X-Energy (XE) Q3 2026 earnings summary

Executive summary

• Q3 advanced licensing, customer development, fuel manufacturing and supply-chain readiness; management said 2026 milestones were met on time or early.

• Revenue and grant income rose 118% YoY to $66.3M; liquidity was $1.81B with no debt, while commercialization remains dependent on DOE funding and customer commitments.

Financial highlights

• Q3 revenue and grant income totaled $66.3M, up 118% YoY, including $51.5M services revenue and $14.8M grant income; 9M totaled $164.4M, up 126%.

• Q3 operating expenses rose 139% YoY to $169.9M; operating loss was $103.6M and net loss was $83.7M.

• 9M operating expenses were $444.1M and operating loss was $279.7M; net loss was $355.2M versus $318.1M in 9M 2025.

• Adjusted Q3 net loss was $56.8M and adjusted EBITDA was $(75.7)M; 9M adjusted net loss was $170.0M and adjusted EBITDA was $(207.7)M.

• Q3 SG&A included $22M of non-cash equity compensation; interest income was $19.7M.

Outlook and guidance

• Dow is expected to consider a preliminary investment decision in 2027; full-scale construction follows its final investment decision.

• The first Dow project is expected online in the early 2030s; NRC operating-license review is expected to take ~18 months, with filing anticipated ~2 years before commissioning.

• TX-1's planned capacity supports fuel for up to 11 Xe-100 reactors; TX-2 is planned at Oak Ridge with capacity to support up to 44 reactors annually.

• The 144-reactor U.S. and U.K. pipeline represents ~11.5 GWe if customers exercise contingent rights in full; the U.K. GDA review is expected to take ~3 years.

• Near-term priorities include Dow engineering and procurement, AEP feasibility and site characterization, Xe-100 design completion, XTAC testing, and TX-1 equipment installation.