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X-Energy, Inc. Class A
(NASDAQ:XE)
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Rating:49Neutral
Price Target:
$11.50
▼(-35.06% Downside)
Action:Reiterated
Date:10/15/26
The score is held down primarily by weak financial performance (losses, negative gross profit, and significant cash burn) and bearish technicals (trading well below major moving averages with negative MACD). These are partially offset by a relatively strong earnings-call outlook featuring major funding support, project progress, and strong liquidity with zero debt, but timelines and spending levels remain key risks.
Positive Factors
Expanded Government Funding
The expanded DOE contribution materially strengthens funding for the Dow Seadrift demonstrator and related design and fuel work. Greater cost sharing can reduce the company’s direct funding burden, support execution through key milestones, and improve the durability of its commercialization program.
Negative Factors
Heavy Operating Cash Burn
Rapidly increasing operating cash use shows that expansion of ARDP activity, staffing, contractors, and material commitments is consuming substantial capital before commercial operations begin. Continued burn could require additional external funding and raises execution risk if project timing slips.
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Positive Factors
Negative Factors
Expanded Government Funding
The expanded DOE contribution materially strengthens funding for the Dow Seadrift demonstrator and related design and fuel work. Greater cost sharing can reduce the company’s direct funding burden, support execution through key milestones, and improve the durability of its commercialization program.
Read all positive factors
X-Energy, Inc. Class A (XE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.36B
Dividend YieldN/A
Average Volume (3M)6.89M
Price to Earnings (P/E)―
Beta (1Y)6.13
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees889
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)-0.82
Shares Outstanding287,458,740
10 Day Avg. Volume6,602,784
30 Day Avg. Volume6,893,742
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.69
Price to Sales (P/S)5.34
P/FCF Ratio-2.18
Enterprise Value/Market Cap1.41
Enterprise Value/Revenue46.50
Enterprise Value/Gross Profit-78.14
Enterprise Value/Ebitda-26.14
Forecast
1Y Price Target
$30.29Price Target Upside71.01% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.75
Revenue Forecast (FY)$214.34M
X-Energy, Inc. Class A Business Overview & Revenue Model
Company Description
X-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...
X-Energy, Inc. Class A Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jun 10, 2027
Earnings Call Sentiment Positive
The call highlighted substantial progress on strategic de‑risking and commercialization building blocks: a meaningful incremental DOE ARDP allocation, binding HALEU and graphite supply agreements, a major licensing milestone for TRISO‑X, strong revenue growth (+154% YoY) and a strengthened balance sheet with $1.9B in cash & investments and no debt. Offsetting these positives are development-stage economics: operating expenses materially exceed current revenues, significant noncash equity charges, elevated quarterly cash burn ($97.3M), and long multi-year timelines to commercial operations. On balance, the strategic and funding wins along with supply‑chain derisking and robust liquidity outweigh near-term financial drag and timeline risk, producing a constructive outlook.Positive Updates
Significant DOE Funding Increase for ARDP
Department of Energy notified X-Energy of up to an additional $1.0 billion to the ARDP cooperative agreement, increasing DOE's cost share contribution to the ARDP program up to $2.115 billion (50-50 cost share). This materially strengthens funding for the Dow Seadrift demonstrator and design/fuel efforts.
Negative Updates
Operating Expenses Exceed Revenues (High Opex)
Total operating expenses in Q2 2026 were $164.6 million (direct costs $86.7M, SG&A $77.7M) versus revenues of $54.6 million, reflecting a development-stage cost base materially above current revenue levels.
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Q2-2026 Updates
Positive
Negative
Significant DOE Funding Increase for ARDP
Department of Energy notified X-Energy of up to an additional $1.0 billion to the ARDP cooperative agreement, increasing DOE's cost share contribution to the ARDP program up to $2.115 billion (50-50 cost share). This materially strengthens funding for the Dow Seadrift demonstrator and design/fuel efforts.
Read all positive updates
Company Guidance
X‑Energy provided clear near‑term program and financial guidance: TX‑1 vertical construction is ~80% complete and on track for vertical completion and interior build‑out commencement in Q3 2026; NRC staff expected to close safety questions by end‑Aug 2026 with construction permit final review late‑2026 and issuance by Q1 2027; Energy Northwest aims to submit its construction permit in H1 2027; the company expects to announce a next 1 GW project in 2026. Key metrics disclosed: Q2 2026 revenues and grant income $54.6M (services $50.1M, grants $4.5M), up 154% YoY; operating expenses $164.6M (direct $86.7M; SG&A $77.7M, including $33.5M noncash equity compensation); operating cash use $97.3M; capex $63.3M (ARDP reimbursed $23.5M in Q2); cash and investments $1.9B ( $1.1B cash, $490M short‑term, $265M long‑term), and zero debt. Program and supply metrics: DOE ARDP cost share rising toward a total DOE contribution up to $2.115B (including ~ $1.1B prior allocation plus up to $1B incremental), DOE reimbursements to date $547M; secured ~7.6 metric tons HALEU from DOE and binding enrichment agreements with Centrus and General Matter; TRISO‑X pilot first‑pass kernel yield >95%; TX‑1 throughput supports ~11 Xe‑100s, TX‑2 targeted at ~4× TX‑1, and the Tennessee campus aimed to support fuel for ~55 Xe‑100 reactors; SGL investment up to $8M to double medium‑grain graphite capacity by 2030 (billets for up to 8 Xe‑100s/year).X-Energy, Inc. Class A Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 131.87M | 109.10M | 83.99M | 121.88M | 104.89M | 76.98M |
| Gross Profit | -78.47M | -52.27M | -46.13M | -77.71M | -42.55M | -30.54M |
| EBITDA | -234.63M | -168.91M | -108.86M | -134.36M | -110.26M | -61.57M |
| Net Income | -297.01M | -389.78M | -125.96M | -231.22M | -122.24M | -64.06M |
Balance Sheet | ||||||
| Total Assets | 2.26B | 1.21B | 579.51M | 75.57M | 126.72M | 87.60M |
| Cash, Cash Equivalents and Short-Term Investments | 1.64B | 763.84M | 514.60M | 14.40M | 72.79M | 35.80M |
| Total Debt | 26.81M | 23.23M | 31.36M | 190.88M | 172.25M | 40.85M |
| Total Liabilities | 159.56M | 369.01M | 1.33B | 274.69M | 543.23M | 396.07M |
| Stockholders Equity | 1.81B | 842.26M | -753.90M | -199.12M | 0.00 | 0.00 |
Cash Flow | ||||||
| Free Cash Flow | -365.93M | -267.10M | -100.32M | -162.56M | -96.66M | -77.54M |
| Operating Cash Flow | -221.75M | -149.86M | -96.16M | -159.58M | -95.78M | -77.42M |
| Investing Cash Flow | -826.19M | -628.34M | -1.86M | -1.90M | -878.00K | -121.00K |
| Financing Cash Flow | 1.77B | 726.13M | 598.34M | 103.08M | 133.91M | 112.73M |
X-Energy, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $3.83B | 155.25 | 1.33% | ― | 15.68% | 133.41% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | $12.17B | -554.93 | -10.38% | ― | ― | ― | |
50 Neutral | $695.93M | -19.32 | -6.66% | ― | ― | 26.31% | |
49 Neutral | $4.36B | -13.28 | -24.06% | ― | ― | ― | |
48 Neutral | $680.77M | -5.32 | 77.75% | ― | 40.37% | 55.59% | |
44 Neutral | $231.60M | -0.16 | -327.52% | ― | -100.00% | -178.55% |
* General Sector Average
XE
X-Energy, Inc. Class A
10.89
-18.31
-62.71%
BW
Babcock & Wilcox Company
4.63
1.20
34.99%
MIR
Mirion Technologies
15.37
-8.67
-36.06%
NPWR
NET Power
1.03
-2.55
-71.23%
NNE
Nano Nuclear Energy Inc.
13.33
-29.16
-68.63%
INIO
INNIO Holding GmbH
16.87
-16.43
-49.34%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.