Revenue and grant income surged 154% year over year to $54.6 million in Q2 2026, driven by increased engineering work under the DOE's ARDP program. The DOE notified X-Energy that its contribution could increase by up to $1 billion, reaching as much as $2.115 billion subject to cost-sharing requirements. X-Energy advanced its supply chain and fuel strategy by signing binding HALEU enrichment agreements with Centrus Energy and General Atomics, while planning up to $8 million in investments to double SGL Carbon's nuclear graphite capacity by 2030.
The company said TX-1 fuel-facility construction was about 80% complete and on schedule, with final NRC review of the Dow project expected in late 2026 and permit issuance targeted for Q1 2027. X-Energy ended the quarter with $1.9 billion in cash and investments and no debt, though operating and capital expenditures remained substantial. The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence X-Energy (NASDAQ:XE) reported second-quarter 2026 revenue and grant income of $54.6 million, up 154% from a year earlier, as engineering activity increased under the U.S.
Department of Energy's Advanced Reactor Demonstration Program, or ARDP. CEO Clay Sell also said the Department of Energy formally notified the company that its ARDP cooperative agreement could receive up to an additional $1 billion, subject to the program's 50/50 public-private cost-sharing requirements. The potential increase would bring the DOE's contribution to as much as $2.115 billion. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be MarketBeat Week in Review – 06/29 - 07/03 The ARDP program supports development of X-Energy's Xe-100 reactor design, its TX-1 fuel facility and the company's planned first commercial deployment with Dow at Seadrift, Texas.
Sell said the Dow project is expected to provide both electricity and high-temperature industrial steam, and is intended to be the first grid-scale advanced reactor serving an industrial site in North America. During the quarter, X-Energy signed long-term agreements with Centrus Energy and General Atomics for high-assay low-enriched uranium, or HALEU, enrichment services. Sell said the arrangements, combined with approximately 7.6 metric tons of material secured from the Department of Energy for Dow's first core loads, provide firm supply support for initial and replacement core loads at the company's announced Xe-100 projects and beyond. → Nebius' Q2 Beat Shows the AI Bottleneck Is Capacity, Not Demand Xcel Energy Stock Offers Stability as Electricity Demand Builds The company did not disclose contract pricing, delivery timing, quantities or financial commitments.
Sell said the agreements are binding and that X-Energy expects to ultimately transfer the fuel-procurement obligations to customers as projects mature. Sell clarified that the Dow plant will begin with low-enriched uranium fuel as part of the reactor's planned startup sequence, rather than because of HALEU availability. Subsequent core loads are expected to use HALEU fuel. → On Holding's Price Stumble May Be an Opening for a Company Built to Run X-Energy also announced an agreement with SGL Carbon to expand medium-grain nuclear graphite capacity at SGL's facility in Chedde, France.
X-Energy plans to invest up to $8 million through milestone-based payments for new facilities and equipment upgrades. If fully implemented, the initiative is expected to double SGL's medium-grain graphite manufacturing capacity by 2030 and support graphite billets for as many as eight new Xe-100 reactors annually. The company said these arrangements are part of a strategy to use a portion of its initial public offering proceeds to secure supply-chain capacity, reduce schedule risk and support early investments by suppliers.
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