Munger Mode rating: 1 out of 5 — Strong Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the voice of Warren Buffett and Charlie Munger, from the Q2 2026 Form 10-Q (period ended June 30, 2026) and current public information. We have spent our lives buying businesses that make money today with a high probability of making more money tomorrow. NuScale is the mirror image: a company that loses money today with an unknowable probability of making any money in the next decade. In the quarter just reported, this $4 billion market-cap enterprise generated $75,000 of revenue — not $75 million, seventy-five thousand dollars — at a negative gross margin, while losing $50 million.
Recent filings analysed: 8-K (2026-08-05), 10-Q (2026-08-05).
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