X-energy Q3 Revenue Hits $66.3M as Net Loss Narrows to $83.7M
X-energy reported $66.3 million of Q3 revenues and grant income and $1.8 billion of liquidity with no debt, but it gave no guidance and no final investment decision backs its 144-reactor pipeline.
Chips & Power DeskEdited by Ege Erten
3 min readAI-assisted
A simulator that replicates X-energy's Xe-100 control room, shown on Energy Northwest's page for the Cascade Advanced Energy Facility. It is a training room, not the Cascade plant itself.
Image: Energy Northwest
Source · Press image from the Energy Northwest website, used for news reporting.
X-energy reported third-quarter 2026 revenues and grant income of $66.3 million on Nov. 12, up 118% from $30.4 million a year earlier, with a net loss of $83.7 million, according to its results release filed with the SEC.
Of the $66.3 million, $51.5 million was services revenue and $14.8 million was grant income, the company said. It attributed the rise mainly to $29.3 million more revenue and grant income from its Advanced Reactor Demonstration Program (ARDP) agreement with the U.S. Department of Energy. Operating expenses rose 139% to $169.9 million. The net loss compares with $219.0 million in the third quarter of 2025. The release gives net loss attributable to X-Energy, Inc. as $59.4 million, or $0.21 per Class A share. It contains no financial guidance.
For the nine months to Sept. 30, revenues and grant income were $164.4 million and the net loss was $355.2 million, against $72.7 million and $318.1 million a year earlier. Net cash used in operating activities was $215.8 million over the nine months, compared with $92.7 million in 2025.
Cash, liquidity and the quarter-on-quarter view
Total liquidity stood at $1,805.5 million at Sept. 30, made up of $1,044.1 million in cash and cash equivalents, $514.3 million in short-term investments and $247.1 million in long-term investments. The company reported no debt. The initial public offering in April, which raised $1.1 billion in net proceeds, accounts for the jump from $1,025.3 million at the end of 2025.
X-energy's revenues and grant income reached $66.3 million in Q3 2026, up 118% on a year earlier; the Q2 figure is as carried by Yahoo Finance.
Illustration (AI-generated)
Against the second quarter, the picture is one of faster revenue and a smaller loss. As carried by Yahoo Finance from the company's second-quarter release, X-energy reported $54.6 million of revenues and grant income, a $105.3 million net loss, $1,145.4 million in cash and $1,899.8 million of total liquidity at June 30. Liquidity therefore fell by about $94 million between quarters, by simple subtraction of the two reported totals.
Project updates behind the numbers
The release lists six developments. The Nuclear Regulatory Commission (NRC) issued the construction permit for Dow's Long Mott plant in Seadrift, Texas, which the company called the first for an advanced nuclear site meant to supply industrial process heat; Voltgrid News covered the permit on Nov. 9.
X-energy also named Fluor to engineer the nuclear island at Energy Northwest's Cascade facility near Richland, Washington, its second Fluor contract of this kind. The release gives no contract value, and we reported the selection earlier. Alleima and Doosan Enerbility received the first order of steam generator tubing and helical coils; no volume or value is stated.
On Amazon, the company described the joint development agreement with American Electric Power for a proposed 960 MW, 12-unit Xe-100 plant in Sullivan County, Indiana as the second deployment opportunity under its collaboration with Amazon, which aims at more than 5 GW of new U.S. nuclear capacity by 2039. The wider Amazon pact remains a non-binding aim.
Two further items cover supply and the U.K. Vertical construction of the TX-1 fuel plant in Oak Ridge, Tennessee is finished; once running, the company expects about 700,000 TRISO-X fuel pebbles a year, enough for up to 11 Xe-100 reactors. The U.K. accepted the Xe-100 into its Generic Design Assessment, which the company expects to take about three years.
What is not confirmed yet
The company counts a pipeline of 144 reactors, about 11.5 GW electric, but says that assumes every customer exercises its contingent rights in full. The release lists final investment decisions among the risks. It names no construction start for Long Mott, and no NRC filing date for Cascade or Indiana. Management is due to discuss the results on a call at 8:00 a.m. ET, and nothing said there is reflected here.
