X-energy, Inc. · NASDAQ:XE

X-energy — Investor Presentation (May 2026)

20 slides from X-energy's investor presentation, May 19, 2026

  1. Slide 1: X-energy May 2026

    x ENERGS May 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: What we plan to do

    What we plan to do License Reactor Technology and Provide Engineering & Lifecycle Services Manufacture and Sell Nuclear Fuel Advanced small modular nuclear reactor (SMR) Gen IV high temperature gas-cooled reactor design (known as the Xe-100) builds upon decades of development and real-world operatin

  4. Slide 4: What we don't plan to do

    What we don’t plan to do Own & Operate EPC We do not provide any EPC services – our customers select who will build their projects We do not take construction risk – we provide the engineering for the reactor and related budgeting and scheduling services We do not provide construction management ser

  5. Slide 5: 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

  6. Slide 6: Supported by Blue-Chip Customers and Partners

    Supported by Blue-Chip Customers and Partners 3 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 4 >11 GW of identified projects with first three customers2 Regul

  7. Slide 7: Xe-100 reactor design 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: ~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 TX-1 Rendering Outer Pyrolytic Carbon Silicon Carbide Inner Pyrolytic Carbon Porous Carbon Buffer Fuel Kernel Proprietary fabrication methods More Secure Self-containment of each

  9. Slide 9: Commercial fuel fabrication facility development

    1 Throughput capacity assumes 80% capacity factor resulting in 5 MTU and 20 MTU, respectively 2 Number of operating Xe-100 reactors that can be refueled annually at capacity factored capacity, assuming no start-ups Fuel Fabrication Pilot Facility First Commercial Fuel Fabrication Facility Expected i

  10. Slide 10: TX-1 Design and Construction Update

    Vertical construction has begun and is >50% complete Vertical Construction Phase 2A: Clark Construction Group was selected Full vertical construction execution began in September 2025 Facility Construction / Equipment Installation Phase 2B: Phase 2B equipment installation expected commencement in mi

  11. Slide 11: Global electricity demand expected to increase more than 75% by 2050

    Global electricity demand expected to increase more than 75% by 2050 1) Global TAM US / Canada / UK TAM (~30% of global) US / Canada / UK SAM (~37% of TAM) Capacity additions: 1,146 GW by 2050 2) Capacity additions: 158 GW by 2050 (anticipated SMR SAM) = ~$2.3T revenue potential1 3) U.S. FUTURE ELEC

  12. Slide 12: Visibility to approximately 11.5 gigawatts across reactors

    Visibility to approximately 11.5 gigawatts across 144 reactors1 First-of-a-Kind (“FOAK”) Deployment 320 MWe Xe-100 plant at Dow’s Seadrift Operations site in Texas Material funding support from the U.S. government through the Advanced Reactor Demonstration Program Industrial Heat Early 2030s2 First

  13. Slide 13: Project Long Mott current schedule

    Jan 2027 Mar 2025 Jul 2025 Oct 2025 Jan 2026 Apr 2026 Jul 2026 Oct 2026 May 2025 PLM Acceptance March 2025 PLM CPA Submittal Dec 2025 PLM Supplements Feb 2026 PLM DSER Today May 2026 PLM EA Aug 2026 PLM ASER Nov 2026 PLM FSER Oct 2026 PLM PSAR Rev1 Dec 2026 PLM CP Project Long Mott (PLM) Current Sch

  14. Slide 14: Revenue over the life of a project

    Fuel We plan to begin generating revenue from the inception of a project and continue generating revenue over its anticipated 60-year life ~15–35% of Reactor Revenue Received Prior to and Including COD Operation Construction Development & Engineering Services $2.5M – $4.1M per MW | $800M – $1,300M p

  15. Slide 15: Attractive Business Model Selling Technology, Services and Fuel

    Offerings Timing Recurring Detail Reactor Technology Fees Pre-COD - Earned across various project development milestones pre-COD Services Pre-COD / Post-COD Lifecycle offerings spanning project planning, assembly coordination, construction support, regulatory support, procurement support, and lifecy

  16. Slide 16: Reactor services fee and expected lifecycle revenue

    Reactor: Services Fee 60-year expected life Each four-reactor Xe-100 plant is expected to generate ~$2.4bn – $4.7bn in revenue throughout its lifecycle Expected Reactor Revenue Timeline Development COD Reactors: Technology fee Reactors: Services Fuel Includes initial fuel load and subsequent fuel fa

  17. Slide 17: The Financial and Human Capital Required to Execute

    Note: One Xe-100 Plant consists of four 80 MWe reactors, for a total capacity of 320 MWe ¹ Conventional island intellectual property and IP for equipment and processes that sit outside both nuclear and conventional plant areas will be owned by Dow ² ITC refers to the 48C Qualifying Advanced Energy P

  18. Slide 18: Growth strategy

    Continue to Develop our Next Generation Technology Execute on Attractive Business Development Pipeline Continue Geographic Expansion Leverage Repeated Project Execution Learnings to scale from FOAK to NOAK Drive Technology Advancements Goal of achieving commercial delivery of our first fleets of rea

  19. Slide 19: 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

  20. Slide 20: x-ENERGY = 2026 X-ENERGY, INC. ALL RIGHTS RESERVED.

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

X-Energy — Investor Presentation (May 2026) on 6ix