X-Energy Inc. (XE)
NASDAQ (NGS) NASDAQ (NGS) Primary 
X-Energy: Lockup Overhang Keeps Us At Hold
X-Energy is rated Hold at fair value, with $2B liquidity, an 11.5 GW backlog, and a differentiated TRISO-X fuel franchise. Q1 results show strong execution, but revenue growth is tied to DOE grants, not yet diversified commercial streams; opex growth is expected in the pre-commercial phase. TRISO-X's NRC Category II license and first-mover status in HALEU fuel manufacturing underpin XE's long-term optionality, even if competitors win reactor deployments.
X-Energy, Inc. (XE) Q1 2026 Earnings Call Transcript
X-Energy, Inc. (XE) Q1 2026 Earnings Call Transcript
X-Energy Q1 Earnings Call Highlights
X-Energy NASDAQ: XE used its first earnings call as a public company to outline progress on its advanced nuclear reactor and fuel businesses, while reporting higher first-quarter revenue and grant income tied to its federal cost-share program.
