NuScale Power's Q1 2026 report highlights actual revenue of $0.6 million and a solid liquidity position, emphasizing upcoming project milestones as key to future revenue growth.
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What is NuScale Power's revenue forecast and financial outlook for Q1 2026?
NuScale reported revenue of $0.6 million for the three-month period ended March 31, 2026. 1
This compares with $13.4 million in the same period of the prior year. 1
Management attributed the year-over-year decline primarily to:
Conclusion on the “forecast”: In the excerpts provided, NuScale does not give a numeric forward revenue forecast for Q1 2026 (i.e., it does not project Q1 2026 results ahead of time). Instead, Q1 2026 revenue is described as an actual reported figure. 1
Management’s outlook language emphasizes that as projects progress, the company expects revenues and operating cash flow to come from sale of products and services. 1
In the CFO discussion, NuScale frames revenue drivers around large development milestones tied to customer projects—especially:
Management further elaborates that, post-PPA (with the TVA/ENTRA1 project), they anticipate “something similar” to RoPower for early-stage services and that there could also be licensing work and COLA work. 3
They also describe that after the OEM agreement is signed, NuScale expects payments to be structured such that the OEM phase is cash-positive (with some offsets for payments under the PMA). 4
Key implication for Q1 2026: The excerpts tie near-term revenue ramp to obtaining/advancing major customer milestones (notably the PPA with TVA under the ENTRA1 partnership), but they do not specify that those milestones occur in Q1 2026 or provide a Q1 2026 revenue number. 234
NuScale gives a clear liquidity snapshot that supports its near-term financial flexibility:
Management explicitly links this liquidity to its ability to:
In addition, the quarter is characterized as having closed with approximately $1 billion in cash and other capital resources. 5
Conclusion on outlook for Q1 2026: Even though revenue in Q1 2026 was low, management’s outlook for the quarter’s financial stability appears primarily liquidity-driven: NuScale highlights ~$1.0B liquidity at quarter-end (March 31, 2026) and growth above $1.2B shortly after. 15
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