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NuScale Power Down 35% YTD: Is It a Buy-the-Dip Opportunity?
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Key Takeaways
SMR is down 23% in a month and 35% YTD, as investors weigh promise vs. minimal revenues.
NuScale says its SMR has U.S. NRC design approval, with plant setups scalable up to 12 modules.
SMR posted ~$565K Q1 revenues and a ~$44M net loss, as investors watch cash burn and dilution risk.
NuScale Power Corporation (SMR - Free Report) has gone from nuclear-energy favorite to a debated stock-market idea. The stock is down 23% over the past month and 34.5% year to date, raising a key question: Is this a “buy the dip” opportunity? Artificial intelligence, data centers and electrification are pushing power demand higher, and NuScale’s small modular reactor (“SMR”) technology is designed to provide clean, round-the-clock electricity in a scalable format. NuScale says its Power Module is the first and only SMR to receive U.S. Nuclear Regulatory Commission design approval, with plant configurations scalable up to 12 modules.
Image Source: Zacks Investment Research
Why NuScale’s Dip Has Investors Interested
The recent weakness is easy to understand. NuScale has promising technology, but it lacks a firm commercial sale of its SMR system. First-quarter revenues were only about $565,000, while the company posted a net loss of roughly $44 million. Investors are paying today for projects that may take years to reach operation.
The canceled Carbon Free Power Project also reminds investors that nuclear plans can face cost, financing and customer-commitment hurdles. This is why NuScale trades more like a speculative growth stock than a traditional energy company. The same issue affects nuclear peers Oklo Inc. (OKLO - Free Report) and NANO Nuclear Energy (NNE - Free Report) . OKLO has made visible progress with customers and fuel plans, while NANO Nuclear is building a microreactor and fuel-related platform, but OKLO, NNE and SMR are still valued mainly on future milestones.
SMR’s Growth Case Still Has Appeal
NuScale’s strongest argument is that it appears closer than many rivals to a deployable SMR solution. The company highlights U.S. NRC leadership, commercially available low-enriched uranium fuel, factory-built modules, passive safety features and the ability to support on-grid and off-grid power needs. Its first-quarter presentation also highlighted progress in Romania, where shareholders of SN Nuclearelectrica approved the next phase of the RoPower project in Doicesti. The company also pointed to ENTRA1’s efforts to deploy NuScale’s SMR technology through planned projects with the Tennessee Valley Authority.
Image Source: NuScale Power Corporation
While these developments do not guarantee sales, they keep the commercialization story alive. The AI power angle is also important. Data centers need stable baseload electricity, and nuclear power is getting attention because wind and solar cannot always provide continuous output. This backdrop has helped NuScale, OKLO and NANO Nuclear stay on investor radar. For investors comparing the three, NuScale’s regulatory head start may be its clearest differentiator.
NuScale’s Price Performance, Estimates and Valuation
The pullback has made SMR look less expensive than it did during the nuclear enthusiasm wave, but “less expensive” does not automatically mean “cheap.” The significant year-to-date decline reflects worries around timing, dilution and the lack of meaningful revenues. The Zacks Consensus Estimate for 2026 revenues indicates growth of 37%, while the 2027 estimate implies growth of 355%, suggesting that analysts expect the business to move in the right direction.
Still, those growth rates come from a very small base, and profitability is not yet visible. That makes valuation difficult. A price-to-earnings view does not work for a company losing money, while price-to-sales can look stretched because current sales remain minimal. NuScale may deserve a premium if it converts partnerships into binding contracts, but OKLO and NANO Nuclear are competing for the same nuclear-growth capital.
Image Source: Zacks Investment Research
What Could Change the SMR Story?
For NuScale to become a clearer buy-the-dip case, investors need proof of execution, such as a firm order, stronger project financing, additional international approvals or a major data-center-linked agreement. NuScale’s expanding Energy Exploration Center network supports workforce development, but investors are likely to focus more on contract wins and cash burn.
The biggest risk is that commercialization takes longer than expected, requiring more capital and causing further dilution. OKLO and NNE also face regulatory, funding and execution hurdles. However, NuScale’s approved light-water SMR design gives it a different risk profile than OKLO and NANO Nuclear, which may appeal to investors seeking advanced nuclear exposure tied to a more established reactor foundation.
Conclusion
NuScale’s sell-off makes the stock more interesting, but not yet a straightforward buy-the-dip opportunity for most investors. The long-term case is appealing because NuScale is targeting a real energy problem, has a differentiated regulatory position and could benefit from AI-driven demand for reliable clean power. However, limited revenues, continuing losses, an uncertain project timeline and possible need for more capital argue for patience. Aggressive investors may view the decline as an entry point into a speculative nuclear leader, but conservative investors may want to wait for a firm commercial sale or clearer earnings visibility. Based on the current balance of opportunity and risk, NuScale stock is currently a Zacks Rank #3 (Hold).
View the Zacks #1 Rank List
Image: Bigstock
NuScale Power Down 35% YTD: Is It a Buy-the-Dip Opportunity?
Key Takeaways
NuScale Power Corporation (SMR - Free Report) has gone from nuclear-energy favorite to a debated stock-market idea. The stock is down 23% over the past month and 34.5% year to date, raising a key question: Is this a “buy the dip” opportunity? Artificial intelligence, data centers and electrification are pushing power demand higher, and NuScale’s small modular reactor (“SMR”) technology is designed to provide clean, round-the-clock electricity in a scalable format. NuScale says its Power Module is the first and only SMR to receive U.S. Nuclear Regulatory Commission design approval, with plant configurations scalable up to 12 modules.
Why NuScale’s Dip Has Investors Interested
The recent weakness is easy to understand. NuScale has promising technology, but it lacks a firm commercial sale of its SMR system. First-quarter revenues were only about $565,000, while the company posted a net loss of roughly $44 million. Investors are paying today for projects that may take years to reach operation.
The canceled Carbon Free Power Project also reminds investors that nuclear plans can face cost, financing and customer-commitment hurdles. This is why NuScale trades more like a speculative growth stock than a traditional energy company. The same issue affects nuclear peers Oklo Inc. (OKLO - Free Report) and NANO Nuclear Energy (NNE - Free Report) . OKLO has made visible progress with customers and fuel plans, while NANO Nuclear is building a microreactor and fuel-related platform, but OKLO, NNE and SMR are still valued mainly on future milestones.
SMR’s Growth Case Still Has Appeal
NuScale’s strongest argument is that it appears closer than many rivals to a deployable SMR solution. The company highlights U.S. NRC leadership, commercially available low-enriched uranium fuel, factory-built modules, passive safety features and the ability to support on-grid and off-grid power needs. Its first-quarter presentation also highlighted progress in Romania, where shareholders of SN Nuclearelectrica approved the next phase of the RoPower project in Doicesti. The company also pointed to ENTRA1’s efforts to deploy NuScale’s SMR technology through planned projects with the Tennessee Valley Authority.
While these developments do not guarantee sales, they keep the commercialization story alive. The AI power angle is also important. Data centers need stable baseload electricity, and nuclear power is getting attention because wind and solar cannot always provide continuous output. This backdrop has helped NuScale, OKLO and NANO Nuclear stay on investor radar. For investors comparing the three, NuScale’s regulatory head start may be its clearest differentiator.
NuScale’s Price Performance, Estimates and Valuation
The pullback has made SMR look less expensive than it did during the nuclear enthusiasm wave, but “less expensive” does not automatically mean “cheap.” The significant year-to-date decline reflects worries around timing, dilution and the lack of meaningful revenues. The Zacks Consensus Estimate for 2026 revenues indicates growth of 37%, while the 2027 estimate implies growth of 355%, suggesting that analysts expect the business to move in the right direction.
Still, those growth rates come from a very small base, and profitability is not yet visible. That makes valuation difficult. A price-to-earnings view does not work for a company losing money, while price-to-sales can look stretched because current sales remain minimal. NuScale may deserve a premium if it converts partnerships into binding contracts, but OKLO and NANO Nuclear are competing for the same nuclear-growth capital.
What Could Change the SMR Story?
For NuScale to become a clearer buy-the-dip case, investors need proof of execution, such as a firm order, stronger project financing, additional international approvals or a major data-center-linked agreement. NuScale’s expanding Energy Exploration Center network supports workforce development, but investors are likely to focus more on contract wins and cash burn.
The biggest risk is that commercialization takes longer than expected, requiring more capital and causing further dilution. OKLO and NNE also face regulatory, funding and execution hurdles. However, NuScale’s approved light-water SMR design gives it a different risk profile than OKLO and NANO Nuclear, which may appeal to investors seeking advanced nuclear exposure tied to a more established reactor foundation.
Conclusion
NuScale’s sell-off makes the stock more interesting, but not yet a straightforward buy-the-dip opportunity for most investors. The long-term case is appealing because NuScale is targeting a real energy problem, has a differentiated regulatory position and could benefit from AI-driven demand for reliable clean power. However, limited revenues, continuing losses, an uncertain project timeline and possible need for more capital argue for patience. Aggressive investors may view the decline as an entry point into a speculative nuclear leader, but conservative investors may want to wait for a firm commercial sale or clearer earnings visibility. Based on the current balance of opportunity and risk, NuScale stock is currently a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank stocks here.