X-energy, Inc. · NASDAQ:XE

X-energy — Q1 2026 Earnings Presentation

16 slides from X-energy's earnings presentation, Jun 4, 2026

  1. Slide 1: X-energy 1Q 2026

    x ENERGS 1Q 2026 x-ENERGY = 2026 X-ENERGY, INC. ALL RIGHTS RESERVED.

  2. Slide 2: Disclaimer

    Disclaimer This presentation is provided by X-Energy, Inc. ("X-energy" or the "Company") for informational purposes only and does not purport to contain all information necessary to evaluate X-energy. Viewers should conduct their own evaluation and due diligence. This presentation is not intended to

  3. Slide 3: Supported by Blue-Chip Customers and Partners

    Supported by Blue-Chip Customers and Partners Dow, Amazon, Centrica are customers / partners with identified project sites Significant equity investment from Amazon First Projects Underway and in Advanced Stages of Regulatory Review ~11.5 GW of identified projects with first three customers / partne

  4. Slide 4: X-energy's key highlights in 2026

    X-energy’s key highlights in 2026 January 2026: Announced 10-year graphite supply agreement with SGL Carbon for reactor components of the Xe-100, including an initial three-year award valued at over $100mm for the first commercial deployment February 2026: TRISO-X received the first ever NRC Categor

  5. Slide 5: ~220,000 pebbles form the core of each Xe-100 reactor

    ~220,000 pebbles form the core of each Xe-100 reactor Proprietary TRISO-X fuel form Integrated fuel fabrication business Illustrative TX-1 Rendering Outer Pyrolytic Carbon Silicon Carbide Inner Pyrolytic Carbon Porous Carbon Buffer Fuel Kernel Proprietary fabrication methods More Secure Self-contain

  6. Slide 6: TRISO-X fuel facility construction update

    Vertical construction has begun and is ~56% complete Vertical Construction: - Clark Construction Group was selected - Full vertical construction execution began in September 2025 Interior Buildout: - Expected commencement in Q3 2026, following vertical construction - Target operations beginning in f

  7. Slide 7: Xe-100 reactor advantages

    Cleaner Generation Virtually zero direct carbon emissions during generation Scalable Over Time Modularity and simplified safety systems enable scalability of reactors while limiting construction costs Versatility for Both Electricity & Steam Helium coolant allows the Xe-100 to withstand higher press

  8. Slide 8: Dow construction permit licensing timeline

    Jan 2027 Mar 2025 Jul 2025 Oct 2025 Jan 2026 Apr 2026 Jul 2026 Oct 2026 May 2025 CPA Acceptance Mar 2025 CPA Submittal Dec 2025 CPA Supplements Feb 2026 Draft Safety Evaluation Report Today May 2026 Environmental Assessment Aug 2026 Advanced Safety Evaluation Report Nov 2026 Final Safety Evaluation

  9. Slide 9: Q1 2026 financial results

    Q1 2026 financial results ($ in millions) 1Q 2026 1Q 2025 YoY % Change Total Revenues & Grant Income $43 $21 109% Total Operating Expenses $110 $47 133% Total Other Income (Expense), Net ($100) $16 nmf Net Cash Used in Operating Activities ($67) ($42) 61% Net Cash Used in Investing Activities ($166)

  10. Slide 10: Capital structure & selected balance sheet data

    Capital structure & selected balance sheet data ($ in millions) March 31, 2026 Cash and Cash Equivalents $224 Short-Term Investments 450 Long-Term Investments 270 Total Cash, Cash Equivalents and Investments $944 Total Debt - IPO Proceeds1 $1,103 Liquidity Adjusted for IPO Proceeds2 $2,047 Well-capi

  11. Slide 11: Illustrative project milestones schedule

    Note: Milestones in this illustrative schedule are not projections or predictions, but represent goals that are forward-looking and subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and management, and are b

  12. Slide 12: Key near-term milestones

    Key near-term milestones Milestone Timing TX-1 License Issuance NRC completed review and approved in Feb 2026 (ahead of schedule) Dow Environmental Assessment Issuance NRC completed review and approved in May 2026 (ahead of schedule) TX-1 Vertical Construction Completion Q3 2026 TX-1 Interior Buildo

  13. Slide 13: X-energy's value proposition

    Differentiated Platform 2 Industry Leading Technology Compelling Market Position 3 Clean: Virtually zero carbon emission during operations Safe: Intrinsic safety features Reliable: 95%+ availability expected Scalable: Optimized four-reactor design Xe-100 TRISO-X fuel Strong base of customers & partn

  14. Slide 14: x-ENERGY = 2026 X-ENERGY, INC. ALL RIGHTS RESERVED.

    x-ENERGY = 2026 X-ENERGY, INC. ALL RIGHTS RESERVED.

  15. Slide 15: Non-GAAP measures

    Non-GAAP measures Liquidity Adjusted for IPO Proceeds is a non-GAAP metric and is defined as Cash and Cash Equivalents plus Short-Term Investments plus Long-Term Investments plus the net proceeds received in our IPO in April 2026. We believe this non-GAAP financial measure provides useful supplement

  16. Slide 16: x-ENERGY = 2026 X-ENERGY, INC. ALL RIGHTS RESERVED.

    x-ENERGY = 2026 X-ENERGY, INC. ALL RIGHTS RESERVED.

X-Energy — Q1 2026 Earnings Presentation on 6ix