Shares of NuScale Power (SMR) cratered another 10.3% to $10.76 on June 5, extending a brutal slide from $13.95 just three days earlier, as investors continue digesting a one-two punch of Wall Street downgrades and deepening questions about the company's path to profitability.
• Goldman and Citi Are Drawing a Line Well Below the Current Price
Goldman Sachs cut its price target from $10 to $9, keeping a Neutral rating.
Citi went further, slashing its target from $9 to $7 while reiterating a Sell. With SMR now trading at $10.76, Citi's target implies another 35% downside. These aren't fringe voices — they are telling clients the stock has more room to fall even after a roughly 80% collapse from its 2025 peak above $57.
• Cash Is Plentiful, but It's Disappearing Fast
NuScale ended Q1 2026 with roughly $1.0 billion in cash and investments. That sounds comfortable, but the company burned through operating cash outflows north of $314.7 million and free cash flow of around negative $316.2 million in the quarter ending March 31, 2026. At that pace, the runway stretches only about three years — and that's before potential milestone payments. NuScale may not see its first power plant built before 2030 , meaning revenue remains a distant hope.
• The ENTRA1 Controversy Won't Go Away
A $495 million payment to partner ENTRA1 drove a $532 million net loss in Q3 2025 , triggering securities-fraud class actions and shattering investor trust. Former strategic backer Fluor has fully exited its roughly 40-million-share stake via approximately $2.43 billion in open-market sales since late 2025 , removing a key anchor shareholder.
• Competition Is Closing In While Revenue Stays Near Zero
NuScale remains the only U.S. company with an NRC-approved small modular reactor design , a genuine edge. But rivals like Oklo and General Fusion are advancing alternative reactor designs, underscoring both the market's potential and its intense competition.
NuScale posted just $565,000 in total quarterly revenue against a net loss of roughly $44 million , making the current ~$3.5 billion market cap a pure bet on future deployment.
The bull case rests on nuclear energy's long-term role powering AI data centers. The bear case: the money runs out before a single reactor generates commercial electricity.