NUSCALE POWER Corp 10-Q for FY2026 Q3

NUSCALE POWER Corp (SMR)

10-Q 2026-11-05 For: 2026-09-30

Added on November 05, 2026

About this 10-Q

NUSCALE POWER Corp filed this 10-Q on November 5, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

NuScale reported revenue down $28.8 million for the nine months ended September 30, 2026 and a narrowed net loss. As of September 30, 2026, it held $513.4 million in cash and equivalents and $930.7 million in investments with no debt. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $281K; down 96.6% from $8.24M a year earlier
Net loss: $43.65M; compared with a net loss of $273.32M a year earlier
Diluted EPS: -$0.11; compared with -$1.85 a year earlier

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Delaware			98-1588588
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

1100 NE Circle Blvd., Suite 350	Corvallis	Oregon	97330
(Address of Principal Executive Offices)			(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, $0.0001 par value per share	SMR	New York Stock Exchange


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	o	Smaller reporting company	☐
		Emerging growth company	☐



		Page Number
Glossary of Terms
Cautionary Note Regarding Forward-Looking Statements

Part I - Financial Information
Item 1.	Financial Statements	1
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24
Item 4.	Controls and Procedures	25
Part II - Other Information
Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26
Item 3.	Defaults Upon Senior Securities	26
Item 4.	Mine Safety Disclosures	26
Item 5.	Other Information	26
Item 6.	Exhibits	27
Signatures		28


(in thousands, except share and per share amounts)	September 30, 2026		December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents	$	513,359	$	836,417
Short-term investments	420,032		417,800
Restricted cash	5,150		5,100
Prepaid expenses	8,641		4,877
Accounts and other receivables, net (2025 - $5,452 from related party)	15,778		8,378
Total current assets	962,960		1,272,572
Property, plant and equipment, net	3,120		1,924
In-process research and development	16,900		16,900
Intangible assets, net	394		527
Goodwill	8,255		8,255
Long-lead material work in process	69,692		63,767
Investments	930,684		32,954
Other assets	28,035		15,613
Total Assets	$	2,020,040	$	1,412,512
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses	$	26,720	$	286,515
Accrued compensation	11,603		8,280
Other accrued liabilities	845		648
Deferred revenue	295		613
Total current liabilities	39,463		296,056
Noncurrent liabilities	5,846		2,570
Deferred revenue	336		335
Total Liabilities	45,645		298,961

Stockholders’ Equity
Class A common stock, par value $0.0001 per share, 662,000,000 shares authorized, 410,541,392 and 318,480,601 shares outstanding as of September 30, 2026 and December 31, 2025, respectively	41		32
Class B common stock, par value $0.0001 per share, 179,000,000 shares authorized, 19,332,018 and 19,413,185 shares outstanding as of September 30, 2026 and December 31, 2025, respectively	2		2
Additional paid-in capital	2,892,114		1,901,678
Accumulated deficit	(868,078)		(732,871)
Total Stockholders’ Equity Excluding Noncontrolling Interests	2,024,079		1,168,841
Noncontrolling interests	(49,684)		(55,290)
Total Stockholders' Equity	1,974,395		1,113,551
Total Liabilities and Stockholders' Equity	$	2,020,040	$	1,412,512


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share amounts)	2026		2025		2026		2025
Revenue (2025 - $7,873 and $22,573 from related party)	$	281	$	8,242	$	921	$	29,671
Cost of sales	(148)		(5,533)		(919)		(18,179)
Gross Margin	133		2,709		2		11,492
Research and development expenses	18,007		11,054		49,241		31,987
General and administrative expenses	27,918		519,222		79,632		565,009
Other expenses	19,028		10,873		57,476		31,345
Loss From Operations	(64,820)		(538,440)		(186,347)		(616,849)
Sponsored cost share	—		33		4		117
Investment income	19,111		5,761		43,886		16,424
Loss Before Income Taxes	(45,709)		(532,646)		(142,457)		(600,308)
Foreign income taxes	—		—		—		342
Net Loss	(45,709)		(532,646)		(142,457)		(600,650)
Net loss attributable to noncontrolling interests	(2,056)		(259,327)		(7,250)		(295,685)
Net Loss Attributable to Class A Common Stockholders	$	(43,653)	$	(273,319)	$	(135,207)	$	(304,965)

Loss per Share of Class A Common Stock:
Basic and Diluted	$	(0.11)	$	(1.85)	$	(0.37)	$	(1.37)

Weighted-Average Shares of Class A Common Stock Outstanding:
Basic and Diluted	410,458,377		147,685,584		365,230,553		223,201,115


(in thousands)	Common Stock
	Class A			Class B			Additional Paid-in Capital		Accumulated Deficit		Noncontrolling Interests		Total Stockholders’ Equity
	Shares	Amount		Shares	Amount
Balances at June 30, 2026	410,368	$	41	19,334	$	2	$	2,885,691	$	(824,425)	$	(47,652)	$	2,013,657
Equity-based compensation expense	—	—		—	—		6,314		—		—		6,314
Exercise of common share options and vested RSUs	171	—		—	—		133		—		—		133
Issuance of Class A common stock	—	—		—	—		—		—		—		—
Exchange of combined interests for Class A common stock	2	—		(2)	—		—		—		—		—
Rebalancing of ownership percentage between controlling and the noncontrolling interests	—	—		—	—		(24)		—		24		—
Net loss	—	—		—	—		—		(43,653)		(2,056)		(45,709)
Balances at September 30, 2026	410,541	$	41	19,332	$	2	$	2,892,114	$	(868,078)	$	(49,684)	$	1,974,395


	As of and for the Three Months Ended September 30,		As of and for the Nine Months Ended September 30,
Controlling and Noncontrolling Interests	2026	2025	2026	2025
NuScale Corp Class A common stock
Beginning of period	410,367,790	133,753,450	318,480,601	122,842,474
Exchange of combined interests for Class A common stock	1,732	20,165,878	81,167	23,437,092
Issuance of Class A common stock	—	13,216,809	89,727,165	17,764,936
RSUs vested and exercise of options	171,870	459,644	2,252,459	3,551,279
End of period	410,541,392	167,595,781	410,541,392	167,595,781

NuScale LLC Class B Units (NCI)
Beginning of period	19,333,750	150,983,449	19,413,185	154,254,663
Exchange of combined interests for Class A common stock	(1,732)	(20,165,878)	(81,167)	(23,437,092)
End of period	19,332,018	130,817,571	19,332,018	130,817,571

Total
Beginning of period	429,701,540	284,736,899	337,893,786	277,097,137
Issuance of Class A common stock	—	13,216,809	89,727,165	17,764,936
RSUs vested and exercise of options	171,870	459,644	2,252,459	3,551,279
End of period	429,873,410	298,413,352	429,873,410	298,413,352


	Amortized Cost Basis		Fair Value Measurements Using
			Level 1		Level 2		Level 3		Total
Cash Equivalents:
Money Market Accounts	$	182,286	$	182,286	$	—	$	—	$	182,286
U.S. Treasury Bills	49,866		—		49,861		—		49,861
Short-term Investments:
CDs	360,000		—		360,000		—		360,000
U.S. Treasury Bills	14,992		—		14,943		—		14,943
Corporate Bonds and Paper	45,040		—		45,000		—		45,000
Investments:
U.S. Government Securities	169,438		—		167,089		—		167,089
U.S. Treasury Bills	139,932		—		137,950		—		137,950
Corporate Bonds and Paper	621,314		—		614,719		—		614,719
Total as of September 30, 2026	$	1,582,868	$	182,286	$	1,389,562	$	—	$	1,571,848


Lease Assets/Liabilities	Balance Sheet Classification	September 30,		December 31,
		2026		2025
Right-of-use Assets
Operating lease assets	Other assets	$	5,921	$	1,628
Total right-of-use assets		$	5,921	$	1,628

Lease Liabilities
Operating lease liabilities, current	Other accrued liabilities	$	845	$	648
Operating lease liabilities, noncurrent	Noncurrent liabilities	5,789		1,102
Total lease liabilities		$	6,634	$	1,750


	September 30,			December 31,
Supplemental Lease Information	2026			2025
Right-of-use assets obtained in exchange for new operating leases	$	5,174		$	—
Weighted-average remaining lease term – operating leases	6.13 years			2.20 years
Weighted average discount rate-operating leases	4.84		%	4.99		%


Future Annual Payments	Operating Leases
2026	$	221
2027	1,084
2028	1,411
2029	1,648
2030	1,662
Remaining Years	5,446
Total lease payments	11,472
Less: imputed interest	(1,963)
Less: lease incentive allowance	(2,875)
Present value of lease liabilities	$	6,634


	September 30, 2026		December 31, 2025
Furniture and fixtures	$	27	$	27
Office and computer equipment	7,115		5,224
Software	11,763		11,698
Operations equipment	1,165		1,165
Leasehold improvements	489		489
	20,559		18,603
Less: Accumulated depreciation	(17,591)		(16,740)
Add: Assets under development	152		61
Net property, plant and equipment	$	3,120	$	1,924


	Nine Months Ended September 30,
(in thousands)	2026		2025
Net Cash Used in Operating Activities	$	(401,418)	$	(255,906)
Net Cash Used in Investing Activities	(902,362)		(306,332)
Net Cash Provided by Financing Activities	985,235		568,267
Net Change in Cash and Cash Equivalents (A)	$	(318,545)	$	6,029

(A) Includes $5,150 in restricted cash and $4,463 in other assets


	NuScale Power Corporation

Date	By:	/s/ John Hopkins
November 5, 2026	Name:	John Hopkins
	Title:	Chief Executive Officer


Date	By:	/s/ Robert Ramsey Hamady
November 5, 2026	Name	Robert Ramsey Hamady
	Title:	Chief Financial Officer


1.			I have reviewed this quarterly report on Form 10-Q of NuScale Power Corporation;

2.			Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.			Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.			The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


			(a)			Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

			(b)			Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

			(c)			Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

			(d)			Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Revenue Categories	2026		2025		2026		2025
Power Plant and NPM related services	$	23	$	8,034	$	335	$	28,438
Energy Exploration Centers	258		176		586		1,099
Other	—		32		—		134
Total	$	281	$	8,242	$	921	$	29,671


			Payments Due By Year
	Total		2026		2027		2028		2029		2030		Thereafter
Materials purchase commitments - LLM	$	41,938	$	—	$	41,938	$	—	$	—	$	—	$	—
Supply chain readiness and manufacturing	9,963		1,298		8,035		630		—		—		—
Services commitments - Other	62,885		22,720		24,024		14,998		1,143		—		—
PMA contributions	—		—		—		—		—		—		—
Sales and marketing agreements	43,500		8,700		34,800		—		—		—		—
Lease commitments	11,472		221		1,084		1,411		1,648		1,662		5,446
Total	$	169,758	$	32,939	$	109,881	$	17,039	$	2,791	$	1,662	$	5,446


Exhibit Number						Description
2.1†						Agreement and Plan of Merger, dated as of December 13, 2021, by and among Spring Valley, Merger Sub and NuScale LLC (incorporated by reference to Annex A to the Proxy Statement/Prospectus filed with the SEC on April 8, 2022)
2.2						Amendment to Agreement and Plan of Merger, dated as of December 28, 2021, by and among Spring Valley, Merger Sub and NuScale LLC (incorporated by reference to Annex A-I to the Proxy Statement/ Prospectus filed with the SEC on April 8, 2022)
2.3						Second Amendment to Agreement and Plan of Merger, dated as of April 14, 2022, by and among Spring Valley, Merger Sub and NuScale LLC (incorporated by reference to Exhibit 2.1 to Spring Valley’s Current Report on Form 8-K, filed with the SEC on April 15, 2022)
3.1						Certificate of Incorporation of NuScale Power Corporation as amended (incorporated by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q filed on August 7, 2025)
3.2						Certificate of Amendment to the Certificate of Incorporation, as amended, of NuScale Power Corporation, effective December 16, 2025 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on December 17, 2025)
3.3						Amended and Restated Bylaws of NuScale Power Corporation (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on November 17, 2025)
10.1						Sales Agreement dated August 11, 2026 between the Company and UBS Securities LLC, B. Riley Securities, Inc., Canaccord Genuity LLC, Craig-Hallum Capital Group, LLC, TCBI Securities, Inc., doing business as Texas Capital Securities, and Tuohy Brothers Investment Research, Inc. (incorporated by reference to Exhibit 1.1 to the Current Report on Form 8-K filed on August 11, 2026)
31.1*						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**						Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**						Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*						XBRL Instance Document
101.SCH*						XBRL Taxonomy Extension Schema Document
101.CAL*						XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*						XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*						XBRL Taxonomy Extension Label Linkbase Document
101.PRE*						XBRL Taxonomy Extension Presentation Linkbase Document
104*						Cover Page Interactive Data File (formatted as Inline XBRL)


			(a)			All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

			(b)			Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 5, 2026	By:	/s/ John Hopkins
		John Hopkins
		Chief Executive Officer (Principal Executive Officer)


			(1)			The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

			(2)			The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.