NuScale Stock Has Lost More Than Half Its Value in 2026, Its Worst Year Since 2023. Here's What Happened the Year After That One.

Résumé détaillé

The last time the reactor developer's stock dropped this much, it more than quintupled the next year. Can it happen again?

NuScale Power (NYSE:SMR) finished 2025 at $14.17 a share. As of this writing, it trades near $5, down about 64% this year. That puts 2026 on track to be the stock's worst year since 2023, when it dropped 68%.

What followed makes 2023 worth a closer look. The small modular reactor developer's shares climbed 445% in 2024, ending the year at $17.93.

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Sure, one rebound is a single case, not a pattern. But what changed between the two years makes a helpful case study for what NuScale needs now. And I think the two setups aren't as alike as the stock price suggests.

The balance sheet made that blow tougher to brush off. NuScale finished 2023 with $125.4 million in cash and equivalents ($5.1 million of it restricted). Its operations had gone through around $183 million in the year.

In other words, the company was holding less than a year of its 2023 spending.

The turn in 2024 began with cuts. In January, NuScale eliminated 154 full-time jobs, about 28% of its staff, aiming to achieve $50 million to $60 million in annual savings.

Showing how much the cuts mattered, NuScale's 2024 operating loss was $138.7 million, around half of 2023's $275.6 million. Cash used by operations dropped to around $109 million from about $183 million. Even more, revenue grew 62% to $37.0 million, thanks to engineering and licensing work on a planned six-module NuScale plant in Romania. And by early 2025, management said it was in advanced talks with potential data center and artificial intelligence customers.

Next, the stock's rally refilled the bank account. NuScale's warrants let holders buy shares at $11.50, and after the stock rose well above that price, around 97% were exercised, generating about $205 million in 2024.

Début de l'article, extrait de Yahoo Finance. Pour lire la suite, ouvrez l'article chez le média.