Terrestrial Energy (IMSR) Q2 2026 earnings summary

Executive summary

• Achieved key regulatory milestones, including NRC approval of the IMSR Postulated Initiating Events Topical Report and foundational safety analysis submissions, advancing licensing and supporting DOE-backed projects TETRA and TEFLA.

• Expanded commercial pipeline to 7.8 GW across data centers, industrial heat, and coal replacement markets, with major agreements signed for site use at Texas A&M-RELLIS and with Riot Platforms for up to 4 GW of nuclear capacity.

• Updated business model focuses on manufacturing and supplying IMSR Core-units and fuel salt, not plant ownership or operation, enabling a capital-light approach.

• Strengthened leadership with appointments of Pamela Cowan as EVP of Engineering and Kathy/Kathryn McCarthy to the Board.

• Completed business combination and Nasdaq listing in October 2025, raising over $292 million in gross proceeds.

Financial highlights

• Net loss for Q2 2026 was $9.4 million, improved from $10.5 million in Q1 2026, with a six-month net loss of $19.9 million.

• Cash, cash equivalents, and investments totaled $283.4 million at quarter end; net working capital was $268.6 million.

• Cash burn for Q2 2026 was $6.4 million, down $1.5 million sequentially; $14.8 million used in operations in 1H 2026.

• Operating expenses for Q2 2026 were $11.7 million, up 126% year-over-year, driven by R&D and G&A costs.

• No debt, modest current liabilities, and a clean balance sheet.

Outlook and guidance

• Cash burn expected to increase in the second half of 2026 as site analysis and organizational scaling accelerate.

• Lifetime revenue per IMSR plant raised to $2.7 billion, with a blended gross margin of 33%; serviceable addressable market estimate expanded to $2.3 trillion by 2050.

• Sufficient liquidity projected for at least the next 12 months based on current cash, investments, and operating plans.

• Continued execution on DOE-supported projects and further Topical Reports to be submitted to the NRC.

• Anticipates further announcements on supply business developments and production facilities.