X-Energy (XE) Q2 2026 earnings summary

Executive summary

• Global electricity demand is projected to rise over 75% by 2050, creating a $2.3 trillion SMR market opportunity, with major growth in the U.S., U.K., and Canada.

• Completed IPO in April 2026, raising $1.1 billion in net proceeds to fund advanced nuclear reactor and fuel technology development.

• Advanced next-generation nuclear technology and TRISO-X fuel business, supported by major partnerships and new grants, with facility expansion underway.

• Secured long-term HALEU enrichment and graphite supply agreements, reducing early project risks for Xe-100 deployment.

• Launched AI-driven nuclear innovation initiatives and became a founding member of Project Prometheus.

Financial highlights

• Q2 2026 revenues and grant income reached $55 million, up 154% year-over-year, driven by ARDP project execution and services revenue.

• Operating expenses were $165 million, up 156% year-over-year, including $33.5 million in non-cash equity-based compensation.

• Net loss attributable to the company was $59.1 million for Q2 2026; adjusted net loss per share (diluted) was $(0.15).

• Adjusted EBITDA for Q2 2026 was $(70.5) million, reflecting high R&D and compensation costs.

• Ended Q2 with $1.9 billion in cash and investments, zero debt, and a fully diluted share count of 414 million.

Outlook and guidance

• Construction of the TX-1 fuel facility is 80% complete, targeting Q3 vertical construction completion and commercial operations in 1H 2028.

• NRC construction permit for Dow expected by Q1 2027; Energy Northwest project progressing toward permit submission in H1 2027.

• Imminent announcement of a new 1 GW project with a major investor-owned utility by year-end 2026.

• Project pipeline includes 144 reactors across the U.S. and U.K., totaling 11.5 GWe, with Dow, Amazon, and Centrica as anchor customers.

• Ongoing expansion of fuel fabrication capacity and R&D partnerships to support commercial scale-up.