IMSR

Terrestrial Energy is a pre-commercial molten-salt reactor developer that came public via a reverse merger with HCM II in October 2025. The numbers are unambiguously those of a science project, not an operating business: FY2024 revenue was $248K and FY2025 revenue is effectively zero, against a $28.0M net loss and $25.2M operating loss (R&D $9.77M, G&A $14.3M — G&A grew 242% YoY as public-company costs hit). The MD&A's own results table confirms revenue went from $248,357 to nil. At $6.86 the market is paying $727M for this, or 2,926x trailing sales — a multiple that only makes sense if you treat the equity as a long-dated call option on IMSR commercialization, not as a claim on cash flows.