Battle Royale: NuScale vs. Plug Power. Only One Can Make You Rich.
Key Points
NuScale is potentially still years from profitability, but does have design approval from the U.S. Nuclear Regulatory Commission.
Plug is implementing its "Project Quantum Leap" to improve the company's financial standing.
Both stocks have struggled recently and are near 52-week lows.
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In a battle to be the best clean energy stock, who wins between NuScale Power (NYSE: SMR) and Plug Power (NASDAQ: PLUG)? Let's take a closer look at which company offers the better long-term odds for investors.
NuScale's long timeline
NuScale is generating some revenue right now, but it's attributable to engineering and licensing fees. Its actual reactors haven't been deployed yet, and investors may be waiting until 2029 or later.
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Although NuScale isn't yet making money from its core product, the balance sheet is improving, and it doesn't carry any debt. NuScale's third-quarter 2025 earnings showed the nuclear company's cash and investments had increased to $753.8 million. NuScale's runway should be enough to get it to the eventual launch of its small modular reactors.
The biggest advantage for NuScale is its design approval from the U.S. Nuclear Regulatory Commission (NRC), which gives it a competitive moat. NuScale's stock is near its 52-week low and down 4% to start 2026.
Plug's financial challenges
On the plus side, Plug has far more revenue than NuScale. Through the first three quarters of 2025, Plug reported $484 million in revenue. On the negative side, Plug is burning cash fast and is deeply unprofitable.
Plug's challenges forced it to reevaluate its strategy and launch "Project Quantum Leap." The initiative aims to reduce expenses by up to $200 million while improving margins and cash flow and accelerating its return to profitability.
Plug's stock has taken a beating in the past few years. Dilution is a concern, as stockholders recently approved a doubling of shares from 1.5 billion to 3 billion. Still, Plug believes it's back on track, and fundamentals will improve.
The winner
In this energy battle, the title goes to NuScale. It has NRC certification, a solid customer pipeline, and a cleaner balance sheet than Plug Power. Plug has had more execution missteps than NuScale. At the macro level, it's uncertain what role hydrogen will play in supplying AI's energy needs. There's a clearer and more established path for nuclear right now.
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Catie Hogan has positions in Plug Power. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.
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