--- title: "NuScale reported $281,000 of revenue last quarter" description: "NuScale is spending shareholder cash to build a reactor whose buyer, through ENTRA1 and the Tennessee Valley Authority, has signed nothing. A securities class action filed November 11 says the gap between that story and those bills was concealed." publisher: "The Inference" section: "Power" published: 2026-11-12T17:26:29.716Z modified: 2026-11-12T17:26:29.716Z canonical: https://theinference.org/article/nuscale-reported-281-000-of-revenue-last-quarter language: en keywords: "NuScale Power, Small Modular Reactors, Nuclear, Class Actions, Earnings" --- # NuScale reported $281,000 of revenue last quarter > NuScale is spending shareholder cash to build a reactor whose buyer, through ENTRA1 and the Tennessee Valley Authority, has signed nothing. A securities class action filed November 11 says the gap between that story and those bills was concealed. [NuScale](https://theinference.org/markets/companies/nuscale-power) 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 [2][3]. 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" [4][5]. ## 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](https://theinference.org/article/nuscale-moved-a-doosan-reactor-part-into-production-with-no-buyer-q2-revenue-was-75-000) [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](https://theinference.org/article/barclays-cuts-nuscale-to-underweight-with-a-5-target-16-months-of-cash-no-plant-contract), and the first module arrives years after that. *Chart: **Revenue has fallen to nearly nothing while the quarterly burn reached $316 million** Column chart of NuScale's quarterly revenue and free cash flow, Q4 2024 to Q3 2026: revenue falls from $34.2 million to $0.28 million, and free cash flow deepens from negative $26.5 million to a $316.2 million outflow in Q1 2026 before narrowing to negative $28.7 million.* *Quarterly revenue and free cash flow (operating cash flow less capital spending), in US$ millions, from NuScale's SEC filings. The revenue series starts at Q4 2024, where a more than tenfold jump in the reported figure makes earlier quarters incomparable; the four quarters to September 2026 sum to $608 million of negative free cash flow, matching the twelve-month figure in the filings. [6]* ## The class action says the runway was oversold That gap is what [the November 11 class action](https://www.businesswire.com/news/home/20261111790895/en/Investor-Alert-Robbins-LLP-Informs-Investors-of-the-NuScale-Power-Corporation-Class-Action-Lawsuit) 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 [2][4]. 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. ## Takeaway NuScale is paying Doosan to fabricate reactor parts while the developer that would buy the modules, ENTRA1, has signed neither a TVA power purchase agreement nor an order with NuScale. Revenue fell to $281,000 last quarter, free cash flow ran at negative $608 million over twelve months, and the November 11 class action claims investors were misled about the runway and the revenue prospects. ## Sources 1. [Business Wire / Robbins LLP, Investor Alert: NuScale Power Corporation Class Action Lawsuit, 11 November 2026](https://www.businesswire.com/news/home/20261111790895/en/Investor-Alert-Robbins-LLP-Informs-Investors-of-the-NuScale-Power-Corporation-Class-Action-Lawsuit) 2. [Trefis, What Happened To NuScale Power Stock Over The Past Year?, 11 November 2026](https://www.trefis.com/stock/smr/articles/624304/what-happened-to-nuscale-power-stock-over-the-past-year/2026-11-11) 3. [Foreign Policy Journal, NuScale Power (NYSE: SMR) Posts $43.65M Quarterly Loss As TVA Power Deal Remains Unsigned, 11 November 2026](https://www.foreignpolicyjournal.com/2026/11/11/nuscale-power-nyse-smr-posts-43-65m-quarterly-loss-as-tva-power-deal-remains-unsigned/) 4. [The Corvallis Advocate, Big NuScale Report, Corvallis Reactor Firm Moves from Designing to Building, 11 November 2026](https://corvallisadvocate.com/big-nuscale-report-corvallis-reactor-firm-moves-from-designing-to-building/) 5. [EnergyPressWire, What NuScale Power (SMR) Said on Its Q3 Earnings Call, 8 November 2026](https://energypresswire.com/2026/11/08/what-nuscale-power-smr-said-on-its-q3-earnings-call/) 6. [NuScale Power, quarterly figures from its SEC filings, retrieved 12 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001822966) --- NuScale reported $281,000 of revenue last quarter — The Inference. Canonical: https://theinference.org/article/nuscale-reported-281-000-of-revenue-last-quarter