NuScale Power (NYSE:SMR) shares fell 3.3% in premarket trading after UBS downgraded the small modular reactor developer to Sell from Neutral and reduced its price target to $6.00 from $10.00.
UBS cited its expectations regarding NuScale’s project construction timeline and the status of customer commitments. According to the source, the firm estimates a construction timeline of more than five years and noted that competing small modular reactor developers are progressing towards the construction stage.
The brokerage also cited the absence of firm customer commitments as a factor in its assessment of NuScale’s commercial outlook.
UBS Forecasts $700 Million in Cumulative Cash Burn
UBS now assumes that one NuScale project will begin construction in 2028.
The firm also forecasts approximately $700 million of cumulative cash burn between 2026 and 2028. These figures represent UBS estimates rather than company guidance or confirmed future results.
The analyst action follows NuScale’s second-quarter 2026 results, when the company reported revenue of $75,000, compared with $8.1 million in the corresponding prior-year period.
The downgrade also came three trading sessions after NuScale shares rose following announcements related to manufacturing and artificial intelligence tools, according to the source.
NuScale Shares Trade at $9.87 Premarket
NuScale shares were trading at $9.87 in the premarket session following the UBS downgrade, according to the supplied material. The source cited a 52-week low of $7.21.
Broader US equity markets were modestly higher, with the S&P 500, Nasdaq and Dow Jones all gaining at the time cited in the source.
The supplied material also noted recent gains among nuclear-sector companies including Oklo and Cameco. No new binding commercial orders for NuScale were identified in the source.
NuScale Power stock price
