NuScale Power is the only small modular reactor vendor with a Nuclear Regulatory Commission design certification, and the second-quarter print shows how little that certification has yet converted into commercial cash. Exclusive partner ENTRA1 Energy is still negotiating with the Tennessee Valley Authority toward a definitive power-purchase agreement for what management describes as potentially the largest nuclear deployment program in United States history. Until that document is signed, the equity is a licensed design sitting on a large cash pile rather than a contracted manufacturer. Liquidity ended the quarter near $1.9 billion, purchased largely through equity issuance rather than customer deposits.
The revenue collapse is not a demand shock so much as a finished work order. Fluor completed Front-End Engineering and Design Phase Two on the Romanian RoPower project late last year, and nothing of comparable size replaced it. Second-quarter revenue fell to $75 thousand from $8 million a year earlier. First-half operating cash outflow reached $373 million, of which a large slice was the settlement of the year-end payable tied to the first ENTRA1 milestone. Class A share count rose from about 318 million at year-end to 410 million by June.
The August sales agreement for another $750 million of at-the-market Class A stock tells the market how management intends to fund the gap between certification and first steel. RoPower still needs Nuclearelectrica shareholder conditions cleared before six modules can move from a former coal site toward an equipment order. The investment question for the next several quarters is whether a TVA offtake or a Romanian construction commitment arrives before the next equity window has to be used in size.