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2025 has been characterized by several key investment themes, such as artificial intelligence (AI), quantum computing, and memory chip stocks. Not least among these themes is the market’s attraction to nuclear energy stocks. As of the Nov. 17 close, the VanEck Uranium and Nuclear ETF has delivered a total return of 55%.
Many high-profile nuclear stocks recently reported Q3 earnings. Below, we’ll dive into the results, detailing which firms impressed and which disappointed investors.
Markets Crush NuScale on Huge Q3 Loss
As with many small pre-revenue nuclear stocks, 2025 has been a rollercoaster for NuScale Power. Through mid-October, shares were up nearly 200%. The stock has collapsed since then, down around 61% from its peak.
Much of this loss came after the firm’s disappointing Q3 earnings report.
The company generated less revenue than expected and posted a huge loss of $1.85 per share, where analysts had forecasted a loss of only 11 cents.
The miss was mostly due to NuScale’s recent payment of $128.5 million to ENTRA1 Energy, intended to fast-track a major deployment of six gigawatts of nuclear energy in partnership with the Tennessee Valley Authority.
While this payment aims to accelerate project timelines, it caused a significant near-term financial hit, and the market was clearly not pleased by these results.
Shares dropped 14% on Nov. 6, and have traded down every day after. Since the report, NuScale is down 45%, with Royal Bank of Canada lowering its NuScale price target from $35 to $32.
Constellation Misses, but Calpine Deal Leaves Investors Sanguine
Next up is the United States’ largest operator of nuclear energy facilities, Constellation Energy. Shares of CEG are down around 16% since their mid-October highs, but have still delivered a total return of 52% year-to-date.
Constellation reported Q3 earnings before the market opened on Nov. 7. Despite missing on both sales and adjusted earnings per share (EPS), the stock gained by 2% that day.
This was likely because Constellation maintained the midpoint of its full-year adjusted EPS guidance and provided positive news on its acquisition of Calpine. It expects the deal to close by the end of the year.
The acquisition would make Constellation the nation’s largest clean energy provider, giving the firm a coast-to-coast presence.
Constellation expects the deal to boost its adjusted EPS by more than 20% in 2026, and to add at least $2 per share to EPS for multiple years afterward. That is very significant, considering that Constellation expects to generate $9.05 to $9.45 of adjusted EPS in 2025. Analysts at Citigroup raised their Constellation price target from $337 to $368, suggesting long-term confidence even amid short-term earnings weakness.
Oklo Receives Multiple Positive Price Targets After Regulatory Success
Oklo reported a wider-than-expected loss per share of 20 cents, compared to a 13-cent projected loss. Like NuScale, the company is currently pre-revenue. Yet, despite the EPS miss, shares rose nearly 7% the day after the earnings results.
An important regulatory milestone drove the rally. The U.S. Department of Energy approved the firm’s Nuclear Safety Design Agreement for its Aurora Fuel Fabrication Facility, where Oklo wants to recycle used nuclear fuel to power next-generation reactors.
Oklo received several strong price targets from analysts.
B. Riley more than doubled its target from $58 to $129. Wedbush and Cantor Fitzgerald issued $150 and $122 price targets, respectively.
Even with Bank of America trimming its forecast from $117 to $111, the analyst reaction to the results was positive in aggregate.
Despite the enthusiasm, shares remain down around 45% since their mid-October high. This reflects the turn the market has taken on many nuclear stocks and speculative stocks in general. Still, Oklo shares remain up nearly 350% in 2025, signaling continued speculative interest.
Nuclear Stocks Continue Getting Beat Down
Lately, nuclear stocks have struggled mightily as a whole. Since Oct. 15, the VanEck Uranium and Nuclear ETF is down by about 23%.
Among the three names above, Oklo’s Q3 earnings results appear to have been the most well-received. Still, the stock continues to get hit as markets are cutting many high-flying nuclear names down to size.