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Here's How to Play NuScale Stock Before Q3 Earnings Release

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Key Takeaways

  • NuScale's Q3 revenues are expected to plunge 97.6% to $0.2 million, while its loss is projected at 11 cents.
  • SMR's $1.9B cash reserves, manufacturing advances and AI tools could support development and cost efficiency.
  • NuScale shares have plunged over 85% in a year, while weak revenues and high costs cloud near-term prospects.

NuScale Power Corporation (SMR - Free Report) is slated to release third-quarter 2026 results on Nov. 5, after market close.

The Zacks Consensus Estimate for revenues is pegged at $0.2 million, implying a decrease of 97.6% from the year-ago quarter. The consensus estimate of a loss of 11 cents per share has remained unchanged over the past 30 days, suggesting a 94.1% jump from the year-ago reported number.

For full-year 2026, the Zacks Consensus Estimate for SMR’s revenues is pegged at $28 million, implying a drop of 11.1% year over year. The bottom-line consensus mark for 2026 stands at a loss of 63 cents, indicating an improvement of 71%.

SMR's Earnings Surprise History

In the last reported quarter, the company’s loss per share was in line with estimates. However, NuScale’s bottom line missed the Zacks Consensus Estimate in three of the trailing four quarters.

NuScale Power Corporation Price and EPS Surprise

NuScale Power Corporation Price and EPS Surprise

NuScale Power Corporation price-eps-surprise | NuScale Power Corporation Quote

Q3 Earnings Whispers for SMR

The proven Zacks model does not conclusively predict an earnings beat for NuScale Power this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. But that’s not the case here.

You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Earnings ESP: SMR has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at a loss of 11 cents per share each.

Zacks Rank: NuScale Power currently carries a Zacks Rank #3, which increases the predictive power of ESP. However, the company’s 0.00% ESP makes surprise prediction difficult this earnings season.

You can see the complete list of today’s Zacks #1 Rank stocks here.

Factors Shaping NuScale’s Upcoming Q3 Results

NuScale Power's strong financial position may support its third-quarter 2026 earnings through higher investment income. The company ended June with approximately $1.9 billion in cash and investments, reflecting a $900 million increase from March 31. This larger investment base may continue generating interest income, providing some relief against operating losses. In the second quarter, investment income increased $8.5 million to $13.9 million. Moreover, the substantial liquidity could have allowed NuScale to advance reactor manufacturing, fuel design and commercialization activities without immediate funding pressure. Such financial flexibility remains important as nuclear developers, including Oklo Inc. (OKLO - Free Report) and NANO Nuclear Energy (NNE - Free Report) , invest heavily in preparing their technologies for commercial deployment.

NuScale's progress in manufacturing readiness and engineering efficiency could support third-quarter business performance. On Sept. 1, the company announced the successful production of specialized boron-oxide pellets with MillenniTEK for its emergency reactor cooling system, reducing potential manufacturing challenges. On Aug. 25, NuScale introduced nuclear-focused AI tools developed with NPX and Nuclearn. Initial testing indicated that these tools could reduce engineering information retrieval time by up to 80%, potentially improving productivity and controlling development costs. With more than 30 supplier agreements already established, these initiatives could have strengthened execution. Similar efforts by OKLO and NANO Nuclear highlight growing industry investment in manufacturing capabilities and faster reactor development.

But on a bearish note, NuScale's limited commercial revenues and continued development spending may weigh on third-quarter earnings. Second-quarter revenues declined to approximately $0.1 million from $8.1 million a year earlier, following the completion of RoPower's earlier engineering work in 2025. Revenue recovery remained dependent on new contracts, with ENTRA1's proposed agreement with the Tennessee Valley Authority still under negotiation. Meanwhile, research and development expenses increased $6.6 million to $18.4 million, while general and administrative costs reached $26.9 million. Continued investment in engineering, personnel and manufacturing readiness could have sustained cost pressures during the third quarter. The absence of major new revenue-generating contracts could therefore limit earnings improvement despite operational progress.

SMR Price Performance & Stock Valuation

Shares of NuScale Power have plunged more than 85% in the past year compared with OKLO’s loss of 80.1%. Meanwhile, shares of NANO Nuclear have gone down 74.3%.

One-Year Price Performance

Zacks Investment Research Image Source: Zacks Investment Research

From a valuation perspective, SMR is trading at 1.20 times book value — between OKLO and NANO Nuclear.

Valuation Comparison

Zacks Investment Research Image Source: Zacks Investment Research

How Should You Play NuScale Pre-Q3 Earnings?

NuScale Power presents a mixed picture ahead of its third-quarter earnings release. Its strong liquidity position, manufacturing progress and efforts to improve engineering efficiency offer encouragement for long-term growth. However, weak revenues, elevated development costs and uncertainty surrounding major commercial agreements may continue to weigh on near-term performance. The company's history of earnings misses and an inconclusive earnings surprise outlook warrant caution. Although the sharp share-price decline and relatively modest valuation may attract investors, meaningful revenue recovery remains essential. Given these competing factors, investors may consider retaining their existing positions while awaiting clearer signs of commercial progress and sustained financial improvement.

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