NuScale reported $281,000 of revenue last quarter

NuScale▼−4.59% — NuScale, down 4.59 percent today is now paying to build a reactor for a customer that has not signed. The Corvallis, Oregon small modular reactor company has an NRC-approved design and a Korean fabricator cutting metal, and it still has no binding buyer: revenue was $281,000 last quarter, against $8.2 million a year earlier when Romanian engineering fees were still rolling in ²³.

The build is real. On November 5 NuScale said Doosan Enerbility will fabricate the upper reactor coolant system, the module's most complex component, and CEO John Hopkins said the company is "no longer simply designing and planning, we are manufacturing" ⁴⁵.

The outlay becomes a sale only under a separate agreement

But NuScale recovers that spend only if a module is later sold under an OEM agreement. CFO Ramsey Hamady said a power purchase agreement between ENTRA1 Energy, the developer that would buy and deploy the modules, and the Tennessee Valley Authority would not itself be a module sale; the sale needs a separate OEM agreement between NuScale and ENTRA1, and the Doosan outlay piles up as work-in-progress inventory until then ⁵.

The cash goes out before any contract comes in

The burn more than doubled: free cash flow was negative $608 million over the twelve months to September, against negative $282 million the year before, while cash and short-term investments stood at $933 million, up from $692 million after equity issuance outside the business ². On that burn, the cash line covers roughly a year and a half, and the first module arrives years after that.

The class action says the runway was oversold

That gap is what the November 11 class action↗ is about ¹. The suit, covering buyers from February 27 to September 10, alleges NuScale overstated its first-mover advantage, its RoPower and TVA revenue prospects, and its runway; UBS had cut the stock to Sell the next day, at $6, projecting $700 million of negative free cash flow through 2028, and the shares fell 15.67% to $8.61 ¹. The stock is down 81.6% over the past year ².

Note the headline number: NuScale touts $1.9 billion in cash and investments, but the cash and short-term investments line is $933 million; the rest is longer-dated ²⁴.

The hard number to watch is the cash balance in the next quarterly filing, expected in February 2027 ². Holders are watching that line against the burn; anyone waiting for the reactor itself is waiting on a signed TVA power purchase agreement.