X-Energy (NASDAQ: XE) reported a 109% increase in first-quarter total revenues and grant income, reaching $43.4 million, following its IPO that generated approximately $1.1 billion in net proceeds. The IPO occurred on April 24, with trading starting shortly after on April 27. This funding is aimed at commercializing the Xe-100 small modular reactor and TRISO-X nuclear fuel, key components in addressing rising electricity demands.
The company was awarded $1.2 billion under the Advanced Reactor Demonstration Program (ARDP) in 2021 to finalize and license the Xe-100 design, with $508 million in federal cost share reimbursed as of March 31, 2026. Operating expenses rose 133% year-over-year to $109.5 million, driven by increased activity in the ARDP and staff growth. As of March 31, X-Energy reported total liquidity of $944 million, bolstered to approximately $2 billion when adjusted for IPO proceeds.
Additionally, X-Energy is progressing on its TX-1 fuel fabrication facility in Oak Ridge, 56% complete and set to become North America’s first commercial advanced nuclear fuel facility; it is expected to start operations in the first half of 2028. The company anticipates completing the Dow project by the first quarter of 2027, which will provide both electricity and industrial steam. X-Energy’s existing project pipeline exceeds 11 gigawatts, with plans for announcements of additional projects in the coming years.
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