X-Energy, Inc. Class A Common Stock

Q2 2026 total revenues and grant income were $54.6 million, including $50.1 million of services revenue and $4.5 million of grant income. That was up 154% year over year. Total operating expenses were $164.6 million, with $86.7 million of direct costs and $77.7 million of SG&A; SG&A included $33.5 million of noncash equity-based compensation. Interest income was $11 million, offset by $6.3 million of other expense, resulting in $4.7 million of total other income. Operating cash flow used $97.3 million, investing activities used $73.6 million, and capital expenditures were $63.3 million, with $23.5 million reimbursed by ARDP. The company ended June with $1.9 billion in cash and investments and no debt. For guidance, management said there were no changes to the long-term milestone timeline presented last quarter; it expects NRC staff to close all safety questions for Dow by the end of August, final construction permit review in late 2026, issuance by Q1 2027, and Energy Northwest to move toward construction permit submission in 1H 2027.

Clay Sell emphasized that X-Energy is aiming to build a platform business, not a single project, and framed the opportunity as a massive long-term buildout for advanced nuclear. He highlighted support from DOE, Dow, Amazon, Centrica and others, plus supply-chain steps intended to reduce schedule risk and create a competitive moat. His tone was confident and expansive, with repeated emphasis that the company is making progress across funding, supply chain, licensing and future customer wins.

Daniel Gross focused on the mechanics of the quarter and the balance sheet. He said revenue growth came from more ARDP engineering work, while expenses rose for the same reason plus headcount/contractors and $33.5 million of noncash equity comp; he also explained the $5.6 million warrant mark-to-market loss that will not repeat because the warrant was exercised. Gross said the company ended June with $1.9 billion in cash and investments, including $1.1 billion of cash and cash equivalents, $490 million of short-term investments and $265 million of long-term investments, all with 0 debt outstanding.

Analysts focused heavily on ARDP funding, HALEU supply, and the timing/structure of the next customer announcement. Sell said the DOE's additional $1 billion is part of the 50-50 cost share for Xe-100 design, TX-1, and the Dow deployment, and he expressed confidence more support would come if needed. On fuel, he stressed the Centrus and General Matter agreements are binding and that X-Energy is securing capacity now to retire supply risk before transferring those obligations to customers later. He also said the imminent 1 GW announcement is with a major investor-owned utility, but gave no further details due to community and partner timing.