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Terrestrial Energy
(NASDAQ:IMSR)
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Rating:47Neutral
Price Target:
$5.50
▲(2.80% Upside)
Action:Reiterated
Date:07/29/26
The score is held down primarily by very weak current fundamentals (minimal/zero revenue, large losses, and rising cash burn) and bearish technical positioning (price below major moving averages). This is partially offset by a strengthened, low-debt balance sheet and a relatively constructive earnings call focused on regulatory milestones and pipeline development, though execution and burn-rate risks remain significant.
Positive Factors
Regulatory progress — NRC PIE SER approved
NRC approval of the PIE topical methodology creates a durable licensing building block, reducing scope and predictability risk for subsequent reviews. This materially shortens regulatory uncertainty windows and improves the timeline reliability for future operating license submissions.
Negative Factors
Minimal/zero revenue and widening losses
Persistent absence of commercial revenue and growing net losses mean the business remains pre-revenue and relies on cash reserves. Without material contracted sales, operating leverage is absent, forcing continued cash burn and creating funding dependence until commercial plants materialize.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory progress — NRC PIE SER approved
NRC approval of the PIE topical methodology creates a durable licensing building block, reducing scope and predictability risk for subsequent reviews. This materially shortens regulatory uncertainty windows and improves the timeline reliability for future operating license submissions.
Read all positive factors
Terrestrial Energy (IMSR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$520.14M
Dividend YieldN/A
Average Volume (3M)1.97M
Price to Earnings (P/E)―
Beta (1Y)0.89
Revenue GrowthN/A
EPS Growth-314.94%
CountryUS
Employees74
SectorGeneral
Sector StrengthN/A
IndustryRegulated Electric
Share Statistics
EPS (TTM)-0.40
Shares Outstanding105,935,260
10 Day Avg. Volume1,997,923
30 Day Avg. Volume1,969,846
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 Cap<0.01
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$15.00Price Target Upside180.37% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.66
Revenue Forecast (FY)N/A
Terrestrial Energy Business Overview & Revenue Model
Company Description
Terrestrial Energy Inc. specializes in developing sophisticated nuclear energy systems, specifically its proprietary small modular molten salt reactors, known as IMSR technology. These advanced reactors are engineered to deliver high-temperature i...
How the Company Makes Money
null...
Terrestrial Energy Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call demonstrated clear technical and regulatory progress — notably DOE OTA awards, ongoing materials qualification, supplier engagement and an NRC Safety Evaluation Report approving the PIE methodology — and advanced commercial outreach via a Riot MOU and a 7.8 GW indicative pipeline. Financially, the company maintains a clean balance sheet with $289.9 million in cash and no debt, but sequential increases in cash burn and operating expenses and continued uncertainty around pilot-to-commercial fuel fabrication (TEFLA) and full licensing remain key near-term execution risks. On balance, the positive regulatory and commercial milestones materially outweigh the near-term cost and timing headwinds.Positive Updates
NRC Regulatory Milestone — PIE Topical Report Approved
Company completed final submissions for the Postulated Initiating Events (PIE) Topical Report and the NRC issued a Safety Evaluation Report approving the methodology. This approval, combined with the NRC's 2025 Safety Evaluation Report for principal design criteria, establishes foundational elements of the IMSR plant licensing basis and should reduce scope and predictability risk for subsequent licensing.
Negative Updates
Quarterly Cash Burn and Sequential Increase
Cash burn for the quarter was $7.9 million, an increase of $1.8 million sequentially (≈29.5% increase versus the prior quarter). Management attributes most of the increase to a $600k payment for 2025 discretionary bonuses and a $1.0M paydown of vendor accounts payable, with the remaining $200k due to higher R&D payments.
Read all updates
Q1-2026 Updates
Positive
Negative
NRC Regulatory Milestone — PIE Topical Report Approved
Company completed final submissions for the Postulated Initiating Events (PIE) Topical Report and the NRC issued a Safety Evaluation Report approving the methodology. This approval, combined with the NRC's 2025 Safety Evaluation Report for principal design criteria, establishes foundational elements of the IMSR plant licensing basis and should reduce scope and predictability risk for subsequent licensing.
Read all positive updates
Company Guidance
The company reiterated forward-looking guidance to execute milestone-by-milestone through 2026 and beyond, expecting cash burn to increase throughout 2026 as it scales organization, material testing and supplier selection (Q1 cash burn was $7.9M, up $1.8M sequentially driven by a $600K discretionary bonus payment, $1.0M paydown of accounts payable and ~$200K higher R&D spend); quarter-end cash and cash investments were $289.9M (vs. $297.8M at year-end 2025) with no debt and modest liabilities/lease obligations, and share count rose by ~100,000 from option exercises. Operational/regulatory guidance includes continued execution of Project TETRA (test reactor) and Project TEFLA (fuel line) under an OTA with DOE, ongoing graphite irradiation at NRG Petten, and leveraging NRC approvals (PIE Topical Report Safety Evaluation Report following the 2025 SER) to shorten future licensing reviews. Commercial guidance: a pipeline of ~10 IMSR Plant projects representing ~7.8 GW of indicative capacity, a reiterated target to announce 1–3 additional projects this year (the Riot MOU adds a hyperscale data‑center channel), and a fleet-scale deployment objective into the 2030s while retaining standard-assay LEU (<5% U‑235) fuel strategy (vs. HALEU 15–20%) and emphasizing IMSR’s 1/6 conventional-plant footprint and ~50% higher turbine efficiency as competitive advantages.Terrestrial Energy Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
48
Neutral
Cash Flow
20
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 0.00 | 0.00 | 248.36K | 18.61K |
| Gross Profit | -1.22M | 0.00 | 248.36K | 18.61K |
| EBITDA | -38.91M | -22.50M | -8.90M | -11.90M |
| Net Income | -46.06M | -28.02M | -11.49M | -13.91M |
Balance Sheet | ||||
| Total Assets | 295.17M | 302.98M | 5.33M | 7.89M |
| Cash, Cash Equivalents and Short-Term Investments | 274.96M | 297.79M | 3.02M | 4.60M |
| Total Debt | 2.08M | 2.07M | 16.98M | 10.97M |
| Total Liabilities | 6.57M | 7.57M | 18.82M | 12.77M |
| Stockholders Equity | 288.60M | 295.41M | -13.49M | -5.41M |
Cash Flow | ||||
| Free Cash Flow | -30.62M | -17.61M | -8.87M | -10.27M |
| Operating Cash Flow | -29.15M | -16.47M | -8.20M | -9.16M |
| Investing Cash Flow | -212.51M | -200.64M | -662.27K | -1.10M |
| Financing Cash Flow | 337.29M | 311.39M | 7.25M | 10.13M |
Terrestrial Energy Technical Analysis
5.35
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMSR, the sentiment is undefined. The current price of 5.35 is equal to the 20-day moving average (MA) of ―, equal to the 50-day MA of ―, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of ― indicates undefined momentum. The RSI at ― is undefined, neither overbought nor oversold. The STOCH value of ― is undefined, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a undefined sentiment for IMSR.
Terrestrial Energy Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
Performance Comparison
Terrestrial Energy Corporate Events
Executive/Board Changes
Terrestrial Energy Announces Routine Board Director Resignation
Neutral
Jul 31, 2026
On July 27, 2026, Terrestrial Energy Inc. announced that Shawn Matthews resigned from its Board of Directors, effective the same day. The company stated that his departure was not due to any disagreement related to its operations, policies or prac...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Terrestrial Energy Adds Veteran Director, Sets Q2 Earnings Date
Positive
Jul 28, 2026
Terrestrial Energy Inc., a developer of Generation IV small modular nuclear plants using its proprietary Integral Molten Salt Reactor technology, is positioning its IMSR plants to provide modular, high-temperature industrial heat and electricity f...
Business Operations and StrategyRegulatory Filings and Compliance
Terrestrial Energy Updates Investors on Nuclear Growth Strategy
Positive
Jul 21, 2026
On July 21, 2026, Terrestrial Energy Inc. made its latest investor presentation available on its investor relations website and furnished it with a current report filing. The presentation provides an overview of the company’s business, risk ...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Terrestrial Energy Announces Upcoming Departure of Chief Counsel
Negative
Jul 17, 2026
Terrestrial Energy Inc. has announced that the employment of Steven Millsap, who serves as General Counsel, Secretary and Chief Compliance Officer, will end effective September 12, 2026. The scheduled departure of such a key legal and compliance e...
Executive/Board ChangesShareholder Meetings
Terrestrial Energy Shareholders Back Directors and Auditor Slate
Positive
Jun 12, 2026
On June 11, 2026, Terrestrial Energy Inc. held its 2026 Annual Meeting of Stockholders, where investors voted on board composition and other governance matters. Shareholders elected three nominees, Frederick Buckman, William Johnson and Hugh MacDi...
Executive/Board Changes
Terrestrial Energy Announces Resignation of Long-Serving Director
Neutral
May 8, 2026
On May 5, 2026, Terrestrial Energy Inc. announced that David Hill had informed the company of his decision to resign from its Board of Directors, effective July 1, 2026. Hill, who has served on the board since 2014, is stepping down for reasons th...
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.