X-energy — 2026Q3 財報

“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.”

Revenue and grant income rose 154% year over year in the quarter, and 132% across the first half.

“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.”

Quarterly revenue and grant income was $54.6 million, of which $50.1 million was services revenue and $4.5 million grant income.

“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.”

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.

“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.”

Operating expenses grew 156% year over year in the quarter, marginally faster than the 154% revenue and grant income growth.

“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.”

First-half operating cash burn widened to $164.6 million from $61.8 million a year earlier.

“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.”

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.

“X-energy has received formal approval of its ARDP continuation application for a budget period extension through March 2027.”

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.

“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”

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.

“The availability of HALEU fuel is a current commercial constraint.”

Management named fuel availability as a present constraint on the business, rather than treating the HALEU agreements as having already solved it.

“the vertical construction for the shell of our TX-1 fuel facility is progressing on schedule and is approximately 80% complete today.”

TX-1 vertical shell construction was described as on schedule and approximately 80% complete.

“we are in the final throes of an agreement with a major investor-owned utility for our next 1 gigawatt project.”

The next 1 gigawatt project was presented as nearly agreed with a major investor-owned utility that management did not name on the call.

“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.”

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.