“We are in a differentiated position of strength, supported by our strong balance sheet and significant funding. Our regulatory progress marks a major milestone for our technology, while our growing commercial momentum bolsters our pipeline of reactors and demand for TRISO-X fuel,” concluded Sell.
Operational Highlights
-
NRC Issues Construction Permit for Dow’s Long Mott Project: Dow and X-energy announced that the NRC has approved the Construction Permit Application (“CPA”) for the proposed Long Mott Generating Station in Seadrift, Texas ahead of schedule. The permit marks an important milestone in the regulatory review process for the proposed advanced nuclear project, which is being developed under the U.S. Department of Energy’s Advanced Reactor Demonstration Program (“ARDP”). The project is intended to provide zero-carbon emissions electricity and high-temperature steam to Dow’s Seadrift Operations site, replacing existing energy and steam assets near their end-of-life. The NRC’s approval follows a comprehensive review of the proposed facility, site characteristics, construction plans, environmental considerations and safety-related information submitted as part of the CPA process. Issuance marks the first NRC CPA approval of a high-temperature gas-cooled reactor (“HTGR”) in nearly 60 years, the first-ever pebble-bed HTGR approval and the first-ever for an advanced nuclear industrial deployment.
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Selects Fluor for Design and Engineering Services: For Energy Northwest’s Cascade Advanced Energy Facility near Richland, Washington, Fluor will provide engineering, design development, supply chain, estimating and project controls services for the areas of the plant containing the Xe-100 reactors and the systems that support them (the “nuclear island”). The agreement between X-energy and Fluor represents their second commercial contract for nuclear island engineering and design, building on Fluor’s ongoing work for the Company’s first proposed Xe-100 project in Texas under the ARDP. This enables X-energy and Fluor to incorporate learnings from one project into the next, with the aim of targeting long-term cost and schedule reductions through standardization and highly repeatable project execution.
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Executes First Order for Steam Generator Components: Announced the first procurement order of steam generator tubing from Alleima and Doosan Enerbility for the Company’s Xe-100 advanced SMR. This follows the signing of a strategic framework by the three companies earlier this year as the Company scales its supply chain to meet its growing commercial pipeline. Execution advances a safety-significant, long-lead component for the first deployment of the Xe-100. Alleima will leverage its expertise in high-temperature alloys to manufacture specialized steel tubing, which Doosan will bend into helical coils using its proprietary fabrication processes. These coils are a central component of the Xe-100 steam generator, safely removing heat to produce high-temperature steam at up to 565°C, and allowing a single Xe-100 to deliver both electricity and high-temperature process heat for industrial applications.
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Partners with AEP and Amazon: Announced a JDA with AEP to advance feasibility work for a proposed 960 MW Xe-100 SMR project in Indiana. Amazon will provide certain project development funding for the effort, marking the second commercial deployment opportunity under X-energy and Amazon’s collaboration aimed to bring more than 5 GW of new nuclear capacity to the U.S. grid by 2039. X-energy and AEP will evaluate the development of a 12-unit Xe-100 plant in Sullivan County, Indiana. The proposed project would redevelop the AEP-owned brownfield site for advanced nuclear power, adding clean baseload capacity to help meet growing demand for safe, reliable energy.
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U.K. Regulators Begin Design Review for Xe-100: The U.K. Government has directed regulators to accept the Xe-100 reactor for design review and advance X-energy’s and Centrica’s efforts to deploy up to 6 GW of new nuclear in the U.K. GDA acceptance formally triggers the process of assessing the design’s acceptability for deployment and operation ahead of the technical and environmental evaluations required for site-specific licensing and permitting. The assessment is expected to take approximately three years and will be administered by the U.K. Office for Nuclear Regulation, the Environment Agency, and Natural Resources Wales. The submission builds on the Xe-100’s U.S. licensing progress and is expected to benefit from expanded collaboration between the U.K. regulators and the U.S. NRC, enabling transfer of NRC-reviewed design documentation and safety analyses into U.K. design reviews.
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TX-1 Vertical Construction Complete, Advances to Next Phase: Vertical construction for the shell of the Company’s TX-1 fuel facility in Oak Ridge, Tennessee was completed on schedule in the third quarter. The project has advanced into its next phase of construction, which will include interior buildout, installation of fuel fabrication equipment and continued construction of supporting facilities. Once operational, TX-1 is expected to produce approximately 700,000 TRISO-X fuel pebbles annually, equivalent to 5 metric tons of uranium (“MTU”), with capacity to provide fuel for up to 11 Xe-100 reactors. The U.S. NRC granted TRISO-X a 40-year Special Nuclear Material License covering the facility earlier this year, the first-ever NRC Category 2 fuel fabrication license issued for the processing of high-assay low-enriched uranium. TX-1 is expected to be the first new commercial-scale advanced U.S. nuclear fuel fabrication facility built in more than 50 years.
Financial Results
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Dollars in millions)
2026
2025
% Change
2026
2025
% Change
Total revenues and grant income
$
66.3
$
30.4
118
%
$
164.4
$
72.7
126
%
Total operating expenses
169.9
71.1
139
%
444.1
182.5
143
%
Net cash used in operating activities
(51.2
)
(30.8
)
66
%
(215.8
)
(92.7
)
133
%
Net cash used in investing activities
(49.9
)
(23.1
)
116
%
(289.5
)
(41.8
)
593
%
Net cash provided by (used in) financing activities
(0.1
)
(0.2
)
(45
)%
1,091.1
50.2
2,072
%
Total revenues and grant income in the three months ended September 30, 2026 were $66.3 million, including $51.5 million of services revenue and $14.8 million of grant income. Total revenues and grant income in the nine months ended September 30, 2026 were $164.4 million, including $141.6 million of services revenue and $22.8 million of grant income. Total revenues and grant income increased 118% and 126% for the three and nine months ended September 30, 2026, respectively, compared to the comparable prior-year period. This was primarily due to increases of $29.3 million and $85.0 million in revenue and grant income from the ARDP Agreement with the DOE for the three and nine months ended September 30, 2026, respectively. This was driven by an increase in pro
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
