NuScale Power Corporation reported a significant decline in financial performance for the first quarter of 2026, with total revenue falling to $565,000, down from $13.4 million in the same period of 2025. This decrease is attributed primarily to the absence of revenue from the RoPower technology license agreement and the completion of engineering services for the Fluor FEED Phase 2 project, which had contributed substantially to the previous year's figures. The company's cost of sales also decreased to $544,000 from $6.4 million, reflecting the completion of related projects. Despite these reductions, the company incurred a net loss of $46.7 million, compared to a loss of $30.4 million in the prior year, driven by increased research and development expenses and other operational costs.
In terms of operational metrics, NuScale's research and development expenses rose to $12.8 million, up from $9.1 million in the previous year, as the company intensified efforts to advance its NuScale Power Module (NPM) technology. General and administrative expenses also increased to $24.8 million from $23.3 million, largely due to higher compensation costs associated with an expanded workforce. The total employee headcount has grown as the company prepares for future commercialization efforts, although specific numbers were not disclosed in the filing.
NuScale's strategic developments include a partnership with ENTRA1, which is positioned as the exclusive global strategic partner for the commercialization of NuScale's products. The Partnership Milestones Agreement (PMA) with ENTRA1 requires NuScale to make milestone contributions for each NPM or related product, with significant payments already made in relation to the development of energy projects. The company is also actively pursuing international opportunities, particularly in Romania, where the Romanian government has approved the investment decision for the Doicești SMR plant project, allowing for further feasibility studies and design work.
As of March 31, 2026, NuScale reported cash and cash equivalents of $341.1 million and short-term investments of $549 million, indicating a strong liquidity position despite the operational losses. The company has no debt and has entered into a sales agreement allowing for the potential sale of up to $1 billion in Class A common stock, which could provide additional funding for ongoing projects. Looking ahead, NuScale remains focused on transitioning from research and development to commercialization, with expectations of securing contracts that will generate revenue and support the production of NPMs. The company believes it has sufficient resources to meet its cash requirements for the next 12 months and beyond, although it acknowledges the inherent risks and uncertainties in the nuclear energy market.
About NUSCALE POWER Corp
NuScale Power develops small modular nuclear reactors (SMRs) that provide safe, scalable, and cost-effective carbon-free baseload power. Leveraging proven light water reactor technology, its innovative design features passive safety systems, modular construction, and flexibility for diverse applications. Serving utilities, governments, and industrial clients worldwide, NuScale offers equipment sales and comprehensive lifecycle services, positioning itself as a leader in clean, reliable nuclear energy solutions.
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