NuScale (SMR) Q3 2026: $0.3M of revenue, a first module in fabrication, still no TVA contract

$SMR reported revenue of $281K for the third quarter, against $8.2M a year ago, and a net loss of $45.7M. The quarter's news is physical: NuScale signed with Doosan Enerbility to fabricate the upper reactor coolant system of its first commercial NuScale Power Module, "the most complex and foundational component" of the module. The catalyst our /stocks/smr thesis waits for, a signed contract in the ENTRA1 and Tennessee Valley Authority program, is not in the release. This recap walks the print, the program, the cash, the read across the Nuclear / SMR bubble and what to watch next.

The print

$SMR reported the quarter ended September 30, 2026.

What moved the numbers:

• Revenue. The prior-year quarter carried Fluor's Front-End Engineering and Design (FEED) Phase 2 work for RoPower; there was no comparable activity this year.
• R&D. Up $7.0M, of which $6.7M went to the design maturity of the module components.
• Other expenses. Up $8.1M, as engineers worked on fewer billable commercial projects and the team supporting supply chain readiness grew.
• Investment income. $19.1M, up $13.4M, on a larger cash and investment pile and higher rates.

The program

• Doosan Enerbility will fabricate the upper reactor coolant system of the first commercial module: the release calls it the move "from development to physical production".
• Supply chain. First-of-a-kind reactor safety components fabricated with MillenniTEK, and nuclear-specific AI tools deployed with Nuclearn and NPX in engineering.
• ENTRA1 and TVA. NuScale "continues to support" ENTRA1 in its dialogue with TVA on the program of up to 6 GW announced in September 2025. No power purchase agreement and no order are announced.
• The design. Still the only SMR design certified by the US Nuclear Regulatory Commission, per the company (77 MWe per module, up to 924 MWe with 12).

The cash

• Burn. Operating cash flow of minus $401.4M over nine months, of which $261.2M went to paying down accounts payable and accrued expenses.
• Funding. $984.5M raised from new shares over nine months, which is how the cash total rose while the company burned cash.
• No debt on the balance sheet.

Nuclear / SMR read-through

The standing QA thesis on /stocks/smr is a regulatory moat with no customer yet: the only NRC-approved SMR design in the US, a 6 GW TVA pathway that is still a discussion, and the cash to wait.

• The moat. Unchanged, and now with hardware in fabrication.
• The customer. Still missing: the TVA program remains in dialogue, the one catalyst that changes the story per the thesis.
• The cash. Confirmed at $1.9B, paid for with dilution (Class A shares up 29% since December).
• Fuel side. Centrus's print on November 4 showed HALEU and LEU commitments filling; NuScale's light-water module runs on standard LEU, so the order that matters for it is a utility's.

Net read: execution on the module moved forward; the commercial contract did not.

Peer reaction

$SMR's closest correlated names in the QA universe over 252 days are $OKLO (0.87), $NNE (0.82), $LTBR (0.82) and $LEU (0.77), all in the same bubble. $OKLO reports on November 6. The release came after the close, so the session reaction was not established when this recap was written.

What worked

• A fabrication contract with Doosan for the first commercial module's most complex component.
• $1.86B of cash and investments, no debt.
• Investment income of $19.1M, three times the year-ago figure.

What broke

• Revenue. $281K, with the RoPower engineering work over.
• The TVA program. No contract after more than a year of dialogue.
• Dilution. 410.5M Class A shares, from 318.5M in December and 147.7M weighted a year ago.
• The tape. A $4.37 close on November 5 before the release, down 40% over a month, 52% over three months and 88% over a year in the data QA tracks.

What to watch

• The call and the 10-Q: the value and schedule of the Doosan contract, and what was behind the year-ago G&A.
• A signed PPA or order in the ENTRA1 and TVA program.
• RoPower: any next phase in Romania.
• Cash burn against the $1.86B, and any new share sales.
• Levels. The nearest auto Fibonacci retracement of the 52-week range sits at $12.35, far above the November 5 close; there is no curated level on SMR.

The level map, the peer table and the standing thesis live on /stocks/smr, where our NuScale teardown video is embedded, with the company primer in NuScale explained. The full $SMR dossier collects the filings and the numbers. To follow the reactor and fuel names as a group, see the Nuclear / SMR bubble.

Educational research on structural market dynamics. Not investment advice. QuantAbundance positions may change without notice.