Here's How to Play NuScale Stock Before Q2 Earnings Release

For full-year 2026, the Zacks Consensus Estimate for SMR’s revenues is pegged at $35.9 million, implying a rise of 14% year over year. The bottom line consensus mark for 2026 stands at -$0.46, indicating an improvement of 78.8%.

SMR's Earnings Surprise History

In the last reported quarter, the company delivered a negative earnings surprise of 27.3%. NuScale’s earnings also missed the Zacks Consensus Estimate in each of the trailing four quarters, with the average negative surprise being 579.4%.

Q2 Earnings Whispers for SMR

The proven Zacks model does not conclusively show that NuScale Power is likely to beat estimates in the second quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. But that’s not the case here.

You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Earnings ESP: SMR has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at -$0.13 per share each.

Zacks Rank: NuScale currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank stocks here.

Factors Shaping NuScale’s Upcoming Q2 Results

NuScale’s commercial progress likely to have supported sentiment ahead of second-quarter 2026 earnings. The company continued advancing discussions between ENTRA1 and the Tennessee Valley Authority on a power purchase agreement tied to a planned 6-gigawatt deployment, while Romania’s RoPower project moved into its next phase after shareholder approval. If pre-EPC financing is secured, the Romanian project is expected to spend about 15 months on engineering and site-specific work before construction. Compared with peers such as Oklo Inc. OKLO, which is still progressing multiple first-of-a-kind deployments, NuScale appeared closer to commercial execution.

NuScale’s execution capabilities could have lifted expectations for the quarter. It ended the first quarter with about $1 billion in liquidity, which increased to more than $1.2 billion by early May, providing flexibility to fund commercialization and manufacturing readiness. Management also expanded its partnership with Framatome, continued production activities with Doosan Enerbility and held supplier reviews with 37 strategic partners, while reducing single-source dependencies. Although NANO Nuclear NNE and OKLO are strengthening their supply chains, NuScale’s established manufacturing network and commercial LEU fuel strategy may have reinforced confidence in its deployment timeline.

NuScale’s reported revenue trend is likely to have remained a drag on second-quarter expectations. First-quarter revenues dropped to $565,000 from $13.4 million a year earlier because major RoPower licensing work and Phase 2 FEED engineering services had already been completed in 2025. Management indicated that meaningful revenues and operating cash flow are expected as projects move into later commercial stages, suggesting current earnings remain dependent on project timing. While NANO Nuclear is also operating before meaningful reactor revenues, NuScale’s near-term financial performance could still have reflected this temporary revenue gap.

SMR Price Performance & Stock Valuation

Shares of NuScale Power have plunged more than 80% in the past year compared with OKLO’s loss of 49.2%. Meanwhile, shares of NANO Nuclear have gone down 55.3%.

One-Year Price Performance

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From a valuation perspective, SMR is trading at 2.77 times book value — higher than OKLO and NANO Nuclear.

Valuation Comparison

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How Should You Play NuScale Pre-Q2 Earnings?

NuScale Power heads into its second-quarter 2026 results with expectations remaining subdued despite meaningful progress toward commercialization. The company has missed earnings estimates in each of the past four quarters, while its revenue base remains highly dependent on the timing of large project milestones. Although partnerships with ENTRA1, Framatome and Doosan Enerbility, regulatory approvals and a strong liquidity position support its long-term outlook, near-term financial performance is still constrained by limited recurring revenues, financing requirements and lengthy project development timelines. With an Earnings ESP of 0.00% offering no indication of an earnings beat and the stock trading at a premium valuation despite weak operating fundamentals, the risk-reward profile appears unfavorable ahead of the quarterly release.

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This article originally published on Zacks Investment Research (zacks.com).

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