X-Energy (XE) investor relations material

Company overview and business model

• Designs advanced small modular nuclear reactors (SMRs) and manufactures proprietary TRISO-X nuclear fuel, targeting growing global electricity demand, especially from AI and data centers.

• Flagship Xe-100 reactor offers 80 MWe per unit, optimized for four-reactor, 320 MWe plants, with high safety, modularity, and load-following capabilities.

• Business model is IP-driven, generating revenue from technology licensing, services (engineering, project management, maintenance), and recurring fuel fabrication fees over a 60-year plant life.

• Does not own or operate plants; customers are responsible for construction, operation, and uranium procurement, reducing capital intensity and inventory risk.

• Key customers include Dow, Amazon, and Centrica, with a pipeline of over 11 GWe and 144 reactors across the US and UK.

Financial performance and metrics

• 2025 pro forma revenue: $109.1 million; operating loss: $(216.9) million; net loss: $(212.9) million.

• Cash and cash equivalents as of December 31, 2025: $458.9 million; total assets: $1.2 billion.

• Raised $700 million in Series D Preferred Units in 2025; ongoing need for additional capital to fund operations and growth.

• Majority of revenue currently from government contracts and grants; future revenue expected from technology fees, services, and fuel sales.

Use of proceeds and capital allocation

• Estimated net proceeds from IPO: $693.8 million (at $17.50/share midpoint), to be used to purchase newly issued Common Units from XERC.

• XERC will use proceeds for working capital, R&D, sales and marketing, general corporate purposes, and capital expenditures, including supply chain and procurement.

• May allocate a portion to future growth projects.