X-Energy Reports 154% Revenue Growth to $54.6 Million in Latest Quarter

X-Energy, Inc. reported significant financial growth in its latest quarterly filing, with total revenues and grant income reaching $54.6 million for the three months ended June 30, 2026, a 154% increase from $21.5 million in the same period last year. For the first half of 2026, revenues totaled $98.0 million, up 132% from $42.3 million in the prior year. The increase was primarily driven by heightened project execution activities under the Advanced Reactor Demonstration Program (ARDP) with the U.S. Department of Energy, which accounted for a substantial portion of the revenue growth.

Operating expenses also rose significantly, totaling $164.6 million for the second quarter, a 156% increase compared to $64.3 million in the same quarter of 2025. Direct costs surged by 140% to $80.5 million, reflecting expanded activities under the ARDP, including increased spending on materials and subcontractor services. Selling, general, and administrative expenses rose by 184% to $43.6 million, largely due to higher compensation costs associated with an increased workforce and equity-based compensation expenses related to stock options granted during the company's initial public offering (IPO).

X-Energy's net loss for the second quarter was $105.3 million, compared to a loss of $88.8 million in the same period last year, marking a 19% increase in losses. The company attributed the higher losses to increased operational costs and expenses associated with its growth initiatives. The net loss attributable to X-Energy, Inc. was $59.1 million, with a basic and diluted net loss per share of $0.21.

Strategically, X-Energy completed its IPO in April 2026, raising approximately $1.1 billion in net proceeds. This capital will support the ongoing development of its flagship product, the Xe-100 reactor, and its TRISO-X fuel fabrication facilities. The company is also expanding its customer base, with significant agreements in place with Dow, Amazon, and Centrica, which collectively represent a pipeline of over 11 gigawatts of electric capacity. The company is actively working on regulatory approvals and construction permits, with the first commercial reactor delivery expected in the early 2030s.

Looking ahead, X-Energy anticipates continued growth driven by increasing demand for clean energy solutions and the successful execution of its strategic initiatives. However, the company also faces challenges, including the need for ongoing capital to fund its operations and potential regulatory hurdles that could impact its project timelines. The management remains focused on addressing these challenges while capitalizing on the growing market for advanced nuclear technologies.