SMR
NuScale Power Corporation
Is SMR Halal?
Small modular nuclear reactor technology — a generally permissible energy business whose current liquidity and investment-income screens fail.
What You Should Know
NuScale designs and commercializes small modular nuclear reactor technology and related engineering and licensing services. Its March 31, 2026 Form 10-Q reports assets of $1,148.327 million, no debt, cash of $341.129 million, short-term investments of $549.000 million, receivables of $8.468 million and quarterly revenue of $0.565 million. Debt/assets is 0.00%, liquidity/assets is 77.52% and receivables plus cash/assets is 30.44%; the liquidity screen fails. The filing reports $10.835 million of investment income, a conservative upper-bound proxy of 1,917.70% of quarterly revenue because revenue is still pre-commercial. No universal prohibited-revenue numerator is disclosed.
⚠️ Concerns
- •Known liquidity/assets is 77.52%, above examined 33.333% limits
- •Investment income is $10.835 million against $0.565 million of quarterly revenue; this conservative upper bound is not a purification prescription
- •NuScale is pre-commercial and project, licensing and government-counterparty execution remains volatile
- •The filing reports no debt, but future reactor deployment financing could change the screen
- •No universal prohibited-revenue numerator is disclosed
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
0 / 1,148.327
890.129 / 1,148.327
349.597 / 1,148.327
10.835 / 0.565
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 77.52%, above the examined 33.333% limit, and the conservative investment-income proxy is 1,917.70% of revenue; debt/assets is 0.00% and receivables-plus-cash/assets is 30.44%.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 77.52%, above the examined MSCI limit; debt/assets is 0.00% and receivables-plus-cash/assets is 30.44%.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 77.52%, above the examined Malaysia limit; the financial-income proxy is also above the 5% benchmark. This is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the total-assets screen already fails on liquidity and the conservative income proxy.
Business-activity disclosure
NuScale designs and commercializes small modular nuclear reactor technology, licensing and engineering services. Nuclear-energy infrastructure is generally permissible, while project counterparties and end uses remain qualitative.
Limitation: The filing does not allocate revenue into a universal prohibited-activity numerator by customer, project or downstream end use.
Purification
NuScale reports $10.835 million of investment income, but does not prescribe a scholar-specific purification percentage; the conservative ratio is a screen input rather than a purification instruction.
Inputs, assumptions and primary sources
- Amounts are USD millions from NuScale's March 31, 2026 Form 10-Q.
- The filing states that NuScale had no debt; the $7.185 million noncurrent-liability line is not described as interest-bearing debt and is excluded.
- Cash and cash equivalents are $341.129 million and short-term investments are $549.000 million; restricted cash of $5.100 million and the separately reported $118.634 million investments balance are excluded from the identifiable liquidity numerator.
- Accounts and other receivables are $8.468 million and first-quarter revenue is $0.565 million.
- The filing reports $10.835 million of investment income. It is used as a conservative upper-bound proxy for potentially non-compliant financial income, not as a purification prescription.
- Nuclear reactor technology and engineering are generally permissible, but no universal prohibited-revenue numerator is disclosed.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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