By Kennedy Maize
Another disappointing earnings report from NuScale Power’s (NYSE:SMR) last week (Nov. 6) led to a sharp decline in the company’s stock. At the same time, another shift in the status of Fluor Corp.’s (NYSE:FLR) shares in NuScale hiked the price of the Texas engineering and construction giant’s shares.
NuScale’s third quarter earnings rollout largely repeated the third quarter 2024 results of the most mature of the small modular nuclear reactor promoters in the U.S. Corvalis, Ore.,-based NuScale reported 2025 3rd Q revenue of $8.2 million, versus $475,000 in 2024’s 3rd Q. The quarterly net loss for 2025 was $532 million compared to $461 million in 2024. NuScale lost $1.85/share in the 2025 quarter and 85 cents/share in 2024.
In the press release highlighting the results, where companies traditionally boast about their accomplishments, NuScale patted itself and it’s “strategic partner” ENTRA1 on the back for an “agreement with the Tennessee Valley Authority to deploy up to six gigawatts of NuScale modular reactor capacity” It is an “agreement,” which is to say it is promissory, not contractual. No money changed hands.
NuScale’s shares opened on Nov. 6 at $39/share and closed the day at $28/share. Anticipating the puny earnings, Seeking Alpha on Nov. 3, wrote, “NuScale Power is rated a sell due to high valuation and reliance on the Tennessee Valley Authority to buy 80 reactors via an exclusive commercial agreement with ENTRA1.”
Seeking Alpha analyst Ricardo Fernandez in an article headlined “NuScale: Low Return For High Risk,” said, “Despite promising technology and NRC certification, the current stock price offers little upside until 2032, making SMR unattractive given sector risks and valuation.”
As it was unveiling its financial results, NuScale announced the second round of a deal with Fluor, its financial midwife whose initial investment gave the company the heft to develop its SMR technology. Fluor remains the company’s largest shareholder but has now confirmed that it is exiting the business.
The new deal was a reprise of the second quarter arrangement over the status of Fluor’s holdings in NuScale. At that time, Fluor exchanged 15 million Class B shares it owns, which can’t be sold, for Class A common stock. Fluor owned about 126 million Class B shares and 133 million Class A shares of NuScale. Fluor agreed to hold onto the A shares for 30 days and sell no more than 5% at any one time through 2026.
In the new agreement, “Fluor will convert its remaining Class B units of NuScale Power, LLC (the ‘Class B units’) into shares of Class A common stock of NuScale (the ‘Class A common stock’), and will promptly begin a structured monetization of shares, subject to certain mutually agreed volume restrictions, which are intended to preserve the value of NuScale’s equity during the process. Fluor expects to complete the monetization of its stake by the end of the second quarter of 2026.”
In bidding eventual adieu to Fluor, NuScale CEO John Hopkins said, “Fluor’s support over the past 14 years has been instrumental in positioning NuScale as a leader in advanced nuclear technology.”
The market loved the move. Fluor’s stock had been in the doldrums, but the NuScale deal changed the perspective. Dow Jones Newswires on Nov. 7 reported, “Fluor shares rose 9.5% in premarket trading to $48.81. Through Thursday’s close, the stock had lost about a quarter of its value over the last year.” The financial wire service added, “Fluor also raised its guidance for the year, despite posting a loss and drop in revenue in the third quarter.”
Of the dozen or so U.S. small nuclear reactor companies only three pure-play outfits are publicly traded: NuScale, Oklo, Inc. (NYSE: OKLO), and Nano Nuclear Energy, Inc. (NASDAQ:NNE). Other pure players in the SMR field are privately held and largely venture capital financed.
Oklo, which has been getting a lot of publicity lately, is a high-flyer, with its shares most recently hitting over $100/share. According to Stock Analysis, “Oklo Inc. has a market cap or net worth of $16.29 billion as of November 7, 2025. Its market cap has increased by 540.41% in one year.” Financial news service Benzinga last week observed a “volatile slide,” commenting that investors “are re-evaluating the nuclear startup’s fundamental risks, particularly its high valuation while still in a pre-revenue status.”
Oklo’s 2nd Q 2025 earnings report showed no revenue. It featured cash and marketable debt securities of $534 million and a loss of $24 million for the quarter (18 cents per share). Oklo’s 3rd Q earnings report is scheduled for Tuesday, Nov. 11, after the market closes.
Nano is developing a variety of microreactors. Its shares are selling for about $40. Its market cap was $1.94 billion as of Nov. 4. Its market cap has increased by 173.11% in one year. The stock has been volatile. On Oct. 6, the share price hit $53.63. On Nov. 6 it was $39.18.
Nano released its 3rd Q unaudited earnings statement on Aug. 14, showing current assets of $212 million, no revenue, and a net loss of $7.6 million (19 cents/per share).
The prospect of a wave of data center projects has been driving much of the enthusiasm for small modular reactors. The Wall Street Journal recently took a skeptical look at that optimism, singling out Oklo. In an article headlined, “The Frothiest AI Bubble Is in Energy Stocks,” the WSJ observed, “Forget about the froth in tech valuations. The real excess might be building up in energy stocks…A group of non-revenue-generating energy companies have collectively ballooned in value to more than $45 billion in hopes that tech companies will one day pay for their yet-to-be-built power.”