Terrestrial Energy
IMSRNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $2.73 Prior regular-session close from the quote source.
- $2.43–$2.75 Regular-session low and high so far today.
- 3.0M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 9 projected Projected for 2027-02-09 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $2.43–$14.28 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own IMSR if Terrestrial Energy’s value depends on capitalizing a deep R&D lead in small modular molten-salt reactors by using a large post-listing cash balance to fund demonstration, win regulatory approval, and convert that technical validation into.
IMSR price history
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Investment thesis
What must happen next
The large year-end cash balance gives Terrestrial a meaningful near-term runway to fund demonstration work and regulatory steps, reducing the immediate need for dilutive capital.StrengtheningMateriality: High
CashAndCashEquivalentsAtCarryingValue increased from 3,021,795 (2024) to 97,164,000 (2025). If true, shareholders avoid near-term dilution and management can focus on technical milestones; if false, the company will need dilutive financing and the optionality value collapses.
Watch: Regulatory or demonstration cost overruns that consume cash faster than planned (e.g., extended testing, supply-chain inflation).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
CashAndCashEquivalentsAtCarryingValue increased from 3,021,795 (2024) to 97,164,000 (2025).
Open source ↗Operating losses and negative operating cash flow are increasing because the company is scaling engineering, testing and regulatory activities; absent early customer revenue these expenditures will determine dilution timing.StrengtheningMateriality: High
OperatingIncomeLoss worsened from -10,353,542 (2024) to -25,196,475 (2025). A sustained higher burn rate shortens runway and raises the probability of future equity raises; conversely, slowing spend without progress risks delaying commercialization.
Watch: A strategic partner or cost-sharing agreement with a utility or industrial partner that materially reduces Terrestrial’s direct spend.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
OperatingIncomeLoss worsened from -10,353,542 (2024) to -25,196,475 (2025).
Open source ↗Value creation depends on converting technical development into commercial revenue — currently negligible — which requires regulatory approvals and signed supply or licensing contracts; until those occur revenue will remain immaterial.StrengtheningMateriality: Medium
RevenueFromContractWithCustomerExcludingAssessedTax was only 248,357 for FY2024 and no material revenue is reported for FY2025. If Terrestrial secures approvals and contracts, revenue growth and margin leverage follow; failure to convert technical progress to customers keeps the company a pure R&D play and caps valuation.
Watch: Signing of long-term supply or licensing agreements with utilities or industrial customers (which would be a direct lead indicator of imminent revenue).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
RevenueFromContractWithCustomerExcludingAssessedTax was only 248,357 for FY2024 and no material revenue is reported for FY2025.
Open source ↗The year-over-year jump in equity and assets indicates a material financing or listing transaction that re-capitalized the company; the new capital structure both reduces insolvency risk and sets the stage for milestone-driven value creation — but also fixes expectations for.StrengtheningMateriality: Medium
StockholdersEquity moved from -10,305,811 (2024) to 295,406,000 (2025). A successful recapitalization reduces short-term survival risk and lets management fund critical demonstrations; however the market will expect milestone delivery on that capital or re-price the stock sharply.
Watch: If the financing carried onerous terms (contingent liabilities, earn-outs) that transfer upside away from public shareholders.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
StockholdersEquity moved from -10,305,811 (2024) to 295,406,000 (2025).
Open source ↗
Full investment case & evidence
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Original research
The large year-end cash balance gives Terrestrial a meaningful near-term runway to fund demonstration work and regulatory steps, reducing the immediate need for dilutive capital. If true, shareholders avoid near-term dilution and management can focus on technical milestones; if false, the company will need dilutive financing and the optionality value collapses.
Operating losses and negative operating cash flow are increasing because the company is scaling engineering, testing and regulatory activities; absent early customer revenue these expenditures will determine dilution timing. A sustained higher burn rate shortens runway and raises the probability of future equity raises; conversely, slowing spend without progress risks delaying commercialization.
Value creation depends on converting technical development into commercial revenue — currently negligible — which requires regulatory approvals and signed supply or licensing contracts; until those occur revenue will remain immaterial. If Terrestrial secures approvals and contracts, revenue growth and margin leverage follow; failure to convert technical progress to customers keeps the company a pure R&D play and caps valuation.
The year-over-year jump in equity and assets indicates a material financing or listing transaction that re-capitalized the company; the new capital structure both reduces insolvency risk and sets the stage for milestone-driven value creation — but also fixes expectations for. A successful recapitalization reduces short-term survival risk and lets management fund critical demonstrations; however the market will expect milestone delivery on that capital or re-price the stock sharply.
All standing thesis claims
Original report summary
Terrestrial Energy’s value depends on capitalizing a deep R&D lead in small modular molten-salt reactors by using a large post-listing cash balance to fund demonstration, win regulatory approval, and convert that technical validation into.
Bull case and bear case
Bull case and bear case for Terrestrial Energy
Where the evidence on Terrestrial Energy stands: Strengthening on the latest evidence (Oct 25, 2026). Of its 4 thesis points, 4 strengthening.
Bull case: what the evidence supports
The large year-end cash balance gives Terrestrial a meaningful near-term runway to fund demonstration work and regulatory steps, reducing the immediate need for dilutive capital.
Operating losses and negative operating cash flow are increasing because the company is scaling engineering, testing and regulatory activities; absent early customer revenue these expenditures will determine dilution timing.
Value creation depends on converting technical development into commercial revenue — currently negligible — which requires regulatory approvals and signed supply or licensing contracts; until those occur revenue will remain immaterial.
The year-over-year jump in equity and assets indicates a material financing or listing transaction that re-capitalized the company; the new capital structure both reduces insolvency risk and sets the stage for milestone-driven value creation — but also fixes expectations for.
Bear case: what would count against it
Regulatory or demonstration cost overruns that consume cash faster than planned (e.g., extended testing, supply-chain inflation).
A strategic partner or cost-sharing agreement with a utility or industrial partner that materially reduces Terrestrial’s direct spend.
Signing of long-term supply or licensing agreements with utilities or industrial customers (which would be a direct lead indicator of imminent revenue).
Thesis-Break Engine
Thesis-break watch · Terrestrial Energy
No break has crossed Terrestrial Energy’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Terrestrial Energy filed an SEC 8-K on 2026-08-11: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Terrestrial Energy filed an SEC 8-K on 2026-07-31: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Terrestrial Energy filed an SEC 8-K on 2026-07-28: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Regulatory or demonstration cost overruns that consume cash faster than planned (e.g., extended testing, supply-chain inflation).
- A strategic partner or cost-sharing agreement with a utility or industrial partner that materially reduces Terrestrial’s direct spend.
- Signing of long-term supply or licensing agreements with utilities or industrial customers (which would be a direct lead indicator of imminent revenue).
- If the financing carried onerous terms (contingent liabilities, earn-outs) that transfer upside away from public shareholders.
IMSR news
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Financial statements
IMSR income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
IMSR: quick answers
- When does Terrestrial Energy (IMSR) report earnings next?
- Terrestrial Energy's next results are projected for February 9, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 10, 2026. Earnings calendar
- What is IMSR's short interest?
- As of October 30, 2026, 9.0M IMSR shares were sold short, 8.52% of its shares outstanding, up 11.2% from the count before. At the stock's average daily volume that is 5.0 days to cover. FINRA publishes the count twice a month. IMSR short interest history