X-Energy, Inc.
For the period ended Jun 30, 2026. Filed Aug 13, 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.
Jun 30, 2026 · Filed Aug 13, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements Of Operations And Comprehensive Loss (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Services revenue(1) | $50,119 | $16,919 | $90,025 | $34,010 |
| Grant income | 4,482 | 4,585 | 7,999 | 8,298 |
| Total revenues and grant income | 54,601 | 21,504 | 98,024 | 42,308 |
| Operating expenses | ||||
| Direct costs | 86,658 | 36,129 | 152,017 | 64,853 |
| Selling, general and administrative | 77,733 | 27,347 | 121,850 | 45,327 |
| Research and development | 244 | 808 | 299 | 1,210 |
| Total operating expenses | 164,635 | 64,284 | 274,166 | 111,390 |
| Operating loss | (110,034) | (42,780) | (176,142) | (69,082) |
| Other income (expense) | ||||
| Interest expense | — | (360) | — | (484) |
| Interest income | 11,013 | 4,980 | 19,942 | 10,457 |
| Other income (expense), net | (6,312) | (50,688) | (115,350) | (39,951) |
| Total other income (expense), net | 4,701 | (46,068) | (95,408) | (29,978) |
| Net loss | (105,333) | (88,848) | (271,550) | (99,060) |
| Less: Net loss attributable to non-controlling interests | (46,243) | (88,848) | (212,460) | (99,060) |
| Net loss attributable to X-Energy, Inc. | $(59,090) | $— | $(59,090) | $— |
| Net loss attributable to Class A common stock per share, basic and diluted(2) | $(0.21) | N/A | $(0.21) | N/A |
| Weighted-average shares of Class A common stock outstanding, basic and diluted(2) | 280,148,818 | N/A | 280,148,818 | N/A |
| Other comprehensive income (loss) | ||||
| Foreign currency translation adjustment | 410 | (766) | 553 | (976) |
| Changes in fair value of liabilities under fair value option attributable to changes in instrument-specific credit risk | — | 291 | — | 444 |
| Other comprehensive income (loss) | 410 | (475) | 553 | (532) |
| Comprehensive loss | (104,923) | (89,323) | (270,997) | (99,592) |
| Less: Comprehensive loss attributable to non-controlling interests | (46,179) | (89,323) | (212,253) | (99,592) |
| Comprehensive loss attributable to X-Energy, Inc. | $(58,744) | $— | $(58,744) | $— |
(1)
Includes related party revenue of$2.4 million and$2.3 million for the three months ended June 30, 2026 and 2025, respectively, and$4.3 million and$5.0 million for the six months ended June 30, 2026 and 2025, respectively.
(2)
Basic and diluted net loss per Class A common stock is presented only for the period after the Company’s Reorganization Transactions (as defined in Note 1—Organization and Nature of Business). See Note 12—Net Loss per Sharefor the calculation of net loss per share.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY, MEMBERS’ DEFICIT, AND MEZZANINE EQUITY
(in thousands, except unit and share amounts)
| Class ACommonUnits · Class BCommonUnits · Preferred Units (1) · Total Mezzanine Equity · Class A Common Stock · Class B Common Stock · Accumulated Deficit · AccumulatedOtherComprehensiveIncome (Loss) · AdditionalPaid-InCapital · Non-ControllingInterest · Total stockholders’ equity and members’ deficit | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units · Amount · Units · Amount · Units · Amount · Shares · Amount · Shares · Amount | ||||||||||||||||
| Balance, January 1, 2025 | 3,128,026 | $1,800 | 13,960,705 | $90,859 | 247,843,123 | $1,207,717 | $1,300,376 | — | $— | — | $— | (846,567) | $6 | $— | $— | $(846,561) |
| Unit-based compensation | — | — | — | 290 | — | — | 290 | — | — | — | — | (225) | — | — | — | (225) |
| Issuance of Series C-1 Preferred Units, net of issuance costs | — | — | — | — | 8,235,521 | 51,252 | 51,252 | — | — | — | — | — | — | — | — | — |
| Net loss | — | — | — | — | — | — | — | — | — | — | — | (10,212) | — | — | — | (10,212) |
| Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | — | — | (210) | — | — | (210) |
| Changes in fair value of liabilities under fair value option attributable to changes in instrument specific credit risk | — | — | — | — | — | — | — | — | — | — | — | — | 153 | — | — | 153 |
| Balance, March 31, 2025 | 3,128,026 | $1,800 | 13,960,705 | $91,149 | 256,078,644 | $1,258,969 | $1,351,918 | — | $— | — | $— | (857,004) | $(51) | $— | $— | $(857,055) |
| Unit-based compensation | — | — | 2,033,500 | 373 | — | — | 373 | — | — | — | — | 225 | — | 5,818 | — | 6,043 |
| Issuance of Series C-1 Preferred Units, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net loss | — | — | — | — | — | — | — | — | — | — | — | (88,848) | — | — | — | (88,848) |
| Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | — | — | (766) | — | — | (766) |
| Changes in fair value of liabilities under fair value option attributable to changes in instrument specific credit risk | — | — | — | — | — | — | — | — | — | — | — | — | 291 | — | — | 291 |
| Balance, June 30, 2025 | 3,128,026 | $1,800 | 15,994,205 | $91,522 | 256,078,644 | $1,258,969 | $1,352,291 | — | $— | — | $— | (945,627) | $(526) | $5,818 | $— | $(940,335) |
| Balance, January 1, 2026 | 3,128,026 | $1,800 | 16,838,205 | $93,353 | 307,103,771 | $1,971,402 | $2,066,555 | — | $— | — | $— | $(1,236,345) | $(117) | $12,167 | $— | $(1,224,295) |
| Unit-based compensation | — | — | 1,982,000 | 188 | — | — | 188 | — | — | — | — | — | — | 4,392 | — | 4,392 |
| Net loss | — | — | — | — | — | — | — | — | — | — | — | (166,217) | — | — | — | (166,217) |
| Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | — | — | 143 | — | — | 143 |
| Conversion of 2024 Warrant into Series C-1 Preferred Units | — | — | — | — | 19,576,222 | 365,166 | 365,166 | — | — | — | — | — | — | — | — | — |
| Balance, March 31, 2026 | 3,128,026 | $1,800 | 18,820,205 | $93,541 | 326,679,993 | $2,336,568 | $2,431,909 | — | $— | — | $— | $(1,402,562) | $26 | $16,559 | $— | $(1,385,977) |
| Unit-based compensation | — | — | — | 48 | — | — | 48 | — | — | — | — | — | — | 1,128 | — | 1,128 |
| Net loss prior to Reorganization Transactions | — | — | — | — | — | — | — | — | — | — | — | (21,159) | — | — | — | (21,159) |
| Conversion of June 2022 Warrants into Series C Preferred Units | — | — | — | — | 1,020,546 | 23,473 | 23,473 | — | — | — | — | — | — | — | — | — |
| Effect of the Reorganization Transactions | (3,128,026) | (1,800) | — | — | (327,700,539) | (2,360,041) | (2,361,841) | 217,338,043 | 22 | 114,077,253 | 12 | 1,423,721 | 17 | 632,255 | 305,815 | 2,361,842 |
| Conversion of profits interests units | — | — | (18,820,205) | (93,589) | — | — | (93,589) | 19,228,438 | 2 | 4,830,124 | — | — | — | 113,745 | — | 113,747 |
| Issuance of Class A common stock in IPO, net of issuance costs | — | — | — | — | — | — | — | 50,892,857 | 5 | — | — | — | — | 1,089,759 | — | 1,089,764 |
| Equity-based compensation | — | — | — | — | — | — | — | (75,579) | — | — | — | — | — | 20,066 | — | 20,066 |
| Net loss subsequent to Reorganization Transactions | — | — | — | — | — | — | — | — | — | — | — | (59,090) | — | — | (25,084) | (84,174) |
| Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | — | — | 263 | — | 147 | 410 |
| Balance, June 30, 2026 | — | $— | — | $— | — | $— | $— | 287,383,759 | $29 | 118,907,377 | $12 | $(59,090) | $306 | $1,873,512 | $280,878 | $2,095,647 |
(1)
See Note 10 —Stockholders’ Equity and Mezzanine Equityfor breakdown of preferred units by class.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.