The company reported a $28 million net loss for 2025, a $17 million increase from the prior year driven by higher R&D and G&A expenses, and held approximately $298 million in cash and short-term investments at December 31. The business combination with HCM II Acquisition Corp generated $292 million in gross proceeds and resulted in 105.8 million shares outstanding.

Texas A&M University selected the commercial IMSR plant for deployment at its RELLIS campus, positioning it among the first Generation IV reactor projects on the ERCOT grid. The NRC accepted IMSR Principal Design Criteria, including inherent reactor control mechanisms, and the DOE awarded two OTA grants for its Advanced Reactor Pilot and Fuel Line Pilot programs, accelerating licensing and fuel supply development; reactor graphite irradiation tests at NRG PALLAS’ High Flux Reactor entered their concluding phase.

A collaboration with Ameresco expands site identification and project development capabilities, particularly for data center energy integration. A manufacturing and supply contract with Westinghouse strengthens supply-chain readiness, and enhancements to the senior leadership team support U.S. commercialization and deepen federal stakeholder engagement.

Terrestrial Energy will outline expected 2026 commercial, regulatory, and development milestones during its upcoming earnings call, aiming to advance IMSR plant licensing, fuel supply pathways, and scaled deployment.