NASDAQ: XE
X-Energy, Inc.CIK 0002088896 · SIC 3443 · Fabricated Plate Work (Boiler Shops)
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revenue $54.6M, net income -$59.1M. X-energy posts Q2 loss on IPO proceeds; material weakness in accounting persists
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X-energy reports Q2 revenues up 154% YoY, secures HALEU supply agreements
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revenue $43.4M, net income -$166.2M. X-energy debuts post-IPO with raised, unresolved control weakness, first reactor years away
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X-Energy insiders cleared to sell shares 49 days early as lock-up ends September 1
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X-Energy furnishes investor presentation under Reg FD, no material business updates disclosed
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Latest financial statements
From 10-Q filed Aug 13, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(in thousands, except share and per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Services revenue(1) | 50,119 | 16,919 | 90,025 | 34,010 |
| Grant income | 4,482 | 4,585 | 7,999 | 8,298 |
| Total revenues and grant income | 54,601 | 21,504 | 98,024 | 42,308 |
| Operating expenses | ||||
| Direct costs | 86,658 | 36,129 | 152,017 | 64,853 |
| Selling, general and administrative | 77,733 | 27,347 | 121,850 | 45,327 |
| Research and development | 244 | 808 | 299 | 1,210 |
| Total operating expenses | 164,635 | 64,284 | 274,166 | 111,390 |
| Operating loss | (110,034) | (42,780) | (176,142) | (69,082) |
| Other income (expense) | ||||
| Interest expense | — | (360) | — | (484) |
| Interest income | 11,013 | 4,980 | 19,942 | 10,457 |
| Other income (expense), net | (6,312) | (50,688) | (115,350) | (39,951) |
| Total other income (expense), net | 4,701 | (46,068) | (95,408) | (29,978) |
| Net loss | (105,333) | (88,848) | (271,550) | (99,060) |
| Less: Net loss attributable to non-controlling interests | (46,243) | (88,848) | (212,460) | (99,060) |
| Net loss attributable to X-Energy, Inc. | (59,090) | — | (59,090) | — |
| Net loss attributable to Class A common stock per share, basic and diluted(2) | (0.21) | N/A | (0.21) | N/A |
| Weighted-average shares of Class A common stock outstanding, basic and diluted(2) | 280,148,818 | N/A | 280,148,818 | N/A |
| Other comprehensive income (loss) | ||||
| Foreign currency translation adjustment | 410 | (766) | 553 | (976) |
| Changes in fair value of liabilities under fair value option attributable to changes in instrument-specific credit risk | — | 291 | — | 444 |
| Other comprehensive income (loss) | 410 | (475) | 553 | (532) |
| Comprehensive loss | (104,923) | (89,323) | (270,997) | (99,592) |
| Less: Comprehensive loss attributable to non-controlling interests | (46,179) | (89,323) | (212,253) | (99,592) |
| Comprehensive loss attributable to X-Energy, Inc. | (58,744) | — | (58,744) | — |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except unit and share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 1,145,424 | 458,932 |
| Short-term investments | 489,752 | 304,908 |
| Accounts receivable | 40,782 | 32,940 |
| Unbilled receivables and contract assets | 75,359 | 41,529 |
| Prepaid and other current assets | 21,302 | 11,491 |
| Due from related parties | 21,256 | 4,580 |
| Total current assets | 1,793,875 | 854,380 |
| Long-term investments | 264,634 | 261,458 |
| Restricted cash | 4,200 | 3,698 |
| Property and equipment, net | 119,126 | 50,105 |
| Operating lease right-of-use assets | 21,750 | 22,696 |
| Other long-term assets | 51,626 | 18,934 |
| Total assets | 2,255,211 | 1,211,271 |
| LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY AND MEMBERS’ DEFICIT | ||
| Current liabilities | ||
| Accounts payable | 10,700 | 3,363 |
| Accrued liabilities | 86,142 | 51,217 |
| Due to related parties | 7,466 | 4,225 |
| Total current liabilities | 104,308 | 58,805 |
| Long-term deferred revenue | 12,800 | 12,800 |
| Long-term deferred revenue with related parties | 17,527 | 2,353 |
| Long-term operating lease liabilities | 24,929 | 20,887 |
| Warrant liabilities | — | 274,166 |
| Total liabilities | 159,564 | 369,011 |
| Mezzanine equity | ||
| Class A and B common units⁽¹⁾ | — | 95,153 |
| Series A, A-1, B, C, C-1, and D redeemable convertible preferred units⁽¹⁾ | — | 1,971,402 |
| Total mezzanine equity | — | 2,066,555 |
| Preferred Stock: $0.0001 par value per share; 10.0 million shares authorized, no shares issued and outstanding as of June 30, 2026; no shares authorized, issued, and outstanding as of December 31, 2025 | — | — |
| Class A common stock: $0.0001 par value per share; 1,868.0 million shares authorized, 287.4 million shares issued and outstanding as of June 30, 2026; no shares authorized, issued and outstanding as of December 31, 2025 | 29 | — |
| Class B common stock: $0.0001 par value per share; 132.0 million shares authorized, 118.9 million shares issued and outstanding as of June 30, 2026; no shares authorized, issued and outstanding as of December 31, 2025 | 12 | — |
| Accumulated deficit | (59,090) | (1,236,345) |
| Accumulated other comprehensive income (loss) | 306 | (117) |
| Additional paid-in capital | 1,873,512 | 12,167 |
| Total equity (deficit) attributable to X-Energy, Inc. | 1,814,769 | (1,224,295) |
| Non-controlling interests | 280,878 | — |
| Total stockholders’ equity and members’ deficit | 2,095,647 | (1,224,295) |
| Total liabilities, mezzanine equity, and stockholders’ equity and members’ deficit | 2,255,211 | 1,211,271 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (271,550) | (99,060) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 1,090 | 550 |
| Equity-based and unit-based compensation | 43,926 | 6,424 |
| Mark-to-market loss on warrant liabilities | 114,473 | 39,540 |
| Mark-to-market loss on C-2 Notes | — | 1,363 |
| Accretion and amortization on investments | (2,249) | — |
| Amortization of deferred financing costs, debt discount, and other | — | 489 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable and unbilled receivables | (24,279) | (7,135) |
| Prepaid and other current assets | (10,771) | (6,270) |
| Due from related parties | (16,675) | 10,105 |
| Operating lease right-of use assets | 4,413 | (1,634) |
| Accounts payable and accrued liabilities | 10,754 | (4,127) |
| Long-term deferred revenue with related parties | 15,174 | — |
| Accrued interest receivable | (163) | — |
| Other long-term assets | (32,564) | (394) |
| Due to related parties | 3,239 | (194) |
| Operating lease liabilities | 614 | (1,496) |
| Net cash used in operating activities | (164,568) | (61,839) |
| Cash flows from investing activities: | ||
| Capital expenditures | (106,266) | (35,587) |
| Reimbursement of capital expenditures under government grant | 52,261 | 16,920 |
| Purchase of investments | (316,468) | — |
| Proceeds from maturities on investments | 130,858 | — |
| Net cash used in investing activities | (239,615) | (18,667) |
| Cash flows from financing activities: | ||
| Payments of mezzanine equity issuance costs | — | (2,525) |
| Payment of debt issuance costs | — | (497) |
| Payment of transaction costs | (12,499) | — |
| Proceeds from issuance of Preferred Units | 500 | 53,424 |
| Proceeds from initial public offering, net of underwriting costs | 1,103,235 | — |
| Net cash provided by financing activities | 1,091,236 | 50,402 |
| Net effect of exchange rate | (59) | 127 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 686,994 | (29,977) |
| Cash, cash equivalents, and restricted cash at beginning of period | 462,630 | 514,600 |
| Cash, cash equivalents, and restricted cash at end of period | 1,149,624 | 484,623 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except share and per share amounts); (in thousands, except unit and share data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗