X-Energy, Inc.

What they do

X-energy designs the Xe-100, an 80 MWe (200 MWt) high-temperature gas-cooled small modular reactor, engineered into a four-reactor configuration outputting 320 MWe or 800 MWt. It also manufactures TRISO-X pebble fuel, using HALEU enriched to 15.5%, at its Oak Ridge, Tennessee fuel fabrication campus. First commercial delivery of reactor fleets is targeted for the early 2030s.

Revenue drivers

• Reactor design and deployment (Xe-100) — The company is developing its Xe-100 SMR and its first-of-a-kind commercial plant with Dow in Seadrift, Texas, supported by a 50/50 DOE ARDP cost share. No reactor fleet has yet been commercially delivered; deployment is targeted for the early 2030s.
• TRISO-X nuclear fuel manufacturing — TRISO-X, a wholly-owned subsidiary, is building the TX-1 facility in Oak Ridge, Tennessee, which the company says will have capacity to support fuel for the first 11 Xe-100 reactors at steady state. A planned TX-2 is expected to support fuel for up to 44 Xe-100 reactors annually.
• Government grants and program funding — Reporting combines revenues with grant income (e.g., $54.6 million in Q2 2026). The DOE ARDP provides a 50/50 cost share, and the State of Tennessee awarded an $11 million economic development grant for the fuel fabrication campus.

Recent performance

For the quarter ended June 30, 2026, X-energy reported revenues and grant income of $54.6 million, compared with $21.5 million in the second quarter of 2025. The prior sequential quarter (ended March 31, 2026) showed $43.4 million, versus $20.8 million in the quarter ended March 31, 2025. At June 30, 2026, the company reported total assets of $2.26 billion, total liabilities of $159.6 million, shareholder equity of $1.81 billion, and cash and equivalents of $1.15 billion, with no long-term debt.

Strategy

Management is investing to build out fuel and reactor supply chains ahead of commercial deployment. In Q2 2026, X-energy entered long-term HALEU enrichment supply agreements with Centrus Energy Corp. and General Matter, and agreed to invest up to $8 million in milestone-based payments to SGL Carbon to double European production capacity for NBG-18 graphite, targeting enough billets for up to 8 Xe-100 reactors per year by 2030. It received DOE approval to extend its ARDP budget period through March 2027 and continues construction of the TX-1 fuel facility. The company also acquired roughly 70 acres adjacent to its Oak Ridge fuel campus and extended its fuel fabrication research partnership with Oak Ridge National Laboratory.

Risks

• Pre-commercial reactor deployment — X-energy states it intends to achieve commercial delivery of its first Xe-100 reactor fleets only by the early 2030s, so reactor revenue depends on technology, licensing and construction milestones that have not yet been reached.
• Dependence on government programs — Reported revenues include grant income, and the DOE ARDP provides a 50/50 cost share for first-of-a-kind plant and TX-1 work with the budget period currently extended only through March 2027.
• Fuel and materials supply chain execution — Commercial fuel production depends on completing TX-1 and planned TX-2, and on third-party supply arrangements such as HALEU enrichment with Centrus and General Matter and NBG-18 graphite capacity at SGL Carbon's Chedde, France facility.
• Rising costs from scaling operations — The 10-Q states that construction of the fuel fabrication facilities and the transition to commercial fuel production will require expanding the workforce and operational capabilities and is expected to increase costs in future periods.

Outlook

Management says it remains focused on execution and on building the technology delivery platform to meet demand for clean, reliable nuclear energy. Stated near-term milestones include completing vertical construction of TX-1 and beginning support building and interior build-out in the third quarter of 2026. The company points to its HALEU enrichment agreements as de-risking a substantial portion of reactor deployment and to the SGL Carbon agreement as securing access to critical graphite components.