NuScale Power still has not sold a reactor, and its Smr stock has fallen more than 75% from both its 52-week high and its all-time high as the small modular reactor company waits for real-world projects to turn into actual revenue.

The Oregon nuclear start-up has an approved design for a small modular reactor, but approval has not translated into sales. RoPower has already given the green light to a project in Romania that would use six of NuScale’s SMRs, yet the project still has not secured funding, which means NuScale cannot count it as a sale. The company is also working with the Tennessee Valley Authority and ENTRA1 Energy on a plan to build up to six gigawatts of nuclear capacity, but that effort remains in the planning stage.

That gap between promise and payment is what has kept investors guessing. NuScale is a money-losing company whose shares have been driven largely by news flow and investor sentiment, making the stock one of the more volatile names in the nuclear trade. In 2025, the shares were up roughly 200% at one point as enthusiasm around nuclear power surged alongside rising electricity demand from artificial intelligence companies such as Meta and Google.

The company has also done enough behind the scenes to show it is trying to move from concept to execution. It has put together the supply chain it needs to build its SMRs, and it has generated modest revenue from consulting work for RoPower as that utility moved toward its final investment decision. But those consulting revenues have now fallen away, after NuScale decided to move to the funding stage and wait for the Romanian project to secure money before recognizing any sale.

That is the central tension for NuScale and for anyone watching smr stock: the technology is approved, the demand story is real, and the company has lined up partners, but not one reactor has been sold. Reuben Gregg Brewer’s view on the name is blunt: only the most aggressive investors should be considering NuScale Power right now, and anyone buying it needs a long-term view because the company is still a long way from being sustainably profitable.

For now, NuScale’s story is still being written in plans, approvals and investor mood rather than in delivered hardware. Until one of its projects reaches funding and turns into a booked sale, the stock is likely to keep moving on hope rather than on earnings.