X-energy shares rise 3% after NRC construction permit for Dow project

X-energy (XE) shares rose 3.0% at 3:59 p.m. ET, from a $10.94 close.

X-energy (XE), a designer of advanced small modular nuclear reactors and fuel technology, reported third-quarter 2026 revenue and grant income of $66.3 million, up from $30.4 million a year earlier.

Here's how the company did:

• Revenue and grant income: $66.3 million vs. $30.4 million a year earlier, against $61.7 million expected
• Adjusted loss per share: 14 cents, vs. 10 cents expected
• Adjusted EBITDA: loss of $75.7 million vs. loss of $36.7 million a year earlier

Revenue and costs

Revenue and grant income rose 118%. The increase came mainly from $29.3 million more under the ARDP Agreement with the Department of Energy.

Total operating expenses reached $169.9 million, up 139%. Direct costs were $93.6 million, and selling, general and administrative expenses were $76.0 million.

Non-cash equity-based compensation was $26.9 million, including equity grants to former holders of Profits Interest Units in connection with the April IPO.

The operating loss was $103.6 million. The net loss was $83.7 million, of which $24.2 million was attributable to non-controlling interests.

Revenue has risen in each of the last three quarters, from $20.8 million in the first quarter of fiscal 2026 to $54.6 million in the second quarter of 2026.

Cash and liquidity

Cash and cash equivalents totaled $1.0 billion as of September 30, 2026, and total liquidity was $1.8 billion. The company had no debt outstanding.

Net cash provided by financing activities for the nine months was $1.1 billion, mainly from net IPO proceeds.

Projects and regulation

The Nuclear Regulatory Commission issued a construction permit for Dow's Long Mott project in Seadrift, Texas, ahead of schedule. It is the first NRC construction permit issued in the United States for an advanced nuclear project site designed to provide industrial process heat.

X-energy and American Electric Power signed a joint development agreement for feasibility work on a proposed 960 MW Xe-100 project in Sullivan County, Indiana. Amazon will provide certain project development funding. It is the second commercial deployment opportunity under the companies' Amazon collaboration.

Fluor will provide nuclear island engineering and design services for Energy Northwest's Cascade Advanced Energy Facility near Richland, Washington, its second commercial nuclear island contract with X-energy.

X-energy placed its first procurement order for steam generator tubing from Alleima and Doosan Enerbility for the Xe-100. Doosan will bend the tubing into helical coils.

The U.K. government directed regulators to accept the Xe-100 for design review, a step toward deploying up to 6 GW of new nuclear with Centrica. The assessment is expected to take about three years.

Vertical construction of the TX-1 fuel fabrication facility in Oak Ridge, Tennessee, was completed on schedule in the third quarter. Once operational, TX-1 is expected to produce about 700,000 TRISO-X fuel pebbles a year.