NuScale Power continues to face intense pressure on its balance sheet despite holding roughly $1.9 billion in cash and investments as of mid-2026. The company reported minimal revenue of just $75,000 in the second quarter alongside a $64 million operating loss, driven by a large milestone payment to commercialization partner ENTRA1 Energy and ongoing development costs for its small modular reactor technology. Analysts at UBS recently downgraded the stock to sell, citing projected negative free cash flow of $700 million through 2028, a lack of firm customer commitments beyond exploratory talks with the Tennessee Valley Authority, and erosion of first-mover advantage in the SMR space. Recent dilution from at-the-market equity offerings has expanded the share count significantly, while a manufacturing milestone on boron-oxide pellets for passive safety systems and regulatory progress on the Romania project provide limited offsets. These dynamics keep bankruptcy risk low in the near term but highlight execution hurdles ahead of any potential 2030s deployments.