CORVALLIS, Ore. & FORT WORTH, Texas - NuScale Power Corporation (NYSE:SMR) has awarded a contract to Paragon, a Mirion Technologies company, to complete final design development of protection systems for NuScale’s small modular reactor technology, according to a press release statement.
Under the contract, Paragon will complete engineering and design deliverables for three instrumentation and control systems built on its Highly Integrated Protection System platform. The Module Protection System is a safety-related reactor protection system for each individual NuScale Power Module. The Safety Data Interface System provides plant data monitoring during incidents. The Plant Protection System handles control room habitability functions including HVAC.
The contract also includes Independent Verification and Validation services for Module Protection System development, a step in qualifying safety-critical software for nuclear applications. Despite revenue of $18.67 million in the last twelve months, InvestingPro analysis indicates the stock appears undervalued at current levels, trading below its Fair Value. According to InvestingPro Tips, the company holds more cash than debt on its balance sheet, though it is quickly burning through cash—two of 14 key insights available to subscribers.
NuScale has certain components of 12 power modules in production. Nuclear plants deploying NuScale Power Modules are anticipated to feature one control room supporting up to 12 modules, each capable of generating up to 77 megawatts of power.
"Paragon has been a valuable technology partner in the development of the HIPS technology, advancing the digital instrumentation and control systems that are essential to safe and reliable plant operations," said John Hopkins, President and Chief Executive Officer of NuScale Power.
NuScale’s small modular reactor design received approval from the U.S. Nuclear Regulatory Commission. The company was founded in 2007 and provides small modular reactor nuclear technology.
Paragon’s HIPS platform received NRC Safety Evaluation Report approval of its topical report in 2017, co-developed with NuScale. The platform can be configured from a single channel up to a full four-division Reactor Protection System.
In other recent news, NuScale Power Corporation reported disappointing financial results for the first quarter of 2026. The company posted an earnings per share of -$0.14, missing the forecasted -$0.13. Revenue was reported at $0.6 million, which was significantly below the expected $4.99 million, marking an 88.58% surprise to the downside. In a separate development, NuScale Power appointed Stuart A. Harshaw and Dale E. Klein to its board of directors, expanding the board to nine members, eight of whom are independent.
Additionally, BofA Securities initiated coverage on NuScale Power with a Neutral rating and set a price target of $12.00. The firm noted NuScale’s advantage as the only small modular reactor with U.S. Nuclear Regulatory Commission Standard Design Approval. Meanwhile, William Blair adjusted its data center and power index score to 75, down from 78, due to increased challenges with local opposition and power supply constraints. The firm also raised its forecast for the U.S. data center power supply and demand deficit in 2030 to 28 gigawatts. These developments reflect the ongoing challenges and strategic movements within NuScale Power and the broader data center industry.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
The fastest way to find out is with our Fair Value calculator. We use a mix of 17 proven industry valuation models for maximum accuracy. Get the bottom line for SMR plus thousands of other stocks and find your next hidden gem with massive upside.