X-energy Reports Third Quarter 2026 Results

ROCKVILLE, Md., November 12, 2026 – X-Energy, Inc. (Nasdaq: XE) (“X-energy” or the “Company”), a leading developer of advanced nuclear reactors and fuel technology, today announced third quarter 2026 financial results and operational highlights.

“Our third quarter results and recent project developments reflect meaningful progress in executing our strategy and advancing our technology toward commercial deployment. We are building momentum as we deepen relationships with leading energy and industrial companies and advance opportunities across our pipeline,” said J. Clay Sell, CEO of X-energy. “The NRC recently issued the construction permit for Dow’s Long Mott project in Texas and it was received over a month ahead of schedule. This marks the first construction permit issued by the NRC in the United States for an advanced nuclear project site designed to provide industrial process heat.”

“Furthermore, we are excited to collaborate with AEP, a major investor-owned utility with extensive experience and expertise developing and operating critical energy infrastructure. This project in Indiana represents our second announced commercial deployment opportunity supported by Amazon and gives us greater visibility into our path toward deployment. During the quarter, we also completed the vertical construction of our TX-1 fuel fabrication facility, and the next phase includes interior buildout and equipment installation. In addition, the acceptance of our Xe-100 reactor into the United Kingdom’s Generic Design Assessment process represents an important step toward advancing our opportunity in the U.K. with Centrica.”

“We are in a differentiated position of strength, supported by our strong balance sheet and significant funding. Our regulatory progress marks a major milestone for our technology, while our growing commercial momentum bolsters our pipeline of reactors and demand for TRISO-X fuel,” concluded Sell.

Operational Highlights

Financial Results

Total revenues and grant income in the three months ended September 30, 2026 were $66.3 million, including $51.5 million of services revenue and $14.8 million of grant income. Total revenues and grant income in the nine months ended September 30, 2026 were $164.4 million, including $141.6 million of services revenue and $22.8 million of grant income. Total revenues and grant income increased 118% and 126% for the three and nine months ended September 30, 2026, respectively, compared to the comparable prior-year period. This was primarily due to increases of $29.3 million and $85.0 million in revenue and grant income from the ARDP Agreement with the DOE for the three and nine months ended September 30, 2026, respectively. This was driven by an increase in project execution activities under the ARDP Agreement as the Company continued to advance the development and finalization of the Xe-100 reactor design. The increase reflected higher spending on materials, subcontractor services, and compensation costs to support the expanded scope of work.

Total operating expenses in the three months ended September 30, 2026 were $169.9 million, including $93.6 million of Direct costs. Total operating expenses in the nine months ended September 30, 2026 were $444.1 million, including $245.6 million of Direct costs. Total operating expenses increased 139% and 143% for the three and nine months ended September 30, 2026, respectively, compared to the comparable prior-year periods. This was primarily due to increases of $54.7 million and $141.9 million in Direct costs and increases of $43.9 million and $120.4 million in Selling, general, and administrative expenses for the three and nine months ended September 30, 2026, respectively, compared to the comparable prior-year periods.

The increase in Direct costs was primarily driven by expanded activity under the ARDP Agreement. Subcontracting costs increased by $23.5 million and $52.8 million for the three and nine months ended September 30, 2026, respectively. Direct materials costs increased $15.6 million and $33.3 million for the three and nine months ended September 30, 2026, respectively. Additionally, compensation costs increased by $15.3 million and $53.0 million for the three and nine months ended September 30, 2026, respectively, including $10.9 million and $42.0 million from higher employee headcount to support the expanded activity under the ARDP Agreement, and $4.4 million and $11.0 million from increased non-cash equity-based and unit-based compensation expense for the three and nine months ended September 30, 2026 due to equity grants to certain former holders of Profits Interest Units (“PIUs”) in connection with the Company’s IPO in April.

The increase in Selling, general, and administrative expenses was driven by an increase in non-cash equity-based and unit-based compensation expense of $18.4 million and $49.2 million for the three and nine months ended September 30, 2026, respectively, due to the equity grant to certain PIU holders discussed above. Compensation costs increased a further $9.0 million and $29.4 million for the three and nine months ended September 30, 2026, respectively, primarily due to higher employee headcount. Additionally, infrastructure and professional service costs increased by $8.0 million and $23.8 million for the three and nine months ended September 30, 2026, respectively. Selling, general and administrative expenses increased a further $8.5 million and $12.0 million for the three and nine months ended September 30, 2026, respectively, from contractor costs related to corporate projects, including design costs for TX-2.

Net cash used in operating activities in the nine months ended September 30, 2026 was $215.8 million of net cash compared to $92.7 million for the nine months ended September 30, 2025. The increase in cash used in operating activities is primarily driven by increases in activity on the ARDP Agreement, deposits to vendors for long-lead materials, and corporate headcount and corporate contractors during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

Net cash used in investing activities in the nine months ended September 30, 2026 was $289.5 million of net cash compared to $41.8 million for the nine months ended September 30, 2025. The increase in net cash used in investing

activities was attributable to investments in held-to-maturity securities and capital expenditures. During the nine months ended September 30, 2026, we purchased investments of $425.3 million, which were offset by proceeds from investment maturities of $233.9 million. There was no investment activity during the nine months ended September 30, 2025. During the nine months ended September 30, 2026, compared to the corresponding prior year period, we had a $98.8 million increase in capital expenditures related to the construction of facilities, which was offset by a $42.5 million increase in reimbursements received for the capital expenditures qualifying under government grant programs.

Net cash provided by financing activities in the nine months ended September 30, 2026 was $1.1 billion of net cash compared to $50.2 million for the nine months ended September 30, 2025. The net cash provided by financing activities during the nine months ended September 30, 2026 was primarily due to $1.1 billion of net proceeds from X-energy’s initial public offering. The net cash provided by financing activities during the nine months ended September 30, 2025 was primarily due to the January 2025 issuance of Series C-1 preferred units of $53.4 million, offset by $2.5 million of cash paid for associated issuance costs.

Liquidity

Cash and cash equivalents totaled $1.0 billion as of September 30, 2026. Short-term investments totaled $514.3 million and Long-term investments totaled $247.1 million, for total liquidity of $1,805.5 million as of September 30, 2026. The Company had no debt outstanding as of September 30, 2026 and December 31, 2025.

Project Pipeline

The Company’s expected project pipeline consists of 144 reactors with three announced commercial Xe-100 projects in the U.S. and the fourth announced in the U.K. for approximately 11.5 gigawatts electric, assuming each customer exercises its contingent rights in full. X-energy has high-quality customers and partners across its four existing projects with Dow, Amazon/Energy Northwest, Centrica and Amazon/American Electric Power, who are expected to underpin the deployment of the initial fleet of Xe-100 reactors.

Participation in Upcoming Investor Conferences

X-energy is scheduled to participate in the following upcoming events:

Conference Call

X-energy will host a conference call today at 8:00 a.m. ET to discuss these results. A live audio webcast of the conference call can be accessed on the “Events & Presentations” section of the Investor Relations page of the Company's website by visiting https://investors.x-energy.com, along with the Company's presentation materials. A replay of the webcast will be available on the website for at least one year following the event.

About X-energy

X-energy is a leading designer of advanced small modular nuclear reactors (“SMR”) and fuel technology developed to

establish a new standard in clean, safe, reliable energy. X-energy's intrinsically safer Xe-100 high-temperature gas-cooled reactor and TRISO-X particle fuel expand applications for nuclear technology, with commercial projects across grid, industrial, and AI. Together, X-energy's technology drives enhanced safety, lower cost, faster construction timelines, and scalable deployment when compared with other SMRs and conventional nuclear. For more information, visit X-energy.com or connect with us on X or LinkedIn.

Contacts

Investor Relations

Patricia Gil

+1 301.558.3040

investors@x-energy.com

Media

Robert McEntyre

+1 240.673.6565

media@x-energy.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. X-energy intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements can be identified by the fact they do not relate strictly to historical or current facts. Words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “designed to,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “would,” “seek,” “should,” “foreseeable,” the negative version of these words, or similar terms and phrases may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements relating to the Company’s strategic and operational plans, including plans and expected timing, completion, capacity and benefits with respect to its fuel fabrication campus; expectations with respect to changes in ARDP; the Company’s ability to receive regulatory approvals and on accelerated timeframes; expected project deployment sizes, siting, timelines, benefits and related funding; the Company’s expected project pipeline and exercise by customers of their contingent rights; the Company’s funding, liquidity and capital resources in relation to its future plans; the Company’s ability to build momentum; the expected duration and outcome of the U.K. Generic Design Assessment and expected benefits from collaboration with the NRC; the Company’s ability to continue to execute its business plan and achieve Nth-of-a-kind deployment efficiencies; its ability to continue to reduce the risk of X-energy’s supply chain; expectations regarding future supply of key nuclear supplies (including graphite, tubing and HALEU) from its suppliers; the success of the Company’s supply chain partnerships, future growth, and business outlook.

These forward-looking statements are neither promises nor guarantees and are subject to a number of risks, uncertainties, and assumptions. Actual results may differ materially as a result of a number of factors, including, without limitation, the Company’s ability to achieve final investment decisions from its customers; ability to realize its plans to deliver a commercial Xe-100; the Company’s projects may be subject to delays or setbacks, increasing costs or termination; the risk that customers do not exercise their contingent rights in full; its liquidity and ability to raise capital; changes or delays in support from the U.S. government, including ARDP and expected modification; changes, delays, or an inability to receive licenses or other governmental approvals necessary for X-energy’s reactors and fuel facilities; uncertainty and changes in expected costs, schedules and unit economics due to inflation; supply chain constraints (including access to HALEU, tubing, graphite and certain other materials), including suppliers inability to fulfill their contractual obligations; the Company’s minimum purchase and prepayment commitments; reliance on a limited number of specialized suppliers and exposure to supply disruptions, quality issues, and trade policy changes; labor availability, site-specific factors and first-of-a-kind risks; X-energy’s limited operating experience at intended scale and the possibility that latent design or operational issues may emerge; safety, security, and cybersecurity incidents; the nascent and uncertain market adoption of SMRs and the possibility that demand may grow more slowly than expected or customers may defer or cancel projects; competition from competitors with potentially greater resources or lower costs; reliance on key partners and customers, including Amazon’s support on multiple projects, and the risk that changes in partner or customer priorities or timelines

could materially affect commercialization; customer contractual terms that may constrain capacity allocation and compress margins; licensing and scaling X-energy’s fuel fabrication campus and delays in licensing or facility construction; general economic conditions; changes in laws, regulations, incentives, energy market rules, export controls, or government policies; shifts in public perception and political support for nuclear energy or Company customers; dependence on key personnel and ability to hire and retain talent; and ability to obtain, maintain, or enforce IP rights. The foregoing list of factors is not exhaustive. Additional information concerning these and other factors can be found in the section entitled “Risk Factors” in X-energy’s most recent Form 10-Q filed with Securities and Exchange Commission (“SEC”), and in subsequent filings made with the SEC.

Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, X-energy’s results may differ materially from its expectations and projections. Any forward-looking statements made herein speak only as of the date of this press release, and you should not rely on forward-looking statements as predictions of future events. Although X-energy believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the future results, performance or achievements reflected in the forward-looking statements will be achieved or will occur. Except as required by law, X-energy does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

This press release presents information about certain non-GAAP financial measures. The non-GAAP financial measures are supplemental measures, are not defined by or presented in accordance with GAAP, have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of X-energy’s financial results as reported under GAAP. A potential limitation of these non-GAAP financial measures is that other companies may report similar non-GAAP metrics, but calculate them differently, which reduces the usefulness of these non-GAAP metrics as a comparative measure. Because of this and other limitations, you should not consider the non-GAAP financial measures as a substitute for GAAP-based financial performance measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are provided herein.

X-ENERGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except unit and share data)

(unaudited)

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X-ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

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(unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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(unaudited)

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RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(in thousands, except share and per share data)

Fully Diluted Share Count, Adjusted Net Loss, and Adjusted Net Loss per Share, Diluted

Non-GAAP fully diluted share count is defined as the weighted average of Class A common stock outstanding for the period reported if (i) all of the holders of X-Energy Reactor Company, LLC (“XERC”) Common Units redeemed their XERC Common Units for shares of X-energy’s Class A common stock on a 1:1 basis (and effected the cancellation of their Class B common stock of which they hold an equal number to the number of XERC Common Units they hold), (ii) all of X-energy’s outstanding options (whether or not vested and whether or not in-the-money) that remain outstanding were exercised for shares of Class A common stock and (iii) all of X-energy’s outstanding restricted stock awards and restricted stock units had vested. Adjusted net loss represents Net Loss attributable to X-Energy, Inc. under GAAP adjusted by (i) including net loss attributable to XERC prior to the IPO, (ii) including net loss attributable to non-controlling interests subsequent to the IPO, (iii) excluding equity-based and unit-based compensation, (iv) excluding mark-to-market losses on C-2 Notes, (v) excluding loss on conversion of C-2 Notes and the related reclassification of OCI, and (vi) excluding mark-to-market loss on warrant liabilities. Adjusted Net Loss per Share, diluted is calculated by dividing Adjusted Net Loss by the fully diluted share count.

Management uses these non-GAAP financial measures to, among other things, facilitate period-over-period comparability. Management believes they provide investors with useful supplemental information. Non-GAAP fully diluted share count helps investors assess the potential impact on the Company's capital structure of outstanding XERC Common Units redeemable for Class A common stock (with an equal number of Class B common stock cancelled) and equity awards, while Adjusted net loss and Adjusted net loss per share, diluted facilitate period-to-period comparisons by excluding the effects of certain non-cash items that may obscure underlying operating trends. Including net loss attributable to non-controlling interests enables investors to evaluate the operating results of the Company’s consolidated business without regard to its ownership structure.

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EBITDA and Adjusted EBITDA

Earnings Before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”) adjusts Net loss attributable to X-Energy, Inc. by (i) including net loss attributable to XERC prior to the IPO, (ii) including net loss attributable to non-controlling interests subsequent to the IPO, and then adjusting, when applicable, for (iii) interest expense, (iv) interest income, and (v) depreciation and amortization. EBITDA is used by management to understand underlying operating performance and assist in period over period comparability by excluding the effects of financing decisions, income taxes, and non-cash depreciation and amortization, which can vary significantly between companies due to differences in capital structure, tax positions and asset bases. We believe EBITDA allows investors insight into the Company’s core operating performance and facilitates comparisons across reporting periods.

Adjusted EBITDA is EBITDA excluding (i) equity-based and unit-based compensation, (ii) mark-to-market loss on C-2 Notes, (iii) loss on conversion of C-2 Notes and the related reclassification of OCI, and (iv) mark-to-market loss on warrant liabilities. Adjusted EBITDA is used by management to understand underlying operating performance and assist in period over period comparability. Management believes these adjustments exclude variables unrelated to the Company’s core operations and allow for meaningful comparisons between the Company’s operating results from period to period.