Nuscale Power Corp (SMR · NYSE)

NuScale Power shares fell 8.5% to $8.27, leaving the stock down 19.0% over three months and 84.5% below its 52-week high, with trading volume at 1.6x the 20-day average. The pre-revenue modular reactor developer reported a quarterly operating loss of $64.0M on just $75,000 of revenue in the June quarter, with TTM revenue down 99.1% to $10.7M, though it holds $766.5M in cash against only $5.9M of debt and recently launched a $750M at-the-market equity program. Recent news flow was mixed: discussions with ENTRA1 Energy and TVA on a potential first module order were flagged as a possible catalyst, while director Shinji Fujino sold 20,000 shares at $8.858 and Van Eck disclosed an 8.5% beneficial stake via ETF holdings. The company has met or missed in line with estimates in two of its last four quarters, after large misses in the two prior periods.