NuScale Power Corporation (NYSE:SMR) closed Friday's regular trading session with a 3.7% gain, reaching $9.82 per share, even as the company reported a dramatic 99.1% plunge in second-quarter revenue to just $75,000. The after-hours session continued to show positive momentum, with investors seemingly prioritizing the company's strengthened liquidity over its weak top-line performance.
The nuclear energy developer's quarterly operating loss widened to $64.0 million, a 48.6% increase from the $43.1 million loss recorded in the same period last year. Net loss for the quarter came in at $50.1 million, up 33.1% year-over-year, while loss per share remained steady at $0.13, matching analyst expectations.
Despite the bleak revenue figures, the company's balance sheet tells a more optimistic story. NuScale reported cash and investments totaling $1.893 billion at the end of June, with share sales in the first half of 2026 generating $984.5 million in net proceeds—accounting for 52% of total liquidity. The company finalized its $1 billion at-the-market offering in June, issuing 89.7 million shares at an average price of $11.14, which is 11.8% higher than Friday's closing price.
The capital raise has come at a cost to shareholders, however, as the number of Class A shares outstanding increased by 28.9% since December. This dilution overhang continues to weigh on the stock, with analyst price targets ranging from a bearish $6.00 to a bullish $20.00. The consensus among 16 analysts is a Hold rating with an average target of $12.90, implying roughly 31% upside from current levels.
Revenue declined sharply after Fluor Corporation (NYSE:FLR) completed its engineering project, which had accounted for 92% of last year's quarterly revenue. NuScale's CEO John Hopkins noted that customers are now questioning which technology can truly deliver, and when. The company points to its regulatory approval, existing fuel supply, and supplier base as key differentiators, but has yet to secure a significant binding order.
The ENTRA1-Tennessee Valley Authority framework, which allows for up to six gigawatts of capacity, remains non-binding and subject to future power-purchase agreements. Investors are eagerly awaiting updates on this front, with NuScale scheduled to present at Canaccord's conference on August 11 and Citigroup's natural-resources conference on August 12-13.
On Thursday, NuScale signed a memorandum of understanding with Curio and Framatome to expand its potential fuel supply network, evaluating technical compatibility and sourcing alternatives. While no financial terms were disclosed, the move signals continued strategic progress.
Nuclear stocks broadly rallied on Friday, with Oklo Inc. (NYSE:OKLO) surging 14.8%, Cameco Corporation (NYSE:CCJ) gaining 4.1%, and BWX Technologies Inc. (NYSE:BWXT) advancing 1.9%. NuScale shares rose 9.0% for the week, buoyed by earnings and the fuel-cycle agreement.
Operating cash outflow for the first half totaled $372.9 million, though this figure includes a $268.2 million decrease in payables and accrued expenses, making simple runway calculations misleading. The company's cash reserves provide a buffer, but sustained revaluation will require converting non-binding demand into confirmed, financed orders.
Risks remain elevated, including potential delays in binding contracts, customer financing, construction, or regulatory clearances, as well as further dilution from additional share offerings. NuScale generates limited recurring revenue and remains unprofitable, making execution crucial for the stock's long-term trajectory.
