Terrestrial Energy (IMSR) Q3 2026 earnings summary

Executive summary

• IMSR commercial operation is targeted for the mid-2030s, with fleet deployment planned in the 2030s.

• Three NRC Topical Reports were submitted in 2026, meeting stated guidance; Graphite and Thermal and Electric Facility reports were among the submissions.

• Selected as advanced nuclear technology supplier for Ameresco’s U.S. Army Aberdeen Proving Ground project, the third disclosed IMSR Plant project.

Financial highlights

• Q3 net loss was $11.027M versus $9.279M a year earlier; 9M net loss was $30.929M versus $21.780M.

• Q3 operating expenses were $13.062M, up from $8.398M YoY; R&D was $8.538M versus $4.749M, and G&A was $4.391M versus $3.362M.

• Q3 cash burn was $7.1M, up $0.7M QoQ; operating activities used $7.4M in Q3 and $22.229M in 9M 2026.

• R&D growth reflected fuel testing and RELLIS lease costs; G&A growth reflected stock-based compensation for new hires and increased headcount.

• Q3 interest and dividend income was $1.940M, driven by higher short-term investment balances; no debt was outstanding or accruing interest in 9M 2026.

Outlook and guidance

• Cash burn is expected to increase as project activity ramps, including TETRA and TEFLA; supplier and contractor work is expected to continue through Q4 and Q1 2027.

• TETRA and TEFLA are planned as balance-sheet-funded engineering projects; public-sector funding for either or both could be announced in 2027.

• The Natural Gas Bridge targets TEF operation before completion of the Nuclear Facility; projected time-to-power savings are 2–3 years versus a combined-cycle gas plant, subject to NRC confirmation and customer agreements.

• Current cash, investments and expected capital-market access are projected to meet cash requirements for at least 12 months from the Nov. 10, 2026 issuance date, based on current operating plans.

• The serviceable addressable market is projected to reach $2.3T by 2050, from $1.6T currently.