X-energy — 2026Q3 earnings
reported 2026-08-13
EPS -$0.21 vs -$0.10 est — miss
next session -7.7% (close 2026-08-13 → 2026-08-14)
Source
Press release ↗Summary
X-energy's first full reporting period as a public company. Revenue is not reactor sales: it is engineering work reimbursed under the DOE Advanced Reactor Demonstration Program, and that cost-share is what grew 154%. Spending grew slightly faster than revenue, first-half operating cash burn was $164.6 million, and the IPO left the balance sheet carrying it. On the call, management spent the quarter's news budget on de-risking rather than demand: an additional $1 billion of DOE cost share, long-term HALEU enrichment contracts, and TX-1 about 80% through vertical shell construction. The next 1 gigawatt customer was described as nearly signed but was not named.
Earnings call
Earnings call webcast ↗Review
From the report
Revenue and grant income rose 154% year over year to $54.6 million, but the growth is DOE cost-share reimbursement for Xe-100 design work rather than commercial sales, and operating expenses grew slightly faster still.
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Revenue and grant income rose 154% year over year in the quarter, and 132% across the first half. show quote
“Total revenues and grant income increased 154% and 132% for the three and six months ended June 30, 2026, respectively, compared to the comparable prior-year period.”
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Quarterly revenue and grant income was $54.6 million, of which $50.1 million was services revenue and $4.5 million grant income. show quote
“Total revenues and grant income in the three months ended June 30, 2026 were $54.6 million, including $50.1 million of services revenue and $4.5 million of grant income.”
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The company attributes the increase primarily to $31.9 million more revenue and grant income from the DOE ARDP Agreement in the quarter — that is, the top line grew because a government cost-share programme reimbursed more engineering work, not because reactors were sold. show quote
“This was primarily due to increases of $31.9 million and $56.0 million in revenue and grant income from the ARDP Agreement with the DOE for the three and six months ended June 30, 2026, respectively.”
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Operating expenses grew 156% year over year in the quarter, marginally faster than the 154% revenue and grant income growth. show quote
“Total operating expenses increased 156% and 146% for the three and six months ended June 30, 2026, respectively, compared to the comparable prior-year periods.”
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First-half operating cash burn widened to $164.6 million from $61.8 million a year earlier. show quote
“Net cash used in operating activities in the six months ended June 30, 2026 was $164.6 million of net cash compared to $61.8 million for the six months ended June 30, 2025.”
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The quarter's headline supply-chain move was locking in enriched fuel: long-term HALEU enrichment supply agreements with Centrus Energy Corp. and General Matter. show quote
“Executed commercial order for HALEU enrichment services, entering into long-term supply agreements with Centrus Energy Corp. and General Matter to support the deployment of its commercial pipeline of Xe-100 SMRs.”
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DOE approved the ARDP continuation application, extending the budget period through March 2027 — the programme that supplies most of the company's current revenue was extended, not curtailed. show quote
“X-energy has received formal approval of its ARDP continuation application for a budget period extension through March 2027.”
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From the call
Management framed the quarter around de-risking rather than demand: more DOE cost share, contracted HALEU supply, and construction progress — while naming HALEU availability as a live commercial constraint and leaving the next 1 gigawatt customer unnamed.
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The CEO said DOE had notified the company a day earlier that its ARDP cooperative agreement will receive up to an additional $1 billion, on the same 50-50 cost-share terms. show quote
“Yesterday, the Department of Energy formally notified X-Energy that our ARDP cooperative agreement will receive up to an additional $1 billion. This funding will be subject to the same 50-50 cost share requirements as the original award”
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Management named fuel availability as a present constraint on the business, rather than treating the HALEU agreements as having already solved it. show quote
“The availability of HALEU fuel is a current commercial constraint.”
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TX-1 vertical shell construction was described as on schedule and approximately 80% complete. show quote
“the vertical construction for the shell of our TX-1 fuel facility is progressing on schedule and is approximately 80% complete today.”
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The next 1 gigawatt project was presented as nearly agreed with a major investor-owned utility that management did not name on the call. show quote
“we are in the final throes of an agreement with a major investor-owned utility for our next 1 gigawatt project.”
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The CFO cautioned that the company's Up-C structure means third-party quote pages may compute market cap from Class A shares alone — directly relevant to any screen that reads a market cap off a data feed. show quote
“Because our Up-C structure has 2 classes of stock and different shareholders at the parent and the subsidiary level, your stock app may only be looking at our Class A common shares outstanding when it calculates the market cap.”
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as of 2026-08-26