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Terrestrial Energy
(NASDAQ:IMSR)
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Rating:47Neutral
Price Target:
$3.00
▼(-41.75% Downside)
Action:Reiterated
Date:10/27/26
IMSR scores low overall primarily due to weak financial performance (minimal revenue, large losses, and ongoing cash burn) and bearish technicals (price below all major moving averages with negative MACD). These are partially offset by a constructive earnings call highlighting regulatory milestones, improved unit economics, and a sizable cash balance, while valuation is neutral-to-mixed given the negative P/E and no dividend data.
Positive Factors
Regulatory Progress
Foundational NRC approvals reduce licensing uncertainty and create reusable safety-case elements for future applications. This supports a more credible commercialization pathway, strengthens engagement with potential customers and partners, and may lower duplicated regulatory work across future IMSR projects.
Negative Factors
Pre-Commercial Financial Profile
The company remains pre-commercial, with negligible revenue relative to its expense base and continuing operating losses. Until IMSR projects generate meaningful sales, results will depend on development progress rather than an established revenue engine, leaving profitability timing uncertain over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory Progress
Foundational NRC approvals reduce licensing uncertainty and create reusable safety-case elements for future applications. This supports a more credible commercialization pathway, strengthens engagement with potential customers and partners, and may lower duplicated regulatory work across future IMSR projects.
Read all positive factors
Terrestrial Energy (IMSR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$311.45M
Dividend YieldN/A
Average Volume (3M)1.59M
Price to Earnings (P/E)―
Beta (1Y)1.07
Revenue GrowthN/A
EPS Growth-351.78%
CountryUS
Employees74
SectorGeneral
Sector StrengthN/A
IndustryRegulated Electric
Share Statistics
EPS (TTM)-0.46
Shares Outstanding105,935,260
10 Day Avg. Volume1,605,136
30 Day Avg. Volume1,589,134
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)1.48
Price to Sales (P/S)0.00
P/FCF Ratio-24.85
Enterprise Value/Market Cap1.54
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-351.23
Enterprise Value/Ebitda-10.51
Forecast
1Y Price Target
$12.00Price Target Upside133.01% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.54
Revenue Forecast (FY)N/A
Terrestrial Energy Business Overview & Revenue Model
Company Description
Terrestrial Energy Inc. engages in the development of small modular nuclear plants using its generation IV integral molten salt reactor (IMSR). The IMSR captures the transformative operating benefits of molten salt reactor technology in a plant de...
How the Company Makes Money
Terrestrial Energy is not publicly documented as generating recurring commercial operating revenue from deployed IMSR plants as of the latest available information; accordingly, specific, current revenue figures and finalized customer contract ter...
Terrestrial Energy Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Apr 05, 2027
Earnings Call Sentiment Positive
The call conveyed meaningful technical and commercial progress (NRC topical approvals, DOE-backed TETRA/TEFLA advancement, improved unit economics and a larger addressable market, strategic partnerships including Riot, and a solid cash position). These positives were balanced by expected higher near-term spending, some timing variability in testing and R&D, regulatory and supply-chain steps still to complete (UF4/fuel-salt production and liquid-fuel qualification), and limited specificity on near-term milestones and financing for first commercial plants. On balance, the highlights — notably stronger unit economics, regulatory approvals, DOE partnerships, and commercial pipeline growth — outweigh the lowlights, though execution and funding risk remain important near-term considerations.Positive Updates
Regulatory Progress — NRC Safety Evaluation Report Approval
On May 12 the NRC issued a safety evaluation report approving the topical report on postulated initiating events; this follows earlier NRC approval of IMSR principal design criteria, creating foundational licensing elements that can be referenced in future applications.
Negative Updates
Increasing Near-Term Spend and Planned H2 2026 Acceleration
Management expects increased spending in the second half of 2026 as testing programs, site characterization (RELLIS) and organizational expansion scale up; this will raise cash burn over calendar 2026 despite sequential reductions in Q2.
Read all updates
Q2-2026 Updates
Positive
Negative
Regulatory Progress — NRC Safety Evaluation Report Approval
On May 12 the NRC issued a safety evaluation report approving the topical report on postulated initiating events; this follows earlier NRC approval of IMSR principal design criteria, creating foundational licensing elements that can be referenced in future applications.
Read all positive updates
Company Guidance
Management reiterated March guidance across its three execution pillars and updated unit economics: cumulative lifetime revenues per plant are now $2.7 billion (from $2.1B) with a blended gross margin of 33% (vs. 22%), of which core‑unit supply is 58% (~$1.6B over a 56‑year plant life via 16 core replacements every 7 years) and fuel‑salt supply 21% (40% gross margin); 79% of revenues occur post‑construction. They raised the serviceable addressable market to $2.3 trillion by 2050 (from $1.9T, +$400B) and report an indicative commercial pipeline of 7.8 GW including a Riot Platforms pairing targeting 4 GW; the IMSR plant is 390 MWe, 585°C operating temperature and 56‑year design life. Engineering and regulatory milestones advanced: DOE‑backed TETRA and TEFLA progressed, NRC issued an SER for the postulated initiating events topical report (following the principal design criteria SER) and at least two further topical submissions are expected. Financially, cash and investments were $283.4M at quarter end (down from $289.9M), quarterly cash burn was $6.4M (~$2.2M/mo) vs. $7.9M (~$2.6M/mo) in Q1 with H2 spending set to increase; R&D was down ~$1.1M QoQ (timing/added three graphite irradiation cycles at NRG Petten), G&A up ~$700k (stock‑based comp +$500k), and fully diluted shares rose ~300k; company also secured a 77‑acre exclusive RELLIS lease and added EVP Engineering Pam Cowan and director Kathryn McCarthy.Terrestrial Energy Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
58
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 0.00 | 0.00 | 248.36K | 18.61K |
| Gross Profit | -1.37M | 0.00 | 248.36K | 18.61K |
| EBITDA | -45.72M | -22.50M | -8.90M | -11.90M |
| Net Income | -49.21M | -28.02M | -11.49M | -13.91M |
Balance Sheet | ||||
| Total Assets | 289.87M | 302.98M | 5.33M | 7.89M |
| Cash, Cash Equivalents and Short-Term Investments | 273.52M | 297.79M | 3.02M | 4.60M |
| Total Debt | 3.88M | 2.07M | 16.98M | 10.97M |
| Total Liabilities | 8.21M | 7.57M | 18.82M | 12.77M |
| Stockholders Equity | 281.65M | 295.41M | -13.49M | -5.41M |
Cash Flow | ||||
| Free Cash Flow | -31.94M | -17.61M | -8.87M | -10.27M |
| Operating Cash Flow | -30.72M | -16.47M | -8.20M | -9.16M |
| Investing Cash Flow | -152.19M | -200.64M | -662.27K | -1.10M |
| Financing Cash Flow | 311.53M | 311.39M | 7.25M | 10.13M |
Terrestrial Energy Technical Analysis
Negative
5.15
Price Trends
4.30
Negative
5.24
Negative
6.47
Negative
Market Momentum
-0.43
Negative
35.94
Neutral
27.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMSR, the sentiment is Negative. The current price of 5.15 is above the 20-day moving average (MA) of 3.30, above the 50-day MA of 4.30, and below the 200-day MA of 6.47, indicating a bearish trend. The MACD of -0.43 indicates Negative momentum. The RSI at 35.94 is Neutral, neither overbought nor oversold. The STOCH value of 27.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IMSR.
Terrestrial Energy Risk Analysis
Terrestrial Energy disclosed 66 risk factors in its most recent earnings report. Terrestrial Energy reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Terrestrial Energy Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $172.06B | 14.70 | 20.37% | 2.97% | 13.47% | 76.73% | |
63 Neutral | $45.98B | 16.26 | 9.61% | 3.73% | 6.56% | 3.72% | |
62 Neutral | $13.58B | 2.31 | 16.03% | 4.98% | -1.36% | 22.18% | |
59 Neutral | $51.36B | 27.15 | 10.41% | 2.38% | 10.19% | -2.59% | |
58 Neutral | $57.26B | 22.53 | 8.89% | 4.10% | 21.98% | -0.39% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
47 Neutral | $311.45M | -6.33 | -18.00% | ― | ― | -351.78% |
* General Sector Average
IMSR
Terrestrial Energy
2.94
-15.10
-83.70%
D
Dominion Energy
65.10
7.92
13.85%
ETR
Entergy
107.50
14.79
15.95%
EXC
Exelon
44.54
-1.47
-3.19%
KEP
Korea Electric Power
10.49
-5.08
-32.63%
NEE
NextEra Energy
82.04
0.81
0.99%
Terrestrial Energy Corporate Events
Business Operations and StrategyStock Buyback
Terrestrial Energy Authorizes $25 Million Share Buyback Program
Positive
Oct 27, 2026
On October 27, 2026, Terrestrial Energy announced that its board had authorized a share repurchase program of up to $25 million of the company’s common stock. The initiative, which may be executed through open market purchases, privately neg...
Executive/Board Changes
Terrestrial Energy Announces Routine Board Director Resignation
Neutral
Jul 31, 2026
On July 27, 2026, Terrestrial Energy Inc. announced that Shawn Matthews resigned from its Board of Directors, effective the same day. The company stated that his departure was not due to any disagreement related to its operations, policies or prac...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Terrestrial Energy Adds Veteran Director, Sets Q2 Earnings Date
Positive
Jul 28, 2026
Terrestrial Energy Inc., a developer of Generation IV small modular nuclear plants using its proprietary Integral Molten Salt Reactor technology, is positioning its IMSR plants to provide modular, high-temperature industrial heat and electricity f...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.