Terrestrial Energy Inc. /DE/ IMSR
Terrestrial Energy Inc. is an advanced nuclear technology company developing the Integral Molten Salt Reactor nuclear plant ("IMSR Plant"), which uses the Company's proprietary design of Molten Salt Reactor ("MSR"). Our mission is to transform global energy markets by commercializing our IMSR Plant, which will deliver low-carbon electricity and industrial heat with superior economics, speed to deployment, and siting flexibility. In a world demanding rapid, scalable nuclear solutions, the IMSR Plant offers a viable, efficient alternative to both the limitations of legacy nuclear and the intermittency of renewables.
HCM II Acquisition Corp. ("HCM II") was a special purpose acquisition company incorporated on April 4, 2024, as a Cayman Islands exempted corporation for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. On October 23, 2025, HCM II domesticated as a Delaware corporation and changed its name to "Terrestrial Energy Inc." (the "Company"). On October 28, 2025, pursuant to the Business Combination Agreement, dated as of March 26, 2025, as amended (the "Business Combination"), the Company completed the Business Combination with Terrestrial Energy Development Inc. ("TEDI"), a Delaware corporation, with TEDI surviving as a wholly owned subsidiary of the Company. Following the Business Combination, the Company became a holding company whose operations are conducted through TEDI and whose primary asset is its equity interest in TEDI. For accounting and financial reporting purposes, the Business Combination was accounted for as a reverse recapitalization, with TEDI treated as the accounting acquirer and HCM II treated as the accounting acquiree.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | — | $248.4K | — |
| R&D | $9.8M | $5.2M | — |
| SG&A | $14.3M | $4.2M | — |
| Total operating expenses | $25.2M | $10.6M | — |
| Operating income | -$25.2M | -$10.4M | — |
| Pre-tax income | -$28.0M | -$11.5M | — |
| Income tax | $17.9K | $21.0K | — |
| Net income | -$28.0M | -$11.5M | — |
| EPS, basic | -0.39 | -0.19 | — |
| EPS, diluted | -0.39 | -0.19 | — |
| Shares, diluted (wtd. avg.) | 71.6M | 60.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Cash and equivalents | $97.2M | $3.0M | $4.6M |
| Short-term investments | $200.6M | — | — |
| Total current assets | $299.6M | $3.3M | — |
| Property, plant and equipment | $834.8K | $770.5K | — |
| Other intangibles | $707.7K | $617.0K | — |
| Total assets | $303.0M | $5.3M | — |
| Accounts payable | $5.5M | $748.9K | — |
| Total current liabilities | $5.9M | $1.1M | — |
| Total liabilities | $7.6M | $18.8M | — |
| Retained earnings | -$124.6M | -$96.6M | — |
| Total equity | $295.4M | -$13.5M | -$4.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Operating cash flow | -$16.5M | -$8.2M | — |
| Depreciation and amortisation | $1.2M | $1.3M | — |
| Stock-based compensation | $3.1M | $670.2K | — |
| Capital expenditure | $1.1M | $607.9K | — |
| Investing cash flow | -$200.6M | -$662.3K | — |
| Financing cash flow | $311.4M | $7.3M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-071014.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | — | $248.4K | — |
| Gross profit | — | — | — |
| Net income | — | -$11.5M | -$28.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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