SMR Q2 2026 - Preliminary Earnings Alert

Event: Quartr Q2 2026 event Retrieved: 2026-08-05T22:38:00Z Comparison mode: maximal Scorecard contract: v1 Source status: release=available | financials=earnings release only | transcript=live (call in progress, 2026-08-05 21:00Z)

Consensus scorecard

Reported results and guidance

Guidance: none. The release contains no revenue, expense, cash-flow or milestone guidance for any period.

• Scorecard recap: revenue of $0.075m missed consensus by 99.1% and GAAP basic and diluted EPS of $(0.13) beat the $(0.1303) estimate by 0.2%, an essentially in-line result on EPS.
• The company attributes the revenue decline to the completion of the Fluor Front-End Engineering and Design Phase 2 engineering services for the RoPower project in late 2025, with no comparable activity in 2026; revenue and cost of sales fell $8.0m and $6.0m respectively.
• ENTRA1 Energy, described as NuScale's exclusive global strategic partner, continues to advance discussions with the Tennessee Valley Authority toward a definitive power purchase agreement, which the company describes as potentially the largest nuclear power deployment program in U.S. history.
• NuScale is working with Nuclearelectrica and RoPower to satisfy conditions attached to the Nuclearelectrica shareholders' vote to advance the RoPower project in Doicești, Romania, which would deploy six NuScale Power Modules at a former coal plant site.
• The company awarded Paragon a contract to complete final design development of the Highly Integrated Protection System for the NuScale Power Module.
• The company states it holds the only U.S. Nuclear Regulatory Commission design certification in the SMR industry and has built a supply chain of more than 60 specialized partners with over 30 agreements executed.
• Each NuScale Power Module generates 77 MWe (250 MWt gross) and can be scaled to 924 MWe across twelve modules.

Key bullish aspects

• Liquidity is exceptional relative to the burn: $1.9bn of cash, cash equivalents and short- and long-term investments against total liabilities of only $35.5m and no debt.
• The company raised $984.5m of net proceeds from common stock issuance in the first half, which more than funded the period's $372.9m of operating cash use and $677.7m of net investing outflow.
• Total stockholders' equity rose 80.8% to $2,013.7m from $1,113.6m at 31 December.
• Investment income rose 156% to $13.9m in the quarter and 132% to $24.8m over six months, so the cash pile is now generating meaningful income against a $64.0m quarterly operating loss.
• The EPS result was essentially in line with consensus despite the revenue collapse, because the loss per share was held flat at $(0.13) year over year even as the absolute loss grew.
• Net loss attributable to noncontrolling interests fell 87.4% to $(2.5)m, so a far larger share of the consolidated loss now accrues to Class A holders — the mirror image of the company having bought in economic interest.
• R&D rose 56.2% to $18.4m, which the company attributes to $7.1m of higher spending advancing technological readiness and design maturity of NuScale Power Module components rather than to regulatory cost.
• Regulatory costs fell $0.6m following Standard Design Approval in May 2025, and the company holds the only NRC design certification in the SMR industry.
• Long-lead material work in process rose 7.5% to $68.6m, indicating continued procurement ahead of orders.
• Two named commercial pathways are progressing: the ENTRA1-TVA power purchase agreement discussions and the RoPower six-module project in Romania, which the company calls the most advanced SMR effort in Europe.
• The Paragon award for final design development of the Highly Integrated Protection System is described as a critical supply-chain readiness milestone.

Key bearish aspects

• Revenue was effectively zero: $0.075m in the quarter and $0.640m over six months, against $8.054m and $21.429m a year ago — a 99.1% and 97.0% decline, and a 99.1% miss against consensus.
• Gross margin turned negative at $(0.152)m in the quarter and $(0.131)m over six months, against $1.781m and $8.783m of positive gross margin a year ago.
• The operating loss widened 48.6% to $(64.0)m in the quarter and 55.0% to $(121.5)m over six months, so costs are scaling while revenue disappears.
• Every expense line rose: R&D +56.2%, G&A +19.3%, and other expenses +76.0% to $18.5m — the last because engineers and project personnel worked on fewer commercial projects, so their cost fell out of cost of sales and into operating expense.
• Net loss attributable to Class A stockholders widened 169% to $(47.5)m in the quarter and 189% to $(91.6)m over six months, far more than the consolidated loss, because the noncontrolling-interest absorption collapsed.
• Operating cash use of $(372.9)m over six months was 6.6 times the prior year's $(56.1)m, dominated by a $(268.2)m reduction in accounts payable and accrued expenses.
• Accounts payable and accrued expenses fell 93.1% to $19.8m from $286.5m at 31 December — a very large liability settled in cash that the release does not explain.
• Class A shares outstanding rose 28.9% to 410.4m over six months and weighted-average Class A shares rose 173% year over year, so the equity funding is heavily dilutive.
• The accumulated deficit grew $91.6m to $(824.4)m in six months.
• Neither the TVA nor the RoPower opportunity is a signed contract: the first is "discussions toward a definitive power purchase agreement" and the second is contingent on satisfying conditions attached to a shareholder vote.
• The release provides no guidance of any kind — no revenue, cost, cash-burn or milestone timing — so there is no company-stated path from the current run rate to commercial deployment.

Key uncertainties

• The single largest cash movement of the period, the $(268.2)m reduction in accounts payable and accrued expenses, is not explained anywhere in the release; what the $286.5m liability at 31 December represented and why it was settled is not stated.
• The $820.8m increase in long-term investments and the $(112.1)m decrease in short-term investments are a reallocation of the cash pile, but the release does not describe the instruments, maturities, or credit quality.
• The ENTRA1-TVA power purchase agreement is described only as under discussion; no size, module count, timing, pricing, or probability is given, and ENTRA1's role as "exclusive global strategic partner" is not accompanied by any disclosed economics.
• The RoPower project's advancement depends on conditions attached to the Nuclearelectrica shareholders' vote; the conditions are not enumerated and no timeline is given.
• The release does not state a backlog, order book, or signed-contract value for any period, so there is no forward revenue indicator to set against the $0.075m recognized.
• Long-lead material work in process of $68.6m is capitalized against future orders that are not yet contracted; the release does not discuss recoverability or the customer it is being procured for.
• The company's cash burn is not guided. At the first half's $(372.9)m of operating cash use, the $1.9bn liquidity position implies a finite runway, but the burn was dominated by a one-off payables settlement that may not repeat, and the release does not indicate a steady-state rate.
• G&A of $26.9m in a quarter with $0.075m of revenue includes $3.9m of higher "organizational costs" that are not described.
• The noncontrolling-interest share of losses fell from $(20.0)m to $(2.5)m year over year; the release does not explain the change in the ownership structure that produced it.
• The Paragon award's contract value and schedule are not disclosed.
• The 60-plus supply-chain partners and 30-plus executed agreements are stated without any associated committed spend, capacity, or delivery dates.
• The 5:00 p.m. ET call was in progress when this report was written and the Quartr transcript is live rather than complete, so management's account of the payables settlement, cash burn, and the TVA and RoPower timelines is not assessed at this stage.

Market context

• API Ninjas snapshot: SMR $9.37 on NYSE, volume 27,874,438, quote timestamped 2026-08-05T21:57:58Z, retrieved 2026-08-05T22:35:00Z. The release was published after the U.S. close on 2026-08-05; this is a single quote of unstated session basis captured after the close, not a measured reaction to the release.

Source limitations

• Every actual above comes from the Quartr Q2 2026 earnings release document (3675157). Quartr standardized financials for this event are not yet populated, and the Form 10-Q (3675158) and slide deck (3969485) attached to this event were not read for this preliminary.
• API Ninjas supplied no actual or difference fields for this event, so each beat/miss is calculated locally as Quartr actual minus API Ninjas estimate. The API row carried no fiscal year or quarter, so the exact ticker-and-event-date match path was used.
• Year-over-year percentage changes are calculated from the release's own columns; the release states the revenue, cost of sales, R&D, G&A, other expense and investment income movements in dollars and those agree.
• The condensed consolidated statements in this release are unaudited.
• This release contains no non-GAAP measures.
• The extracted statement tables lost their column alignment. Each figure above was assigned to its period by reconciling the line items arithmetically — loss from operations plus sponsored cost share plus investment income equals loss before income taxes, and net loss less noncontrolling interests equals the Class A result — and every column foots on that basis.
• The sponsored cost share line printed three values across four columns; the Q2 2026 cell is therefore shown as not presented, which is the reading required for the quarter's loss before income taxes to foot.
• The balance sheet's non-current liability section lists a second small line beyond non-current deferred revenue that was not labeled in extraction ($0.513m at 30 June 2026 and $0.335m at 31 December 2025); it is included in total liabilities above but not shown separately.
• Total assets, total current liabilities and total liabilities were each verified to foot from their component lines as extracted.
• The $1.9bn liquidity figure is quoted from the release narrative; the balance-sheet components sum to $1,892.997m before restricted cash.
• The ENTRA1, TVA, Nuclearelectrica, RoPower, Paragon, supply-chain and module-specification statements are quoted from the release narrative.

Source links

• Quartr Q2 2026 earnings release
• Quartr release highlights page
• Quartr release financial update page
• Quartr release balance sheet page
• Quartr release statements of operations page
• Quartr release statements of cash flows page