Financial Performance - The company reported a net loss of $28 million for 2025, an increase of $17 million from the previous year, attributed to higher R&D, G&A, and interest expenses [8]. - Total revenue for 2024 was $248,357, with no revenue reported for 2025 [20]. - Operating expenses increased significantly to $25,196,475 in 2025 from $10,601,899 in 2024, representing a 137.5% increase [20]. - The net loss for 2025 was $28,016,641, compared to a net loss of $11,485,410 in 2024, indicating a 144.5% increase in losses year-over-year [20]. - Loss per common share for 2025 was $0.39, up from $0.19 in 2024, reflecting a 105.3% increase in loss per share [20]. - Comprehensive loss for 2025 was $27,147,924, compared to $11,089,885 in 2024, representing a 144.5% increase [20]. - The company reported a foreign exchange loss of $57,214 in 2025, contrasting with a gain of $617,357 in 2024 [20]. Cash and Investment Activities - As of December 31, 2025, Terrestrial Energy held approximately $298 million in cash and short-term investments, a significant increase from $3.29 million in 2024 [8]. - Net cash used in operating activities for 2025 was $16,472,912, up from $8,202,934 in 2024, reflecting higher operational expenditures [24]. - Total cash and cash equivalents at the end of 2025 reached $97,164,391, a substantial increase from $3,021,795 at the beginning of the year [24]. - Net cash used in investing activities was $200,638,289 in 2025, compared to $662,270 in 2024, highlighting increased investment activities [24]. - Net cash provided by financing activities amounted to $311,394,447 in 2025, a significant rise from $7,254,268 in 2024, driven by various financing efforts [24]. - Proceeds from the issuance of convertible notes totaled $9,335,000 in 2025, compared to $6,563,000 in 2024, indicating increased capital raising efforts [24]. - The company made purchases of intangible assets totaling $86,150 in 2025, compared to $54,404 in 2024, suggesting ongoing investment in intellectual property [24]. Research and Development - Research and development costs rose to $9,767,996 in 2025, compared to $5,176,932 in 2024, marking an increase of 88.5% [20]. - The company is in the concluding phase of its reactor graphite irradiation and supplier selection program, essential for IMSR plant licensing and operation [3]. Regulatory and Licensing Developments - The U.S. Nuclear Regulatory Commission accepted the IMSR Principal Design Criteria, marking a key step in licensing readiness for IMSR plant construction [3]. - Terrestrial Energy received two "OTA" awards from the U.S. Department of Energy, supporting the TETRA project and the Fuel Line Assembly project, which are crucial for IMSR plant licensing and operation [3]. - Texas A&M University selected Terrestrial Energy to site a full-sized commercial IMSR Plant at its RELLIS campus, positioning it among the first commercial Generation IV reactor deployments [3]. Shareholder Information - As of December 31, 2025, Terrestrial Energy had 105.8 million shares issued and outstanding, including approximately 81.8 million common shares [8]. - The weighted-average shares of common shares outstanding increased to 71,646,985 in 2025 from 60,414,175 in 2024, an increase of 18.5% [20]. Future Outlook - The company plans to provide updates on expected 2026 milestones, including commercial, regulatory, and development progress during the earnings call [5].
HCM II Acquisition Corp.(HONDU) - 2025 Q4 - Annual Results