X-Energy, Inc.
For the period ended Mar 31, 2026. Filed Jun 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Jun 4, 2026
XE$10.97-1.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets (Unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except units)
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $224,076 | $458,932 |
| Short-term investments | 449,509 | 304,908 |
| Accounts receivable | 21,962 | 32,940 |
| Unbilled receivables and contract assets | 51,159 | 41,529 |
| Prepaid and other current assets | 23,493 | 11,491 |
| Due from related parties | 4,182 | 4,580 |
| Total current assets | 774,381 | 854,380 |
| Long-term investments | 270,438 | 261,458 |
| Restricted cash | 4,210 | 3,698 |
| Property and equipment, net | 73,381 | 50,105 |
| Operating lease right-of-use assets | 23,468 | 22,696 |
| Other long-term assets | 50,134 | 18,934 |
| Total assets | $1,196,012 | $1,211,271 |
| LIABILITIES, MEZZANINE EQUITY, AND MEMBERS’ DEFICIT | ||
| Current liabilities | ||
| Accounts payable | $10,036 | $3,363 |
| Accrued liabilities | 75,013 | 51,217 |
| Due to related parties | 4,299 | 4,225 |
| Total current liabilities | 89,348 | 58,805 |
| Long-term deferred revenue | 18,045 | 15,153 |
| Long-term operating lease liabilities | 24,789 | 20,887 |
| Warrant liabilities | 17,898 | 274,166 |
| Total liabilities | 150,080 | 369,011 |
| Mezzanine equity | ||
| Class A Common Units: 367,055,779 Units authorized, 3,128,026 Units issued and outstanding as of March 31, 2026, and 367,055,779 Units authorized, 3,128,026 Units issued and outstanding as of December 31, 2025 | 1,800 | 1,800 |
| Class B Common Units: 41,149,242 Units authorized, 18,820,205 Units issued and outstanding as of March 31, 2026, and 41,149,242 Units authorized, 16,838,205 Units issued and outstanding as of December 31, 2025 | 93,541 | 93,353 |
| Series A redeemable convertible preferred Units: 90,625,588 Units authorized, issued and outstanding as of March 31, 2026, and 90,625,588 Units authorized, issued and outstanding as of December 31, 2025; liquidation preference of $52,146 as of March 31, 2026 and $52,146 as of December 31, 2025 | 218,408 | 218,408 |
| Series A-1 redeemable convertible preferred Units: 8,808,351 Units authorized, issued and outstanding as of March 31, 2026, and 8,808,351 Units authorized, issued and outstanding as of December 31, 2025; liquidation preference of $67,250 as of March 31, 2026 and $67,250 as of December 31, 2025 | 21,477 | 21,477 |
| Series B redeemable convertible preferred Units: 11,643,171 Units authorized, issued and outstanding as of March 31, 2026, and 11,643,171 Units authorized, issued and outstanding as of December 31, 2025; liquidation preference of $121,000 as of March 31, 2026 and $120,214 as of December 31, 2025 | 101,382 | 101,382 |
| Series C redeemable convertible preferred Units: 41,418,916 Units authorized, 39,963,592 Units issued and outstanding as of March 31, 2026, and 41,418,916 Units authorized, 39,963,592 Units issued and outstanding as of December 31, 2025; liquidation preference of $305,114 as of March 31, 2026 and $305,114 as of December 31, 2025 | 265,797 | 265,797 |
| Series C-1 redeemable convertible preferred Units: 162,246,180 Units authorized, 127,484,336 Units issued and outstanding as of March 31, 2026, and 162,246,180 Units authorized, 107,908,114 Units issued and outstanding as of December 31, 2025; liquidation preference of $1,033,739 as of March 31, 2026 and $874,999 as of December 31, 2025 | 1,051,881 | 686,715 |
| Series D redeemable convertible preferred Units: 48,154,955 Units authorized, issued and outstanding as of March 31, 2026, and 48,154,955 Units authorized, issued and outstanding as of December 31, 2025; liquidation preference of $700,000 as of March 31, 2026 and $700,000 as of December 31, 2025 | 677,623 | 677,623 |
| Total mezzanine equity | 2,431,909 | 2,066,555 |
| Accumulated deficit | (1,402,562) | (1,236,345) |
| Accumulated other comprehensive income (loss) | 26 | (117) |
| Additional paid-in capital | 16,559 | 12,167 |
| Total members’ deficit | (1,385,977) | (1,224,295) |
| Total liabilities, mezzanine equity, and members’ deficit | $1,196,012 | $1,211,271 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.