$XE

X-Energy, Inc.

CIK:0002088896|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 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)

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)

$ 0

$ (58,744)

$ 0

Class A common stock

Other income (expense)

Net loss attributable to Class A common stock per share - basic

^[2]

$ (0.21)

Net loss attributable to Class A common stock per share - diluted

^[2]

$ (0.21)

Weighted-average shares of Class A common stock outstanding - basic

^[2]

280,148,818

Weighted-average shares of Class A common stock outstanding - diluted

^[2]

280,148,818

[1]	Includes related party revenue of $2.4 million and $2.3 million for the three months ended June 30, 2026 and 2025, respectively, and $4.3 million and $5.0 million for the six months ended June 30, 2026 and 2025, respectively.
[2]	Basic and diluted net loss per Class A common stock is presented only for the period after the Company’s Reorganization Transactions (as defined in Note 1 — Organization and Nature of Business). See Note 12 — Net Loss per Share for the calculation of net loss per share.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 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	0	1,363
Accretion and amortization on investments	(2,249)	0
Amortization of deferred financing costs, debt discount, and other	0	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	0
Accrued interest receivable	(163)	0
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)	0
Proceeds from maturities on investments	130,858	0
Net cash used in investing activities	(239,615)	(18,667)
Cash flows from financing activities:
Payments of mezzanine equity issuance costs	0	(2,525)
Payment of debt issuance costs	0	(497)
Payment of transaction costs	(12,499)	0
Proceeds from issuance of Preferred Units	500	53,424
Proceeds from initial public offering, net of underwriting costs	1,103,235	0
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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)

Jun. 30, 2026

Dec. 31, 2025

Current assets

Cash and cash equivalents

$ 1,145,424,000

$ 458,932,000

Short-term investments

489,752,000

304,908,000

Accounts receivable

40,782,000

32,940,000

Unbilled Receivables and Contract Assets

75,359,000

41,529,000

Prepaid and other current assets

21,302,000

11,491,000

Due from related parties

$ 21,256,000

$ 4,580,000

Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]

Related Party

Total current assets

$ 1,793,875,000

$ 854,380,000

Long-term investments

264,634,000

261,458,000

Restricted cash

4,200,000

3,698,000

Property and equipment, net

119,126,000

50,105,000

Operating lease right-of-use assets

21,750,000

22,696,000

Other long-term assets

51,626,000

18,934,000

Total assets

2,255,211,000

1,211,271,000

Current liabilities

Accounts payable

10,700,000

3,363,000

Accrued liabilities

86,142,000

51,217,000

Due to related parties

$ 7,466,000

$ 4,225,000

Other Liability, Current, Related Party [Extensible Enumeration]

Related Party

Total current liabilities

$ 104,308,000

$ 58,805,000

Long-term operating lease liabilities

24,929,000

20,887,000

Warrant liabilities

274,166,000

Total liabilities

159,564,000

369,011,000

Mezzanine equity

Mezzanine equity

2,066,555,000

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

Accumulated deficit

(59,090,000)

(1,236,345,000)

Accumulated other comprehensive income (loss)

306,000

(117,000)

Additional paid-in capital

1,873,512,000

12,167,000

Total equity (deficit) attributable to X-Energy, Inc.

1,814,769,000

(1,224,295,000)

Non-controlling interests

280,878,000

Total stockholders' equity and members' deficit

2,095,647,000

(1,224,295,000)

Total liabilities, mezzanine equity, and member's deficit

2,255,211,000

1,211,271,000

Nonrelated Party

Current liabilities

Long-term deferred revenue

12,800,000

Related Party

Current assets

Due from related parties

^[1]

21,256,000

4,580,000

Current liabilities

Due to related parties

7,466,000

4,225,000

Long-term deferred revenue

^[1]

17,527,000

2,353,000

29,000

12,000

Class A And B Common Units

Mezzanine equity

Mezzanine equity

^[2]

95,153,000

SeriesA A-1 B C C-1 And D Redeemable Preferred Stock [Member]

Mezzanine equity

Mezzanine equity

^[2]

$ 0

$ 1,971,402,000

[1]	These balances are related to Dow. Of the Due from related parties balances, $20.5 million and $0.7 million as of June 30, 2026 and December 31, 2025, respectively, are unbilled.
[2]	See Note 10 — Stockholders’ Equity and Mezzanine Equity for breakdown of mezzanine equity units.