X-Energy (XE) Investor presentation summary

Strategic focus and business model

• Specializes in licensing advanced small modular reactor (SMR) technology and providing engineering and lifecycle services, without engaging in EPC, construction, or energy generation.

• Manufactures and sells proprietary TRISO-X nuclear fuel, with in-house fabrication and recurring revenue expected over a reactor's 60-year lifespan.

• Revenue streams include technology and services fees, and long-term fuel supply, with estimated total revenue per 320 MWe plant ranging from $2.4B to $4.7B.

• Business model minimizes capital requirements post-design and engineering, and avoids construction, inventory, and financing risks.

Technology and innovation

• Xe-100 is a Gen IV high-temperature gas-cooled reactor with modular 320 MWe design, offering high safety, scalability, and over 95% availability.

• Utilizes robust, proprietary TRISO-X pebble fuel, designed for high burn-up and intrinsic safety, with each reactor core containing ~220,000 pebbles.

• Fuel fabrication pilot facility operational since 2016; first commercial facility (TX-1) in Oak Ridge, TN, is over 50% constructed and targets operations in 2028.

• TX-1 and TX-2 facilities received the first-ever NRC Category II license for advanced nuclear fuel fabrication.

Market opportunity and customer base

• Positioned to address ~$2.3 trillion revenue potential in US/Canada/UK SMR markets by 2050, driven by industrial and AI-related electricity demand growth.

• Blue-chip customers and partners include Dow, Amazon, and Centrica, with visibility to 11.5 GW across 144 reactors.

• First projects underway in Texas, Washington, and the UK, with regulatory reviews and construction progressing.