NuScale Power reported a third-quarter loss of $0.11 per share, exactly matching the consensus estimate, on revenue of $0.28 million, which beat the $0.2 million consensus by 40.5%. Neither figure tells investors much. Earnings improved 94.1% from a year earlier, but that came from lapping an extraordinary prior-year charge, not from commercial progress. Revenue fell 96.6% year over year. The central tension is that NuScale has started building physical hardware for its first module while the customer contract that would pay for it remains unsigned.

The year-over-year comparison needs careful reading. A year ago, NuScale posted a net loss of $532.6 million, or $1.85 per share, because general and administrative expense reached $519.2 million. This quarter, G&A fell by $491.3 million to $27.9 million, and the net loss narrowed to $45.7 million.

The core operating picture moved the other way:

• **Revenue collapsed.** Fluor's FEED Phase 2 work on the Romanian RoPower project ended in late 2025, and nothing has replaced it. Quarterly revenue dropped from $8.2 million to $0.28 million.
• **Spending rose.** R&D increased $7.0 million to $18.0 million. Other expenses rose $8.1 million to $19.0 million as engineers moved from billable project work to supply-chain readiness.
• **Operating losses remain heavy.** The operating loss was $64.8 million. A $19.1 million investment-income line on the cash pile cushioned the bottom line.
• **Per-share results are diluted.** Weighted Class A shares rose to roughly 410 million from about 148 million a year ago, after $984 million of equity was raised this year.

The balance sheet is strong at $1.9 billion in cash and investments. Nine-month operating cash outflow was $401 million, though a $261 million reduction in payables accounts for much of that.

The operating news was real but pre-commercial. The Doosan Enerbility agreement to fabricate the upper reactor coolant system moves the NRC-approved design into actual build, which management framed as a shift from preparation to execution. Other milestones added to that progress:

• MillenniTEK fabricated first-of-a-kind safety components.
• Nuclear-specific AI tools were deployed across engineering functions.
• A thirteenth E2 center was signed.
• Supplier sourcing now extends across more than 60 suppliers.

The CFO also said margin guidance could come "soon" once an OEM order is in hand, firmer language than last quarter.

The call was more revealing on what slipped. The ENTRA1–TVA power purchase agreement is still unsigned roughly 14 months after its announcement. Management had once guided to a binding PPA by year-end 2025 and in the first quarter called a 2026 signing a strong possibility. This quarter it offered no timeline, only that the process "has been lengthy."

The CFO also clarified that a PPA is not a module sale. A separate OEM agreement would still be required, which pushes revenue another step out. Several other items softened the picture:

• **RoPower stalled.** The project is waiting on a new Romanian government, and management now stresses risk allocation.
• **Cash-flow hope dropped.** The earlier aspiration of positive operating cash flow by year-end 2026 was not repeated and now looks unlikely.
• **Costs are structurally higher.** Operating expenses are running near $65 million per quarter, up from about $55 million in the first quarter and a historical $41–44 million. Management guided that level to stay fairly constant.
• **Inventory is building ahead of orders.** Long-lead work in process rose to $69.7 million, so cash is moving into components before any binding order exists.
• **Hyperscaler demand is uncertain.** Asked about a possible slowdown in data-center spending, management said it was "too early to tell."

The market had already priced in much of this disappointment. Shares fell 45.1% from the $9.34 open after the August report to $5.13 entering this release. The stock sits 51.6% below its $10.61 200-day moving average and 54.9% below the $11.37 inter-earnings high set on September 8. It closed the period just 2.4% above a fresh 52-week low of $5.01, set the day before the report. Earnings Whispers price and AVWAP trend signals remain negative, consistent with that slide.

Investor sentiment improved modestly, from -0.28 to -0.22. That reading suggests expectations have reset lower rather than turned constructive. Holders are not positioned for a near-term catalyst, so a signed TVA agreement would arrive into a deeply skeptical setup. Bears, however, have legitimate ammunition in the repeated timeline misses.

The bottom line is that NuScale delivered an in-line quarter that shows genuine manufacturing progress but no commercial progress. The $1.9 billion balance sheet buys time to carry roughly $65 million a quarter in operating costs and a growing inventory build. Revenue, margins, and cash flow all still hinge on a TVA agreement with no stated timeline, followed by a separate OEM order. Until that contract chain is signed, the Doosan milestone remains a promise rather than a revenue line.