olivLaw · US equity research
Terrestrial Energy Inc. IMSR
Fabricated Plate Work (Boiler Shops) · SIC 3443 · Vertical: Fabricated metal products (SIC 344x)
Terrestrial Energy Inc. is developing the modular Integral Molten Salt Reactor, a fourth-generation nuclear design meant to supply low-carbon electricity and industrial heat. The company now estimates its serviceable market at 2.3 trillion dollars by 2050 and lifetime revenue per plant at 2.7 billion dollars, figures that depend on regulatory approval and financing.
At the close of 04 Nov 2026, Terrestrial Energy Inc. (IMSR) stock was 2.87 USD (+0.35% on the day), with market capitalisation 304.0 m USD, beta 1.75, 52-week range 2.80–15.53 USD. Latest reported quarter (Q2 2026): net income of -9.4 m USD, diluted EPS -0.09 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 38.0
- weak (30–45)
- Bollinger (20, 2)
- 2.64 – 3.48
- in the lower half of the band · %B 0.27 · band width 27.2%
- SMA 50 / 200
- 3.97 / 6.20
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.26 / -0.31
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −23.5% | −1.1% | −22.4 pp | — |
| 3 months | −46.4% | −0.5% | −45.9 pp | — |
| 6 months | −66.7% | +4.4% | −71.1 pp | — |
| Year to date | −53.0% | +12.3% | −65.3 pp | — |
| 1 year | −79.0% | +13.5% | −92.5 pp | +5.0% |
| 3 years | unavailable | +76.4% | unavailable | +84.4% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly statements · USD
| Fiscal year | Q2 '24 | Q3 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Research & development | — | — | 1.4 m | 1.4 m | — | — | 4.6 m | 3.5 m |
| Operating income | -52.7 k | -278.5 k | -4.9 m | -5.2 m | -1.6 m | -21.0 m | -11.9 m | -11.7 m |
| Depreciation & amortisation | — | — | 181.0 k | 198.0 k | — | — | 61.0 k | 145.0 k |
| Pre-tax income | — | — | -6.3 m | -6.2 m | — | — | -10.5 m | -9.3 m |
| Income tax | — | — | 0 | 0 | — | — | 37.0 k | 78.0 k |
| Net income | -52.7 k | 1.1 m | -6.3 m | -6.2 m | 1.9 m | -31.2 m | -10.5 m | -9.4 m |
| Diluted EPS | -0.02 | — | -0.10 | -0.10 | — | — | -0.10 | -0.09 |
| Operating cash flow | — | — | -2.8 m | -4.1 m ≈ | 5.8 m ≈ | -15.4 m | -9.1 m | -5.7 m ≈ |
| Capex | — | — | 163.0 k | 363.0 k ≈ | — | — | 53.0 k | 108.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 248.4 k | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | -11.5 m | -28.0 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.19 | -0.39 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -4,624.6% | unavailable |
| Free cash flow | -8.8 m | -17.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 97.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 295.4 m USD
- Total assets
- 303.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 50.63x
- ROE
- unavailable
- ROA
- -18.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 248.4 k | — | SEC (XBRL)· 30 Mar 2026verified |
| Research & development | 5.2 m | 9.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Operating income | -10.4 m | -25.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Depreciation & amortisation | 1.3 m | 1.2 m | SEC (XBRL)· 30 Mar 2026verified |
| EBITDA | -9.1 m ≈ | -24.0 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Pre-tax income | -11.5 m | -28.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Income tax | 21.0 k | 18.0 k | SEC (XBRL)· 30 Mar 2026verified |
| Net income | -11.5 m | -28.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Diluted EPS | -0.19 | -0.39 | SEC (XBRL)· 30 Mar 2026verified |
| Weighted average diluted shares | 60.4 m | 71.6 m | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 3.0 m | 97.2 m | SEC (XBRL)· 14 May 2026verified |
| Current assets | 3.3 m | 299.6 m | SEC (XBRL)· 14 May 2026verified |
| Property, plant & equipment, net | 770.5 k | 835.0 k | SEC (XBRL)· 14 May 2026verified |
| Intangibles (excl. goodwill) | 617.0 k | 708.0 k | SEC (XBRL)· 14 May 2026verified |
| Total assets | 5.3 m | 303.0 m | SEC (XBRL)· 14 May 2026verified |
| Accounts payable | 748.9 k | 5.5 m | SEC (XBRL)· 14 May 2026verified |
| Current liabilities | 1.1 m | 5.9 m | SEC (XBRL)· 14 May 2026verified |
| Total liabilities | 18.8 m | 7.6 m | SEC (XBRL)· 14 May 2026verified |
| Equity | -13.5 m | 295.4 m | SEC (XBRL)· 14 May 2026verified |
Cash flow · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -8.2 m | -16.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Capex | 607.9 k | 1.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Free cash flow | -8.8 m ≈ | -17.5 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Investing cash flow | -662.3 k | -200.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Financing cash flow | 7.3 m | 311.4 m | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 304.0 m USD
Key indicators
Coverage and freshness
Score by group
13% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 44.5x | 100 (on a fixed band) | 33% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.2% | 0 (on a fixed band) | 67% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TERRESTRIAL ENERGY INC. (IMSR). Latest full fiscal year: 2024; data up to 2026-06-30.
Figures computed from the financial statements: revenue 248.4 k USD in 2024; ROE -36.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 44.5x
What contradicts it
- FCF yield: -8.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Fabricated metal products (SIC 344x) · same industry group (3-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| VMIValmont Industries, Inc. | 8.1 bn | 15.9 | 30.8% | 12.1% | +0.7% | +2% / +92% |
| ACAArcosa, Inc. | 7.3 bn | 14.9 | 17.9% | 17.9% | +12.2% | +46% / +116% |
| GFFGriffon Corporation | 4.9 bn | 27.4 | 185.4% | 6.5% | −3.9% | +43% / +131% |
| PRLBProto Labs, Inc. | 1.6 bn | 46.6 | 5.1% | 6.0% | +6.4% | +31% / +84% |
| SMRNUSCALE POWER Corp | 1.2 bn | — | -30.2% | -3,888.7% | −15.0% | −74% / +85% |
| JBIJanus International Group, Inc. | 682.2 m | 20.7 | 6.0% | 3.7% | unavailable | −19% / −53% |
| IMSRTerrestrial Energy Inc. | 304.0 m | — | -36.8% | — | unavailable | −79% / unavailable |
| VATEInnovate Corp. | 74.1 m | — | — | -1.5% | +12.5% | +5% / −49% |
| TPCSTechprecision Corp | 53.6 m | — | -15.4% | -3.7% | −7.0% | +17% / −12% |
| MTENMingteng International Corporation Inc. | 8.4 m | — | -11.7% | -15.3% | +15.3% | −100% / unavailable |
1- and 3-year price returns: for IMSR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Terrestrial Energy Inc. is developing the modular Integral Molten Salt Reactor, a fourth-generation nuclear design meant to supply low-carbon electricity and industrial heat. The company now estimates its serviceable market at 2.3 trillion dollars by 2050 3 and lifetime revenue per plant at 2.7 billion dollars 3, figures that depend on regulatory approval and financing.
SWOT
Strengths
- The molten salt design operates at high temperature and low pressure, which supports industrial use of its heat 1.
- The company has reached staged regulatory milestones and gained support from DOE pilot programs 23.
- A model without plant operation could reduce the capital the company must commit itself 1.
Weaknesses
Opportunities
Risks
- No binding customer contractshigh
Without binding contracts, construction and revenue could be delayed considerably 1.
- Funding and cash burnhigh
Losses and research spending could require additional capital if projects are delayed 12.
- Delays and cost overrunsmedium
Cost estimates have not been updated by third parties since 2021, which could make the plants less competitive 1.
- Public perception of nuclear powermedium
Incidents at other plants could reduce acceptance of projects and access to funding 1.
- Dependence on regulatory approvalsmedium
NRC licensing and approvals could delay the commercial timetable if new requirements arise 13.
Investment thesis
What would need to be true (bull case)
- If political support and DOE programs lead to binding contracts, the company could turn early projects into recurring revenue over the plant lifetime 12.
- The updated margin and market estimates could point to a high-margin component and fuel business, if they hold up 3.
- The partnership with a data center developer and access to the Texas site could speed up the first commercial project 3.
What would break the thesis
- Without binding contracts and with negligible revenue, the company could continue to depend on outside financing 1.
- Market and revenue estimates rest on internal assumptions that could be revised downward 13.
- The commercial timetable could slip if regulatory approvals, construction or financing are delayed 12.
What to watch
- Signing of binding customer contracts for plants or componentsnext 10-K
- Trend in cash burn and liquidity balanceQ3 2026
- Progress of the DOE projects TETRA and TEFLA2027
- NRC regulatory steps and licensing timetable2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Terrestrial Energy Inc., listed on Nasdaq under the symbol IMSR since October 2025, develops small modular nuclear plants based on its proprietary molten salt reactor design (IMSR), in which the salt acts as both fuel and coolant 1. The company plans four revenue streams: pre-construction services, construction services and component supply, post-construction IMSR Core-unit supply and post-construction fuel supply 1. According to the 2025 Form 10-K, it does not intend to operate the plants itself but to supply their owner-operators, without a build-own-operate model 1. Revenue so far has been negligible, at 0 million dollars in 2025 against 0.3 million in 2024 1, so the business model remains in development.
The company completed its business combination with HCM II Acquisition Corp. in October 2025, after which Terrestrial Energy Development Inc. became a wholly owned subsidiary and the listed parent's main asset is its stake in it 1. The technology targets higher operating temperatures than light water reactors and uses standard-assay low enriched uranium, easier to source than the HALEU fuel used by other Gen IV designs 1. The company reports more than ten early-stage projects and over 50 collaborative industry relationships 1. Its roadmap targets first commercial operation around 2034, subject to regulatory approval and financing 1.
As of the second quarter of 2026, the company reported regulatory and commercial progress: the NRC approved its postulated initiating events methodology, and the company signed ground lease agreements at the Texas A&M-RELLIS site 3. In the near term it depends on continuing these steps, on binding customer contracts and on access to capital 2.
Segments
IMSR Core-unit supply
The company estimates that supplying the main reactor component, the IMSR Core-unit, could carry a gross margin of 33% 3, and this stream recurs over the plant's operating life 1.
IMSR Fuel Salt supply
According to company estimates, Fuel Salt supply has the higher gross margin of the two supply businesses, at 40% 3, and it relies on standard-assay low enriched uranium 1.
Pre-construction and construction services
The company intends to offer engineering and construction services, partly through EPC partners, but has not yet signed binding customer contracts for these services 1.
Market context
The company estimates its serviceable addressable market at 1.4 trillion dollars across OECD countries, of which 800 billion is grid electricity and 600 billion is industrial heat 1, and its June 2026 update raises the 2050 figure to 2.3 trillion dollars 3. These are internal estimates, and the company has no binding contracts that confirm them.
Demand depends on energy policy and supply security: May 2025 executive orders streamline approval of advanced reactors, and electricity consumption is rising quickly 1. The pace of actual adoption, however, depends on construction costs and public acceptance of nuclear power.
Trends
- Political support for advanced nucleartailwind
The 2025 executive orders and the DOE pilot programs, to which the company was selected, could speed up licensing and financing of modular reactors 12.
- Rising demand for electricity and industrial heattailwind
Growing energy consumption, including from data centers, could make plants located near demand more attractive than grid expansion 13.
- Construction costs and outdated estimatesheadwind
The company has not updated third-party cost estimates since 2021, and rising commodity prices and interest rates could reduce the competitiveness of its plants 1.
- Financing and continuing lossesmixed
Operating losses and cash burn put pressure on funding, although current liquidity supports the plans if spending stays controlled 12.
Competitive position
The company competes with other Gen IV technologies, including designs using HALEU fuel, and with light water reactors, which have a large installed base 1. According to the company, its advantages are high operating temperature and easier-to-source fuel 1.
The company also cites competition from other advanced reactor developers and from alternative energy technologies, which could lead to pricing pressure and loss of market share 12.
- Other Gen IV advanced reactor developers
Developers using HALEU fuel compete directly for the same projects, according to the source 1.
- Light water reactor technology (installed base)
The established technology has a large installed base, but the company considers it more costly and harder to finance without public support 1.
- Alternative energy technologies
Renewables and natural gas may compete for the same energy demand, as the company's risk disclosures note 2.
- Riot Platforms, Inc.RIOT
A collaboration partner rather than a direct competitor; the partnership concerns plants sited near data centers 3.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Climate-Driven Sink-to-Source Transitions for Microplastics in Terrestrial SystemsEnvironmental Science & Technology · 03 Nov 2026 · EN
- Qinghai–Tibet Plateau study traces evolution of terrestrial animals across three distinct regionsPhys.org · 29 Oct 2026 · EN
- High wind speed reduces water use efficiency across terrestrial ecosystemsNature Climate Change · 15 Oct 2026 · EN
- Lay of the land: terrestrial conservation efforts cover a wider area than thoughtNature · 14 Oct 2026 · EN
- Evolution of terrestrial anatomy revealed by a derived stem tetrapodNature · 30 Sept 2026 · EN
- Wild dogs make the longest recorded journey of any terrestrial mammal in AfricaPhys.org · 15 Sept 2026 · EN
- Spatially refined satellite gravimetry captures human signatures in global terrestrial water storage trendsPNAS · 14 Sept 2026 · EN
- On A Long Runway To Revenue, Terrestrial Energy (IMSR) Just Got A Little ShorterYahoo Finance — News · 10 Sept 2026 · EN
SEC filings
- Current report27 Oct 2026Other events
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Financial statements and exhibits
- Current report31 Jul 2026Departure or appointment of officers
- Current report28 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report21 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report17 Jul 2026Departure or appointment of officers
- Current report12 Jun 2026Shareholder vote
- Quarterly report14 May 2026
- Current report14 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Terrestrial Energy Inc. · 30 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Terrestrial Energy Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Terrestrial Energy Inc. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.