Key Highlights

  • Third quarter loss per share was USD 0.10, narrower than the estimated USD 0.17 loss, with no Revenue reported.
  • Cash, equivalents and short-term investments were USD 276.3 million, with quarterly cash burn of USD 7.1 million.
  • The company met its guidance of at least three topical reports submitted to the NRC during 2026.
  • The board authorized a share repurchase program of up to USD 25 million after quarter end.

Terrestrial Energy (NASDAQ:IMSR), a developer of the Integral Molten Salt Reactor, reported a third quarter 2026 loss of USD 0.10 per share, narrower than the USD 0.17 estimated loss. The company reported no revenue. Management framed the quarter around the three-pillar Business Plan it set out in March guidance for 2026.

The company held USD 276.3 million in cash, cash equivalents and short-term investments at quarter end, compared with USD 283.4 million at the end of the second quarter. Cash burn for the quarter was USD 7.1 million, or about USD 2.4 million per month, up from USD 6.4 million, or about USD 2.2 million per month, in the second quarter.

Research and development expenses rose about USD 0.9 million from the prior quarter, driven by fuel testing and Lease costs tied to the RELLIS site. General and administrative expense was USD 8.5 million for the quarter, up from USD 4.7 million a year earlier, and USD 23.9 million for the nine months, compared with USD 11.6 million. The filing attributes higher research spending to increased fuel and graphite testing and headcount additions supporting commercialization.

The fully diluted share count rose by about 400,000 shares in the quarter because of Equity awards to new hires. After quarter end, the board authorized a share repurchase program of up to USD 25 million of common stock.

Regulatory Milestones

On September 10 the company submitted its graphite topical report to the Nuclear Regulatory Commission, the second of at least three topical report submissions it had guided for 2026. A third, covering the thermal and electric facility, was submitted after quarter end, meeting that guidance. Management said its graphite qualification program began early, in November 2020, and the filing notes earlier progress including a Safety Evaluation issued by the commission for the reactor's principal design criteria in September 2025.

The company emphasized that its commercial reactor plant is designed to use low-enriched uranium fuel enriched to no more than 5%.

Commercial Activity and Corporate Background

The filing describes a May 2026 collaboration with Riot Platforms to develop nuclear-powered, large-scale Data Center projects. Management also referred to its guidance to announce details of one to three additional projects during the year, and it announced a new executive with decades of commercial experience in the power sector.

The company became public through a business combination with a special purpose Acquisition company that closed on October 28, 2025. Since then it has reported on a calendar-year plan built around regulatory, commercial and technical pillars.

Where the Plan Stands

The figures and dates to follow are quarterly cash burn against the USD 276.3 million balance, the pace of any buybacks, further regulatory submissions and announcements of additional projects. Revenue is not yet reported, so progress is tracked through milestones rather than sales.