NuScale Rallies on Earnings Miss as CFO Cashed Out Higher
NuScale Power shares climbed 5.4% on August 5, 2026, on a Q2 earnings miss extending the streak to four consecutive quarters below consensus, with trailing revenue of approximately $20 million, down 9
NuScale Rallies on Earnings Miss as CFO Cashed Out Higher
NEW YORK, August 5 —
NuScale Power Corporation (SMR) shares climbed 5.4% on August 5, 2026, on a Q2 earnings miss that extended its streak to four consecutive quarters below consensus. The $3.24 billion market cap rests entirely on the nuclear/AI narrative. The company's CFO sold at $10.14 five weeks ago. The stock, even on this rally day, has not recovered to his exit price.
- Four straight EPS misses; worst was Q3 2025 at -1179.3% below consensus, narrowest was Q1 2026 at -1.4%.
- Trailing revenue approximately $20M, down 95.8% year-over-year; trailing EPS was -$2.20 with no profitable quarter.
- CFO Robert Hamady sold 20,000 shares at $10.14 on June 30, 2026; today's price of $9.36 remains below that exit.
The CFO's Math
CFO Robert Ramsey Hamady exercised options at $3.20 per share and sold all 20,000 shares at $10.14 the same day, June 30, capturing a spread of $6.94 per share. On a day the market calls a rally, the stock at $9.36 still trails his exit. No insider made an open-market purchase in the 90-day period; the only open-market insider transaction was this sale. Insider ownership stands at just 2% of shares, low for a pre-commercial company asking investors to sustain a multi-billion valuation on technology that has not yet produced real product revenue.
A Product Without Revenue
NuScale's NPM is a 77-megawatt small modular reactor, and its commercial offering spans the full nuclear plant lifecycle from design and U.S. NRC regulatory support through accredited operator training and outage management. Its primary disclosed commercial partnership is with Ebara Elliott Energy for industrial-scale compressors powered by NuScale's modules. None of it has produced real revenue: trailing 12-month sales were approximately $20 million, down 95.8% year-over-year, with trailing free cash flow at -$162 million. For investors trying to value a pre-commercial nuclear company, a DCF calculator requires assumptions that do not yet exist in the financials.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| SMR | $3.2B | n/a | -80.4% |
| OKLO | $7.5B | n/a | -50.4% |
| NNE | $960M | n/a | -54.1% |
| LEU | $3.7B | 53.2x | -20.5% |
| CEG | $94.7B | 19.9x | -19.1% |
| VST | $47.4B | 13.6x | -22.4% |
When the Narrative Gets Tested
NuScale holds $890 million in cash against just $10 million in debt, giving the story genuine runway. Analyst consensus sits at $14.57, a 56% premium, and 52.5% institutional ownership suggests sophisticated capital has not yet walked away. But 23.2% short interest signals real disagreement, and with Oklo and NNE reporting the following week, retail attention is already rotating. The number that changes the thesis is Q3 2026 EPS: after the -1179.3% miss in Q3 2025, any real improvement would show the cost structure is bending. Another large miss from that baseline makes the $3.24 billion pre-revenue valuation genuinely difficult to defend. Run the free NuScale Power Corporation deep-dive →
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
Why did NuScale stock rise on an earnings miss?
NuScale shares climbed 5.4% on August 5, 2026, on a Q2 earnings miss that extended the company's streak to four consecutive quarters below consensus. The $3.24 billion market cap rests entirely on the nuclear/AI narrative. Short interest of 23.2% signals real disagreement about the valuation.
What did NuScale's CFO sell and when?
CFO Robert Ramsey Hamady exercised options at $3.20 per share and sold all 20,000 shares at $10.14 on June 30, 2026, capturing a spread of $6.94 per share. No insider made an open-market purchase in the 90-day period; this was the only open-market insider transaction. Insider ownership stands at just 2% of shares.
What does NuScale actually sell?
NuScale's NPM is a 77-megawatt small modular reactor. Its commercial offering spans the full nuclear plant lifecycle, from design and U.S. NRC regulatory support through accredited operator training and outage management. Its primary disclosed commercial partnership is with Ebara Elliott Energy for industrial-scale compressors powered by NuScale's modules.
How much cash does NuScale hold?
NuScale holds $890 million in cash against just $10 million in debt, giving the company genuine runway. Trailing 12-month revenue was approximately $20 million, down 95.8% year-over-year, and trailing free cash flow was negative $162 million. No profitable quarter appears in the trailing financials.
What is analyst consensus on NuScale stock?
Analyst consensus sits at $14.57, a 56% premium to the August 5 price of $9.36. Institutional ownership stands at 52.5%, though 23.2% short interest signals real disagreement. The article identifies Q3 2026 EPS as the number that changes the thesis, given the negative 1,179.3% miss posted in Q3 2025.
NuScale Power shares climbed 5.4% on August 5 despite reporting a Q2 2026 earnings miss—a market shrug that sits uneasily with the company's near-zero revenue, four consecutive EPS misses, and a CFO who sold shares five weeks ago at $10.14, a price the stock has since been unable to recover.