-- Revenues and grant income of $54.6 million, compared to revenues and
grant income of $21.5 million in 2Q 2025
-- Entered long-term agreements for high-assay low-enriched uranium
("HALEU") enrichment services with Centrus Energy Corp. and General
Matter
-- Announced agreement with SGL Carbon to expand manufacturing capacity for
nuclear-grade graphite
-- Received continuation application approval from the U.S. Department of
Energy's ("DOE") Advanced Reactor Demonstration Program ("ARDP"), which
extends its budget period through March 2027
-- Received $11 million economic development grant from the State of
Tennessee to support TRISO-X fuel fabrication campus in Oak Ridge,
Tennessee
-- Acquired 70 acres of land adjacent to its commercial nuclear fuel
fabrication campus in Oak Ridge, Tennessee
-- Founding member of initiative to accelerate advanced nuclear deployment
through the use of artificial intelligence with Idaho National Laboratory
("INL"), NVIDIA, AWS and other partners
-- Extended advanced nuclear fuel research partnership to continue
optimizing fuel fabrication with Oak Ridge National Laboratory ("ORNL")
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
-- Secures Strategic HALEU Enrichment Services: Executed commercial order
for HALEU enrichment services, entering into long-term supply agreements
with Centrus Energy Corp. and General Matter to support the deployment of
its commercial pipeline of Xe-100 SMRs.
-- Expands Joint Supply Chain for Key Reactor Material: Announced agreement
to double SGL Carbon's European production capacity for medium-grain
isotropic graphite ("NBG-18"), a specialized material central to
X-energy's Xe-100 high-temperature gas-cooled reactor ("HTGR"). Under the
agreement, among other terms, X-energy will invest up to $8 million in
milestone-based payments to support new molding facilities and furnace
upgrades at SGL's facility in Chedde, France. Full execution would double
European manufacturing capacity for NBG-18 by 2030, enabling the facility
to produce graphite billets for up to 8 new Xe-100 reactors per year.
-- Received Continuation Application Approval from the DOE: X-energy has
received formal approval of its ARDP continuation application for a
budget period extension through March 2027. The ARDP provides X-energy
with a 50/50 cost share to continue work toward design, licensing,
commercialization, and construction of its first-of-a-kind commercial
advanced nuclear plant in collaboration with Dow in Seadrift, Texas, and
TX-1, its first commercial TRISO-X fuel fabrication facility.
-- TX-1 Vertical Construction Nears Completion: Vertical construction for
the shell of the Company's TX-1 fuel facility in Oak Ridge, Tennessee is
progressing on schedule. The Company is on track to meet its near-term
milestones for vertical construction completion and the commencement of
support building and interior build-out, scheduled to begin in the third
quarter of 2026 as planned.
-- TRISO-X Fuel and TX-1/TX-2 Continues to Accelerate: TRISO-X, a leading
manufacturer of advanced nuclear fuels and wholly-owned subsidiary of
X-energy, was awarded an $11 million economic development grant from the
State of Tennessee. The funding will support the continued development of
the Company's fuel fabrication campus in Oak Ridge, Tennessee, including
an expected second commercial fuel facility, TX-2, and a dedicated
research and development center. The award demonstrates Tennessee's
continued support for TRISO-X's efforts to build one of the world's
largest TRISO fuel facility campuses.In July, TRISO-X extended its
relationship with the DOE's Oak Ridge National Laboratory through entry
into a cooperative research and development agreement. This agreement
expands upon a strategic collaboration that has played a central role in
advancing commercial-scale TRISO fuel development and manufacturing since
2016. The 30-month agreement builds on nearly a decade of joint research,
technology transfer, and process development that has enabled TRISO-X to
transition to advance fuel manufacturing processes readiness to
manufacture at commercial scale. Also in July, the Company acquired
approximately 70 acres of land adjacent to its commercial nuclear fuel
campus in Oak Ridge, Tennessee. This expansion supports the continued
development of the Company's fuel fabrication campus, increasing
TRISO-X's footprint to approximately 180 acres and is covered under the
NRC's Part 70 fuel fabrication license.
-- Founding Member of DOE's AI Initiative: The Company recently joined the
DOE's Project Prometheus as a founding member, collaborating with
organizations including Idaho National Laboratory, Nvidia, and Amazon Web
Services to accelerate advanced nuclear deployment through the use of
artificial intelligence. The Company committed $10 million in private
capital, along with the use of its Xe-100 HTGR design and fuel
fabrication data. This data will serve as a technical platform for a
three-year research campaign, leveraging the DOE's test reactors and
supercomputing capabilities to integrate frontier-class AI models into
reactor design, licensing, manufacturing, construction, and
semi-autonomous operation workflows, as well as fuel.
-- Strengthened Balance Sheet with Initial Public Offering ("IPO") Net
Proceeds: On April 24, 2026, the Company began trading on Nasdaq under
the ticker "XE" and on April 27, 2026, the Company closed its IPO,
raising approximately $1.1 billion in net proceeds.
Financial Results
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
(Dollars in millions) 2026 2025 % Change 2026 2025 % Change
---------------------- -------- ------- -------- -------- ------- --------
Total revenues and
grant income $ 54.6 $ 21.5 154% $ 98.0 $ 42.3 132%
Total operating
expenses 164.6 64.3 156% 274.2 111.4 146%
Net cash used in
operating activities (97.3) (20.0) 387% (164.6) (61.8) 166%
Net cash used in
investing activities (73.6) (17.0) 334% (239.6) (18.7) 1,184%
Net cash provided by
(used in) financing
activities 1,092.3 (0.5) 227,186% 1,091.2 50.4 2,065%
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.
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