0001104659-26-061234
SEC filingA challenging quarter marked by sharply higher operating losses as the company scaled R&D and G&A investments for its IMSR nuclear reactor program, partially offset by interest income from its post-business combination cash position.
The company's operating loss increased to $11.9 million in Q1 2026 from $1.1 million in Q1 2025, a year-over-year change of -981.6%. This increase was primarily due to higher engineering costs and general and administrative costs, as the company scaled its workforce and invested in its IMSR nuclear reactor program. The increase in operating loss after non-cash items was the primary driver of the change in net cash used in operating activities.
Net loss for Q1 2026 was $10.5 million, compared to net income of $0.7 million in Q1 2025. The shift from profit to loss was driven by the higher operating loss and the absence of prior-year interest expense, as convertible notes were converted in Q4 2025, resulting in no debt outstanding or accruing interest in Q1 2026. Diluted EPS was $(0.10) versus $0.04 in the prior year.
Management believes that the company has sufficient cash and cash equivalents and investments, along with continued access to capital markets, to satisfy its cash requirements for the next 12 months and beyond based on current operating plans. However, management expects that significant ongoing expenditures will be necessary to successfully implement the business plan, including the development and deployment of IMSR Plants. The company's future capital requirements will depend on the timing and extent of spending to support further sales and marketing, research and development efforts, and commercial development. The company may seek additional financing through public or private equity offerings, debt financings, or corporate collaborations.