X-Energy is like the Tesla of nuclear power, developing advanced, modular reactors and their specialized fuel to provide clean, scalable energy.

Think of X-Energy as a specialized Intel for nuclear energy, building both advanced reactors and their unique TRISO-X fuel.

• Xe-100 Small Modular Reactors (SMRs): Advanced High Temperature Gas-cooled Reactors (HTGRs) designed to generate electricity or provide industrial heat.
• TRISO-X Nuclear Fuel: Proprietary high-assay low-enriched uranium (HALEU) pebble fuel engineered for exceptional safety margins and use in Xe-100 reactors.

X-Energy (symbol: XE) sells primarily to other companies. Its major customers are:

• Dow (symbol: DOW)
• Amazon (symbol: AMZN)
• Centrica (symbol: CNA.L)

J. Clay Sell, Chief Executive Officer

Clay Sell joined X-energy as CEO in January 2019. From 2008 to 2018, he served as the president of Hunt Energy Horizons, LLC, the renewable energy subsidiary of Hunt Consolidated, Inc., a multinational energy, real estate, and investment corporation. Earlier in his career, he held several senior-level positions in the U.S. government for 14 years, including Deputy Secretary of Energy in the George W. Bush Administration from 2005-2008, and Special Assistant to the President from 2003-2005.

Daniel Gross, Chief Financial Officer

Daniel Gross was appointed Chief Financial Officer in December 2025. Prior to joining X-energy, he was a corporate development Director at Amazon, where he focused on the Climate Pledge Fund, a corporate venture program. His career includes senior leadership roles in clean energy finance, such as Chief Investment Officer at Climate Real Impact Solutions, Managing Director at Oaktree Capital Management, and Partner at Hudson Clean Energy, indicating a pattern of managing companies backed by private equity or private investment firms. He also previously held roles at Goldman Sachs and GE Capital. Gross served as an Amazon designee on X-energy's Board of Directors.

Dr. Kam Ghaffarian, Founder & Executive Chairman

Dr. Kam Ghaffarian founded X-energy in 2009. A serial entrepreneur, he previously founded Stinger Ghaffarian Technologies, Inc. (SGT) in 1994, a government services company, which was acquired by KBR, Inc. for $355 million in 2018. He is also a co-founder and chairman of several other companies, including Intuitive Machines, LLC, Axiom Space, Inc., and Quantum Space, LLC.

Joel Duling, President, TRISO-X

Joel Duling serves as the President of X-energy's TRISO-X Advanced Nuclear Fuel Unit, a role he was appointed to in September 2024.

Dinkar S. Bhatia, Chief Commercial Officer

Dinkar S. Bhatia was appointed as X-energy's first Chief Commercial Officer in July 2025. He joined the company from Hartree Partners, where he co-led the North American Power business. Mr. Bhatia has over two decades of experience in developing commercial power assets and managing complex energy and infrastructure projects.

Key Risks to X-Energy (XE)

1. Dependency on and Uncertainty of ARDP Funding: X-energy heavily relies on funding from the U.S. Department of Energy's Advanced Reactor Demonstration Program (ARDP). The company's current budget period for ARDP funding extends through August 2026, and there is no assurance that it will receive additional funding or extensions beyond this period. As of December 31, 2025, X-energy had been reimbursed approximately $438 million of the initial $1.2 billion commitment. A significant portion of X-energy's revenue in fiscal year 2025, specifically 81.8%, was derived from ARDP cost-reimbursement and grant income, underscoring the company's substantial financial reliance on this government program.
2. Execution Risks Related to First-of-a-Kind (FOAK) Deployment: X-energy's flagship Xe-100 reactor technology and its TRISO-X fuel fabrication facility are first-of-a-kind commercial advanced nuclear projects. The nuclear industry has a historical precedent of cost overruns and schedule delays for such projects. The company faces significant execution risks in moving from development to commercial delivery, which encompasses managing licensing processes, controlling costs, expanding its supply chain, and securing future financing. For instance, the TRISO-X fuel fabrication facility (TX-1) began construction in October 2024 and is expected to be completed by the first half of 2028, representing a complex and novel undertaking.
3. Pre-Commercial Status and Unproven Business Model: Despite having "high-quality customers" and a potential pipeline of over 11 gigawatts electric (144 reactors), X-energy is still in a pre-commercial phase. The company has not yet delivered a commercial reactor and has not achieved final investment decisions for any deployments. Its commercially relevant revenue streams, such as technology fees, post-commercial operation date services, and fuel sales, are currently negligible. The realization of its projected pipeline is contingent upon customers fully exercising their rights. This indicates that X-energy's long-term revenue model remains largely unproven at scale.

X-Energy faces a clear emerging threat related to the continuation of its substantial federal funding. The company's cooperative agreement for the Advanced Reactor Demonstration Program (ARDP) with the DOE provides a 50/50 cost share of $2.4 billion in eligible costs ($1.2 billion reimbursement) through 2027. However, the current budget period under this agreement extends only through August 2026. Extensions beyond this period are subject to DOE discretion and approval, and the company explicitly states there can be no assurance that it will receive additional ARDP funding or that extensions will be granted. Failure to obtain these extensions would lead to X-Energy forgoing reimbursement for eligible costs incurred beyond the currently approved period and potentially facing de-obligation of unobligated funds, which could significantly impede its design, licensing, commercialization, and construction efforts for its first commercial plant and fuel fabrication facility.

X-Energy's main products, advanced nuclear reactor technology (small modular reactors or SMRs) and advanced nuclear fuels (TRISO-X fuel), address the growing demand for new electricity generation. The total demand for new electricity generation is expected to increase globally by 7,626 TWh from 2023 to 2030.

Expected drivers of future revenue growth for X-Energy (XE) over the next 2-3 years include:

1. Commercial Deployment and Sales of Xe-100 Small Modular Reactors (SMRs): X-energy anticipates significant revenue growth from the deployment of its flagship Xe-100 reactors, with advanced development efforts already underway for initial projects with customers like Dow (at its Seadrift Operations site in Texas) and Amazon (in connection with Energy Northwest). The company has a pipeline of over 11 gigawatts electric (GWe) and 144 reactors across the U.S. and U.K. through its three high-quality customers.
2. Commercial Production and Sales of TRISO-X Advanced Nuclear Fuel: Revenue is expected to grow from the production and sale of its proprietary TRISO-X pebble fuel. The TX-1 fuel fabrication facility in Oak Ridge, Tennessee, which began construction in October 2024, is anticipated to be completed by the first half of 2028 and will be North America’s first purpose-built commercial advanced nuclear fuel fabrication facility. This facility will have the capacity to support the fuel needs of the first 11 Xe-100 reactors at steady state operations.
3. Expansion of Existing Customer Engagements: The company has established strong relationships with Dow, Amazon, and Centrica, with a substantial pipeline of 144 reactors contingent on these customers exercising their rights in full. As these projects progress from advanced development to full deployment, X-energy expects continued revenue expansion from these key customers in both the U.S. and the U.K.
4. Addressing Growing Demand for Electricity and Industrial Heat: X-energy is positioned to capitalize on the historically unprecedented electricity demand growth, particularly from AI and associated data center infrastructure, as well as industrial heat applications. The company's scalable Xe-100 technology and high thermal output capabilities are designed to meet these increasing energy needs, potentially leading to new customer acquisitions and broader market penetration.

Inbound Investments

• X-energy was awarded an initial $1.2 billion by the Department of Energy (DOE) in December 2020, as part of its selection for the Advanced Reactor Demonstration Program (ARDP).
• The cooperative ARDP Agreement, signed in February 2021, provides a 50/50 cost share of $2.4 billion of eligible costs, with $1.2 billion in reimbursement, through 2027.
• As of December 31, 2025, X-energy has been reimbursed approximately $438 million in funding under the ARDP Agreement.

Capital Expenditures

• Construction began in October 2024 on X-energy's TRISO-X fuel fabrication facility (TX-1) in Oak Ridge, Tennessee.
• The TX-1 facility is expected to be completed by the first half of 2028 and will be North America's first purpose-built commercial advanced nuclear fuel fabrication facility.
• ARDP funding supports X-energy's work towards the design, licensing, commercialization, and construction of its first-of-a-kind commercial advanced nuclear plant and the commercial TRISO-X fuel fabrication facility.