Terrestrial Energy Inc. Common Stock (IMSR)

FairStock Score: 36/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach Terrestrial Energy as a Graham-style asset and earnings question, not a story. The company is a 74-person developer of Generation IV integral molten salt reactors. In FY2024, the year ended 2024-12-31, revenue was just $248,357, with a net loss of $11.5 million and diluted EPS of -$0.19. FY2025, the year ended 2025-12-31, had no reported revenue, a net loss of $28.0 million, and diluted EPS of -$0.39. In fiscal Q1 2026, the quarter ended 2026-03-31, net loss was $10.5 million; in fiscal Q2 2026, the quarter ended 2026-06-30, net loss was $9.4 million and diluted EPS was -$0.09. One quarter, fiscal Q3 2025 ended 2025-09-30, showed $1.9 million of net income, but that does not establish a trend. Trailing free cash flow was negative $22.4 million, a -6.8% FCF yield at the 2026-10-13 close. The balance sheet looks unlevered: D/E of 0.01 and an Altman Z-Score of 24.48, per FairStock. But FairStock calculations show poor returns: ROE -27.41%, ROCE -14.90%, and Piotroski 1/9. At $3.11, P/B is 1.17 and P/E is -9.42, both FairStock calculations tied to that close. The FairStock Score is 36/100. A negative P/E tells me nothing except that there are no earnings to value. The technology may have a regulatory and technical moat if it works, but today there is no revenue base, no durable profit, and persistent cash burn. I see an option on future nuclear commercialization, not a proven business, and the price already reflects considerable hope.

In plain English: Terrestrial Energy is a small company trying to develop small nuclear plants that use molten salt reactors. The business looks weak today: it has almost no revenue, is losing money, and is spending cash. At $3.11 a share, the price does not look clearly cheap because there are no profits to compare it with, even though it trades near the value of its net assets.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer