NuScale Power is the only small modular reactor provider with design approval from the U.S. Nuclear Regulatory Commission (NRC), and its components are already in commercial production, but it has not secured any binding commercial power purchase agreements for a full-scale plant. Second-quarter revenue was just $75,000 against a consensus estimate of nearly $9 million, while the net loss widened from $37.6 million to $50.1 million. The company holds almost $2 billion in cash and equivalents and has no debt, but faces a class action lawsuit alleging it misled investors about partner ENTRA1's capabilities, which NuScale denies. The author argues these headwinds outweigh the NRC approval and suggests investors wait until the legal issues are resolved and a revenue stream is secured.
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