Terrestrial Energy (IMSR) Q4 2025 earnings summary

Executive summary

• Achieved major regulatory milestones, including NRC acceptance of IMSR principal design criteria and completion of Canadian Nuclear Safety Commission review, removing licensing barriers for commercial use.

• Selected by Texas A&M University for a commercial IMSR plant, marking a significant step toward early Generation IV reactor deployment on the ERCOT grid.

• Secured two U.S. Department of Energy OTA awards supporting advanced reactor and fuel line pilot projects, accelerating licensing and fuel supply readiness.

• Completed business combination with HCM II Acquisition Corp., began trading on Nasdaq, and raised over $292 million in gross proceeds, strengthening the balance sheet.

• Expanded partnerships with Ameresco and Westinghouse, and enhanced senior leadership to support U.S. commercialization.

Financial highlights

• Reported net loss of $28 million for 2025, up $17 million year-over-year, driven by increased R&D, G&A, and interest expenses.

• Research and development expenses rose to $10 million, up $5 million from prior year, reflecting expanded testing and qualification work.

• General and administrative expenses increased to $14 million, up $10 million, due to personnel growth and public company readiness.

• Cash and short-term investments totaled $298 million as of December 31, 2025, bolstered by SPAC merger and PIPE proceeds.

• Total revenue for 2025 was $248,357, primarily from engineering services.

Outlook and guidance

• 2026 milestones include further agreements with Texas A&M, announcement of 1–3 new commercial IMSR projects, and additional NRC submissions.

• Progress expected on DOE TETRA and TEFLA pilot projects, including site selection and regulatory readiness.

• Will provide updates on commercial, regulatory, and development progress during the earnings call.