NuScale Stock Now Trades for About the Cash on Its Books. Should You Buy It Now?
Key PointsNuScale's stock market value is now near its $1.9 billion in cash and investments.
NuScale Power shares traded at $4.37 on Thursday, marking a 15% drop for the day and 92% below their October 2025 high. At this valuation, the small modular reactor firm's market cap totals around $1.88 billion. The company has $1.86 billion in cash, investments, and equivalents, with no debt. However, the market seems to assign almost no value to NuScale's small modular reactor design, the only one certified by the U.S. Nuclear Regulatory Commission.
In the third quarter, NuScale's cash decreased by about $29 million, from $1.89 billion to $1.86 billion, while losses remained steady at around $64 million. The company reported a $19.1 million investment income, reducing the net loss to $45.7 million. In 2026 Q1, operations utilized roughly $142 million in cash, excluding a $260 million payment to ENTRA1 Energy. NuScale didn't issue new shares during the quarter, keeping its share count unchanged at around 430 million across both classes.
The company's third-quarter revenue fell to $281,000 from $8.2 million a year ago, when it was still working on a plant in Romania. Investors are most interested in ENTRA1's non-binding agreement with the TVA to develop 6 GW of nuclear power capacity, potentially using NuScale's equipment. NuScale's CEO, John Hopkins, mentioned that a commercial agreement is a lengthy process, and a signed power purchase agreement wouldn't equate to a module sale.
The company owes ENTRA1 payments based on milestones, with the second payment nearing $1.2 billion if the 72-module scope is met, which could consume most of its cash and investments.
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