X-Energy (XE) Q1 2026 earnings summary

Executive summary

• Completed IPO in April 2026, raising $1.1 billion in net proceeds and listing on NASDAQ under ticker XE, marking the first earnings as a public company and transitioning to an Up-C structure with X-Energy, Inc. as the sole managing member.

• Focused on commercializing advanced nuclear technology, including proprietary TRISO-X fuel and Xe-100 SMR design, with major regulatory milestones such as NRC fuel fabrication license and environmental assessment approval for Dow's Texas project.

• Secured major partnerships and supply agreements with Dow, Amazon, Centrica, SGL Carbon, and IHI Corporation, advancing deployments and expanding the commercial pipeline in the U.S., U.K., and Canada.

• Recapitalized all prior equity into a single class of Common Units, entered a Tax Receivable Agreement with legacy holders, and adopted new registration rights and equity incentive plans.

• Commercial pipeline exceeds 11 GW, with 144 reactors identified across the U.S. and U.K., and ongoing international expansion.

Financial highlights

• Q1 2026 total revenues and grant income reached $43.4 million, up 109% year-over-year, driven by ARDP activities and new service contracts.

• Services revenue was $39.9 million; grant income was $3.5 million from Dow's demonstration reactor.

• Operating expenses totaled $109.5 million, up 133% year-over-year, mainly due to higher direct costs, ARDP activity, and SG&A.

• Net cash used in operating activities was $67.3 million, up 61% year-over-year; investing activities used $166.0 million, mainly for investment securities and capex.

• Ended Q1 with $944 million in liquidity and no debt; post-IPO liquidity increased to approximately $2 billion.

Outlook and guidance

• No specific forward-looking financial guidance provided; expense trajectory not to be straight-lined from Q1 due to accelerating construction and headcount.

• Next 18 months focused on TX-1 construction, Dow permit issuances, and announcing the next 1 GW project, with construction permit for Dow project anticipated by Q1 2027.

• Multiple advanced discussions underway for new projects; at least one new 1 GW project expected to be announced in 2026.

• Project pipeline includes 144 reactors totaling approximately 11.5 GWe, contingent on customer commitments.

• Well-capitalized to support strategic objectives and growth initiatives.