X-energy reports 109% revenue growth amid expansion of advanced reactor pipeline

X-energy (NASDAQ:XE) reported total revenues and grant income of $43.4 million for the first quarter of 2026, marking a 109% increase compared to the same period in 2025.

This growth was primarily fueled by ongoing work under the Advanced Reactor Demonstration Program (ARDP) in collaboration with the U.S. Department of Energy (DOE).

As the company scales its operations to support the deployment of its proprietary Xe-100 high-temperature gas-cooled reactors, operating expenses rose to $109.5 million.

Despite the higher costs associated with accelerating development and engineering activities, the company maintains a robust financial position.

Excluding approximately $1.1 billion in net proceeds from its initial public offering finalized in April 2026, the firm ended the quarter with $944 million in liquidity and no long-term debt.

The first quarter was defined by significant regulatory and operational progress.

Among the highlights, X-energy secured a Finding of No Significant Impact (FONSI) from the Nuclear Regulatory Commission (NRC) for the Dow Seadrift project in Texas.

Further strengthening its production capabilities, the company was awarded a 40-year Part 70 fuel fabrication license and signed a 10-year strategic agreement for the supply of graphite, a critical material for its fuel production process.

Internationally, X-energy is expanding its footprint, evidenced by the formal submission of its Generic Design Assessment (GDA) application in the United Kingdom.

These regulatory steps support a rapidly growing project pipeline, which currently consists of 144 Xe-100 reactors representing approximately 11.5 gigawatts of electric (GWe) capacity.