NuScale Q3 Revenue Collapses to $0.3 Million as Shift to Manufacturing Begins

NuScale Power posted third-quarter revenue of $0.3 million, down from $8.2 million a year earlier, as front-end engineering work for Romania's RoPower project wound down and the small modular reactor developer pivoted from design to factory production.

Operating expenses fell to $65 million from $549 million in the prior-year quarter, and the company ended the period with roughly $1.9 billion in liquidity, compared with about $916 million at the close of the third quarter of 2025.

On the earnings call, NuScale confirmed an agreement with Doosan Enerbility to manufacture components for its first NuScale Power Module, a step taken ahead of potential customer orders.

"We are no longer simply designing and planning, we are manufacturing," President and CEO John Hopkins said. He described the Doosan agreement as a way to cut deployment lead times and surface production issues before series manufacturing begins.

The move comes as NuScale's commercialization partner, ENTRA1 Energy, works to finalize project development arrangements.

What does the Doosan deal change?

For CFO Ramsey Hamady, the accounting is straightforward. Spending on Doosan fabrication will accumulate as work-in-progress inventory on NuScale's balance sheet, then flow through cost of goods sold once the assets are sold under an OEM agreement. Hopkins said the company expects to recover component costs through future contractual payments.

NuScale is not building this chain alone. The company maintains relationships with more than 60 specialized suppliers. Framatome is completing its fuel design. Paragon holds a contract to finish development of safety instrumentation and control systems. MillenniTEK recently reached a fabrication milestone for the passive emergency core cooling system.

Asked about other significant investments beyond Doosan, Hamady said the company had none to communicate publicly at this time.

Where does the TVA agreement stand?

Supporting a potential power purchase agreement between ENTRA1 and the Tennessee Valley Authority remains an immediate priority, Hopkins said. He declined to give a timeline, saying the process continues and that NuScale is focused on work within its control.

Hamady drew a sharp line between deal types. A power purchase agreement between ENTRA1 and TVA would not itself constitute a module sale, he clarified. NuScale expects engineering, licensing and other services could follow such an agreement, with module sales governed by a separate original equipment manufacturer agreement between NuScale and ENTRA1.

NuScale is preparing to support a combined construction and operating license application for a potential TVA project. Hopkins estimated that 50% to 60% of the application work performed for the Carbon Free Power Project could transfer to another customer, potentially reducing the time and cost of a future filing.

How broad is the customer pipeline?

Beyond TVA, Hopkins said NuScale is in discussions with utilities, hyperscalers and industrial customers. Asked how a slowdown in hyperscaler spending could affect demand, he said it was too early to tell but that NuScale was not reliant on data centers. The company is also pursuing customers interested in process and district heat.

On Romania, Hopkins said NuScale remains in discussions with RoPower and Nuclearelectrica following a change in government. He has requested a meeting with the new administration to better understand its plans. He offered no timetable for the project.

What comes next for spending?

Hamady said NuScale does not routinely provide guidance but expects operating expenses to remain fairly constant. Spending could increase as the company engages on projects, with some costs landing in operating expenses and others in cost of goods sold.

He added that NuScale retained some employees after RoPower work wound down, shifting their costs from project-related cost of goods sold to operating expenses.

The company's core product, the NuScale Power Module, is a compact pressurized-water reactor built for factory manufacture and site transport, marketed through the VOYGR power plant platform, which combines multiple modules for utilities and industrial users.

The quarter's message is plain: revenue has stalled, the balance sheet is strong, and the first physical module is now on the factory floor.