Over the past three months, SMR stock declined by 54.4%, reflecting growing investor concern over project execution timelines and capital intensity. The company’s delayed first reactor sale, now pushed into late 2026/early 2027 for its Romanian customer, compounds cash burn and elevates refinancing risk. With no commercial unit yet delivered, operating expenses remain elevated—R&D and SG&A totaled $112 million in Q4—while revenue is limited to consulting fees from RoPower and engineering support agreements with Fluor.

Despite being the first SMR design certified by the U.S. Nuclear Regulatory Commission, NuScale’s market valuation—implied enterprise value of roughly $5.4 billion—is pressured by an order pipeline still in negotiation. Two prospective anchor customers (RoPower for up to six modules and TVA/ENTRA1 in the U.S.) have yet to sign binding contracts. Fluor’s ongoing share sales, tied to its early strategic investment, may exert additional supply-side pressure until its planned exit in 2026 is complete.

In collaboration with Oak Ridge National Laboratory, NuScale published a two-year techno-economic assessment demonstrating that a hybrid energy system of NuScale Power Modules (77 MWe/250 MWt each) and gas boilers can reliably deliver 1.3 million kg/h of process steam at 400 °C and 4.1 MPa, plus 73 MW of electric power. The report, sponsored by DOE’s GAIN initiative (ORNL/TM-2025/3938), highlights a 12-module configuration as the most profitable, enabling sale of excess power, while a four-module-plus-boiler setup meets base plant needs and an eight-module design ensures N-2 redundancy for critical reliability.