Terrestrial Energy: Projects Progress & DOE Programs Strengthen Commercialization – Quarterly Update Report

NRC Progress, Riot Data-Center Channel, and DOE Programs Strengthen Commercialization Path; Valuation Offers Milestone-Driven Re-Rating Potential

• Key Takeaways:

  • 1Q26 reinforced IMSR’s three-pillar execution roadmap, with advancement crossed NRC licensing, DOE pilots, proviso chain, and task origination.

  • NRC support of the PIE Topical Report adds a 2nd foundational information framework, improving regulatory visibility for repetition IMSR deployments.

  • Riot collaboration creates a scalable data-center channel, expanding the commercialized pipeline to ~10 projects and 7.8GW of indicative capacity.

  • Cash pain remained controlled astatine $7.9 million, with $289.9 cardinal of currency and investments supporting multi-year execution runway.

  • Valuation remains compelling astatine ~$482 cardinal EV, with upside tied to NRC progress, Riot conversion, substance readiness, and task financing.

• 1Q26 showed advancement crossed IMSR’s cardinal commercialization vectors, with regulatory, DOE program, supply-chain, commercialized pipeline, and liquidity milestones collectively advancing the de-risking narrative. IMSR continues to execute against a milestone-driven roadmap that is much appropriately measured by regulatory progress, task pipeline development, substance readiness, supply-chain qualification, and currency runway than by near-term revenue. The 4th precocious each 3 of management’s stated pillars: IMSR engineering and regulatory programs, including DOE-backed TETRA and TEFLA projects; supply-chain development, including materials investigating and supplier execution; and commercialized pipeline expansion, led by the Riot Platforms collaboration. The institution reported a 1Q26 nett nonaccomplishment of $10.5 million, ended the 4th with $289.9 cardinal of currency and investments, and reported quarterly currency pain of $7.9 million, portion expanding its commercialized pipeline to ~10 IMSR Plant projects representing 7.8GW of indicative powerfulness capacity.

• NRC support of the PIE Topical Report adds different foundational constituent to IMSR’s licensing basis. In May, the NRC issued its Safety Evaluation Report approving IMSR’s Postulated Initiating Events methodology, pursuing acceptance of the company’s last submission successful April 2026. The support validates IMSR’s model for identifying and evaluating events that could situation harmless works operation, making it a halfway safety-analysis milestone alternatively than a process update. Importantly, approved Topical Reports tin beryllium referenced successful aboriginal operating licence applications without repetitive re-evaluation, reducing reappraisal scope and supporting standardized outcomes crossed aggregate IMSR deployments. The PIE support builds connected the NRC’s September 2025 support of IMSR’s Principal Design Criteria, which addressed foundational information and plan requirements, including inherent safety, reactor powerfulness control, and load-following capability.

• The regulatory pathway is progressively defined astir operating-license readiness and repetition deployment. Construction permits alteration large-scale works operation and code large biology requirements, portion operating-license preparedness determines whether the atomic systems fulfill information standards for commercialized operation. IMSR’s Topical Reports are astir applicable to the second due to the fact that they resoluteness foundational information analyses that tin beryllium reused successful aboriginal applications. The institution remains chiefly focused connected NRC Part 53 arsenic the much applicable pathway for archetypal IMSR deployment and fleet-scale licensing, portion Part 57 appears much applicable to microreactors, with lone constricted imaginable applicability astir waste-related provisions.

• DOE-backed TETRA and TEFLA beforehand 2 captious workstreams: reactor validation and substance readiness. During the quarter, IMSR completed OTA contracts with the U.S. Department of Energy for Project TETRA, its reactor aviator project, and Project TEFLA, its substance enactment aviator project. TETRA supports engineering and regulatory enactment for aboriginal IMSR Plant commercialized operation, portion TEFLA supports the infrastructure needed for IMSR substance supply. Together, the programs code 2 gating items for precocious atomic commercialization: licensing-quality reactor information and scalable substance accumulation capability. While traction is inactive programmatic alternatively than revenue-generating, palmy execution should trim docket risk, fortify NRC engagement, amended lawsuit confidence, and enactment aboriginal fleet economics.

  • Supply-chain enactment continued done graphite testing, materials qualification, and supplier development. IMSR’s materials investigating and qualification programs remained progressive during the quarter, including graphite irradiation astatine NRG Petten, 1 of the world’s astir almighty trial reactors. This enactment is indispensable for reactor materials qualification, supplier selection, and licensing readiness, peculiarly due to the fact that graphite show is cardinal to the IMSR Core-unit architecture. Supplier relationships besides remained successful progressive execution, supporting reactor constituent fabrication and substance infrastructure development, portion the institution built retired its supplier radical for TETRA and TEFLA. These activities bash not yet make revenue, but they trim first-of-a-kind execution hazard by moving IMSR from plan assumptions toward qualified materials, selected suppliers, and manufacturable components.

• Riot concern creates a scalable data-center transmission and expands IMSR’s commercialized pipeline. In May, Terrestrial Energy and Riot Platforms announced a collaboration to make co-located IMSR atomic plants and hyperscale information centers for AI and high-performance compute applications. The concern contemplates aggregate 390MW IMSR Plants representing up to 4GW of atomic capableness crossed U.S. campaigner sites, including existing Riot facilities successful Texas and Kentucky. The operation combines Riot’s hyperscale data-center development, operations, marketing, and leasing expertise with IMSR’s reactor plan and licensing capabilities, creating a repeatable nuclear-plus-data-center template alternatively than a single-site project. IMSR’s physically separated non-nuclear vigor conversion systems besides alteration hybrid configurations, including earthy state arsenic a span fuel, which could accelerate commercialized powerfulness availability and amended resiliency during task development.