X-Energy (XE) investor relations material

Company overview and business model

• Designs advanced small modular nuclear reactors (SMRs) and manufactures proprietary TRISO-X nuclear fuel, targeting global electricity demand growth and decarbonization needs.

• Flagship Xe-100 reactor offers modular, scalable, high-temperature gas-cooled technology with advanced safety, load-following, and industrial heat applications.

• Business model is IP-driven, generating revenue from technology licensing, engineering and project services, and recurring fuel fabrication and supply contracts.

• Does not own or operate plants; focuses on technology, licensing, and fuel supply, reducing capital intensity and risk.

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

Financial performance and metrics

• 2025 revenues and grant income: $109.1M, down 9% from 2024, primarily due to timing of Dow and DOD contracts.

• 2025 operating loss: $(170.3)M; net loss: $(389.8)M, reflecting high R&D, SG&A, and mark-to-market warrant expenses.

• Cash and cash equivalents at 2025 year-end: $458.9M; short- and long-term investments: $566.4M.

• Raised $700M in Series D Preferred Units and $53.4M in Series C-1 Preferred Units in 2025.

• Expects continued operating losses and negative cash flow as development and commercialization ramp up.

Use of proceeds and capital allocation

• IPO proceeds will be used to purchase newly issued Common Units from XERC, which will use funds for working capital, R&D, sales and marketing, general corporate purposes, and capital expenditures.

• May allocate a portion of proceeds to future growth projects.

• No plans to pay dividends; all earnings expected to be reinvested in business expansion.