Aug 13, 2026 earnings call — DoE ARDP funding boost and supply chain updates
Department of Energy formally notified X-Energy that our ARDP cooperative agreement will receive up to an additional $1 billion.
Revenue $0.1B (est $0.0B) · EPS $-0.15 (est $-0.10)
Key quotes
"Yesterday, the Department of Energy formally notified X-Energy that our ARDP cooperative agreement will receive up to an additional $1 billion."
"TX-1, TX-L and the future TX-2 will form the core of our fuel fabrication and technology development campus in Tennessee."
"For our first core loads at Dow, we've secured existing material, about 7.6 metric tons from the Department of Energy. Over the last week, we have executed long-term agreements for HALEU enrichment services with both Centrus Energy Corp. and General Matter."
Analyst Q&A 5
ARDP cost share and Janus interest
Q (Esteban Mario Albarracin · TD Cowen): How much more funding is needed to reach the 50% ARDP share for the Dow project? Also, is X-Energy actively pursuing the Janus program and can we expect news later this year?
A: Management said they have not disclosed the full program cost but described the 50-50 scope: Xe-100 reference plant design, TX-1 fuel plant design/construction/licensing, and the full Dow deployment cost. They expressed confidence DOE and Congress will stay committed to the 50-50 cost share and said the company is focused on deploying Xe-100s and TRISO-X fuel; specific Janus announcements were not made.
"So that's the full scope of the 50-50 cost share." — J. Sell (CEO)
Initial fuel type and pebble manufacturing
Q (Joseph Osha · Guggenheim): Will the initial Dow core use HALEU or LEU, and does pebble manufacturing differ between LEU and HALEU?
A: They said the standard start-up loads LEU pebbles first, then the second core is HALEU and HALEU thereafter, because of how they manage neutronics and reactivity in start-up. They expect the HALEU needed for Dow to be available toward the end of this decade, have contracts covering second and subsequent cores, and will produce both LEU and HALEU pebbles in TX-1 though criticality considerations differ.
"And that's just a matter of how we manage the neutronics and the reactivity in the start-up sequence." — J. Sell (CEO)
Imminent customer and federal financing
Q (Michael Sullivan · Wolfe): Can you give details on the imminent customer announcement (structure, hyperscaler involvement, rate base) and any SMR-related federal financing beyond ARDP?
A: They would not give customer details yet, saying communities should hear first and they will provide the when, where and who in the near future. They also said they have ongoing dialogues with many U.S. government financing entities (named several) and expect to be able to access debt financing for projects, and that customer interest in SMRs appears strong.
"And we will provide clarity on the when, the where, the who and other details in the near future." — J. Sell (CEO)
Fuel contracts, TX-2 plans, and binding terms
Q (Julien Dumoulin-Smith · Jefferies): Are the HALEU fuel agreements binding and can you quantify the supply (kilograms or gigawatts)? Also, what are plans and timing for TX-2?
A: They said the agreements are binding but contractually limit disclosure of timing, quantity and price; they stated those contracts have contractually retired the HALEU risk for the first HALEU core loads on announced projects and beyond. Regarding TX-2, they said TX-1 provides throughput for 11 Xe-100s, they expect to need TX-2 in the early 2030s, and they are completing design, cost estimates and early financing plans with no construction or final financing announcements yet.
"But I will tell you, it has given us great confidence that we have contractually retired the HALEU risk, as it relates to the first HALEU core loads on our announced projects and beyond." — J. Sell (CEO)
Next supply chain priorities and customer pipeline
Q (David Arcaro · Morgan Stanley): Which supply chain areas will you focus on next to derisk long-lead items, and how are conversations with other potential customers progressing?
A: They said they are focused on large steel components in the nuclear steam supply system (primarily produced by Doosan), have agreements for steam generator tubes and others in progress, and are also focused on additional graphite types. They also said they have a robust level of discussions across many customer types (IPPs, investor-owned utilities, industrial customers, hyperscalers, foreign utilities) with some in later phases and multiple opportunities in the pipeline.
"We have a robust level of discussions across the full range of target customers, IPPs, investor-owned utilities, industrial customers, hyperscalers, foreign utilities, et cetera." — J. Sell (CEO)