XE
XE
X-Energy, Inc. Class A Common StockIncome Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q1-2026 | $43.42M | $44.17M | $-166.22M | -382.79% | $-0.61 | $-65.66M |
What's going well?
The company has no interest or tax burden this quarter, and R&D spending is minimal.
What's concerning?
The company lost nearly four times its revenue, with $166 million in losses on just $43 million in sales. High 'other expenses' and heavy overhead are major red flags.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q1-2026 | $673.59M | $1.2B | $150.08M | $1.05B |
What's financially strong about this company?
XE has more than $673 million in cash and short-term investments, almost no debt, and no risky goodwill or intangibles. Its current assets far exceed its short-term obligations, making it very safe in the short and long term.
What are the financial risks or weaknesses?
The main concern is negative retained earnings, which means the company has lost money over its history. If losses continue, it could eventually erode the strong balance sheet.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q1-2026 | $-166.22M | $-67.25M | $-166.01M | $-1.05M | $-234.34M | $-110.22M |
What's strong about this company's cash flow?
The company still has $228 million in cash, and is not taking on new debt or diluting shareholders. Non-cash expenses are a significant part of the loss, which could improve if operations turn around.
What are the cash flow concerns?
XE is burning through cash quickly, losing $110 million in free cash flow this quarter. If this continues, the company could run out of cash within a year.
5-Year Trend Analysis
A comprehensive look at X-Energy, Inc. Class A Common Stock's financial evolution and strategic trajectory over the past five years.
Key strengths include a cash-rich, low-debt balance sheet that provides near-term financial flexibility; a differentiated advanced reactor and fuel technology platform; and strategic partnerships with large, reputable customers that validate the commercial relevance of its solutions. The company operates in a sector with strong structural tailwinds from decarbonization and the need for reliable, low-carbon baseload and industrial heat. Its liquidity and minimal leverage give it time to pursue its long development and commercialization roadmap.
Major risks center on severe current unprofitability, heavy cash burn, and dependence on external capital to fund operations and large-scale investments. The business model is unproven at scale, with negative gross margins and no demonstrated path yet to economic, repeatable deployments. Regulatory, political, and public acceptance risks are inherent in nuclear, while competition from other advanced reactor developers and alternative clean energy technologies could limit market share or pricing power. Execution risk in complex engineering projects and fuel fabrication is also significant.
The outlook for XE is highly binary and long term in nature. On one hand, if the company can navigate regulatory hurdles, successfully deploy its first reactors on time and on budget, and move toward positive project economics, it could be well placed in an important and growing niche of the clean energy ecosystem. On the other hand, prolonged delays, cost overruns, or difficulty in achieving commercial-scale adoption could strain its financial resources despite today’s strong liquidity. Future performance will hinge on the pace of project milestones, the evolution of nuclear policy, and the company’s ability to transition from a cash-burning development story to a cash-generating operator over the coming years.
About X-Energy, Inc. Class A Common Stock
https://www.x-energy.comX-Energy, Inc. operates within the energy sector, primarily focusing its efforts on the development of modular nuclear reactors and cutting-edge fuel technology to enable clean energy production. This company was established in 2009 by co-founders Kam Ghaffarian and Eben Mulder, and its main corporate offices are situated in Rockville, Maryland.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q1-2026 | $43.42M | $44.17M | $-166.22M | -382.79% | $-0.61 | $-65.66M |
What's going well?
The company has no interest or tax burden this quarter, and R&D spending is minimal.
What's concerning?
The company lost nearly four times its revenue, with $166 million in losses on just $43 million in sales. High 'other expenses' and heavy overhead are major red flags.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q1-2026 | $673.59M | $1.2B | $150.08M | $1.05B |
What's financially strong about this company?
XE has more than $673 million in cash and short-term investments, almost no debt, and no risky goodwill or intangibles. Its current assets far exceed its short-term obligations, making it very safe in the short and long term.
What are the financial risks or weaknesses?
The main concern is negative retained earnings, which means the company has lost money over its history. If losses continue, it could eventually erode the strong balance sheet.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q1-2026 | $-166.22M | $-67.25M | $-166.01M | $-1.05M | $-234.34M | $-110.22M |
What's strong about this company's cash flow?
The company still has $228 million in cash, and is not taking on new debt or diluting shareholders. Non-cash expenses are a significant part of the loss, which could improve if operations turn around.
What are the cash flow concerns?
XE is burning through cash quickly, losing $110 million in free cash flow this quarter. If this continues, the company could run out of cash within a year.
5-Year Trend Analysis
A comprehensive look at X-Energy, Inc. Class A Common Stock's financial evolution and strategic trajectory over the past five years.
Key strengths include a cash-rich, low-debt balance sheet that provides near-term financial flexibility; a differentiated advanced reactor and fuel technology platform; and strategic partnerships with large, reputable customers that validate the commercial relevance of its solutions. The company operates in a sector with strong structural tailwinds from decarbonization and the need for reliable, low-carbon baseload and industrial heat. Its liquidity and minimal leverage give it time to pursue its long development and commercialization roadmap.
Major risks center on severe current unprofitability, heavy cash burn, and dependence on external capital to fund operations and large-scale investments. The business model is unproven at scale, with negative gross margins and no demonstrated path yet to economic, repeatable deployments. Regulatory, political, and public acceptance risks are inherent in nuclear, while competition from other advanced reactor developers and alternative clean energy technologies could limit market share or pricing power. Execution risk in complex engineering projects and fuel fabrication is also significant.
The outlook for XE is highly binary and long term in nature. On one hand, if the company can navigate regulatory hurdles, successfully deploy its first reactors on time and on budget, and move toward positive project economics, it could be well placed in an important and growing niche of the clean energy ecosystem. On the other hand, prolonged delays, cost overruns, or difficulty in achieving commercial-scale adoption could strain its financial resources despite today’s strong liquidity. Future performance will hinge on the pace of project milestones, the evolution of nuclear policy, and the company’s ability to transition from a cash-burning development story to a cash-generating operator over the coming years.
CEO
J. Clay Sell
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