X-energy
ConvictionContext
Reactor OEM + fuel supplier: near-term revenue is engineering/development services and government cost-share grants (DOE ARDP, Dow, Amazon); long-term model is selling Xe-100 reactor plants plus recurring TRISO-X HALEU fuel supply. Pre-commercial-deployment; no reactor yet operating.
Revenue
$94.3M FY2025$43.4M Q1 2026 (total revenues + grant income), of which $39.9M services revenueRev growth
+12% FY2025 YoY+109% Q1 2026 YoY (off a small base; lumpy, milestone/grant-drivenGross margin
Negative — Q1 2026 direct costs $65.4M exceeded total revenue+grants of $43.4Mno positive product-gross-margin yet (pre-commercialOp margin
Deeply negative — Q1 2026 total operating expenses $109.5M$65.4M direct costs + $44.1M SG&A) vs $43.4M revenue+grants; operating loss ~$66MCapex intensity
Very high — ~$43.0M capexin Q1 2026 alone, building the TX-1 TRISO-X fuel-fabrication facility in Oak Ridge (target completion H1 2028Market cap
~$7.4BNasdaq: XE; ~$18.32/sh, 2026-07-06 close; ~406M shares out; sources range ~$7.4B-$7.6B). IPO'd April 2026 at $23/sh (~$9.1B), popped ~27% day one to ~$29.20 close, since ~-37% off that first-day close; 52-wk range ~$17.12-$37.10The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence