X-Energy Inc

XE

Market cap $6.58B

X-Energy is a speculative buy at $21, offering a unique SMR solution with both electricity and high-temperature steam applications. XE's Xe-100 reactor and TRISO-X fuel position it for industrial, chemical, hydrogen, and data center markets, broadening its addressable market versus peers. Q1 2026 saw 109% revenue growth to $43.4M, but operating costs rose 133%, with substantial cash burn offset by a strong post-IPO liquidity position.

X-Energy is rated Hold at fair value, with $2B liquidity, an 11.5 GW backlog, and a differentiated TRISO-X fuel franchise. Q1 results show strong execution, but revenue growth is tied to DOE grants, not yet diversified commercial streams; opex growth is expected in the pre-commercial phase. TRISO-X's NRC Category II license and first-mover status in HALEU fuel manufacturing underpin XE's long-term optionality, even if competitors win reactor deployments.

X-Energy, Inc. (XE) Q1 2026 Earnings Call Transcript

SMRs could fill energy gap. But developing small modular nuclear reactors is risky business.

X-Energy NASDAQ: XE used its first earnings call as a public company to outline progress on its advanced nuclear reactor and fuel businesses, while reporting higher first-quarter revenue and grant income tied to its federal cost-share program.

Revenues and grant income of $43 million, compared to revenues and grant income of $21 million in 1Q 2025 Raised approximately $1.1 billion in net proceeds through initial public offering (“IPO”) and began trading on the Nasdaq Global Select Market (“Nasdaq”) under the ticker “XE” Submitted application to enter the United Kingdom's Generic Design Assessment (“GDA”) process for its Xe-100 High Temperature Gas-cooled Reactor (“HTGR”) Received U.S. Nuclear Regulatory Commission (“NRC”) Environmental Assessment for Dow's advanced nuclear project in Seadrift, Texas in May, with a Finding of No Significant Impact (“FONSI”) Received Part 70 fuel fabrication license from the NRC, enabling commercial manufacturing for TRISO-X fuel Signed key supply agreement with SGL Carbon for graphite supply and MOU with IHI Corporation for critical HTGR components Exploring deployment of Xe-100 small modular reactors (“SMRs”) with Louisville Gas and Electric Company (“LG&E”) and Kentucky Utilities Company (“KU”), subsidiaries of PPL Corporation, in Kentucky, and with Talen Energy in Pennsylvania and across the PJM Interconnection Regional Transmission Organization (“PJM”) ROCKVILLE, Md., June 04, 2026 (GLOBE NEWSWIRE) -- X-Energy, Inc. (NASDAQ: XE) (“X-energy” or the “Company”), a leading designer of advanced nuclear reactor technology and manufacturer of nuclear fuels, today announced first quarter 2026 financial results for X-Energy Reactor Company, LLC, the predecessor company to X-Energy, Inc., and operational highlights.

MANCHESTER, England, June 02, 2026 (GLOBE NEWSWIRE) -- X-Energy, Inc. (NASDAQ: XE) (“X-energy” or “the Company”), a leading developer of advanced nuclear reactors and fuel technology, today submitted an application to enter the United Kingdom's Generic Design Assessment (“GDA”) process for its Xe-100 High Temperature Gas-cooled Reactor (“HTGR”). Subject to acceptance, submission marks a significant milestone in X-energy and Centrica's efforts to deploy up to 6 GW of new nuclear in the United Kingdom, initiating a critical step in the UK licensing process.

The nuclear sector is delivering concrete progress on multiple advanced reactor programs. Recent weeks brought a positive environmental determination for an X-energy (XE) project, Nuclear Regulatory Commission (NRC) approvals for key technical documents from Oklo (OKLO) and Terrestrial Energy (IMSR), and the start of prototype manufacturing for critical reactor components.

ROCKVILLE, Md., May 21, 2026 (GLOBE NEWSWIRE) -- X-Energy, Inc. (NASDAQ: XE) (“X-energy” or the “Company”), a leading designer of advanced nuclear reactor technology and manufacturer of nuclear fuels, today announced it plans to report first quarter 2026 financial results for X-Energy Reactor Company, LLC, the predecessor company to X-Energy, Inc., and operational highlights on Thursday, June 4, 2026.

X-Energy (NASDAQ:XE) just earned coverage from six major Wall Street firms, with five taking a bullish stance on the advanced nuclear developer.