X-energy Reports Second Quarter 2026 Results
ROCKVILLE, Md., Aug. 13, 2026 (GLOBE NEWSWIRE) -- X-Energy, Inc. (Nasdaq: XE) (“X-energy” or the “Company”), a leading designer of advanced nuclear reactor technology and manufacturer of nuclear fuels, today announced second quarter 2026 financial results and operational highlights.
“Our progress in the second quarter reflects our continued focus on execution across every part of our business,” said J. Clay Sell, CEO of X-energy. “We are investing in capabilities that better position the company for commercial execution and scale. Our HALEU enrichment service agreements meaningfully de-risk a substantial portion of the deployment of our reactors, and the agreement with SGL secures our access to critical graphite components, enabling our strategy to build reactors at scale. Through our ongoing partnerships with ORNL and the State of Tennessee, as well as our recent partnership with Project Prometheus, Idaho National Lab, NVIDIA, and AWS, we are working to further lead nuclear innovation through the best tools and resources available."
“Overall, we believe this momentum only reinforces our ability to deliver for our customers and continues to build a moat between us and our competitors. We remain focused on building the technology delivery platform to help meet the demands for clean, reliable nuclear energy,” concluded Sell.
Operational Highlights
Financial Results
Total revenues and grant income in the three months ended June 30, 2026 were $54.6 million, including $50.1 million of services revenue and $4.5 million of grant income. Total revenues and grant income in the six months ended June 30, 2026 were $98.0 million, including $90.0 million of services revenue and $8.0 million of grant income. Total revenues and grant income increased 154% and 132% for the three and six months ended June 30, 2026, respectively, compared to the comparable prior-year period. This was primarily due to increases of $31.9 million and $56.0 million in revenue and grant income from the ARDP Agreement with the DOE for the three and six months ended June 30, 2026, respectively. This was driven by an increase in project execution activities under the ARDP Agreement as the Company continued to advance the development and finalization of the Xe-100 reactor design. The increase reflected higher spending on materials, subcontractor services, and payroll to support the expanded scope of work.
Total operating expenses in the three months ended June 30, 2026 were $164.6 million, including $86.7 million of Direct costs. Total operating expenses in the six months ended June 30, 2026 were $274.2 million, including $152.0 million of Direct costs. Total operating expenses increased 156% and 146% for the three and six months ended June 30, 2026, respectively, compared to the comparable prior-year periods. This was primarily due to increases of $50.5 million and $87.2 million in Direct costs and increases of $50.4 million and $76.5 million in Selling, general, and administrative expenses for the three and six months ended June 30, 2026, respectively, compared to the comparable prior-year periods.
The increase in Direct costs was primarily driven by expanded activity under the ARDP Agreement. Subcontracting costs increased by $23.5 million and $32.0 million for the three and six months ended June 30, 2026, respectively. Direct materials costs increased $3.5 million and $17.7 million for the three and six months ended June 30, 2026, respectively. Additionally, direct labor costs increased by $21.7 million and $34.2 million for the three and six months ended June 30, 2026, respectively, including $16.5 million and $27.6 million from higher employee headcount to support the expanded activity under the ARDP Agreement, and $5.2 million and $6.6 million from increased non-cash equity-based and unit-based compensation expense for the three and six months ended June 30, 2026 due to equity grants to certain holders of Profits Interest Units (“PIUs”) in April.
The increase in Selling, general, and administrative expenses was driven by an increase in non-cash equity-based and unit-based compensation expense of $28.1 million and $30.9 million for the three and six months ended June 30, 2026, respectively, due to the equity grant to certain PIU holders discussed above. Compensation costs increased $10.5 million and $20.3 million for the three and six months ended June 30, 2026, respectively, primarily due to higher employee headcount. Additionally, infrastructure and professional service costs increased by $6.9 million and $14.1 million for the three and six months ended June 30, 2026, respectively.
Net cash used in operating activities in the six months ended June 30, 2026 was $164.6 million of net cash compared to $61.8 million for the six months ended June 30, 2025. The increase in cash used in operating activities is primarily driven by an increase in activity on the ARDP Agreement, including deposits to vendors for long-lead materials, as well as increases in corporate headcount and corporate contractors during the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
Net cash used in investing activities in the six months ended June 30, 2026 was $239.6 million of net cash compared to $18.7 million for the six months ended June 30, 2025. The increase in net cash used in investing activities was primarily attributable to an increase in purchases of fixed-income securities of $316.5 million, and a $70.7 million increase in capital expenditures related to the construction of facilities during the six months ended June 30, 2026. These increases in cash outflows were partially offset by an increase in proceeds from investment maturities of $130.9 million and a $35.3 million increase in reimbursements received during the period for capital expenditures qualifying under government grant programs.
Net cash provided by financing activities in the six months ended June 30, 2026 was $1.1 billion of net cash compared to $50.4 million for the six months ended June 30, 2025. The net cash provided by financing activities during the six months ended June 30, 2026 was primarily due to $1.1 billion of net proceeds from X-energy’s initial public offering. The net cash provided by financing activities during the six months ended June 30, 2025 was primarily due to the January 2025 issuance of Series C-1 preferred units of $53.4 million, offset by $2.5 million of cash paid for associated issuance costs.
Liquidity
Cash and cash equivalents totaled $1.1 billion as of June 30, 2026. Short-term investments totaled $489.8 million and Long-term investments totaled $264.6 million, for total liquidity of $1,899.8 million as of June 30, 2026. The Company had no debt outstanding as of June 30, 2026 and December 31, 2025.
Project Pipeline
The Company’s project pipeline consists of 144 reactors across the U.S. and U.K. for approximately 11.5 gigawatts electric, assuming each customer exercises its contingent rights in full. X-energy’s three high-quality customers, Dow, Amazon, and Centrica, are expected to underpin the deployment of the initial fleets of Xe-100 reactors.
Participation in Upcoming Investor Conferences
X-energy is scheduled to participate in the following events in September and October 2026:
Conference Call
X-energy will host a conference call today at 8:00 a.m. ET to discuss these results. A live audio webcast of the conference call can be accessed on the “Events & Presentations” section of the Investor Relations page of the Company's website by visiting https://investors.x-energy.com, along with the Company's presentation materials. A replay of the webcast will be available on the website for one year following the event.
About X-energy
X-energy is a leading designer of advanced small modular nuclear reactors (“SMR”) and fuel technology developed to establish a new standard in clean, safe, reliable energy. X-energy's intrinsically safe Xe-100 high-temperature gas-cooled reactor and TRISO-X particle fuel expand applications for nuclear technology, with commercial projects across grid, industrial, and AI. Together, X-energy's technology drives enhanced safety, lower cost, faster construction timelines, and scalable deployment when compared with other SMRs and conventional nuclear. For more information, visit X-energy.com or connect with us on X or LinkedIn.
Contacts
Investor Relations
Patricia Gil
+1 301.558.3040
investors@x-energy.com
Media
Robert McEntyre
+1 240.673.6565
media@x-energy.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. X-energy intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements can be identified by the fact they do not relate strictly to historical or current facts. Words such as “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” the negative version of these words, or similar terms and phrases may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements relating to the Company’s strategic and operational plans, including plans with respect to construction and expansion of its fuel fabrication campus, expectations with respect to changes in ARDP, the Company’s ability to receive regulatory approvals and on accelerated timeframes, expected project deployment timelines, the Company’s ability to continue to execute its business plan, its ability to continue to reduce the risk of X-energy’s supply chain, expectations regarding future supply of graphite and HALEU from its suppliers, the success of the Company’s supply chain partnerships, future growth, and business outlook.
These forward-looking statements are neither promises nor guarantees and are subject to a number of risks, uncertainties, and assumptions. Actual results may differ materially as a result of a number of factors, including, without limitation, the Company’s ability to achieve final investment decisions from its customers; ability to realize its plans to deliver a commercial Xe-100; the Company’s projects may be subject to delays or setbacks; its liquidity and ability to raise capital; changes or delays in support from the U.S. government, including ARDP; changes, delays, or an inability to receive licenses or other governmental approvals necessary for X-energy’s reactors and fuel facilities; uncertainty and changes in expected costs, schedules and unit economics due to inflation; supply chain constraints (including access to HALEU, graphite and certain other materials), labor availability, site-specific factors and first-of-a-kind risks; suppliers inability to expand or develop capacity to supply X-energy or its customers; X-energy’s limited operating experience at intended scale and the possibility that latent design or operational issues may emerge; reliance on a limited number of specialized suppliers and exposure to supply disruptions, quality issues, and trade policy changes; safety, security, and cybersecurity incidents; the nascent and uncertain market adoption of SMRs and the possibility that demand may grow more slowly than expected or customers may defer or cancel projects; competition from competitors with potentially greater resources or lower costs; reliance on key partners and customers and the risk that changes in partner or customer priorities or timelines could materially affect commercialization; customer contractual terms that may constrain capacity allocation and compress margins; fuel business dependence on a limited number of suppliers for key materials; licensing and scaling X-energy’s fuel fabrication campus and the risk of delays in licensing or facility construction; changes in laws, regulations, incentives, energy market rules, export controls, or government policies; shifts in public perception and political support for nuclear energy or customers; dependence on key personnel and ability to hire and retain talent; and ability to obtain, maintain, or enforce IP rights. The foregoing list of factors is not exhaustive. Additional information concerning these and other factors can be found in the section entitled “Risk Factors” in X-energy’s most recent Form 10-Q filed with Securities and Exchange Commission ("SEC"), and in subsequent filings made with the SEC.
Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, X-energy’s results may differ materially from its expectations and projections. Any forward-looking statements made herein speak only as of the date of this press release, and you should not rely on forward-looking statements as predictions of future events. Although X-energy believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the future results, performance or achievements reflected in the forward-looking statements will be achieved or will occur. Except as required by law, X-energy does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
This press release presents information about certain non-GAAP financial measures. The non-GAAP financial measures are supplemental measures, are not defined by or presented in accordance with GAAP, have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of X-energy’s financial results as reported under GAAP. A potential limitation of these non-GAAP financial measures is that other companies may report similar non-GAAP metrics, but calculate them differently, which reduces the usefulness of these non-GAAP metrics as a comparative measure. Because of this and other limitations, you should not consider the non-GAAP financial measures as a substitute for GAAP-based financial performance measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are provided herein.
Adjusted EBITDA
Earnings Before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”) adjusts Net loss attributable to X-Energy, Inc. by (i) including net loss attributable to XERC prior to the IPO, (ii) including net loss attributable to non-controlling interests subsequent to the IPO, and then adjusting for (iii) interest expense, (iv) interest income and (v) depreciation and amortization expense. EBITDA is used by management to evaluate the Company’s operating performance by excluding the effects of financing decisions, income taxes, and non-cash depreciation and amortization, which can vary significantly between companies due to differences in capital structure, tax positions and asset bases. EBITDA is useful to investors because it allows investors insight into the Company’s core operating performance and facilitates comparisons across reporting periods.
Adjusted EBITDA is EBITDA excluding (i) equity-based and unit-based compensation and (ii) mark-to-market loss on warrant liabilities and C-2 Notes. Adjusted EBITDA is used by management to assess the Company’s operating performance. Management believes these adjustments exclude variables unrelated to the Company’s core operations and allow for meaningful comparisons between the Company’s operating results from period to period.