NuScale Stock Now Trades for About the Cash on Its Books. Should You Buy It Now?

SMR has fallen 92% from its October 2025 peak and now trades near the $1.86 billion in cash on its balance sheet. On the surface, that looks like a floor. The Motley Fool's author argues it isn't.

The core problem: NuScale has no revenue. Quarterly losses run about $65 million, so the cash cushion erodes steadily while the business generates nothing to offset it.

The bigger risk sits in the company's non-binding deal with TVA. If that agreement advances, contractual payments to partner ENTRA1 Energy could consume most of the cash pile before SMR sells a single module. In that scenario, the headline cash figure overstates what shareholders actually own.

Interpretation: a stock trading at cash value typically signals the market sees limited downside. Here, the cash may be partly spoken for. If TVA progress triggers ENTRA1 payments, the "valuation floor" argument weakens precisely when bulls would celebrate a catalyst. Good news on the TVA deal could carry a hidden cost to the balance sheet.

The 92% drawdown shows how much sentiment has reset, but the author's case is that a low price against cash does not equal a bargain when the cash faces claims and the burn continues near $65 million per quarter.