X-Energy, Inc.

Hello, and welcome to the X Energy First Quarter 2026 Earnings Conference Call. All participants are in a listening mode. After today's prepared remarks, there will be a question and answer session. At that time, I will provide instructions for those wishing to ask a question. Please note that this call is being recorded. I'll now turn the call over to Patricia Gill, Director of Investor Relations for X Energy. You may now begin.

Thank you, and good morning, everyone. Welcome to X Energy's first quarter 2026 earnings call. X Energy completed its initial public offering and as of April 24th is listed on the NASDAQ under the ticker XE. We're excited to be with you today for our first earnings call. This morning we released first quarter 2026 financial results and operational highlights for X Energy Reactor Company, LLC, the predecessor company to X Energy Inc. Today's presentation and our earnings press release are available on the investor relations portion of X Energy's website at investors.x-energy.com. Our remarks today will include forward-looking statements, which are based on assumptions as of today and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements. Our SEC filings, including our quarterly report on Form 10Q, identify certain risk factors and cautionary statements that could cause the company's actual results to differ materially from those projected in our forward-looking statements made this morning. We undertake no obligation to update any forward-looking statements except as required by law. During this call, we also present a non-GAAP financial mission. There is a reconciliation included in our investor presentation. Joining me today are Clay Sell, our CEO, and Daniel Gross, our CFO. Clay will open today's call with an introduction to our company. He will also review highlights for 2026 year-to-date and provide operational updates. Daniel will then review our financial performance for the first quarter in more detail before turning it back to Clay for closing remarks. We will then open the call up to Q&A. With that, I'll now turn the call over to Clay, and for those of you following along with our presentation, please turn to slide three.

Thank you, Patricia, and thank you, everyone, for joining us today. I'd like to begin by acknowledging this important day for Xenergy as we report our first quarterly earnings results as a public company. On April 24th, we began trading on NASDAQ, And then on April 27th, we closed our IPO. This marked an exciting milestone on our journey to commercialize advanced nuclear technology scale. We're grateful for the support of our investors, both new and old, and we look forward to partnering with all of you in this next chapter as a publicly traded company. Now, before we dive into updates from the quarter, I'd like to provide a bit of background on who we are and what we do here at X Energy. We're a leader in advanced nuclear technology, committed to addressing the increasing power demands of today and tomorrow. Backed by decades of development and operational experience, we believe that our small, modular reactor design and proprietary Triso X fuel are well-matched to power the needs of AI revolution, industrial electrification, industrial process heat, and growing power demand. Our technology has earned the support and capital commitment of high-quality blue-chip customers and partners like Dow, Amazon, and Centrigram. We are advancing the first deployment of our XE100 small modular reactor, or SMR, at Dallas Seadrift Texas Manufacturing Facility. We are presently in advanced stages of regulatory review and believe we have a clear and compelling pathway toward approval. Once complete, the project is expected to be among the first grid scale advanced nuclear power plants in North America and the first to provide industrial steam. As we scale from first of a kind to nth of a kind, our success will be underpinned by an attractive business model. Our planned approach uses a combination of licensing fees, service fees, and fuel sales to generate a long-term, high-margin revenue stream. Revenue begins in the pre-commercial project planning stage and continues throughout the multi-decade lifetime of a plan. Our recent IPO has enhanced our liquidity profile, providing approximately $1.1 billion in net proceeds of additional capital for us to continue to work to de-risk our supply chain and move projects forward. We are confident that we have the right team the right technology, and the right business model to succeed. And we are excited to continue this journey as a publicly traded company. I'll now ask you to turn to slide four. We've delivered an impressive first quarter in a year today, filled with operational, regulatory, and financial progress. Operationally, we reached collaboration frameworks for critical graphite supply and reactor components. We also agreed to explore the deployment of our XE-100 SMR with subsidiaries of PPL Corporation in Kentucky and with Talon Energy in the PJM market. On the regulatory front, we received our Part 70 commercial fuel fabrication license from the Nuclear Regulatory Commission under an initial 40-year license. This establishes our TX1 and our planned TX2 facilities as the first new commercial fuel fabrication facility licensed by the NRC in over 50 years. We also received our environmental assessment approval as part of Dow's construction permit application for their advanced nuclear project in Cedric, Texas. We are delighted that the NRC's review was completed ahead of schedule, following a comprehensive, independent analysis, concluding with a finding of no significant impact, what you all know as a FONSI. Earlier this week, we announced the submittal of our application to enter the United Kingdom's generic design assessment process for our XE-100 power plant to advance our commercial partnership with Centrica. This application is subject to acceptance and is intended to establish a regulatory pathway for licensing our new nuclear technologies, evaluating safety, security, safeguards, and environmental impact independent of site-specific applications to enable a future fleet-scale deployment in the UK. Now, these developments, along with our capital-raising activities, support our strategic objectives to further secure our supply chain and continue strengthening relationships with our customers to commercialize and scale our technology. Our progress is made possible by our industry-leading technology and differentiated value proposition. I'll offer some background on these next and ask you to turn to slide five. Our proprietary Triso X fuel is underpinned by decades of research and development. Each Triso pebble is about the size of a bullion ball. It is comprised of approximately 19,000 uranium fuel kernels individually encapsulated in layers of carbon and silicon carbide. Approximately 220,000 pebbles form the core of each XE100 reactor, providing a more secure and efficient fuel source. The Department of Energy has called Triso Fuel the most robust