Terrestrial Energy Inc (IMSR) Cash Flow Statement
Where IMSR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$16.5M
- Capital expenditures
- $1.1M
- Free cash flow
- −$17.6M
- Returned to shareholders
- —
- Change in cash
- $94.1M cash at year-end $97.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
IMSR operating cash flow, capex and free cash flow
IMSR cash flow trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$9.2M2023 | −$16.5M2025 | — | |
| Capital expenditures | $1.1M2023 | $1.1M2025 | +1.7%/yr | |
| Free cash flow | −$10.3M2023 | −$17.6M2025 | — | |
| Free cash flow margin | −55,151.5%2023 | −3,569.5%2024 | +51,581.9 pts | |
| Stock-based compensation | $716,5372023 | $3.1M2025 | +108.1%/yr | |
| Capex / revenue | 5,923.4%2023 | 266.7%2024 | −5,656.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IMSR cash flow by activity
IMSR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
IMSR cash flow statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Operating activities | |||
| Net income | −$28.0M | −$11.5M | −$13.8M |
| Depreciation & amortization | $1.2M | $1.3M | $1.8M |
| Stock-based compensation | $3.1M | $670,243 | $716,537 |
| Change in working capital | $5.5M | $46,144 | $1.4M |
| Other non-cash items | $1.8M | $1.3M | $715,767 |
| Cash from operating activities | −$16.5M | −$8.2M | −$9.2M |
| Investing activities | |||
| Capital expenditures | −$1.1M | −$662,270 | −$1.1M |
| Investments (net) | −$199.5M | −$662,270 | −$1.1M |
| Acquisitions & other investing | $0 | $662,270 | $1.1M |
| Cash from investing activities | −$200.6M | −$662,270 | −$1.1M |
| Financing activities | |||
| Net borrowing (repayment) | $10.8M | $7.2M | $10.1M |
| Shares issued | $75.3M | $0 | $0 |
| Other financing | $225.3M | $100,000 | $0 |
| Cash from financing activities | $311.4M | $7.3M | $10.1M |
| Summary | |||
| Net change in cash | $94.1M | −$1.6M | $77,846 |
| Cash at end of period | $97.2M | $3.0M | $4.6M |
| Free cash flow | −$17.6M | −$8.9M | −$10.3M |
| Free cash flow margin | — | −3,569.5% | −55,151.5% |
| Capex / revenue | — | 266.7% | 5,923.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Jun '24 | Mar '24 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −$9.4M | −$10.5M | −$31.2M | $1.9M | −$6.8M | −$5.7M | −$3.7M | −$3.0M |
| Depreciation & amortization | $145,000 | $61,000 | $1.2M | — | $197,557 | $181,180 | $334,798 | $363,609 |
| Stock-based compensation | $2.9M | $2.8M | $2.7M | — | $214,062 | $179,801 | $161,323 | $155,539 |
| Change in working capital | $369,000 | −$1.1M | $2.3M | $1.1M | $1.7M | $2.1M | $60,704 | $70,734 |
| Other non-cash items | $298,000 | −$334,000 | $9.7M | −$3.6M | $571,581 | $482,587 | $524,405 | $1.6M |
| Cash from operating activities | −$5.7M | −$9.1M | −$15.4M | −$511,696 | −$4.1M | −$2.8M | −$2.6M | −$833,762 |
| Investing activities | ||||||||
| Capital expenditures | −$108,000 | −$53,000 | −$1.1M | −$4 | −$367,678 | −$183,809 | −$32,345 | −$244,446 |
| Investments (net) | $60.1M | −$11.5M | — | — | −$367,678 | −$183,809 | −$32,345 | −$244,446 |
| Acquisitions & other investing | −$20,000 | $0 | −$199.6M | — | $367,678 | $183,809 | $32,345 | $244,446 |
| Cash from investing activities | $60.0M | −$11.5M | −$200.6M | — | −$367,678 | −$183,809 | −$32,345 | −$244,446 |
| Financing activities | ||||||||
| Net borrowing (repayment) | −$9,000 | −$9,000 | — | — | −$46,738 | $10.9M | −$12,022 | −$5,254 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $158,000 | $310.7M | $738,000 | $25.8M | $0 | $0 | $0 |
| Cash from financing activities | −$9,000 | $149,000 | $310.7M | $738,000 | $25.8M | $10.9M | −$12,022 | −$5,254 |
| Summary | ||||||||
| Net change in cash | $53.8M | −$20.2M | $96.8M | $226,306 | $21.1M | $8.3M | −$224,616 | −$2.4M |
| Cash at end of period | $130.7M | $76.9M | $97.2M | $350,389 | $32.4M | $11.3M | $2.0M | $2.2M |
| Free cash flow | −$5.8M | −$9.1M | −$16.5M | −$511,700 | −$4.5M | −$2.9M | −$2.6M | −$1.1M |
| Free cash flow margin | — | — | — | — | — | — | −2,085.0% | — |
| Capex / revenue | — | — | — | — | — | — | 25.9% | — |
| Operating cash flow / net income | — | — | — | −0.27 | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
IMSR cash generation
In fiscal 2025 (ended December 31, 2025), Terrestrial Energy generated -$16.5 million of cash from operations and spent $1.1 million on capital expenditures, leaving free cash flow of -$17.6 million. Cash and equivalents rose by $94.1 million over the year.
Related: IMSR income statement, IMSR balance sheet. See the IMSR stock overview for the latest quote and news.
IMSR cash flow FAQ
What is Terrestrial Energy's free cash flow?
Terrestrial Energy's free cash flow was -$17.6 million in fiscal 2025: -$16.5 million of operating cash flow minus $1.1 million of capital expenditures It was -$8.9 million a year earlier..
How much cash does Terrestrial Energy generate from operations?
Terrestrial Energy generated -$16.5 million of cash from operating activities in fiscal 2025.
How much does Terrestrial Energy spend on capital expenditures?
Terrestrial Energy spent $1.1 million on capital expenditures in fiscal 2025, compared with $0.7 million the year before.
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