Nuclear earnings in Q3: Which players held steady and which stumbled?

Many key investments have emerged in various themes, including artificial intelligence (AI), quantum computing and memory chip stocks. But for now, the attention is more extensive on the nuclear energy stocks. This is more so because many high-profile nuclear stocks in Q3 have reported their earnings. 

NuScale’s heavy loss is affecting Q3 earnings

NuScale Power, a pioneering developer of small modular nuclear reactors, has been on a rollercoaster ride throughout 2025 due to many small pre-revenue nuclear stocks. The firm, till mid-October, presented an upward trajectory of 200 per cent, but after mid-October, the stock collapsed by 61 per cent from its peak. Because of this, a direct impact on the firm’s revenue has been seen with a loss of USD 1.85 per share. 

The downturn of its stock is also owed to the firm’s recent payment of USD 128.5 million to ENTRA1 Energy. This payment was made with the intention of fast-tracking the 6 GW of nuclear energy partnership formed with the Tennessee Valley Authority. Irrespective of the payment made to enhance the project, the short-term financials took a real hit, and the market was not pleased by the results.

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The share further dropped on November 6 by 14 per cent, and on the following day, it fell further. After releasing the report, the firm witnessed a downward trend of 45 per cent with Royal Bank of Canada lowering the price target from USD 35 to USD 32. 

Constellation Energy faces a positive upturn

Constellation Energy’s stock took a downturn by 16 per cent since its peak in mid-October, but the company is still delivering a 52 per cent total return year-to-date. On November 7, the firm released its Q3 results, which fell short of expectations for both revenue and adjusted earnings per share (EPS). On the other hand, the stock rose by 2 per cent after it had reaffirmed its full-year earnings guidance and shared some positive news about its Calpine acquisition, which will be closed by the end of the year. 

This deal shall help position the firm to become the largest clean-energy provider in the country, with a nationwide presence. The firm is expected to boost adjusted EPS by over 20 per cent by 2026, adding at least USD 2 per share for several years after that, which is definitely a significant rise considering its EPS outlook of USD 9.05 to USD 9.45 for 2025. To further enlarge the long-term confidence, Citigroup has raised its price target from USD 337 to USD 368, even with some expected softness in earnings in the near term.

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Positive price targets set for Okla 

Oklo recently reported a quarterly loss that was wider than analysts had expected, coming in at USD 0.20 per share instead of the anticipated USD 0.13. This makes the firm a pre-revenue player in the nuclear technology space. However, despite missing earnings expectations, the stock jumped nearly 7 per cent the next day, due to a significant regulatory win, which is the US Department of Energy permitting the firm’s Nuclear Safety Design Agreement for its Aurora Fuel Fabrication Facility, permitting recycling to be used for nuclear fuel for next-gen reactors. 

Analysts provided the firm with strong price targets, with B. Riley more than doubling its price target from USD 58 to USD 129, while Wedbush and Cantor Fitzgerald set their targets at USD 150 and USD 122, respectively. On the contrary, Bank of America slightly lowered its estimate from USD 117 to USD 111, making the overall sentiment remain intact. The firm’s shares, since mid-October, have dropped by 45 per cent, reflecting the broader challenges facing nuclear and high-speculation stocks. Nonetheless, the stock is up nearly 350 per cent year-to-date, highlighting the ongoing speculative interest in the company.

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