Terrestrial Energy Inc. reported its financial results for the third quarter ended September 30, 2026, and announced key commercial and regulatory developments. The company reported a net loss of $11.0 million for the quarter, an increase of $0.6 million compared to the second quarter of 2026. This widening loss was primarily attributed to a $0.9 million increase in research and development costs, including fuel testing and lease costs related to the Texas A&M-RELLIS site, and a $0.5 million increase in general and administrative expenses driven by stock-based compensation for new hires.
As of September 30, 2026, Terrestrial Energy held $276.3 million in cash and cash equivalents and short-term investments, with total liabilities of $8.6 million and no debt. The company reported a cash burn of $7.1 million for the quarter, an increase of $0.7 million from the prior quarter, largely due to higher R&D activity. The company ended the quarter with 105.9 million shares issued and outstanding, consisting of 82.7 million common shares and 23.2 million exchangeable shares.
On the regulatory front, Terrestrial Energy submitted its Graphite Topical Report to the U.S. Nuclear Regulatory Commission (NRC) to seek approval of its methodology for qualifying graphite for the IMSR Core-unit. Additionally, the company submitted the Thermal and Electric Facility (TEF) Topical Report after quarter end, seeking confirmation that the TEF is a non-nuclear part of the IMSR Plant that can be constructed and operated without NRC permits. These submissions fulfill the company's 2026 guidance of at least three Topical Reports.
Commercially, Terrestrial Energy was selected as the advanced nuclear technology supplier for Ameresco, Inc.’s power project at the U.S. Army’s Aberdeen Proving Ground in Maryland. This selection follows a competitive process under the Army's Strategic Capital Initiatives program and builds on a Memorandum of Understanding signed in June 2025. The company also commenced engineering work with Zachry Nuclear under an Engineering Services Agreement to support site characterization and NRC Construction Permit application work at the Texas A&M-RELLIS site.
Subsequent to the quarter end, the company appointed David Williams as Chief Commercial Officer, effective October 19, 2026. Terrestrial Energy also authorized a share repurchase program of up to $25 million of its common stock, funded with existing cash on hand.
