NuScale moved a Doosan reactor part into production with no buyer: Q2 revenue was $75,000
The Oct 29 Doosan contract puts NuScale's first production hardware in motion, yet Q2 revenue was $75,000, $507.4 million has already gone to its exclusive partner for a non-binding deal, and a binding TVA PPA would trigger a roughly $1.2 billion payment out of $1.9 billion in cash.
Vincent Jiang · 3 min read
The supply chain moved on Oct 29 1. NuScale Power−3.91% — NuScale Power, down 3.91 percent today (NYSE: SMR), the only small modular reactor (SMR) developer with a design approved by the US Nuclear Regulatory Commission, signed a contract that moves the first article of its upper reactor coolant system from preparation into production at Doosan Enerbility's reactor plant in Changwon, Korea, ending a manufacturing partnership that began in 2019 1. Investors bid the stock up 7% on the news, ahead of Oklo's−5.07% — Oklo, down 5.07 percent today 2% and BWX Technologies'−0.11% — BWX Technologies, down 0.11 percent today 3% 2. No value, quantity, delivery date or customer was named 1.
The demand side is still a non-binding framework
The buyer's side has not moved. The program driving the stock covers up to 6 gigawatts, about 72 of NuScale's 77-megawatt modules, under a September 2025 agreement between the Tennessee Valley Authority (TVA), the federal utility serving seven southern states, and ENTRA1 Energy, NuScale's exclusive commercialization partner 3. That agreement is non-binding 3. No power purchase agreement (PPA), the binding contract that would commit TVA to buy the output, no site and no NRC application has been announced, and the design approval NuScale holds licenses no plant 3.
The shareholder pays twice
Meanwhile the money runs toward the partner, not from the customer. NuScale recorded a $507.4 million expense because ENTRA1 signed that non-binding framework, and it has already paid the full amount, the last of it in the first quarter of 2026 2. A binding PPA would trigger a second tranche of about $1.2 billion if the 72-module scope holds, against $1.9 billion of cash and investments at June 30 2. Second-quarter revenue was $75,000, down from $8.1 million a year earlier 2.
Quarterly revenue has slid from $8M to $75,000 in a year
Data
| Revenue | |
|---|---|
| Q2 '25 | $8.05M |
| Q3 '25 | $8.24M |
| Q4 '25 | $1.81M |
| Q1 '26 | $0.56M |
| Q2 '26 | $0.08M |
The wait is also funded in shares: Class A shares plus Class B units rose to 429.7 million at mid-2026 from 231.4 million at the end of 2023 2, and about $962 million of the cash on hand came from selling new stock in the second quarter alone 5. ENTRA1 keeps sole discretion over whether to order modules from NuScale at all, at a capped price per module 5.
A binding PPA would hand ENTRA1 about $1.2B of NuScale's $1.9B in cash
- Estimate
Data
| Value | |
|---|---|
| Cash and investments, June 30, 2026 | $1.9B |
| Already paid to ENTRA1 | $507.4M |
| Next tranche if a binding PPA lands (estimate) | $1.2B |
The suit, and the Nov. 5 checkpoint
Shareholder Thomas Harwood III is suing, alleging NuScale misrepresented the ENTRA1 partnership and that management conceded on a November 2025 call that ENTRA1 lacks build-own-operate experience; the stock lost roughly 70% of its value from its March high after that call 4. Multiple shareholder-rights firms are now investigating 6. NuScale denies wrongdoing and points to its regulatory lead, the only approved SMR design 46.
The bull case still needs a signed order
The bullish case is real: $1.9 billion of cash, the only approved design, and analysts' $236 million revenue estimate for 2028 2. But that ramp needs a signed order, and the Doosan first article is not one 2.
Thursday, Nov. 5, at 5:00 p.m 3. ET, the third-quarter call answers the only question that matters: is a PPA signed, near, or still nothing 3? A signing would be bullish for revenue and hand ENTRA1 about $1.2 billion in the same breath 3. Both sides of the trade need that number.
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