NuScale Power’s small modular reactor (SMR) design holds the only U.S. NRC approval in its class, yet the company has secured no binding commercial orders as of October 2026. Revenue collapsed to $75,000 in the June quarter after completing prior engineering work, while operating losses continue amid roughly $800 million in trailing cash burn. The firm holds about $1.9 billion in cash and investments with zero debt, providing a runway of more than two years at current rates, but ongoing share issuance and dilution add pressure. Key near-term catalysts include the November 5 earnings update and progress on the RoPower Romania project or ENTRA1-TVA partnership talks, which could shift sentiment if definitive agreements materialize or further delays emerge.