Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
SMR reported a near-complete collapse in revenue to $565K (down 95.8% YoY) in Q1 FY2026, with net losses widening to -$44.0M and operating cash outflows surging to -$314.7M, reflecting a pre-revenue stage as the company deploys capital toward its nuclear reactor development program.
Revenue
$565,000
-95.78% YoY
EPS (Diluted)
-$0.14
-27.27% YoY
Gross Margin
3.7%
-48.6 pts YoY
Operating Income
-$57.52M
-62.83% YoY
Source: SEC XBRL
Nuscale Power (SMR) reported Q1 FY2026 revenue of $565,000, down 95.8% year over year. Operating margin was -10181.2%, against -264.1% a year earlier. Operating cash flow was negative $314.68M. SMR's fiscal Q1 FY2026 corresponds to calendar Q1 2026.
Last 4 quarters: 0 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | -0.13 | -0.13 | Miss -0.1% |
| Mar 2026This filing | -0.14 | -0.13 | Miss -8.8% |
| Dec 2025 | -0.31 | -0.12 | Miss -148.2% |
| Sep 2025 | -1.85 | -0.14 | Miss -1197.3% |
Reported EPS of -$0.14 versus the -$0.13 analyst consensus — a -8.8% miss for Mar 2026.
Compiled by AI from this SEC filing
Revenue fell 95.8% YoY to just $565K in Q1 FY2026 from $13.4M in the prior-year period, and gross profit collapsed 99.7% to $21K, indicating SMR has effectively transitioned to a pre-revenue development stage with minimal commercial activity generating income.
Source: 10-Q Income Statement
Operating loss widened 62.8% YoY to -$57.5M from -$35.3M, driven by rising R&D expenditures (up 40.2% to $12.8M) and operating expenses that vastly exceed the negligible revenue base, reflecting heavy investment in nuclear technology development.
Source: 10-Q Income Statement
Operating cash outflow surged to -$314.7M from -$22.8M in the prior year (a 1,281% deterioration), while investing cash outflow reached -$218.4M versus a prior-year inflow of $9.9M, signaling large-scale capital deployment into development assets and infrastructure.
Source: 10-Q Cash Flow Statement
Total assets nearly doubled to $1.15B (up 85.8% YoY) and stockholders' equity grew 65.7% to $1.17B, while total liabilities dropped 56.6% to $38.4M, suggesting the company raised substantial equity capital to fund its development pipeline and maintain a very low debt load.
Source: 10-Q Balance Sheet
Cash and equivalents stood at $341.1M, down 30.6% from $491.4M a year ago, but the current ratio remains extremely high at 29.4x, indicating near-term liquidity is not an immediate concern even as the company burns cash at an accelerating rate.
Source: 10-Q Balance Sheet & Cash Flow Statement
Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low
SMR generated only $565K in revenue in Q1 FY2026 while burning $314.7M in operating cash, a trajectory that cannot be sustained indefinitely without continued equity raises. If capital markets become less receptive or the company cannot raise additional funds, operations could be severely constrained.
Source: 10-Q Income Statement & Cash Flow Statement
Net loss widened 214.3% YoY to -$44.0M, and operating margin stands at an extreme -10,181%, reflecting a business model that is years away from generating meaningful revenue. The company's ability to reach commercial-scale nuclear reactor deployment is uncertain and subject to regulatory, technical, and market risks.
Source: 10-Q Income Statement
Investing cash outflows reached -$218.4M in Q1 FY2026 versus a prior-year inflow of $9.9M, suggesting large capital commitments to development projects whose commercial viability has not yet been demonstrated. Cost overruns or delays in nuclear reactor development could significantly impair these investments.
Source: 10-Q Cash Flow Statement
Cash fell 30.6% YoY to $341.1M, and at the current burn rate of over $300M per quarter in operating and investing outflows, the existing cash position could be depleted within one to two quarters without additional financing. Continued equity dilution may be necessary to sustain operations.
Source: 10-Q Balance Sheet & Cash Flow Statement
R&D expenses increased 40.2% YoY to $12.8M while revenue fell 95.8%, indicating the company is in an intensive development phase with no near-term commercial return. Failure to successfully commercialize its small modular reactor technology would render these expenditures unrecoverable.
Source: 10-Q Income Statement
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $M | 0.57 $M | 13.38 $M | -95.78% |
Cost of Revenue $M | 0.54 $M | 6.37 $M | -91.46% |
Gross Profit $M | 0.021 $M | 7.002 $M | -99.70% |
Operating Income $M | -57.52 $M | -35.33 $M | -62.83% |
Net Income $M | -44.02 $M | -14.01 $M | -214.28% |
EPS (Basic) $ | -0.14 $ | -0.11 $ | -27.27% |
EPS (Diluted) $ | -0.14 $ | -0.11 $ | -27.27% |
R&D Expense $M | 12.81 $M | 9.13 $M | +40.24% |
Answers draw on this SEC filing and the data on this page
NuScale reported a sharp revenue decline and wider net loss in Q2 FY2026, but its cash position surged after a $1.0 billion equity raise to support nuclear technology commercialization.
SMR reported a deeply loss-widening FY2025, with revenue declining 15% to $31.5M while operating losses ballooned to -$689.6M, driven by a massive surge in cost of revenue and operating expenses, even as the company raised over $1.3B in financing to fund its nuclear microreactor development program.