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NuScale Power (NYSE:SMR) stock is down 6% Tuesday to $8.66 as the small modular reactor developer digests a Q2 2026 revenue collapse and a fresh $750 million equity offering. The move extends a difficult stretch for the stock, which was already down 35% year to date through Monday's close. The broader nuclear complex is also lower midday.
Oklo (NYSE:OKLO) stock is down 5% to $41.62, BWX Technologies (NYSE:BWXT) stock is declining 2% to $167.41, and Fluor (NYSE:FLR) stock is slipping 2% to $53.59. NuScale reported Q2 2026 revenue of $75,000, down 99.1% year over year from $8.05 million. The drop reflects completion of the Fluor FEED Phase 2 engineering work on the RoPower project in late 2025, with no comparable billable scope to replace it.
The company ended the quarter with $1.9 billion in cash and investments, a $900 million jump from Q1 2026. That liquidity came largely from $984.5 million in net equity proceeds during H1 2026. Class A share count rose from 318.5 million at year-end 2025 to 410.4 million by June 30.
On August 11, NuScale filed to sell an additional $750 million in shares through an at-the-market offering. SMR stock trades at roughly 14 times projected 2028 sales, and insiders were net sellers over the past 12 months. CEO John Hopkins framed the quarter around execution readiness, declaring, "We hold the only U.S.
Nuclear Regulatory Commission design certification in the SMR industry... No one is better positioned to deliver carbon-free, 24/7 power on the shortest possible timeline." NuScale doesn't expect commercial SMR deployment until the early 2030s. The company's interim revenue depends on lumpy front-end engineering, licensing, and consulting work, so the 99.1% decline reflects contract timing more than business erosion.
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