X-Energy told investors last week that a definitive fuel contract with Centrus Energy would de-risk its reactor pipeline. This week the company reported the numbers behind that claim: revenue and grant income of $54.6 million, up 154% from a year earlier, and a stock that jumped roughly 10% on the news. The same report showed operating expenses growing even faster than revenue, and a per-share loss that missed analyst estimates.
X-Energy’s Q2 Revenue Jumps 154% to $54.6 Million as Stock Gains 10%
X-Energy, Inc. (Nasdaq: XE) reported second-quarter 2026 results on August 13. Revenue and grant income totaled $54.6 million, up 154% from $21.5 million in Q2 2025, driven mainly by higher activity under the company’s cost-share Advanced Reactor Demonstration Program (ARDP) agreement with the Department of Energy for its Xe-100 reactor project. Shares jumped roughly 10% the same afternoon.
The cost side grew faster than the top line. Total operating expenses rose 156% to $164.6 million, including $33.5 million in non-cash, stock-based compensation, roughly half of it a one-time charge tied to the company’s April 2026 IPO. Reported earnings per share came in at negative $0.15, missing the negative $0.09 analyst estimate. The balance sheet remains strong regardless: X-Energy ended the quarter with $1.9 billion in cash and investments and zero debt, largely from the roughly $1.1 billion in net IPO proceeds.
Two items in the release build directly on last week’s coverage. The Department of Energy increased its ARDP cost-share commitment by up to $1 billion, bringing total government cost-share to $2.115 billion for the Dow project and the TX-1 fuel facility. And the HALEU enrichment picture got a name added to it: X-Energy disclosed long-term enrichment agreements with both Centrus Energy, the company covered here last week, and a second supplier, General Matter, which was not part of last week’s story. A separate capacity agreement with SGL Carbon covers nuclear-grade graphite supply.
Several specific, dated targets came out of the earnings call rather than the press release itself. Management said it expects NRC staff to close all remaining safety questions on the Dow construction permit by the end of August 2026, with final review expected in late 2026 and permit issuance targeted for the first quarter of 2027. A construction permit submission for a separate project, with Energy Northwest, is targeted for the first half of 2027. A second fuel facility, TX-2, remains in the design phase with no construction commitment yet; management estimated it would need to come online in the early 2030s. All of these are management targets stated on the call, not commitments with contractual force, and each is a specific date worth checking against as it comes due.
XE: What to Watch
NRC staff are targeted to close all remaining safety questions on X-Energy’s Dow construction permit by the end of August 2026, with final review expected in late 2026 and permit issuance targeted for Q1 2027.
A construction permit submission for X-Energy’s separate Energy Northwest project is targeted for the first half of 2027.
Management has stated an intent to announce a new 1-gigawatt project with a major investor-owned utility sometime in 2026, without a specific date disclosed.
Sources
- GlobeNewswire: X-energy Reports Second Quarter 2026 Results, August 13, 2026
- X-Energy Investor Relations: X-energy Reports Second Quarter 2026 Results, August 13, 2026
- StockTitan: X-energy Q2 2026 results detail (operating expenses, stock-based compensation), August 13, 2026
- StockAnalysis.com: X-Energy (XE) stock overview and price reaction, August 13, 2026
- BigGo Finance: X-Energy (XE) Q2 FY2026 earnings call summary, August 13, 2026
Editorial Disclosure
This article is based entirely on publicly available information including named wire-service press releases, company investor relations disclosures, and reported earnings-call statements. The only security discussed is X-Energy, Inc. (Nasdaq: XE). aktiego.com has not received any compensation from any company, IR firm, or third party mentioned. No staff member or principal of aktiego.com holds a position in any security mentioned at the time of publication. X-Energy is a larger company than this beat typically covers; it was selected this week as a direct follow-up to last week’s coverage of its definitive HALEU supply contract with Centrus Energy, and because its Q2 results and forward-looking earnings-call statements were substantially stronger and better documented than any small or micro-cap story found in this coverage window, consistent with this chat’s standard of running one strong story rather than padding with weaker ones. X-Energy’s reported EPS of negative $0.15 missed the negative $0.09 analyst consensus estimate even as revenue beat expectations; both figures are reported here, and the article does not present the quarter as an unambiguous beat. All forward-looking dates and targets discussed, including the NRC permit timeline, the Energy Northwest submission target, the unannounced 1-gigawatt project, and the early-2030s TX-2 timeline, are management statements from the earnings call, not guarantees, and are subject to regulatory and execution risk. The Department of Energy’s increased cost-share commitment and the newly disclosed General Matter enrichment agreement are company disclosures as of August 13, 2026 and have not been independently verified beyond the cited sources. X-Energy carries risk of capital loss like any publicly traded security, and as a recently IPO’d, pre-commercial nuclear technology company, faces substantial execution, regulatory, and financing risk before any of its reactor projects reach operation. Coverage on aktiego.com is provided for informational and educational purposes only. aktiego.com is not a registered investment advisor. Nothing in this article constitutes financial, investment, or professional advice. Readers are encouraged to conduct their own due diligence and consult a qualified financial advisor before making any investment decisions. For more information please see our full DISCLAIMER.
