Earnings Recap — Q2 FY2026
CY Q3 2026 · Reported August 5, 2026 · Beat 2 of last 7 quarters
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NuScale's progress on supply chain readiness and liquidity positions it to capitalize on the accelerating demand for clean, firm power from hyperscalers and utilities. The company's focus on near-term deployability and its unique NRC approval could make it a key player in the AI infrastructure buildout, particularly for behind-the-meter applications. The pending TVA PPA, if finalized, would represent a significant deployment of SMR capacity, potentially catalyzing further orders.
NuScale reported revenue of $0.1 million for Q2 2026, down from $8.1 million YoY, reflecting the completion of Fluor FEED Phase 2 work for RoPower. The company closed the quarter with approximately $1.9 billion in cash, cash equivalents and investments, up $900 million from Q1. Management highlighted progress on supply chain readiness, including signed agreements with over half of its 60+ suppliers and long-lead items in production. Discussions between ENTRA1 and TVA toward a definitive PPA were described as active and progressing. The company also opened its 12th E2 Center and continued advancing the RoPower project in Romania.
Management emphasized readiness for near-term commercialization, with the TVA/ENTRA1 PPA as the primary catalyst. They expect revenue to grow as project activity advances, with RoPower potentially contributing revenue if contracts are finalized. The company plans to continue investing in supply chain agreements, fuel design, and design finalization to derisk first projects. OpEx is expected to remain disciplined, with management highlighting a track record of controlling costs. No formal guidance was provided, but the tone was confident and focused on execution readiness.
“Demand for reliable carbon-free power is not building slowly. It is accelerating.”
on Market demand
“We continue dialogue with hyperscalers, data centers. Our focus right now has been for readiness for TVA when the announcement gets made. But others that we talk to, and I think you recognize the need right now for clean energy. Texas just came out and stated here today that they have to shut down data center promotions because of lack of energy and water. We're an answer to that, and we're positioning ourselves to move forward quickly. So it's really the timing of the customer and when they need their energy, and we're ready to enter in discussions at any time.”
on Commercial readiness
“We've diverged from those start-up metrics. We've diverged from burn rate, and we provide optionality. And now we think about capital allocation.”
on Liquidity strategy
Did the sizable financial and trade commitments from Japan and South Korea play into the timeline at all for converting TVA into firm PPA?
Ramsey Hamady said those announcements are promising but not built into the capital structure; the PPA is not dependent on that cash. John Hopkins added that a significant piece of those investments is slated for U.S. energy projects, including SMRs.
Beyond the head start with NRC approval, how do you view the durability of your technology advantage if we roll forward the clock a few years?
John Hopkins highlighted the readiness advantage: over 60 suppliers with half under master services agreements, 12 modules in production, and long-lead items already being worked. He noted the company is ready to deploy now and will continue improving efficiencies and costs.
Can you walk us through the updates on the Romania project and when we should expect further progress?
John Hopkins said NuScale is a subcontractor to Fluor, completed FEED successfully, and is waiting on the new Romanian government to finalize contract agreements. He and his COO plan to visit Bucharest later this month. The next pre-EPC phase could take about a year before final notice to proceed.