X-energy Reports Third Quarter 2026 Results
X-Energy, Inc. (XE) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 X-energy Reports Third Quarter 2026 Results • Revenues and grant income of $66.3 million, compared to revenues and grant income of $30.4 million in 3Q 2025 • Dow and X-energy receive Construction Permit from Nuclear Regulatory Commission (“NRC”) ahead of schedule • S
How this was made
The 30-second read
Why it matters
The combination of a construction permit, new engineering partnership, and supply orders provides a catalyst for near‑term price appreciation, though execution risk remains.
Market read
The filing delivers fresh regulatory and commercial milestones that could drive short‑term buying interest in XE.
What to watch
The company still carries execution risk on multiple parallel projects and depends on long‑term utility financing.
X-energy reports Q3 2026 revenues and grant income of $66.3 million, up 118% year over year, alongside a widening operating loss and a $1.8 billion liquidity position with no debt
Revenue and grant income more than doubled in the quarter and the nine months, and the filing reports $1,805.5 million of total liquidity with no debt outstanding. Against that, total operating expenses rose 139% in the quarter, the operating loss widened to $(103,600) thousand from $(40,689) thousand, and net cash used in operating activities rose to $(51.2) million from $(30.8) million. The filing gives no guidance, so the read rests on reported figures only.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues and grant income, Q3 2026GAAP | $66.3M | – | 118% |
| Services revenue, Q3 2026GAAP | $51.56M | – | – |
| Related party revenue (within services revenue), Q3 2026GAAP | $6.3M | – | – |
| Grant income, Q3 2026GAAP | $14.78M | – | – |
| Direct costs, Q3 2026GAAP | $93.55M | – | – |
| Selling, general and administrative expenses, Q3 2026GAAP | $76.03M | – | – |
| Research and development expenses, Q3 2026GAAP | $355K | – | – |
| Total operating expenses, Q3 2026GAAP | $169.9M | – | 139% |
| Operating loss, Q3 2026GAAP | −$103.6M | – | – |
| Interest income, Q3 2026GAAP | $19.73M | – | – |
| Interest expense, Q3 2026GAAP | nil (printed as a dash) | – | – |
| Other income (expense), net, Q3 2026GAAP | $193K | – | – |
| Total other income (expense), net, Q3 2026GAAP | $19.92M | – | – |
| Net loss, Q3 2026GAAP | −$83.68M | – | – |
| Net loss attributable to X-Energy, Inc., Q3 2026GAAP | −$59.44M | – | – |
| Net loss per Class A common share, basic and diluted, Q3 2026GAAP | $(0.21) | – | – |
| Adjusted net loss, Q3 2026non-GAAP | −$56.8M | – | – |
| Adjusted net loss per share, diluted, Q3 2026non-GAAP | $(0.14) | – | – |
| EBITDA, Q3 2026non-GAAP | −$102.6M | – | – |
| Adjusted EBITDA, Q3 2026non-GAAP | −$75.72M | – | – |
| Net cash used in operating activities, Q3 2026GAAP | −$51.2M | – | 66% |
| Net cash used in investing activities, Q3 2026GAAP | −$49.9M | – | 116% |
| Net cash provided by (used in) financing activities, Q3 2026GAAP | −$100K | – | (45)% |
| Total revenues and grant income, nine months 2026GAAP | $164.4M | – | 126% |
| Services revenue, nine months 2026GAAP | $141.6M | – | – |
| Related party revenue (within services revenue), nine months 2026GAAP | $10.6M | – | – |
| Grant income, nine months 2026GAAP | $22.77M | – | – |
| Direct costs, nine months 2026GAAP | $245.6M | – | – |
| Selling, general and administrative expenses, nine months 2026GAAP | $197.9M | – | – |
| Research and development expenses, nine months 2026GAAP | $654K | – | – |
| Total operating expenses, nine months 2026GAAP | $444.1M | – | 143% |
| Operating loss, nine months 2026GAAP | −$279.7M | – | – |
| Interest income, nine months 2026GAAP | $39.67M | – | – |
| Interest expense, nine months 2026GAAP | nil (printed as a dash) | – | – |
| Other income (expense), net, nine months 2026GAAP | −$115.2M | – | – |
| Total other income (expense), net, nine months 2026GAAP | −$75.49M | – | – |
| Net loss, nine months 2026GAAP | −$355.2M | – | – |
| Net loss attributable to X-Energy, Inc., nine months 2026GAAP | −$118.5M | – | – |
| Net loss per Class A common share, basic and diluted, nine months 2026GAAP | $(0.42) | – | – |
| Adjusted net loss, nine months 2026non-GAAP | −$170.0M | – | – |
| Adjusted net loss per share, diluted, nine months 2026non-GAAP | $(0.42) | – | – |
| EBITDA, nine months 2026non-GAAP | −$393.0M | – | – |
| Adjusted EBITDA, nine months 2026non-GAAP | −$207.7M | – | – |
| Net cash used in operating activities, nine months 2026GAAP | −$215.8M | – | 133% |
| Net cash used in investing activities, nine months 2026GAAP | −$289.5M | – | 593% |
| Net cash provided by financing activities, nine months 2026GAAP | $1.09B | – | 2,072% |
| Total liquidity, September 30, 2026other | $1.81B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Services revenue (Q3 2026)The filing prints $51,565 thousand for the quarter against $26,401 thousand in 3Q 2025 and gives no percentage change for this line. The filing attributes the total revenues and grant income increase primarily to ARDP Agreement activity with the DOE and does not give a separate driver for services revenue. | $51.5M | – | – |
| Grant income (Q3 2026)The filing prints $14,775 thousand for the quarter against $4,026 thousand in 3Q 2025. It attributes an increase of $29.3 million in revenue and grant income combined to the ARDP Agreement with the DOE and gives no separate grant income driver. | $14.8M | – | – |
| Services revenue (nine months 2026)The filing prints $141,590 thousand for the nine months against $60,411 thousand in the prior-year period. No percentage change is printed for this line. The filing attributes the total revenues and grant income increase, including $85.0 million of revenue and grant income from the ARDP Agreement, to expanded ARDP project execution. | $141.6M | – | – |
| Grant income (nine months 2026)The filing prints $22,774 thousand for the nine months against $12,324 thousand in the prior-year period. No separate driver is given for this line beyond the ARDP Agreement references in the total revenue discussion. | $22.8M | – | – |
Capital returns
- The filing reports no share repurchases and no dividends for Q3 2026 or the nine months 2026.
- Initial public offering: the filing states that the nine-month financing cash flow was primarily due to $1.1 billion of net proceeds from X-energy's initial public offering, and the cash flow statement prints $1,103,235 thousand of proceeds from the initial public offering, net of underwriting costs.
- Prior-year financing: the filing states that the nine months 2025 financing cash flow was primarily due to the January 2025 issuance of Series C-1 preferred units of $53.4 million.
What drove it
- The filing states that total revenues and grant income increased primarily due to $29.3 million (Q3) and $85.0 million (nine months) of increases in revenue and grant income from the ARDP Agreement with the DOE, as the Company advanced development and finalization of the Xe-100 design.
- The filing states that the increase in Direct costs was primarily driven by expanded ARDP activity, and it breaks the Q3 increase of $54.7 million into subcontracting ($23.5 million), direct materials ($15.6 million) and compensation ($15.3 million).
- The filing states that Q3 SG&A increased by $43.9 million, of which $18.4 million was non-cash equity-based and unit-based compensation tied to equity grants to certain former holders of Profits Interest Units in connection with the April IPO, $9.0 million was compensation from higher headcount, and $8.0 million was infrastructure and professional service costs.
- The filing states that Q3 equity-based and unit-based compensation of $26,880 thousand is an adjustment in the non-GAAP reconciliations, against $4,169 thousand in 3Q 2025.
- Other income (expense), net: the reconciliation prints a mark-to-market loss on warrant liabilities of $166,446 thousand in 3Q 2025 and nil in 3Q 2026, and $114,473 thousand for the nine months 2026 against $205,986 thousand in the prior-year period. The filing does not further explain these lines.
- Interest income rose to $19,727 thousand in Q3 from $4,367 thousand in 3Q 2025. The filing prints this figure and does not state its cause.
- Project milestones: NRC issued the construction permit for Dow's Long Mott project, which the filing says was received over a month ahead of schedule. The Fluor engagement covers the nuclear island for Energy Northwest's Cascade project. The first steam generator tubing order was placed with Alleima and Doosan Enerbility. An AEP JDA covers a proposed 960 MW Xe-100 project in Indiana, with Amazon providing certain development funding. The Xe-100 was accepted into the U.K. GDA process, with assessment expected to take approximately three years. TX-1 vertical construction was completed on schedule in Q3.
- Pipeline: the filing states the expected project pipeline consists of 144 reactors, with three announced commercial Xe-100 projects in the U.S. and one in the U.K., for approximately 11.5 gigawatts electric, assuming each customer exercises its contingent rights in full.
Concerns
- Operating losses widened: operating loss was $(103,600) thousand in Q3 against $(40,689) thousand in 3Q 2025, and $(279,742) thousand for the nine months against $(109,771) thousand.
- Cash burn increased: net cash used in operating activities was $(51.2) million in Q3 against $(30.8) million, and $(215.8) million for the nine months against $(92.7) million. The filing attributes the increase to ARDP activity, long-lead material deposits, and corporate headcount and contractors.
- Capital spending increased: capital expenditures were $(178,112) thousand for the nine months against $(79,319) thousand, partly offset by $80,037 thousand of government grant reimbursements against $37,553 thousand.
- Net loss attributable to X-Energy, Inc. is affected by a non-controlling interest share: $(24,236) thousand of Q3 net loss was attributed to non-controlling interests, and $(236,696) thousand for the nine months.
- Revenue quality: the filing does not print a separate operating margin, and the largest revenue sub-line in each period is services revenue, which relates to a single ARDP program with the DOE as described in the drivers section.
- Stock-based compensation: the filing reports a non-cash equity-based and unit-based compensation charge of $70,806 thousand for the nine months (against $10,593 thousand), which the filing links to equity grants made around the April IPO.
- Contingent warrant: the filing states a warrant exercisable for 14.1 million shares is contingent on future events or performance conditions and is not included in the fully diluted share count because it was not deemed probable of vesting as of September 30, 2026.
What to watch
- Whether the Long Mott construction permit and the Fluor engagement translate into further ARDP-related revenue and grant income, given the filing's attribution of recent growth to that agreement.
- Progress of TX-1 into interior buildout, equipment installation and supporting facilities, as described in the filing.
- Customer final investment decisions and exercise of contingent rights across the 144-reactor pipeline, which the forward-looking statements identify as key risks.
- The trend in operating cash use and capital expenditures against government grant reimbursements, given the nine-month figures.
- Stock-based compensation charges and how they change in future periods.
- Scheduled investor events: UBS Global Technology and AI Conference (November 30, 2026), Truist Virtual Nuclear Summit (December 10, 2026), Stifel Frontier Tech 2.0 Energy Summit (December 10, 2026), and Jefferies Power, Energy, Utilities, Clean & Pipes Conference (March 2, 2027).
Balance sheet and cash flow
- Cash and cash equivalents were $1,044,054 thousand at September 30, 2026, against $458,932 thousand at December 31, 2025. The MD&A describes this as $1.0 billion.
- Short-term investments were $514,348 thousand at September 30, 2026, against $304,908 thousand at December 31, 2025. Long-term investments were $247,113 thousand, against $261,458 thousand at December 31, 2025.
- Total liquidity was $1,805.5 million at September 30, 2026, against $1,025.3 million at December 31, 2025. The filing describes this as a 76% change.
- The filing states that the Company had no debt outstanding as of September 30, 2026 and December 31, 2025.
- Total assets were $2,219,515 thousand at September 30, 2026, against $1,211,271 thousand at December 31, 2025. Total stockholders' equity and members' deficit was $2,037,903 thousand, against $(1,224,295) thousand at December 31, 2025. Non-controlling interests were $552,559 thousand.
- Operating cash flow: the filing states that net cash used in operating activities increased, driven by increases in activity on the ARDP Agreement, deposits to vendors for long-lead materials, and corporate headcount and corporate contractors.
- Investing cash flow: the filing states the increase in net cash used in investing activities was attributable to investments in held-to-maturity securities and capital expenditures. Purchases of investments were $425.3 million and proceeds from investment maturities were $233.9 million for the nine months 2026. Capital expenditures were $(178,112) thousand against $(79,319) thousand, and reimbursement of capital expenditures under government grant was $80,037 thousand against $37,553 thousand.
Analysis
X-energy reported third quarter 2026 total revenues and grant income of $66.3 million, against $30.4 million in 3Q 2025, a change the filing prints as 118%. Services revenue was $51,565 thousand and grant income was $14,775 thousand. For the nine months, total revenues and grant income were $164.4 million against $72.7 million, a change of 126%. The filing attributes the growth primarily to increases of $29.3 million (quarter) and $85.0 million (nine months) in revenue and grant income from the ARDP Agreement with the DOE, as project execution expanded. Related party revenue was $6.3 million in the quarter and $10.6 million for the nine months.
Cost growth ran ahead of revenue growth. Total operating expenses were $169.9 million in the quarter, up 139%, and $444.1 million for the nine months, up 143%. Direct costs were $93,553 thousand in the quarter against $38,826 thousand, and SG&A was $76,032 thousand against $32,124 thousand. The filing attributes the SG&A increase in large part to non-cash equity-based and unit-based compensation of $18.4 million in the quarter tied to equity grants to former Profits Interest Unit holders in connection with the April IPO. The operating loss was $(103,600) thousand in Q3 against $(40,689) thousand in 3Q 2025, and $(279,742) thousand for the nine months against $(109,771) thousand.
Below the operating line, interest income rose to $19,727 thousand from $4,367 thousand, and other income (expense), net was $193 thousand in Q3 against $(182,704) thousand a year earlier. The reconciliation shows a warrant mark-to-market loss of $166,446 thousand in 3Q 2025 and none in 3Q 2026. Net loss was $(83,680) thousand in Q3 against $(219,018) thousand, and $(59,444) thousand of that was attributable to X-Energy, Inc. Net loss per Class A share was $(0.21) for the quarter and $(0.42) for the nine months. Adjusted EBITDA was $(75,720) thousand in Q3 against $(36,727) thousand and $(207,723) thousand for the nine months against $(97,883) thousand.
Cash consumption rose. Net cash used in operating activities was $(51.2) million in Q3 against $(30.8) million, and $(215.8) million for the nine months against $(92.7) million. Net cash used in investing activities was $(289.5) million for the nine months, including $425.3 million of investment purchases and $233.9 million of maturities, and $178,112 thousand of capital expenditures offset in part by $80,037 thousand of government grant reimbursements. Financing inflows of $1,091.1 million for the nine months were primarily the $1.1 billion of net IPO proceeds. Total liquidity was $1,805.5 million at September 30, 2026 against $1,025.3 million at December 31, 2025, and the filing reports zero debt.
The filing provides no guidance, no segment profit disclosure, and no prior-quarter comparison, so the verdict rests on the reported figures alone. Operationally, the release emphasizes the NRC construction permit for Long Mott, the AEP JDA for a proposed 960 MW Indiana project, U.K. GDA acceptance, and TX-1 vertical construction completion. The filing's stated pipeline is 144 reactors and about 11.5 GW, assuming contingent rights are exercised in full.
Management, verbatim
Our third quarter results and recent project developments reflect meaningful progress in executing our strategy and advancing our technology toward commercial deployment.
J. Clay Sell, CEO
We are in a differentiated position of strength, supported by our strong balance sheet and significant funding.
J. Clay Sell, CEO
Not in the filing
stated, not guessed- No forward guidance for revenue, gross margin, operating expenses or tax rate is provided, so the guidance field is null.
- No previous outlook was supplied, so vs_prior_guidance is empty.
- No prior-quarter (Q2 2026) figures are printed, so all qoq_change and prior_quarter fields are null.
- Percentage changes are not printed for most line items (for example services revenue, grant income, direct costs, SG&A, operating loss, net loss, and operating cash flow for the quarter in some lines), so yoy_change is null for these.
- Prior-period comparisons for total liquidity, total assets and total equity are against December 31, 2025, not a prior-year period, so prior_year is null for these items.
- No segment profit or margin disclosure is provided; segments are limited to the printed revenue sub-lines.
- No gross margin is printed because the filing does not report cost of sales as a separate line.
- No share repurchases, dividends or other capital return figures are printed.
- No consensus estimates, analyst expectations, price targets or share-price reaction are included in the filing.
- Weighted-average share counts are not reported as key metrics per the instructions; the fully diluted share count figure is not given as a key metric.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
X-energy is a Nasdaq‑listed developer of advanced nuclear reactors and fuel technology, reporting its quarterly financials and operational milestones.
Ticker impact
X-energy filed its 8‑K reporting Q3 2026 results, $66.3 M revenue, $1.8 B liquidity and received an NRC construction permit for the Dow Long Mott SMR project.
potential upside as market prices in the NRC permit and contract wins
First‑report of a construction permit and multiple commercial agreements; investors typically reward such milestones for nuclear developers.
Market effects
strengthens the US advanced nuclear SMR sector and may boost related engineering and fuel suppliers.
supports US energy infrastructure development and could influence regional power pricing.
UK design review acceptance highlights cross‑border regulatory cooperation, raising global interest in SMR technology.
Counterpoint
If the NRC permit faces future delays or cost overruns, the stock could underperform despite the headline news.
Key entities
- CompanyX-energy, Inc.
Nasdaq‑listed nuclear SMR developer.
- PartnerDow
Industrial partner receiving the NRC permit for the Long Mott project.
- PartnerFluor Corporation
Engineering and design services provider for the Xe‑100 project.
