X-energy, Inc. · NASDAQ:XE

X-energy — Q2 2026 Earnings Presentation

16 slides from X-energy's earnings presentation, Aug 11, 2026

  1. Slide 1: 2Q 2026

    2Q 2026 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 contain all information necessary to evaluate X-energy. Viewers should conduct their own evaluation and due diligence. FORWARD-LOOKING STATEMENTS This presentation an

  3. Slide 3: X-energy's recent key highlights

    X-energy’s recent key highlights Received continuation application approval from the U.S. Department of Energy’s Advanced Reactor Demonstration Program, extending budget period through March 2027 X-energy signed a Definitive Agreement with Centrus Energy Corp. for long-term supply of High-Assay Low-

  4. Slide 4: TX-1 construction progress

    TX-1 construction progress TX-1 Set to become the first-ever NRC Category II nuclear fuel facility in the U.S. • Anticipated capacity of 6.25 MTU with throughput of 5 MTU, enough to support up to 11 Xe-100 reactors annually • Vertical Construction: ~80% complete, on track for completion by end of 3Q

  5. Slide 5: TRISO-X Oak Ridge campus

    TRISO-X Oak Ridge campus TX-1 TX-2 • Planned location on same footprint as TX-1, covered by existing NRC Part 70 license • Anticipated capacity of 25 MTU with throughput of 20 MTU, enough to support up to 44 Xe-100 reactors annually • Currently in design phase TX-L • Planned R&D laboratory for TRISO

  6. Slide 6: Key near-term milestones

    Key near-term milestones Completed New Milestone Timing NRC completed review and TX-1 License Issuance approved in Feb 2026 (ahead of schedule) NRC completed review and Dow Environmental Assessment Issuance approved in May 2026 (ahead of schedule) Announce HALEU Supply Agreements Completed August 20

  7. Slide 7: X-energy milestones roadmap

    X-energy milestones roadmap Milestones 2026 to Early 2030s Fuel Irradiation Confirmatory Testing Testing Study Operational Readiness Licensing Part 70 License Receipt Review (NRC) Fuel TX-1 Facility Construction Fuel Fabrication First Fuel Delivered First Fuel Delivered to Dow Refueling Services Fue

  8. Slide 8: 2Q 2026 financial results

    2Q 2026 financial results YoY % 2Q 2026 2Q 2025 Change Highlights ($ in millions) • Total Revenues and Grant Income included $50.1M of Total Revenues & $55 $22 154% Services Revenue and $4.5M of Grant Income Grant Income • Total Operating Expenses included $86.7M of Direct Costs Total Operating ‒ Hi

  9. Slide 9: Capital structure & select balance sheet data

    Capital structure & select balance sheet data Highlights ($ in millions) June 30, 2026 Cash and Cash Equivalents $1,145 • Strong liquidity profile with $1.9B of Total Cash and Cash Equivalents plus Short- and Short-Term Investments $490 Long-Term Investments as of June 30, 2026 Long-Term Investments

  10. Slide 10: Umbrella Partnership-C Corporation ("Up-C")

    Umbrella Partnership-C Corporation (“Up-C”) X-energy organizational structure Share classes (amounts in millions) June 30, 2026 (ownership estimates from S-1 Prospectus filed and as of 4/27/26) Class A Common Stock Outstanding 280.1 Class B Common Stock Outstanding1 118.9 Outstanding Stock Options 7

  11. Slide 11: Multiple ways to win

    Multiple ways to win Why we believe that we will be a clear leader Global electricity demand expected to Global TAM increase more than 75% by 2050 Capacity additions: US / Canada / UK TAM 1,146 GW by 2050 (~30% OF GLOBAL) Capacity additions: 158 GW by 2050 US / Canada / UK SAM Xe-100 TRISO-X fuel Di

  12. Slide 12: Q&A

    Q&A 2026 X-ENERGY, INC. ALL RIGHTS RESERVED. 12

  13. Slide 13: Non-GAAP financial measures – Fully diluted share count

    Non-GAAP financial measures – Fully diluted share count We use certain non-GAAP financial measures, including fully diluted share count, adjusted net loss and adjusted net loss per share, diluted, EBITDA and adjusted EBITDA (collectively, the “Non-GAAP Financial Measures”). These Non-GAAP Financial

  14. Slide 14: Non-GAAP financial measures – Adjusted net loss and Adjusted net loss per share, diluted

    Non-GAAP financial measures – Adjusted net loss and Adjusted net loss per share, diluted Three Months Ended Six Months Ended June 30, June 30, (in thousands, except share and per share data) 2026 2025 2026 2025 Net loss attributable to X-Energy, Inc. $ (59,090) $ - $ (59,090) $ - Net loss attributab

  15. Slide 15: Non-GAAP financial measures – EBITDA and Adjusted EBITDA

    Non-GAAP financial measures – EBITDA and Adjusted EBITDA Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2026 2025 2026 2025 Net loss attributable to X-Energy, Inc. $ (59,090) $ - $ (59,090) $ - Net loss attributable to XERC prior to the IPO (21,159) (88,848) (187,376) (99,060)

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

    2026 X-ENERGY, INC. ALL RIGHTS RESERVED.

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