IMSR · Terrestrial Energy Inc.

Terrestrial Energy reported a Q1 2026 net loss of $10.5 million, up from $6.2 million in Q4 2025, primarily due to a $3.2 million increase in R&D expenses from fuel development and graphite testing, a $4.0 million rise in G&A from personnel and stock-based compensation, offset partially by $2.8 million favorable other income/expense changes. Cash burn increased to $7.9 million from $6.1 million prior quarter, driven by $0.6 million in 2025 bonuses, $1.0 million vendor paydowns, and higher R&D payments. The balance sheet remains robust with $289.9 million in cash and investments, providing substantial liquidity runway. CEO Simon Irish highlighted progress on three pillars: engineering/regulatory, supply chain, and commercial pipeline. Key wins include two DOE OTA agreements for IMSR pilot reactor (TETRA) and fuel line (TEFLA) projects, advancing licensing and infrastructure. NRC's approval of the PIE Topical Report, following Principal Design Criteria in September 2025, establishes core licensing basis elements, streamlining future applications. Supply chain advanced with graphite irradiation testing and active supplier engagements. Commercially, the May 6 MOU with Riot Platforms targets up to 4GW IMSR deployment for AI data centers, with site evaluations and natural gas bridging. At quarter-end, 105.9 million shares outstanding, including 82.2 million common and 23.7 million exchangeable.