Terrestrial Energy Inc. (IMSR)
NASDAQ:IMSR
Want to see IMSR full AI Analyst Report?
Top Page
Terrestrial Energy
(NASDAQ:IMSR)
Select Model
Select Model
Rating:50Neutral
Price Target:
$8.50
▲(11.84% Upside)
Action:Reiterated
Date:06/13/26
The score is held back primarily by very weak financial performance (minimal revenue, large losses, and rising cash burn) and a weak longer-term technical trend. These are partially offset by a strengthened balance sheet with low leverage and a generally positive earnings-call outlook driven by regulatory/DOE milestones and ongoing commercial development, despite execution and fuel-supply uncertainties.
Positive Factors
Balance sheet strength
A large cash reserve and negligible debt provide multi-quarter runway for development and regulatory work without immediate refinancing. This enhances resilience versus peers, lowers default risk, and gives management flexibility to fund milestones, supplier selection and pilot projects while pursuing commercialization.
Negative Factors
Negative cash generation
Persistent negative operating and free cash flow indicate the business is consuming capital rather than generating it. Unless revenue ramps, continued burn will require use of cash reserves or further financing, which could dilute shareholders or shift focus away from commercialization toward liquidity management.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
A large cash reserve and negligible debt provide multi-quarter runway for development and regulatory work without immediate refinancing. This enhances resilience versus peers, lowers default risk, and gives management flexibility to fund milestones, supplier selection and pilot projects while pursuing commercialization.
Read all positive factors
Terrestrial Energy (IMSR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$718.24M
Dividend YieldN/A
Average Volume (3M)3.34M
Price to Earnings (P/E)―
Beta (1Y)0.76
Revenue GrowthN/A
EPS Growth-313.00%
CountryUS
Employees143
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)-0.40
Shares Outstanding105,935,260
10 Day Avg. Volume2,680,529
30 Day Avg. Volume3,339,015
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 Cap0.78
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-459.01
Enterprise Value/Ebitda-14.42
Forecast
1Y Price Target
$15.00Price Target Upside97.37% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.96
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
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:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Apr 05, 2027
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 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
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...
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.