X-energy, Inc. · NASDAQ:XE
X-energy — Q2 2026 Earnings Presentation
20 slides from X-energy's earnings presentation, Aug 13, 2026
Slide 1: May 2026
May 2026 2026 X-ENERGY, INC. ALL RIGHTS RESERVED.
Slide 2: Disclaimer
Disclaimer This presentation is provided by X-Energy, Inc. ("X-energy" or the "Company") for informational purposes only and does not purport to contain all information necessary to evaluate X-energy. Viewers should conduct their own evaluation and due diligence. This presentation is not intended to
Slide 3: What we plan to do
What we plan to do License Reactor Technology and Manufacture and Sell Provide Engineering & Lifecycle Services Nuclear Fuel Advanced small modular nuclear reactor (SMR) “Most robust nuclear fuel on earth” Gen IV high temperature gas-cooled reactor design U.S. Department of Energy describing TRISO f
Slide 4: What we don’t plan to do
What we don’t plan to do EPC Own & Operate X• We do not provide any EPC services – our customers X• We do not generate or sell energy – projects using our select who will build their projects reactors will be owned and operated by our customers X• We do not take construction risk – we provide the X•
Slide 5: X-energy’s key highlights in 2026
X-energy’s key highlights in 2026 January 2026: Announced 10-year graphite supply agreement with SGL Carbon for reactor components of the Xe-100, including an initial three-year award valued at over $100mm for the first commercial deployment February 2026: TRISO-X received the first ever NRC Categor
Slide 6: X-energy is a leader in the advanced nuclear space
X-energy is a leader in the advanced nuclear space 1 2 3 Innovative Technology Ideal Solution for Emerging Supported by Blue-Chip Underpinned by Decades of R&D AI and Industrial Demand Customers and Partners Safer, fast deployment and scalability, Modular 320 MWe design1 well matched Dow, Amazon, Ce
Slide 7: Xe-100 Design: High-performing advanced reactor
1 Innovative Technology Underpinned by Decades of R&D Xe-100 Design: High-performing advanced reactor Cleaner Generation Engage with Xe-100 Schematic (Illustrative)2 Virtually zero direct carbon emissions during generation NUCLEAR ISLAND Firm & Reliable (“Always On”) Four individual reactors feed
Slide 8: TRISO-X fuel: Our proprietary TRISO fuel
1 Innovative Technology Underpinned by Decades of R&D TRISO-X fuel: Our proprietary TRISO fuel Proprietary TRISO-X Fuel Form Integrated fuel fabrication business Cutting Edge Expected to be North America’s first purpose-built, commercial, advanced nuclear Outer Pyrolytic Carbon Category II fuel fabr
Slide 9: Commercial fuel fabrication facility development
1 Innovative Technology Underpinned by Decades of R&D Commercial fuel fabrication facility development Fuel Fabrication Pilot Facility First Commercial Fuel Fabrication Facility X-energy TRISO-X Fuel Fabrication Pilot Facility North America’s First Commercial Advanced Nuclear at Oak Ridge National L
Slide 10: TRISO-X fuel facility updates
1 Innovative Technology Underpinned by Decades of R&D TRISO-X fuel facility updates X-energy is progressing on construction of its first-of-a-kind TRISO-X fuel facility in Oak Ridge, TN TX-1 Design and Construction Update Vertical construction has begun and is >50% complete Oak Ridge, TN Vertical Co
Slide 11: Power demand in key markets driven by AI and industrial growth
2 Ideal Solution for Emerging AI and Industrial Demand Power demand in key markets driven by AI and industrial growth X-energy has the potential to unlock ~$2.3 trillion of Market driven by the growing load growth demand revenue potential by 20501 from AI and industrial use2 U.S. FUTURE ELECTRICITY
Slide 12: Customer relationships create a path to commercialization
3 Supported by Blue-Chip Customers and Strategic Investors Customer relationships create a path to commercialization Visibility to approximately 11.5 gigawatts across 144 reactors1 amazon Industrial Heat AI Demand Energy Security First-of-a-Kind First SMR Data Center First SMR Utility (“FOAK”) Deplo
Slide 13: Dow project anticipated licensing status
4 First Projects Underway and in Advanced Stages of Regulatory Review Dow project anticipated licensing status May 2025 Dec 2025 Nov 2026 PLM Acceptance PLM Supplements Aug 2026 PLM FSER PLM ASER March 2025 Feb 2026 Oct 2026 Dec 2026 May 2026 PLM PSAR PLM CPA Submittal PLM DSER PLM CP PLM EA Rev1 Pr
Slide 14: X-energy has a differentiated business model
5 Attractive Business Model that Focuses on Selling Technology, Services and Fuel X-energy has a differentiated business model Development & Engineering Construction Operation Services $2.5M – $4.1M per MW | $800M – $1,300M per 320 MWe plant ~15–35% of Reactor Revenue Received Prior to and Including
Slide 15: … and benefits from recurring revenue streams
5 Attractive Business Model that Focuses on Selling Technology, Services and Fuel … and benefits from recurring revenue streams Offerings Timing Recurring Detail Technology Fees Pre-COD - ▪ Earned across various project development milestones pre-COD 1 Reactor ▪ Lifecycle offerings spanning project
Slide 16: Xe-100 unit economics
5 Attractive Business Model that Focuses on Selling Technology, Services and Fuel Xe-100 unit economics Each four-reactor Xe-100 plant is expected to generate ~$2.4bn – $4.7bn in revenue throughout its lifecycle Expected Reactor Revenue Timeline Development COD 60-year expected life Reactor: Technol
Slide 17: ARDP award and ongoing funding validates our technology progress
6 The Financial and Human Capital Required to Execute ARDP award and ongoing funding validates our technology progress and creates a build cost and speed moat Advanced Reactor Demonstration Program Cost Share Structure Category X-energy DOE Dow Ultimate Owner Design & Regulatory 50% 50% -- X-energy
Slide 18: Growth strategies
Growth strategies Continue to Develop our Next • Goal of achieving commercial delivery of our first fleets of reactors by the early 2030s Generation Technology • We have produced TRISO fuel in kilogram batch quantities and have begun construction on our first commercial fuel fabrication facility Exe
Slide 19: X-energy’s value proposition
X-energy’s value proposition 1 2 3 Industry Leading Technology Differentiated Platform Compelling Market Position Strong base of customers & partners Generational power demand growth… AI Electricity Demand in the US2 ~4x amazon 426TWh 108TWh 1 Xe-100 TRISO-X fuel 2020 2030 Clean: Virtually zero carb
Slide 20: 2026 X-ENERGY, INC. ALL RIGHTS RESERVED.
2026 X-ENERGY, INC. ALL RIGHTS RESERVED.