X-energy, Inc. · NASDAQ:XE
X-energy — Investor Presentation (October 2026)
21 slides from X-energy's investor presentation, October 2026
Slide 1: October 2026
October 2026 2026 X-ENERGY, INC. ALL RIGHTS RESERVED.
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
Slide 3: X-energy is a leader in the advanced nuclear space
X-energy is a leader in the advanced nuclear space Innovative technology Ideal solution for emerging Supported by blue-chip underpinned by decades of R&D industrial demand and AI customers and partners Safer, fast deployment and scalability, Modular 320 MWe design1 ideal for industrial Dow, Amazon,
Slide 4: Xe-100 Design: High-performing advanced reactor
Xe-100 Design: High-performing advanced reactor Cleaner Generation Engage with Xe-100 Schematic (Illustrative)2 Virtually zero direct carbon emissions during generation NUCLEAR ISLAND Firm & Reliable (“Always On”) Four individual reactors feed into a common source, which is expected to reduce down
Slide 5: TRISO-X fuel: Our proprietary TRISO fuel
TRISO-X fuel: Our proprietary TRISO fuel Proprietary TRISO-X Fuel Form Integrated fuel fabrication business Cutting Edge Expected to be North America’s first purpose-built, commercial, advanced nuclear Outer Pyrolytic Carbon Category II fuel fabrication facility Silicon Carbide Inner Pyrolytic Carbo
Slide 6: Xe-100 versatile design can be applied to end markets including industrial heat & conventional power generation
Xe-100 versatile design can be applied to end markets including industrial heat & conventional power generation INDUSTRIAL HEAT + POWER Steam Output U.S. FUTURE ELECTRICITY DEMAND (TWh)2 Temperature °C1 100 200 300 400 500 600 700 800 900 1,000 HTSE and Thermo-Chemical Hydrogen Production 800-1,000
Slide 7: X-energy's recent strategic developments
X-energy’s recent strategic developments Received continuation application approval from the U.S. Department of Energy’s Advanced Reactor Demonstration Program (ARDP), extending budget period through March 2027, and notification that X-energy’s ARDP Cooperative Agreement is expected to receive up to
Slide 8: Key near-term milestones
Key near-term milestones Completed Update 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 Q3 2026 TX-1 Int
Slide 9: Executing on our supply chain strategy – debottlenecking critical components and enabling suppliers to scale
Executing on our supply chain strategy – debottlenecking critical components and enabling suppliers to scale Xe-100 key components X-energy supply chain strategy Establishing an extensive, global supply chain ecosystem and de- Reactivity Control & Shutdown System Used in reactor Nuclear Grade Graphi
Slide 10: 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: Completed on time in 3Q 2026 • Interior Buildout: C
Slide 11: 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
Slide 12: Customer relationships create a path to commercialization
Customer relationships create a path to commercialization Visibility to approximately 11.5 gigawatts across 144 reactors1 amazon Industrial Heat AI Demand Energy Security First-of-a-Kind First SMR Data Center First SMR Utility (“FOAK”) Deployment Partner in U.S. Customer in the U.K. 320 MWe Xe-100
Slide 13: Commercial regulatory pathway flows through the NRC
Commercial regulatory pathway flows through the NRC X-energy expects to receive the Construction Permit for its first project with Dow by 1Q27, after which nuclear construction may begin • For first-of-a-kind deployments, X-energy intends to pursue NRC Part 50 licensing pathway, consisting of a Cons
Slide 14: UK commercial licensing underway to support Centrica
UK commercial licensing underway to support Centrica X-energy’s Xe-100 has been accepted into the United Kingdom’s Generic Design Assessment (GDA) process • The GDA is a voluntary design review submitted to the UK Office for Nuclear Regulation, the Environment Agency, and Natural Resources Wales ‒ A
Slide 15: X-energy has a differentiated business model
X-energy has a differentiated business model Development & Engineering Construction Operation Services $2.5M – $4.1M per MW | $800M – $1,300M per 320 MWe plant ~15–35% of reactor revenue planned to be received prior to and Technology including $15.6K – $93.8K per MW | $50 – $300M per 320 MWe plant F
Slide 16: … and benefits from recurring revenue streams
… and benefits from recurring revenue streams Offerings Timing Recurring Detail Technology Fees Pre-COD - Earned across various project development milestones pre-COD 1 Reactor Lifecycle offerings spanning project Services planning, assembly coordination, Pre-COD / construction support, regulato
Slide 17: Xe-100 unit economics
Xe-100 unit economics 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 60-year expected life Reactor: Technology Fee Reactor: Services Fee Fuel Fuel Reactors: Technology fee Reactors: Service
Slide 18: ARDP award and ongoing funding validates our technology progress and creates a build cost and speed moat
ARDP award and ongoing funding validates our technology progress and creates a build cost and speed moat Advanced Reactor Demonstration Program Cost Share Structure Category X-energy DOE Dow Ultimate Owner Design & Regulatory 50% 50% -- X-energy owns 100% of the reactor IP1 In addition to the DOE fu
Slide 19: 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 design TRISO-X
Slide 20: 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
Slide 21: 2026 X-ENERGY, INC. ALL RIGHTS RESERVED.
2026 X-ENERGY, INC. ALL RIGHTS RESERVED.