Earnings fell at NuScale Power, Corvallis, Ore., in the first quarter, which the small modular reactor developer attributed to completing work and agreements last year related to the RoPower project in Romania.
Revenue for the first quarter, ended March 31, was $600,000, down from $13.4 million in the first quarter in 2025. NuScale had a net loss of $57.5 million for the first quarter, less than its net loss of $35.3 million in its first quarter a year ago.
For the RoPower, a Romanian nuclear company, project in Dolcești, Romania, NuScale completed Fluor’s Phase 2 Front-End Engineering and Design (FEED) in December 2025 after starting the project in 2024. Recently, Fluor completed the selling off its ownership interest in NuScale. This comes months after Fluor sold off its Class A common stock of NuScale in October 2025.
During the first quarter, Romania’s state utility Nuclearelectrica approved the final investment decision for the Dolcești NuScale SMR plant project and will move to the next phase.
In the United States, NuScale said it is still progressing forward in its involvement with ENTRA1 and Tennessee Valley Authority (TVA) to deploy 6,000 megawatts of NuScale’s small modular reactors (SMRs) in the utility’s seven-state region. ENTRA1, NuScale’s partner company based in Houston, Texas, and TVA signed this agreement in September 2025.
While the company had a quiet first three months in 2026, NuScale President and CEO John Hopkins told investors during a May 7 earnings call that the company is ready for its first customer. Hopkins said that during this time NuScale has been establishing its supply chain and has been in discussions with the South Korean government about artificial intelligence (AI) data centers and new nuclear.
“It’s just a complicated, slow process,” Hopkins said during the call. “We’re bullish that this thing is going to take off here. With the U.S. government support we’re seeing and the activities that’s going on right now, we’re hopeful that we’re close to closure.”
NuScale is the first SMR developer to have its SMR design approved by the Nuclear Regulatory Commission (NRC). The company also had a power uprate approved for its SMR design by NRC.