Second Quarter 2026
Filed Aug 13, 2026X-energy Reports Second Quarter 2026 Results
Total revenues and grant income rose 154% year over year to $54.6 million, supported by expanded ARDP execution activity, while total operating expenses rose 156% to $164.6 million and net cash used in operating activities increased to $97.3 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues and grant incomeother | $54.6 million | – | 154% |
| Services revenueother | $50.1 million | – | – |
| Grant incomeother | $4.5 million | – | – |
| Total operating expensesother | $164.6 million | – | 156% |
| Direct costsother | $86.7 million | – | – |
| Net cash used in operating activitiesother | $97.3 million | – | 387% |
| Net cash used in investing activitiesother | $73.6 million | – | 334% |
| Net cash provided by (used in) financing activitiesother | $1,092.3 million | – | 227,186% |
| Total revenues and grant income, six months ended June 30other | $98.0 million | – | 132% |
| Services revenue, six months ended June 30other | $90.0 million | – | – |
| Grant income, six months ended June 30other | $8.0 million | – | – |
| Total operating expenses, six months ended June 30other | $274.2 million | – | 146% |
| Direct costs, six months ended June 30other | $152.0 million | – | – |
| Net cash used in operating activities, six months ended June 30other | $164.6 million | – | 166% |
| Net cash used in investing activities, six months ended June 30other | $239.6 million | – | 1,184% |
| Net cash provided by (used in) financing activities, six months ended June 30other | $1,091.2 million | – | 2,065% |
What drove it
- Revenue and grant income growth was primarily due to increases of $31.9 million in the quarter and $56.0 million in the six-month period from the ARDP Agreement with the DOE.
- The Company cited increased project execution activities under the ARDP Agreement, including higher spending on materials, subcontractor services, and payroll supporting the expanded scope of work and advancement of the Xe-100 reactor design.
- The Company executed commercial orders and long-term HALEU enrichment supply agreements with Centrus Energy Corp. and General Matter for its commercial pipeline of Xe-100 SMRs.
- X-energy announced an agreement to double SGL Carbon's European production capacity for NBG-18. X-energy will invest up to $8 million in milestone-based payments for molding facilities and furnace upgrades.
- TRISO-X received an $11 million economic development grant from the State of Tennessee to support its Oak Ridge fuel fabrication campus, including an expected TX-2 facility and a research and development center.
- The DOE approved an ARDP continuation application extending the budget period through March 2027 under a 50/50 cost share arrangement.
- TX-1 vertical construction was progressing on schedule, with support-building and interior build-out scheduled to begin in the third quarter of 2026.
- The Company committed $10 million in private capital and use of Xe-100 reactor and fuel-fabrication data to DOE Project Prometheus.
Concerns
- Total operating expenses increased 156% year over year to $164.6 million, slightly faster than the 154% increase in total revenues and grant income.
- Quarterly net cash used in operating activities increased 387% year over year to $97.3 million.
- Quarterly net cash used in investing activities increased 334% year over year to $73.6 million, reflecting the buildout of facilities and investment activity.
- Selling, general, and administrative expense increased due in part to $28.1 million of non-cash equity-based and unit-based compensation expense related to an April equity grant to certain PIU holders.
- No profitability, gross-margin, EPS, or forward guidance figures were included in the provided filing text.
What to watch
- Execution against the ARDP budget-period extension through March 2027 and the associated 50/50 cost share.
- TX-1 completion milestones and the planned start of support-building and interior build-out in the third quarter of 2026.
- Progress on the SGL Carbon manufacturing-capacity expansion, which under full execution would double European NBG-18 capacity by 2030 and support graphite billets for up to 8 new Xe-100 reactors per year.
- Deployment of the $11 million Tennessee grant, development of the expected TX-2 facility, and integration of the approximately 70 acres acquired adjacent to the Oak Ridge campus.
- Operating and investing cash use as ARDP activity, vendor deposits for long-lead materials, facility construction, and corporate headcount expand.
Balance sheet and cash flow
- On April 27, 2026, the Company closed its IPO, raising approximately $1.1 billion in net proceeds.
- 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.
- Net cash used in investing activities in the six months ended June 30, 2026 was $239.6 million of net cash compared to $18.7 million for the six months ended June 30, 2025.
- The increase in six-month investing cash use was primarily attributable to an increase in purchases of fixed-income securities of $316.5 million and a $70.7 million increase in capital expenditures related to construction of facilities.
- Increases in six-month investing outflows were partially offset by an increase in proceeds from investment maturities of $130.9 million and a $35.3 million increase in reimbursements for capital expenditures qualifying under government grant programs.
Analysis
X-energy reported a sharp increase in activity in the second quarter. Total revenues and grant income were $54.6 million, up 154% from $21.5 million in the comparable prior-year period. The total included $50.1 million of services revenue and $4.5 million of grant income. Management attributed the increase principally to $31.9 million of additional revenue and grant income from the DOE ARDP Agreement as work expanded on the Xe-100 reactor design.
The expense profile scaled at least as quickly as revenue. Total operating expenses were $164.6 million, up 156% year over year, including $86.7 million of Direct costs. The filing attributes the increase to expanded ARDP work, higher subcontracting, direct-material and labor costs, and higher headcount. Selling, general, and administrative expenses also rose because of an April equity grant to certain PIU holders, including $28.1 million of non-cash equity-based and unit-based compensation expense.
Cash deployment was substantial. Net cash used in operating activities was $97.3 million in the quarter, while net cash used in investing activities was $73.6 million. For the first six months, operating cash use was $164.6 million and investing cash use was $239.6 million. The company tied the investment increase to fixed-income-security purchases, construction-related capital expenditures, and deposits to vendors for long-lead materials. Financing cash inflow of $1,092.3 million in the quarter reflects the IPO, which closed April 27, 2026 and generated approximately $1.1 billion in net proceeds.
Operationally, the release emphasizes supply-chain and manufacturing readiness rather than new financial targets. The company secured HALEU enrichment agreements, agreed to support SGL Carbon's NBG-18 capacity expansion, received ARDP continuation approval through March 2027, and reported TX-1 construction progress. It also received an $11 million Tennessee grant for the Oak Ridge fuel campus. These initiatives support the commercialization buildout, but the provided filing text contains no forward revenue, expense, profitability, cash-flow, or other financial guidance.
The key figures warranting attention are the relationship between ARDP-driven revenue and rapidly increasing execution costs, the elevated operating and investing cash use, and the pace of TX-1 and fuel-campus development. No formal segment revenue disclosures, gross-margin data, operating-income data, net-income data, or per-share results were provided in the supplied text, limiting assessment of underlying profitability and business-level mix.
Management, verbatim
Our progress in the second quarter reflects our continued focus on execution across every part of our business.
J. Clay Sell, CEO of X-energy
We remain focused on building the technology delivery platform to help meet the demands for clean, reliable nuclear energy.
J. Clay Sell, CEO of X-energy
Not in the filing
stated, not guessed- GAAP and non-GAAP gross margin
- GAAP and non-GAAP operating income or loss
- GAAP and non-GAAP net income or loss
- GAAP and non-GAAP diluted EPS
- Selling, general, and administrative expense amount for the three and six months ended June 30, 2026
- Free cash flow
- Cash and cash equivalents balance
- Debt balance
- Formal reportable-segment revenue and profitability disclosures
- Prior-quarter revenue, expense, cash-flow, profitability, and per-share comparisons
- Dividend and share-repurchase disclosures
- Forward financial guidance for revenue, gross margin, operating expenses, tax rate, profitability, EPS, capital expenditures, or cash flow
- Prior-quarter outlook for comparison
- The remainder of the filing text following the truncated sentence beginning, "Net cash provided by financing activities in the six months ended June 30, 2026 was $1.1 billion of net"
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.