Terrestrial Energy Inc. /DE/

Listed Company

IMSRCIK 0002019804NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthFabricated Plate Work (Boiler Shops)DelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-28.02M

Total Assets

$302.98M

Equity

$295.41M

Shares Out

105.94M

Op. Cash Flow

$-16.50M

Business

Terrestrial Energy Inc. /DE/ is a blank check company formed to effect a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar initial business combination. It offers capital through an initial public offering, private placement warrants and a trust account structure, and provides deal sourcing, due diligence, structuring and post-combination support. The company’s activities are organized around its sponsor/management team, independent directors and trust-account financing for an initial business combination. It may pursue target businesses across industries and geographies and lists securities on Nasdaq for public investors.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Engineering services revenue	—	248,357
Research and development costs	10	5
General and administrative	14	4
Depreciation and amortization	1	1
Total Operating Expenses	25	11
OPERATING LOSS	−25	−10
Government grants	323,496	708,004
Loss on extinguishment of debt	—	−1
Interest and dividend income	1	59,860
Foreign exchange gain (loss)	−57,214	617,357
OTHER (EXPENSE) INCOME	−3	−1
Net loss before income tax	−28	−11
Income tax expense	−17,950	−20,965
Net loss	−28	−11
Loss per common share, basic (in dollars per share)	−0.39	−0.19
Loss per common share, diluted (in dollars per share)	−0.39	−0.19
Weighted-Average Shares of Common Shares Outstanding, Basic (in shares)	72	60
Weighted-Average Shares of Common Shares Outstanding, Diluted (in shares)	72	60
Foreign currency translation adjustments	−260,731	395,525
Change in unrealized gains on short term investments	1	—
Comprehensive loss	−27	−11

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Cash and cash equivalents	97	3	—
Short-Term Investments	201	—	—
Prepaid expenses and other current assets	2	270,091	—
Total current assets	300	3	—
Property and equipment, net	834,795	770,548	—
Intangible assets, net	707,749	616,972	—
Right-of-use assets	2	622,450	—
Other assets	63,611	29,748	—
Total Assets	303	5	—
Accounts payable and accrued expenses	6	748,867	—
Operating lease liabilities, current	383,223	114,507	—
Finance lease liabilities, current	33,362	140,796	—
Related party advance (Note 12)	—	100,000	—
Total current liabilities	6	1	—
Operating lease liabilities, noncurrent	2	598,493	—
Finance lease liabilities, noncurrent	55,979	49,044	—
Deferred tax liabilities, net	—	665,953	—
Total liabilities	8	19	—
Commitments and Contingencies (Note 18)	—	—	—
Common shares, $0.0001 par value; 500,000,000 authorized shares; 81,771,422 and 39,159,901 shares issued and outstanding as of December 31, 2025 and 2024, respectively	8,177	3,916	—
Exchangeable shares, $0.0001 par value; 24,011,017 shares issued and outstanding as of December 31, 2025 and December 31, 2024	2,401	2,401	—
Additional paid-in-capital	419	83	—
Accumulated deficit	−125	−97	—
Accumulated other comprehensive income	1	337,189	—
Total stockholders' equity (deficit)	295	−13	−5
Total liabilities and stockholders' equity (deficit)	303	5	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Amortization of debt discount	2	802,573
Stock-based compensation	3	670,243
Unrealized foreign currency transaction gain	−807,193	−812,849
Noncash lease expense	471,362	152,086
Deferred income taxes	15,401	−15,401
Accounts receivable	—	19,163
Prepaid expenses and other current assets	−2	166,315
Accounts payable and accrued expenses	5	−196,299
Operating lease payments	−328,510	−133,454
Net cash used in operating activities	−17	−8
Purchases of intangible assets	−86,150	−54,404
Purchases of property and equipment	−1	−607,866
Purchase of short-term investments	−199	—
Net cash used in investing activities	−201	−662,270
Proceeds from Series A-1 preferred shares issuance	26	—
Proceeds from the exercise of stock options for common shares	136	—
Proceeds from warrant exercise for common shares	5	—
Proceeds from issuance of shares to PIPE investors	50	—
Proceeds from merger financing	243	—
Payment of merger and recapitalization related transaction costs	−22	—
Proceeds from related party advances	—	100,000
Repayment of finance lease liabilities	−149,138	−58,732
Net cash provided by financing activities	311	7
Effect of exchange rate changes on cash and cash equivalents	−140,650	32,201
Increase (decrease) in cash and cash equivalents during the year	94	−2
Interest paid	—	514,431
Conversion of convertible notes to common shares	30	—
Initial recognition of finance leases	42,590	—
Recognition of warrants in connection with convertible notes, net of tax	3	2
Related party debt extinguishment	—	202,204
Acquisition of non-controlling interest	—	534,611

Filings

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