Shares of NuScale Power (NYSE: SMR) sank to $9.62 on June 9, erasing over a week of gains in a single session as traders locked in profits from a rally that had lifted the stock from roughly $10 in mid-May to above $14 by early June. Over the past few weeks, SMR ran from around $10 in mid-May to a spike near $14.30, then slid back , and today's move extends that reversal. No fresh negative company news triggered the sell-off — this is the market repricing a stock that trades on story, not earnings.
• A $3.5 Billion Company Running on $565,000 in Quarterly Revenue
Q1 2026 revenue came in at just $565,000 while total expenses hit about $58.1 million, driving a net loss of roughly $44 million and earnings per share of -$0.14.
The company's market cap stands at $3.55 billion, with a P/E ratio of -4.72. That valuation-to-revenue gap — roughly 229 times sales — means every tick in the stock price is driven almost entirely by expectations about the future, not today's business.
• A Billion-Dollar Cash Cushion Buys Time, but Burns Fast
NuScale reports around $341 million in cash and $890 million including short-term investments, backing the headline message of roughly $1 billion in liquidity.
NuScale Power posted an operating cash outflow above $300 million for the latest quarter and free cash flow around -$316 million. At that burn rate, the runway — while substantial — narrows faster than management's optimistic tone suggests.
• Wall Street Is Interested but Divided
Goldman Sachs trimmed its NuScale price target from $10 to $9 while keeping a Neutral rating.
Northland trimmed its target to $19 from $21 on dilution from at-the-market issuance but kept an Outperform rating tied to the TVA opportunity.
Bank of America restarted coverage at Neutral with a $12 target, warning that real reactor revenue likely waits until the early 2030s. The spread between $9 and $19 price targets tells you how uncertain this bet remains.
• The Pipeline Is Big — If It Converts
The company is moving ahead with ENTRA1 and TVA on a potential 6 GW deployment in the U.S. and advancing Romania's 6-module RoPower project after local shareholder approval.
The Romania project, with a mid-2026 "go/no-go" decision, is a key calendar catalyst. For shareholders, that decision may matter more than any single trading session — it could validate whether NuScale's technology can cross from blueprint to commercial reality.