Here are 1-2 brief analogies for Terrestrial Energy (IMSR):

• Imagine Tesla, but focused on designing and building advanced nuclear power plants instead of electric vehicles.
• It's like the SpaceX of nuclear energy, pioneering a new generation of reactor technology.

• IMSR® (Integral Molten Salt Reactor) Power Plant: This is an advanced, small modular nuclear reactor technology designed to provide clean, industrial-scale heat and electricity generation.

Terrestrial Energy (symbol: IMSR) is a pre-commercial company developing advanced nuclear reactor technology (Integrated Molten Salt Reactor - IMSR). As such, it does not currently have "major customers" in the traditional sense of having sold and deployed commercial reactors generating revenue.

However, the company sells and targets its technology primarily to other companies, specifically:

• Utility Companies: Large electric power generators and distributors that would purchase and operate IMSR power plants.
• Industrial Users: Large industrial facilities (e.g., chemical, mining, heavy manufacturing) that require significant amounts of reliable, carbon-free process heat and/or electricity.

The most prominent public-facing partnership and potential anchor customer for the first deployments is:

• Ontario Power Generation (OPG): A major Canadian utility (a Crown corporation of the Government of Ontario). OPG is exploring the potential deployment of IMSRs in Ontario as part of its decarbonization strategy. OPG is not a publicly traded company and therefore does not have a stock symbol.

• BWX Technologies, Inc. (BWXT)
• GSE Systems, Inc. (GSE)
• Orano Canada Inc.

Simon Irish, Chief Executive Officer, Director

Simon Irish has 20 years of global investment banking and investment management experience in New York and London. He has a formal education in the quantitative sciences and quantitative finance, and has established and managed multi-billion-dollar alternative investment businesses in North America. Mr. Irish is the former Head of Man Global Strategies (MGS) in North America, the strategic investment division of Man Group Plc, where he was responsible for corporate acquisition opportunities in North America. He began his banking career at CSFP in London and in 2001 moved to New York to establish the U.S. business for FRM. In 2010, he focused on opportunities in breakthrough energy technologies, particularly nuclear energy. Mr. Irish co-founded Terrestrial Energy and also founded SWH Capital LLC in 2009, a New York-based investment firm focused on innovative businesses in the financial, energy, and healthcare sectors.

Brian Thrasher, Chief Financial Officer

Brian Thrasher has more than 25 years of financial management experience, holding executive management positions and serving as officer and director at multi-billion dollar public and private companies in the U.S., spanning diverse industries from transportation to apparel and home goods, including Hilco Transport, Hanesbrands, Alliance Laundry Systems, and Simmons Bedding Company. Several of the companies he worked for were owned by market-leading private equity investment managers, Thomas H. Lee and Ontario Teachers' Pension Plan. Mr. Thrasher has developed expertise in strategic financial planning, public market reporting and financing, budgeting, forecasting, and systems development and implementation, and has played key roles in mergers and acquisitions, capital structuring, and regulatory compliance. Prior to joining Terrestrial Energy, he served in senior financial roles at prominent companies, including Palvella Therapeutics. He was appointed CFO effective May 20, 2025.

David LeBlanc, President, Chief Technology Officer & Director

Dr. David LeBlanc is a globally-recognized authority on Molten Salt Reactor (MSR) technologies, having dedicated his career to the improvement and realization of advanced nuclear power systems. His work has focused on the simplification of design and reduction of research and development requirements to achieve this goal. He obtained his Ph.D. in Physics from the University of Ottawa in 1998, where he focused on High Temperature Superconductivity and its application to fusion energy.

William Smith, Chief Operating Officer

William Smith has 44 years of experience in the energy business, including over 20 years in the nuclear industry at Ontario Hydro and Ontario Power Generation between 1981 and 2002. He worked as a Resident Project Engineer at Bruce and Darlington during their construction and commissioning phases, and later advanced to a senior leadership role as the Vice President of Supply Chain. In this role, his responsibilities included all nuclear procurement, materials management, and source surveillance activities. In 2002, Mr. Smith joined Siemens Canada, rising to become the Senior Vice President of Siemens' energy business in Canada, which he successfully built into a billion-dollar enterprise.

Brian Romanzo, General Counsel and Corporate Secretary

Brian Romanzo brings comprehensive experience navigating high-growth, highly regulated global companies on corporate, regulatory, and transactional matters across various industries, including automotive, consumer electronics, and franchising and distribution. He has decades of regulatory expertise and corporate governance experience, with a background that includes roles at major financial institutions and law firms, where he has played a pivotal role in complex regulatory environments. He was appointed General Counsel and Corporate Secretary effective May 20, 2025.

For Terrestrial Energy (symbol: IMSR), the key risks to the business are primarily centered around regulatory hurdles and the commercialization of its unproven technology, substantial financial requirements for a pre-revenue company, and challenges related to market acceptance and competition.

1. Regulatory Approvals and Commercialization of Unproven Technology

Terrestrial Energy's success is heavily dependent on obtaining the necessary regulatory approvals to deploy its Integral Molten Salt Reactor (IMSR) technology. The regulatory process for new nuclear designs, including Small Modular Reactors (SMRs), is complex, lengthy, and time-consuming, with new designs often requiring up to four years for certification. Any delays or denials in these approvals could significantly impact the company's ability to achieve commercial success. While the IMSR design has completed the second stage of the Canadian Nuclear Safety Commission (CNSC) Vendor Design Review—a significant industry first for molten salt reactor technology—the technology is still considered relatively new and unproven at a commercial scale. Terrestrial Energy has yet to construct an IMSR plant or enter into binding contracts with customers, highlighting its current developmental phase. Technological setbacks or failures during the demonstration and deployment phases could lead to substantial financial losses and damage the company's reputation.

2. Financial Health and Capital Requirements

Terrestrial Energy is a pre-revenue company, and its financial health is challenging to assess given the absence of public financial statements. The company has reported significant losses, with substantial expenses allocated to research and development and general and administrative costs, without corresponding revenue from its core business. The capital required for developing and deploying advanced nuclear technology like SMRs is substantial, with individual SMR units potentially costing up to US$1 billion. While a recent business combination provided over $292 million in gross proceeds to accelerate deployment, this funding does not guarantee construction or operating approvals, and the company remains a highly speculative venture with no clear path to immediate commercialization. Terrestrial Energy currently lags behind better-funded competitors who are already in the process of building their initial plants.

3. Market Acceptance and Competition

The broader nuclear power market faces significant challenges, including high costs associated with establishing and maintaining nuclear plants, as well as the long-term issue of nuclear waste disposal, which act as significant barriers to entry. Public concerns regarding nuclear safety and waste disposal continue to affect the acceptance of nuclear energy, including SMRs. Furthermore, the nuclear market faces stiff competition from other energy sources like solar and wind, which are often more cost-effective. Additionally, the proliferation risk—the potential for nuclear technology or materials to be diverted for weapons purposes—remains a perennial concern within the nuclear energy sector, including for SMRs.

The rapid advancement and declining costs of intermittent renewable energy sources (such as solar and wind power) combined with increasingly sophisticated, scalable, and cost-effective energy storage solutions (including advanced batteries and grid-scale hydrogen production via electrolysis) present a clear emerging threat. This trend offers a potentially faster and cheaper pathway to decarbonize electricity grids and provide process heat for industrial applications, which are key target markets for Terrestrial Energy's Integral Molten Salt Reactor (IMSR) technology. This situation is analogous to how Netflix's streaming model disrupted Blockbuster's physical media rental business by offering a more convenient and often cheaper alternative, or how Uber challenged traditional taxicab services by leveraging a new technology platform for greater efficiency and lower cost.

Terrestrial Energy's main products are Integral Molten Salt Reactors (IMSRs), which are a type of Generation IV Small Modular Reactor (SMR) technology designed to provide both high-temperature industrial heat and electricity.

The company estimates the current serviceable addressable market for its IMSR technology to be $1.4 trillion globally. This market is segmented into $800 billion for process heat and $600 billion for electricity, with a projected growth to $1.9 trillion by 2050.

Specifically, the IMSRs target key growth sectors including data center power supply, industrial heat and power, grid power, and the production of advanced low-carbon fuels and materials.

Terrestrial Energy (NASDAQ: IMSR) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market developments. The company recently became publicly traded on Nasdaq in October 2025, following a SPAC merger, providing significant capital to accelerate its commercialization efforts.

Here are 3-5 expected drivers of future revenue growth:

1. Acceleration of Commercial Project Development and Customer Acquisition: Terrestrial Energy is focused on securing initial commercial contracts and advancing the deployment of its Integral Molten Salt Reactor (IMSR) technology. The company boasts a pipeline of over 50 potential customer engagements. A key milestone is the partnership with Texas A&M University, which selected IMSR technology to power its campus, with plans to site a commercial IMSR plant at the Texas A&M-RELLIS campus. This high-profile project will serve as a showcase for the IMSR plant. Additionally, agreements in late 2024 with EnergySolutions to explore siting IMSR plants and with Viaro Energy to develop a plant in the United Kingdom indicate early market penetration and customer acquisition efforts.

2. Advancement in Regulatory Approvals and Licensing Acceleration: Significant progress in regulatory processes is crucial for commercialization. The Canadian Nuclear Safety Commission (CNSC) successfully completed its Vendor Design Review of the IMSR plant design in 2023, paving the way for commercial application. In the United States, Terrestrial Energy's selection for the U.S. Department of Energy’s (DOE) Advanced Reactor Pilot Program (August 2025) and Fuel Line Pilot Program (September 2025) is designed to expedite licensing and commercial deployment. The Advanced Reactor Pilot Program aims for reactor criticality by July 4, 2026, positioning the company for quicker market entry in the U.S.

3. Establishment and Scaling of Fuel Supply Chain and Manufacturing Capabilities: Ensuring a robust and secure fuel supply chain is a critical driver for revenue. Terrestrial Energy signed an expanded manufacturing and supply contract with Westinghouse's Springfields, with construction of an IMSR fuel pilot plant scheduled to begin in 2026. This pilot plant is intended to scale to commercial fuel production for future IMSR plants. Furthermore, the DOE Fuel Line Pilot Program will help establish an IMSR fuel line within a DOE-authorized facility, bolstering the domestic nuclear fuel supply chain. The use of Standard Assay Low-Enriched Uranium (SALEU) for fuel also avoids potential supply chain challenges associated with High-Assay Low-Enriched Uranium (HALEU), offering a competitive advantage.

4. Strategic Alliances and New Market Segment Expansion: Terrestrial Energy is leveraging a consortium of suppliers, including BWXT, Siemens, Orano, Aecon, Cameco, KSB, and Westinghouse, for IMSR plant construction and delivery. Strategic partnerships with companies like Schneider Electric for data centers and Ameresco for advancing IMSR plants are targeting specific high-growth market segments. The IMSR technology's capability to supply high-temperature industrial heat and electricity offers a dual-use energy role, expanding its addressable market beyond traditional electricity generation to industrial applications such as petrochemicals, data centers, and chemical synthesis. This broad applicability, combined with a modular design and competitive economics, positions the company for significant market penetration.

Share Issuance

• In October 2025, Terrestrial Energy completed a business combination with HCM II Acquisition Corp. and began trading on Nasdaq under the symbol IMSR.
• This transaction included a $50 million common stock PIPE (Private Investment in Public Equity) at $10.00 per share from institutional investors.
• Following the transaction, 47,741,728 common shares were issued to former securityholders of Legacy Terrestrial Energy, and 15,473,715 shares were reserved for future issuance under a new equity incentive plan.

Inbound Investments

• In October 2020, the Canadian federal government invested C$20 million through its Strategic Innovation Fund to support the development of Terrestrial Energy's small modular reactor technology.
• The business combination with HCM II Acquisition Corp. in October 2025 generated over $292 million in gross proceeds, including a $50 million PIPE and approximately $242 million from HCM II's trust account after minimal redemptions.
• Terrestrial Energy has raised a total of $118 million across 17 funding rounds, with its largest being a Series D round for $25.8 million in July 2025.

Capital Expenditures

• Proceeds from the October 2025 SPAC merger, totaling over $292 million, are intended to accelerate the commercial deployment of Terrestrial Energy's Integral Molten Salt Reactor (IMSR) technology.
• The company committed to spending at least an additional $91.5 million in research and development on its IMSR project following the C$20 million government investment in 2020.
• In November 2025, Terrestrial Energy signed a manufacturing and supply contract with Westinghouse Electric Company's Springfields Fuels Limited for the design and construction of an IMSR fuel pilot plant, with construction scheduled to begin in 2026.