second quarter of 2026, a staggering 99% year-over-year decline that underscores the company’s pre-commercial status.

The small modular reactor developer recorded cost of sales of $227,000 in the same quarter, meaning the company spent more producing revenue than it actually collected.

When research and development costs and selling, general, and administrative expenses are factored in, NuScale’s total operating loss for the second quarter reached $64 million, a 49% widening compared to the prior year period.

Despite those numbers, NuScale managed to raise approximately $985 million in the first half of 2026 by selling nearly 89.7 million shares through an at-the-market offering, pushing total cash balances to roughly $1.1 billion.

The company’s overall liquidity position at the end of Q2 stood at approximately $1.9 billion, providing a longer runway than the cash balance alone would suggest.

At the current quarterly burn rate of around $64 million, NuScale’s existing cash position could sustain operations for roughly four years before a serious funding crisis would emerge.

The company’s central commercial challenge remains the absence of a signed first customer, the milestone Wall Street is most closely watching before reassessing the stock’s trajectory.

RoPower, a Romanian power company, has approved a nuclear project that would deploy six NuScale SMRs, but the deal still requires project financing to be secured before it becomes a revenue-generating contract.

NuScale is also engaged with ENTRA1 Energy and the Tennessee Valley Authority on a separate project that could lead to a commercial sale, though that agreement has not yet been finalized.

To keep funding operations, NuScale recently announced plans to sell up to an additional $750 million in shares, a move that will further dilute existing shareholders but reflects the company’s only realistic near-term source of capital.

Every share issuance erodes ownership stakes for current investors, and the company’s pattern of equity raises signals that additional capital rounds are likely before any meaningful revenue materializes.

Analysts project NuScale’s revenue could reach approximately $2.1 billion by 2031, a figure that would represent a dramatic transformation from its current near-zero commercial output.

The gap between today’s $75,000 quarterly revenue and that long-range forecast illustrates both the scale of the opportunity and the substantial execution risk investors are being asked to absorb.