Financial Performance - Total revenues for the fiscal year ended December 31, 2024, were US$5.54 million, a decrease of 18% compared to US$6.78 million in 2023, primarily due to declines in product sales, hosting services, and mining pool revenues, partially offset by a 125% increase in mining revenue [7][11] - Gross loss was US$1.01 million, compared to a gross profit of US$0.46 million in 2023, resulting in a negative gross margin of 18% in 2024, down from a positive 7% in the prior year [13][14] - Net loss improved slightly to US$5.89 million from a net loss of US$6.12 million in 2023 [20] Revenue Breakdown - Sales of products decreased by 48% from US$4.80 million in 2023 to US$2.50 million in 2024 due to fewer customer orders [9] - Hosting service revenue declined 86% from US$0.37 million to US$0.05 million, attributed to shutdowns of high power-consumption miners following the block reward halving [10] - Mining revenue increased by 125% to US$2.92 million, driven by a 130% rise in the average price of bitcoin mined [11] Operational Strategy - The company plans to focus on Bitcoin cloud computing power mining and aims to provide services including Bitcoin currency mining, associated petroleum gas reutilization, and small modular reactor solutions for energy infrastructure [4][5][6] - SAIHEAT is enhancing operational efficiency and sustainability in the digital asset sector through initiatives like accepting Bitcoin payments for products and services [8] Recent Developments - The company sold 40MW of liquid-cooling container products to Bitdeer Technologies Group, designed to host high-performance mining rigs [8] - Participation in the AEP's Critical Peak program aims to reduce electricity costs for energy-intensive industries, aligning with SAIHEAT's sustainability goals [8] - The company showcased its Advanced Computing Center Ecosystem at the Supercomputing 2024 Conference, promoting carbon-negative data center operations [16] Financial Position - As of December 31, 2024, total assets were US$18.53 million, with current assets of US$10.90 million and total liabilities of US$4.17 million [27][28] - Cash and cash equivalents decreased from US$3.18 million in 2023 to US$1.04 million in 2024 [27]

Company Overview - Terrestrial Energy is a developer of Generation IV nuclear plants utilizing proprietary Integral Molten Salt Reactor (IMSR) technology, which enhances affordability, efficiency, and versatility in nuclear energy supply [2][22] - The IMSR plants are designed to provide zero-carbon, clean, firm, low-cost, high-temperature industrial heat and electricity for various applications, including data centers and green fuels [3][22] Business Combination Details - Terrestrial Energy has announced a business combination with HCM II Acquisition Corp, which will lead to Terrestrial Energy becoming a public company listed on Nasdaq under the ticker symbol "IMSR" [1][19] - The transaction is expected to generate approximately $280 million in gross proceeds, with $50 million from common stock PIPE commitments and about $230 million from HCM II's trust account [16][17] - The pre-money equity value of Terrestrial Energy is set at $925 million, with a pro forma enterprise value of around $1 billion and a pro forma equity value of approximately $1.3 billion [17][19] Technology and Market Position - Terrestrial Energy's IMSR technology is differentiated from legacy nuclear technologies by its use of molten salt, which allows for high efficiency and inherently safe operations [4][10] - The IMSR plants are designed to utilize low-cost, readily available Standard-Assay Low Enriched Uranium (LEU) fuel, addressing supply chain challenges associated with High-Assay Low-Enriched Uranium (HALEU) [5][22] - The company has established partnerships with notable organizations, including Westinghouse Fuels and the U.S. Department of Energy, enhancing its market position [11][22] Regulatory Milestones - In April 2023, the Canadian Nuclear Safety Commission completed its Vendor Design Review of the IMSR plant design, marking a historic first for a Generation IV reactor powered by molten salt technology [13][22] - The company has been engaged with the U.S. Nuclear Regulatory Commission since 2016, successfully navigating interagency reviews [13][22] Management and Leadership - Terrestrial Energy is led by CEO Simon Irish and a highly experienced management team, supported by a board of directors with extensive backgrounds in the nuclear industry [7][18] - The leadership team includes advisors with significant experience in energy and government, enhancing the company's strategic direction [7][22] Future Outlook - The transaction is anticipated to be completed in the fourth quarter of 2025, subject to customary closing conditions [19][20] - Terrestrial Energy aims to accelerate the commercial deployment of its IMSR technology, positioning itself to meet the growing demand for clean energy solutions across various industrial sectors [15][22]