Terrestrial Energy (IMSR)
NASDAQ:IMSR
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Terrestrial Energy
(NASDAQ:IMSR)
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Rating:54Neutral
Price Target:
$7.50
▼(-1.32% Downside)
Action:ReiteratedDate:05/08/26
IMSR scores mid-range primarily because financial performance remains very weak (no revenue, rising losses and cash burn), partially offset by a significantly strengthened balance sheet. Earnings-call takeaways are supportive due to strong funding and regulatory/pilot milestones with clear 2026 targets, while technicals show moderate near-term momentum but a weaker long-term trend. Valuation is constrained by negative earnings and no dividend support.
Positive Factors
Balance Sheet Strength
Substantial cash (~$298M) and low debt materially extend runway for multi-year licensing, pilot and engineering activities without immediate revenue. This strengthens resilience to execution delays, lowers short-term dilution pressure and allows focused investment in regulatory and supply milestones.
Negative Factors
Pre-Revenue Status
Being pre-revenue with widening losses creates structural funding dependency: ongoing development costs and absent commercial cashflows mean long-term viability hinges on successful licensing, pilot outcomes and external financing, increasing dilution and execution-risk over the next 2–6 months and beyond.
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Positive Factors
Negative Factors
Balance Sheet Strength
Substantial cash (~$298M) and low debt materially extend runway for multi-year licensing, pilot and engineering activities without immediate revenue. This strengthens resilience to execution delays, lowers short-term dilution pressure and allows focused investment in regulatory and supply milestones.
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Terrestrial Energy (IMSR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$607.34M
Dividend YieldN/A
Average Volume (3M)1.54M
Price to Earnings (P/E)―
Beta (1Y)0.57
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees143
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)-0.36
Shares Outstanding82,295,150
10 Day Avg. Volume1,179,449
30 Day Avg. Volume1,537,494
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)1.48
Price to Sales (P/S)0.00
P/FCF Ratio-24.85
Enterprise Value/Market Cap0.84
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-440.94
Enterprise Value/Ebitda-22.77
Forecast
1Y Price Target
$15.00Price Target Upside97.37% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.98
Revenue Forecast (FY)N/A
Terrestrial Energy Business Overview & Revenue Model
Company Description
A developer of advanced nuclear power solutions, specifically small modular molten salt reactors (their “IMSR” technology)–designed to provide low-carbon, high-temperature industrial heat and electricity. It recently completed a business combinati...
How the Company Makes Money
Terrestrial Energy’s business model is centered on monetizing its IMSR reactor technology through commercialization activities tied to deploying IMSR plants. The primary ways the company expects to generate revenue are: (1) technology licensing an...
Terrestrial Energy Earnings Call Summary
Earnings Call Date:Mar 30, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 14, 2026
Earnings Call Sentiment Positive
The call conveyed strong strategic and technical progress: successful public listing and substantial funding (~$298M cash), meaningful regulatory milestones (NRC Topical Report acceptance), DOE support for pilot projects, supplier contracts, and a clear 2026 milestone roadmap. These positives were balanced by rising operating losses and expenses, higher interest costs, and the fact the company remains pre-revenue with commercialization dependent on future regulatory approvals, pilot execution and partner-driven supply-chain scaling. Overall, the advances in funding, regulation and partnerships materially outweigh near-term financial and execution risks.Positive Updates
Successful Public Listing and Financing
Completed business combination with HCM II and began trading on NASDAQ (IMSR) on October 29, 2025; transaction generated more than $292 million in gross proceeds including a $50 million PIPE and resulted in year-end cash and short-term investments of approximately $298 million.
Negative Updates
Increased Net Loss
Reported net loss of $28 million for 2025, an increase of $17 million versus prior year (from ~$11 million), representing approximately a 155% increase in net loss year-over-year.
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Q4-2025 Updates
Positive
Negative
Successful Public Listing and Financing
Completed business combination with HCM II and began trading on NASDAQ (IMSR) on October 29, 2025; transaction generated more than $292 million in gross proceeds including a $50 million PIPE and resulted in year-end cash and short-term investments of approximately $298 million.
Read all positive updates
Company Guidance
For 2026 Terrestrial Energy guided that it expects to: announce further agreements with Texas A&M to support deployment and testing at RELLIS; disclose details of between 1 and 3 additional commercial IMSR plant projects; submit at least 3 additional NRC Topical Reports to increase licensing readiness; and disclose sites and engineering partners for both DOE‑funded pilot projects TETRA and TEFLA. These operational milestones sit alongside year‑end 2025 metrics including approximately $298 million in cash and short‑term investments, more than $292 million in gross proceeds from the October 28, 2025 business combination (including a $50 million PIPE and <1% trust redemptions), an issued share count of 105.8 million (81.8M common + 24M exchangeable), and 2025 results of a $28 million net loss with $10M R&D, $14M G&A (including ~$5M legal/professional fees), ~ $3M stock‑based compensation, $4M interest expense and $1M interest income.Terrestrial Energy Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
48
Neutral
Cash Flow
20
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|
Income Statement | |||
| Total Revenue | 0.00 | 248.36K | 18.61K |
| Gross Profit | 0.00 | 248.36K | 18.61K |
| EBITDA | -22.50M | -8.90M | -11.90M |
| Net Income | -28.02M | -11.49M | -13.91M |
Balance Sheet | |||
| Total Assets | 302.98M | 5.33M | 7.89M |
| Cash, Cash Equivalents and Short-Term Investments | 297.79M | 3.02M | 4.60M |
| Total Debt | 2.07M | 16.98M | 10.97M |
| Total Liabilities | 7.57M | 18.82M | 12.77M |
| Stockholders Equity | 295.41M | -13.49M | -5.41M |
Cash Flow | |||
| Free Cash Flow | -17.61M | -8.87M | -10.27M |
| Operating Cash Flow | -16.47M | -8.20M | -9.16M |
| Investing Cash Flow | -200.64M | -662.27K | -1.10M |
| Financing Cash Flow | 311.39M | 7.25M | 10.13M |
Terrestrial Energy Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% |
* Utilities Sector Average
Performance Comparison
Terrestrial Energy Corporate Events
Business Operations and StrategyExecutive/Board Changes
Terrestrial Energy Standardizes Executive Contracts and Incentive Structure
Neutral
Apr 16, 2026
On April 16, 2026, Terrestrial Energy Inc., through its subsidiaries, executed new employment agreements for its chief financial officer, chief operating officer, and chief technology officer, replacing prior contracts and standardizing compensati...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.