X-Energy (XE) Registration filing summary

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 product, Xe-100, is a high-temperature gas-cooled reactor (HTGR) designed for modular deployment, high reliability, and intrinsic safety, with a four-reactor plant configuration delivering 320 MWe.

• Business model is IP-driven, generating revenue from technology licensing, project services, and recurring fuel fabrication, without owning or operating plants.

• Initial customers include Dow, Amazon, and Centrica, underpinning a pipeline of over 11 GWe and 144 reactors across the U.S. and U.K.

• TRISO-X fuel is produced at a dedicated facility in Oak Ridge, TN, with plans for expansion to meet future reactor deployments.

Financial performance and metrics

• For the year ended December 31, 2025, reported $109.1M in total revenues and grant income, with $94.3M from services and $14.8M from grants.

• Operating loss for 2025 was $170.3M, with a net loss of $389.8M, reflecting high R&D and SG&A expenses as the company scales.

• Cash and cash equivalents at year-end 2025 were $458.9M, with total assets of $1.2B and total mezzanine equity of $2.07B.

• Financing activities in 2025 provided $726.1M, primarily from preferred equity issuances.

• Company expects continued operating losses and negative cash flows as it invests in technology and project development.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to purchase newly issued Common Units from XERC, the operating subsidiary.

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

• A portion may be allocated to future growth projects.