NuScale Power Faces Investor Skepticism Ahead of Earnings Report

NuScale Power faces a crisis of confidence ahead of its Q4 2025 results, with major shareholder Fluor exiting and a wave of securities fraud lawsuits mounting.

NuScale Power is preparing to release its fourth-quarter 2025 financial results on Thursday, an event that has taken on heightened significance. Beyond the standard scrutiny of revenue and profit, the company confronts a severe crisis of confidence. A surge of litigation alleging securities fraud and the complete exit of a major strategic shareholder have cast a long shadow over the modular nuclear reactor specialist.

Strategic Partner Exit and Share Price Decline

Significant pressure mounted on February 17, 2026, when it was revealed that major shareholder Fluor Corporation had fully divested its position. Fluor sold its 71 million shares for a total of $1.35 billion. This move has contributed to a stark decline in the company's market value. The stock closed at $13.43 on Tuesday, a level approximately 75% below its 52-week high of $53.43.

Mounting Legal Challenges

A wave of class-action lawsuits filed by several U.S. law firms forms a core part of NuScale's current troubles. The central allegation is securities fraud. Plaintiffs contend the company misrepresented the expertise of its partner, ENTRA1 Energy, regarding the financing and operation of nuclear power projects. Shareholders who purchased stock between May and November 2025 have until April 20, 2026, to join the suits as lead plaintiffs.

The legal situation intensified following the disclosure of third-quarter 2025 results, which revealed a dramatic spike in administrative expenses. These costs soared to $519 million, a stark contrast to the $17 million reported in the same period the previous year.

Financial Strain and Executive Stock Sale

The primary driver behind the cost increase was a payment of nearly half a billion dollars to partner ENTRA1. Consequently, NuScale posted a quarterly loss of $532 million, or $1.85 per share, significantly missing market expectations. Within this challenging financial environment, the company's Chief Financial Officer sold 40,000 shares in December 2025 under a pre-arranged trading plan.

Operational Progress Amidst Turmoil

Despite severe financial and legal headwinds, there are operational bright spots internationally. In Romania, utility Nuclearelectrica approved the final investment decision for a new power plant project. The facility is planned to utilize six of NuScale's 77-megawatt modules, with a target for commercial operation by 2033.

All eyes are now on management's presentation tomorrow, February 26. Investors will be listening closely for new details on the ENTRA1 partnership and the future cash flow trajectory, as executives attempt to outline a credible path to curbing substantial operational losses and managing legal risks.