Shares of NuScale Power slid 6.3% to $7.83 on July 16, extending a punishing selloff that has erased more than 85% of the stock's value since its $53.43 all-time high last October. On July 8, the stock touched a fresh 52-week low of $8.55, capping a sharp 54.2% decline over just six months. The collapse reflects a market that has lost patience with a company still years from generating meaningful revenue, now beset by lawsuits and questions about its key partner.

  • Revenue Virtually Disappeared Overnight. Q1 2026 earnings per share came in at -$0.14, missing forecasts, while revenue was just $0.6 million—an 88.6% miss versus the $4.99 million expected.

That $0.6 million was down 95.5% from $13.4 million a year earlier , as one-time licensing deals dried up. For shareholders, this means the company is burning cash with almost nothing coming in.

  • Its Biggest Partner Is Now a Legal Liability. A federal securities lawsuit alleges NuScale misrepresented the experience of ENTRA1, its commercialization partner, which had "never built, financed, or operated any significant projects" when NuScale handed it the keys to its reactor rollout strategy. The litigation raises questions about NuScale's disclosure practices and its ability to deliver planned projects , including the massive Tennessee Valley Authority deal—potentially its most important contract.

  • Its Founding Backer Already Walked Away. Fluor Corp. completed the sale of its remaining 40 million NuScale shares in April 2026, generating $473 million and totaling roughly $2.43 billion in proceeds from dumping its entire stake since September 2025. When the company that spent $570 million building NuScale chooses to cash out entirely, it sends a chilling signal about near-term prospects.

  • The Cash Cushion Is Real, But So Is the Burn Rate. NuScale held $341 million in cash and $549 million in short-term investments as of March 31, 2026 , giving it roughly $1.2 billion in liquidity. But continued equity issuance under pressure from a falling share price risks further dilution without new power purchase agreements.

Management says it aims to reach operational cash-flow positivity by year-end —a target that hinges entirely on signing a TVA deal that remains unsigned.

The math is stark: a ~$2.5 billion market cap for a pre-commercial company burning ~$47 million per quarter, with no binding contracts and active litigation. Until a signed deal materializes, the stock trades on faith.