Terrestrial Energy
IMSR on Nasdaq. Terrestrial Energy sells molten salt nuclear power plants to utilities and industry. Market value $397m.
Figures from the annual report for the year ended 31 December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-4.21 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.93 a share, 7% above its 1-year low
Over the past year the price has ranged from $3.66 to $31.50.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |
| Revenue | n/a |
| Operating margin | |
| Operating margin | n/a |
| Debt to equity | |
| Debt to equity | n/a |
| Shares outstanding | |
| Shares outstanding | 0.11bn |
Health checks
- Free cash flow positive0 of 1 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $9 million, compared with a loss of $6 million a year ago.
- 68% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| June 2024 | -$52,663 |
| September 2024 | $1m |
| March 2025 | -$6m |
| June 2025 | -$6m |
| September 2025 | $2m |
| December 2025 | -$31m |
| March 2026 | -$11m |
| June 2026 | -$9m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 30 March 2026
- Next quarterly (estimated, 10-Q)
- 10 November 2026
Who owns it
None of the long-term investors we follow own it. 108 funds in all.
Largest holders overall
- Vanguard Capital Management$24mAdded
- Exchange Traded Concepts$15mAdded
- UBS Group AG$13mAdded
- HRT Financial LP$8mNew
- BlackRock$8mCut
- JPMorgan Chase$7mCut
- Geode Capital Management$5mAdded
- LMR Partners LLP$5m
- D. E. Shaw$5mCut
- Hudson Bay Capital Management LP$4mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
8 investors own more than 5%.
- Roberto Marco SellaPassive investorat least 14.3%(filed with 2 related holders)Since 29 October 2025
- Simon IrishInsider or founder12.8%Since 28 October 2025
What they said
The Reporting Person acquired the shares reported herein for investment purposes and to incentivize him in connection with his employment with the Issuer. To the extent required by Item 4, the information contained in Item 3 and Item 6 is incorporated herein by reference. The…
Read the filing - David LeBlancInsider or founder9.7%Since 28 October 2025
What they said
The Reporting Person acquired the shares reported herein for investment purposes and to incentivize him in connection with his employment with the Issuer. To the extent required by Item 4, the information contained in Item 3 and Item 6 is incorporated herein by reference. The…
Read the filing - Barclays PLCPassive investor6.2%0.0 ptsSince 31 December 2024
- First Trust Capital Management L.P.Passive investorat least 4.7%−2.9 pts(filed with 3 related holders)Since 30 June 2025
- LMR Partners LLCPassive investorat least 4.1%(filed with 5 related holders)Since 30 June 2025
- THE GOLDMAN SACHS GROUP, INC.Passive investorat least 3.2%−2.0 pts(filed with 1 related holder)Since 31 March 2025
- Kenneth GriffinPassive investorat least 2.2%−3.2 pts(filed with 6 related holders)Since 31 December 2025
- Picton Mahoney Asset ManagementPassive investorSold down below 5%Since 30 June 2025
- Merus Global Investments, LLCPassive investorSold down below 5%Since 30 June 2025
- Linden Capital L.P.Passive investorSold down below 5%Since 30 September 2025
- MAGNETAR FINANCIAL LLCPassive investorSold down below 5%Since 30 September 2025
- AQR Capital Management, LLCPassive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
Roberto Marco Sella Passive investor | at least 14.3% (filed with 2 related holders) | 29 October 2025 | |
Simon Irish Insider or founder | 12.8% | 28 October 2025 | What they saidThe Reporting Person acquired the shares reported herein for investment purposes and to incentivize him in connection with his employment with the Issuer. To the extent required by Item 4, the information contained in Item 3 and Item 6 is incorporated herein by reference. The… Read the filing |
David LeBlanc Insider or founder | 9.7% | 28 October 2025 | What they saidThe Reporting Person acquired the shares reported herein for investment purposes and to incentivize him in connection with his employment with the Issuer. To the extent required by Item 4, the information contained in Item 3 and Item 6 is incorporated herein by reference. The… Read the filing |
Barclays PLC Passive investor | 6.2%0.0 pts | 31 December 2024 | |
First Trust Capital Management L.P. Passive investor | at least 4.7%−2.9 pts (filed with 3 related holders) | 30 June 2025 | |
LMR Partners LLC Passive investor | at least 4.1% (filed with 5 related holders) | 30 June 2025 | |
THE GOLDMAN SACHS GROUP, INC. Passive investor | at least 3.2%−2.0 pts (filed with 1 related holder) | 31 March 2025 | |
Kenneth Griffin Passive investor | at least 2.2%−3.2 pts (filed with 6 related holders) | 31 December 2025 | |
Picton Mahoney Asset Management Passive investor | Sold down below 5% | 30 June 2025 | |
Merus Global Investments, LLC Passive investor | Sold down below 5% | 30 June 2025 | |
Linden Capital L.P. Passive investor | Sold down below 5% | 30 September 2025 | |
MAGNETAR FINANCIAL LLC Passive investor | Sold down below 5% | 30 September 2025 | |
AQR Capital Management, LLC Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Terrestrial Energy’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 30 Mar 2026, plus the 10-Q filed 11 Aug 2026 and 9 later 8-Ks.
Its past accounts can't be relied on
SeriousIt told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.
8-K Item 4.02 filed 15 Jul 2025: the company said its earlier financial statements should no longer be relied on.
From an 8-K filed 15 July 2025: Previously issued accounts should no longer be relied on. Open the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On November 21, 2025, the Audit Committee approved the dismissal of WithumSmith+Brown, PC (“ Withum ”), the independent registered public accounting firm of HCM II prior to the consummation of the Merger, as the independent registered public accounting firm of the Registrant, effective as of the date of notice to Withum, which was delivered to Withum on Monday, November 24, 2025.”
From an 8-K filed 24 November 2025: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.