AMZN Delay, Not Derail: XE Holds the Line as Seeks Partner Expansions

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AMZN Delay, Not Derail: XE Holds the Line as Seeks Partner Expansions

USA | Multi-Industrials

X Energy EquityJuneResearch24, 2026

TARGET | ESTIMATE CHANGEAMZN Delay, Not Derail: XE Holds the Line as

RATING HOLDSeeks Partner Expansions

PRICE $21.09^

Recent management fireside chat iterates confidence in AMZN partnership

and notes the NRC filing delay as virtually a non-event. We see balance PRICE TARGET | % TO PT $22.00 ($30.00) | +4%

of 2026 mixed with positive and negative events, including 1 GW project 52W HIGH-LOW $37.10 - $17.37

announcements and NRC update for DOW project, offset by AP1000s & EGS FLOAT (%) | ADV MM (USD) 37.1% | 99.46

partnership updates. Lowering PT to $22/sh driven by MTM and lower premium MARKET CAP $9.0B

vs. peers over emerging competitive threat. Reit HOLD and continue to see TICKER XE ^Prior trading day's closing price unless otherwise

underlying business as strong. noted.

Management Sees AMZN Delay As Non-Event. XE shares are down ~30% in the last month, FY (Dec) CHANGE TO JEFe JEF vs CONS

primarily due to delay in NRC filing for the AMZN project. Investors' initial reaction reflects anxiety 2026 2027 2026 2027

around potential structural weakness in demand itself, rather than a one-time delay. In contrast, REV -1% NA NA NA

management sees this as a non-event, with ongoing site engineering/prep work and given NRC

EPS -57% <1% NA NA

licensing is not on the critical path. While we acknowledge investor anxiety, we still see XE-AMZN

partnership as robust. Associated investments + ongoing site work are evidence of strength in demand.

2026 ($) Q1A Q2 Q3 Q4 FY

SMR vs. AP1000s vs. EGS - Who Wins The Race? AP1000 utility consortium has created anxiety EPS (0.39) (0.12) (0.12) (0.13) (0.77)