Terrestrial Energy Inc.

Terrestrial Energy did not report revenue or EPS in this call. It ended the quarter with $283.4 million of cash, cash equivalents, and short- and long-term investments, versus $289.9 million at the end of Q1. Cash burn was $6.4 million for the quarter, or about $2.2 million per month, down from $7.9 million in Q1. R&D expense fell by about $1.1 million sequentially, while G&A rose by about $700,000, mainly due to $500,000 more stock-based compensation. Management said the full-year spend profile should rise in the second half of 2026 as testing, site work, and organizational scaling continue, but gave no revenue or EPS guidance.

Simon Irish emphasized that the company’s mission remains solving nuclear affordability and capital efficiency through the IMSR design. He framed the quarter as progress across three execution pillars: engineering/regulatory, supply chain, and commercial pipeline, highlighting NRC approval, DOE-backed projects TETRA and TEFLA, and the Texas A&M RELLIS site lease. He was upbeat about the secular demand for SMRs and said the company is positioning itself as the most capital-efficient plant in the sector.

Brian Thrasher said the quarter reflected disciplined spending and a clean balance sheet. Cash, cash equivalents, and investments were $283.4 million at quarter end, with $6.4 million of quarterly burn versus $7.9 million in Q1; he attributed the lower burn mainly to timing shifts in testing and said spending will increase in the second half as site analysis and other programs ramp. R&D declined about $1.1 million sequentially due to timing/scope changes, while G&A rose about $700,000, largely from $500,000 of stock-based compensation tied to headcount growth. He also noted no debt and only modest current liabilities and lease obligations.

Analysts focused on what changed in the updated unit economics, milestones for DOE projects, natural-gas bridge-fuel timing, fuel qualification, Riot site selection, and project financing. Management said the economics update was an iteration driven by engineering work over the last 18 months, especially TEFLA, and that the business model itself had not changed. On guidance, Simon said at least two more topical reports are expected this year, fuel qualification for a liquid-fuel reactor is more about demonstrating salt properties and heat-transport data than traditional solid-fuel qualification, and Riot-related work is still in preliminary site characterization with no site or timeline disclosed.