NuScale's Revenue Plunged 99% Last Quarter, But the Stock Has Gained 1% So Far. Here's What Investors Need to Know.

NuScale's 99% revenue decline looks worse than it is because last year's revenue came from completed engineering work.

Management emphasized that NuScale has an NRC-approved design, an established supply chain, and the groundwork needed for commercial deployment.

The biggest missing piece, however, is a binding customer commitment.

Yesterday, Aug. 5, NuScale Power (NYSE:SMR) reported what, on the surface, looked like a brutal quarter. Its net loss came in at about $50 million, while its second-quarter revenue sank 99%, from roughly $8 million reported a year ago to about $75,000. It’s the kind of quarterly report that can sink a stock at market open.

And yet, as of this writing at about 10:45 a.m. ET, NuScale was up nearly 1%.

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What kind of wizardry sends a nuclear energy stock higher after a revenue collapse of nearly 99%? None, really. Truth be told, it’s a reflection of a company whose value has almost nothing to do with what it earns today. And, despite the ugly losses, NuScale gave investors reasons to keep believing in its future business. Let’s take a look.

Really, it’s not what you think. Last year, NuScale reported $8.1 million, largely from services connected with the RoPower project in Romania. That was one-time work, now completed, and it now looks therefore lumpy. The same thing happened in its Q1 2026 update, when it reported $0.6 million, down from $13.4 million a year prior.