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SMR · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is NuScale Power Corporation (SMR) stock moving?
NuScale reported Q3 results on Nov 5. Revenue was $281K against a $10.1M consensus estimate, while EPS of $(0.11) beat the $(0.26) estimate, and the net loss was $45.7M. The stock fell from $5.13 to a $4.28 intraday low that day, on 42.2M shares of volume, the highest in the 30-day window. It then recovered to a $5.44 close on Nov 9 and ended Nov 10 at $5.22, still about 15% below the $6.11 high reached on Oct 29, when the Doosan Enerbility contract for an upper reactor coolant system component was announced. The sell side reacted with price target cuts on Nov 6: Citigroup (Sell, $3.5), RBC (Sector Perform, $5 from $7), Canaccord (Buy, $11 from $15), Cantor Fitzgerald (Overweight, $15) and B. Riley (Buy, $10 from $15, Oct 28). Wedbush initiated at Underperform with a $5 target on Nov 3. Of the six targets, the average is about $8.25, but they range from $3.5 to $15. Ratings are split: three Buy-type, one Sector Perform, two Sell-type. The company's revenue remains minimal and commercial progress is the main open question, which is why the bearish camp cites it.
News behind the analysis
- NuScale Power Corporation Reports Third Quarter 2026 Financial ResultsThe 10-Q for the quarter ended September 30, 2026 shows revenue of $281,000 and a net loss of $45.7 million.
- NuScale Power Q3 EPS $(0.11) Beats $(0.26) Estimate, Sales $281.000K Miss $10.146M EstimateThird-quarter EPS beat consensus, but revenue of $281K fell far short of the $10.1M estimate.
- Citigroup Maintains Sell on NuScale Power, Lowers Price Target to $3.5Citigroup kept its Sell rating and cut its price target to $3.50, well below the recent trading range.
- Canaccord Genuity Maintains NuScale Power at Buy, Lowers Price Target to $11Canaccord kept its Buy rating and cut its price target from $15 to $11.
- RBC Capital Markets Adjusts NuScale Power Price TargetRBC kept its Sector Perform rating and lowered its price target from $7 to $5.
- Cantor Fitzgerald Maintains Overweight on NuScale Power, Lowers Price Target to $15Cantor Fitzgerald kept its Overweight rating and lowered its price target to $15.
- Wedbush Initiates Coverage On NuScale Power with Underperform Rating, Announces Price Target of $5Wedbush initiated coverage with an Underperform rating and a $5 target, citing concerns over commercial progress.
- NuScale Power Enters Contract With Doosan Enerbility; Korean Engineering Firm To Supply The Company's Upper Reactor Coolant SystemDoosan Enerbility agreed to manufacture a key reactor component for NuScale's small modular reactor project.
- B. Riley Securities Maintains Buy on NuScale Power, Lowers Price Target to $10B. Riley kept its Buy rating and cut its price target from $15 to $10.
About NuScale Power Corporation
NuScale Power, based in Corvallis, Oregon, designs small modular nuclear reactors. Each NuScale Power Module produces about 77 megawatts of electricity, and plants can combine up to 12 of them. Its main distinction is that it holds the only small modular reactor design certified by the U.S. Nuclear Regulatory Commission. No NuScale plant is operating commercially yet, and the company still loses a lot of money.
How it makes money
Revenue today is small, roughly $30 million over the past year. It comes mostly from engineering, licensing and project-preparation work for prospective customers, such as the RoPower project in Romania and the ENTRA1/Tennessee Valley Authority plan for up to about 6 gigawatts in the U.S. Over the long run, the company plans to earn money by selling reactor modules and fuel-related equipment and by providing services to plant owners. Analysts mostly expect significant revenue in the early 2030s or later. Losses are paid for out of the roughly $1.9 billion in cash and investments it held in mid-2026.
What usually moves SMR
- Signed firm orders and progress on projects like RoPower and ENTRA1/TVA
- Electricity demand from AI data centers and interest in nuclear power
- U.S. nuclear policy, regulation and government support
- Cash burn, new share sales and how long its cash lasts
- Interest rates and market appetite for long-term, pre-profit growth stocks