Terrestrial Energy Inc (IMSR) 2025 Q4 法說會逐字稿

Greetings. Welcome to Terrestrial Energy's fourth quarter and full year 2025 earnings call. (Operator Instructions). Please note this conference is being recorded. I will now turn the conference over to Tom Cook, Managing Director at ICR. Thank you. You may begin.

各位好。歡迎參加 Terrestrial Energy 2025 年第四季及全年財報電話會議。（接線員指示）請注意，本次會議將被錄音。現在我將把會議交給 ICR 董事總經理 Tom Cook。謝謝。您可以開始了。

Thank you, and good morning, everyone. Welcome to Terrestrial Energy's fourth quarter and full-year 2025, earnings conference call. With me today are Simon Irish, CEO and Brian Thrasher, CFO.

謝謝，各位早安。歡迎參加 Terrestrial Energy 2025 年第四季及全年財報電話會議。今天與我一同出席的有執行長 Simon Irish 與財務長 Brian Thrasher。

Alongside today's call, you can find our earnings release as well as the accompanying presentation on our website at ir.terrestrialenergy.com. An audio replay of this call will also be made available, which you can access on our website or by phone.

配合今天的電話會議，您可在我們網站 ir.terrestrialenergy.com 查閱新聞稿（earnings release）以及隨附的簡報。此次電話會議也將提供錄音重播，您可透過我們網站或電話收聽。

The phone number for the audio replay is included in the press release announcing this call. As a reminder, some of the statements made during this call, including those relating to our outlook, expected company performance, or business strategy, may constitute forward-looking statements.

音訊重播的電話號碼已包含在宣布本次電話會議的新聞稿中。提醒各位，本次會議中所作的部分陳述（包括與我們展望、預期公司表現或業務策略相關者）可能構成前瞻性陳述。

Please note the cautionary language about forward-looking statements contained in our press release and earnings presentation, which also apply to this call. With that, I would now like to turn the call over to Simon Irish.

請留意我們新聞稿與財報簡報中關於前瞻性陳述的警示性用語，該等內容同樣適用於本次電話會議。接下來，我想把電話會議交給 Simon Irish。

Good morning, everyone, and thank you for joining us today. It's a pleasure to welcome you to Terrestrial Energy's first earnings call as a publicly traded company 2025, was an important year for the company. We made significant progress across the three key elements of business plan execution.

各位早安，感謝今天加入我們。很高興歡迎各位參加 Terrestrial Energy 作為上市公司後的首次財報電話會議。2025 年對公司而言是重要的一年。我們在商業計畫執行的三個關鍵要素上都取得了重大進展。

We delivered important regulatory developments. Secured federal support for swift licensing and operation of reactor and fuel supply pilot projects. We announced expansion of supply chain activities, progress with commercial deployments, and we strengthened our balance sheet through our business combination with HCM2.

我們推動了重要的監管進展；取得聯邦層級支持，以加速反應爐與燃料供應試點專案的許可與運轉；我們宣布擴大供應鏈活動、推進商業化部署，並透過與 HCM2 的業務合併強化了資產負債表。

Before discussing developments in more detail, I'd like to briefly step back and frame the important context in which we're now operating. For industrial innovation requires market context. And for innovation, for neutral innovation, there is no more powerful context to what we see today and stretching far ahead. Referring now to slide 3 of the slide deck posted to our website that accompanies today's call.

在更詳細討論進展之前，我想先簡要退一步，說明我們目前所處的重要背景。產業創新需要市場背景；而對於（核能）創新而言，放眼今日並延伸至未來，沒有比我們所見更強大的背景。現在請參閱我們網站上、配合今天電話會議所發布的簡報第 3 頁。

Global energy markets have clearly entered a period of generational and transformative change. Electricity demand is accelerating at a pace not seen in decades, driven by demand growth from multiple sources, energy-intensive industrial innovations, artificial intelligence infrastructure, automation and electrification, and the restoring of manufacturing capacity.

全球能源市場顯然已進入一個世代性、轉型性的變革期。電力需求正以數十年未見的速度加速成長，驅動因素來自多個來源的需求增長、能源密集型的產業創新、人工智慧基礎設施、自動化與電氣化，以及製造產能的回流。

Furthermore, energy policy today clearly prioritizes national energy security, grid reliability, and affordability. Energy security has become a dominant theme across many advanced economies, a shift that accelerated with the start of the war in Ukraine and its associated impact on European natural gas supplies and has moved to a new level today with recent insecurity of Gulf-based LNG and oil supplies.

此外，當前能源政策明確優先考量國家能源安全、電網可靠性與可負擔性。能源安全已成為許多先進經濟體的主導議題；此一轉變在烏克蘭戰爭爆發及其對歐洲天然氣供應的影響下加速，並在近期以波灣地區 LNG 與石油供應的不安全性而提升到新的層級。

It is now clear that only nuclear energy has the potential to meet these huge demand deficiencies. And policy objectives for secure, clean, reliable energy supply. We see these powerful fundamentals driving nuclear energy demand to continue to strengthen, and they create today's extraordinary context for nuclear innovation that is without parallel.

如今已很清楚，只有核能具備潛力來彌補如此巨大的需求缺口，並達成安全、潔淨、可靠能源供應的政策目標。我們看到這些強勁的基本面正持續推升核能需求，並為核能創新創造出當今前所未有的特殊背景。

Contemplating this opportunity, one quickly realizes there are many methods to supply nuclear energy, from different-sized plants, ranging from the tiny to the enormous. And a wide range of fission reactor technologies that cover the conventional, the long conventional fission technologies of light and heavy water reactors to the generation four class of advanced reactor technologies of the future to which our technology belongs.

思考這個機會時，很快就會意識到核能供應有許多方式：從不同規模的電廠（從極小到極大），以及涵蓋廣泛的裂變反應爐技術——從傳統的輕水與重水反應爐等長期既有技術，到屬於未來的第四代先進反應爐技術，而我們的技術即屬於此類。

Here lies the secular opportunity today for the innovator. If nuclear energy supply is to meet these extraordinary demand expectations. Its supply must be from nuclear plants operating with different commercial profiles, ones that are smaller and more affordable to build, ones that are much more capital efficient for low-cost energy supply, and ones that are modular for quick construction and deployment at scale.

這正是當今創新者所面臨的長期結構性機會。若核能供應要滿足這些非同尋常的需求預期，其供應必須來自具備不同商業特性的核電廠：更小且建造更可負擔的電廠、更具資本效率以提供低成本能源的電廠，以及可模組化、能快速建造並大規模部署的電廠。

This next generation of nuclear plants must be more flexible in operation and capable of providing heat for industry as well as electric power.

這一代新型核電廠必須在運轉上更具彈性，並能同時提供工業用熱與電力。

They must be easier to site near point of demand close to data center chemical or petrochemical plant their co-location capacity delivers a new energy supply paradigm hundreds of megawatts of clean firm energy from a small parcel of land located close to demand and free from pipeline and transmission constraints only Innovation.

它們必須更容易選址於需求點附近，例如資料中心、化工或石化工廠；其共址能力帶來新的能源供應典範：在靠近需求、且不受管線與輸電限制的小面積土地上，提供數百兆瓦的潔淨、可調度（firm）能源——唯有創新才能做到。

To deliver small and modular nuclear plants operating with next generation of nuclear technology has the potential to deliver these requirements. Turning to slide 4. Terrestrial Energy was founded over 13 years ago precisely with this paradigm in mind.

要交付採用下一代核能技術運轉的小型與模組化核電廠，具備滿足上述需求的潛力。請看第 4 頁。Terrestrial Energy 於 13 年多前成立，正是以此一典範為出發點。

We have been diligently moving forward with the development of our IMSR plant design, anticipating their arrival at today's extraordinary market and policy circumstances. With this clear innovation focus, our IMSR plant is now heavily differentiated from other small and modular nuclear plants in the advanced reactor sector in important, competitive, and compelling ways.

我們一直勤勉推進 IMSR 電廠設計的開發，並預期其將在今日這種非同尋常的市場與政策環境中到來。在明確的創新聚焦下，我們的 IMSR 電廠如今在先進反應爐領域，相較其他小型與模組化核電廠，在多個重要、具競爭力且具吸引力的面向上高度差異化。

I will discuss some of these differentiators now. Turning to slides 5 and 6. First, affordability and capital efficiency. The IMSR plant is smaller, one-sixth the size of conventional nuclear plant, modular in design, and it captures the fundamental and deeply compelling techno-economic benefits of molten salt reactor technology.

我現在將說明其中一些差異化優勢。請看第 5 與第 6 頁。第一，成本可負擔性與資本效率。IMSR 電廠規模更小，約為傳統核電廠的六分之一；採模組化設計，並充分掌握熔鹽反應爐技術在技術—經濟（techno-economic）層面根本且極具吸引力的優勢。

IMSR plant generates power from steam turbines operating with a near 50% greater efficiency than those driven by light water reactor technology. Its nuclear systems operate at low pressure and with high inherent safety. Again, powerful economic virtues that reduce costs further, as well as virtues that secure strong social license for deployment. We believe that competitive affordability will be a primary driver of success.

IMSR 電廠透過蒸汽渦輪發電，其效率較輕水反應爐技術驅動的渦輪高出近 50%。其核能系統在低壓下運轉，並具高度固有安全性。這些都是強大的經濟優點，可進一步降低成本，同時也有助於取得部署所需的強大社會許可。我們相信，具競爭力的可負擔性將是成功的主要驅動因素。

Second, flexibility in operations. The IMSR plant is capable of high-temperature thermal energy supply for industrial process heat applications and can strongly load follow. Its output can be customized to a required precise mix of heat and power. And it can be integrated with other energy supply systems, including natural gas, for customized resilience and speed to first commercial operations.

第二，運轉彈性。IMSR 電廠可提供高溫熱能以滿足工業製程用熱需求，並能強力追隨負載（load follow）。其輸出可依需求客製為精確的熱與電組合，並可與其他能源供應系統（包括天然氣）整合，以提供客製化的韌性與更快達成首次商業運轉的速度。

We believe that this flexibility in operations contributes to an opportunity for a service addressable market for a company that we estimate to exceed $1.4 trillion.

我們相信，這種運轉彈性帶來的服務可觸及市場（service addressable market）機會，我們估計其規模將超過 1.4 兆美元。

Third, scalability for fast fleet deployment. As supply chain factors heavily determine speed to fleet-to-fleet scale, our supply chain objective has been to source, the greatest extent possible, material and components available from today's nuclear supply chain.

第三，可擴展性以支持快速的機組群（fleet）部署。由於供應鏈因素在很大程度上決定從單一機組到機組群規模化的速度，我們的供應鏈目標一直是盡可能採用當前核能供應鏈中可取得的材料與零組件。

This strategy has delivered important competitive and strategic advantages, particularly with steam turbine and fuel supply. While some Generation four nuclear plants show some of the characteristics required for next generation nuclear energy supply, only the IMSR plant uses standard nuclear fuel, uranium enriched to less than 5%. 10 years ago, we strategically chose to avoid HALEU fuel use, that is uranium enriched, to between 15% and 20%. The bracket required by other Generation four reactors in our sector.

此一策略帶來了重要的競爭與策略優勢，特別是在蒸汽渦輪與燃料供應方面。雖然部分第四代核電廠具備下一代核能供應所需的一些特性，但只有 IMSR 電廠使用標準核燃料，即濃縮度低於 5% 的鈾。10 年前，我們策略性地選擇避免使用 HALEU 燃料，也就是濃縮度介於 15% 至 20% 的鈾——這是我們領域中其他第四代反應爐所要求的濃縮區間。

In today's enrichment-constrained environment, this decision has removed from our deployment plans the considerable challenges and uncertainty of uranium fuel supply at commercial scale. In doing so this decision has improved our market position, reduced regulatory complexity, and cost for first plant as well as for fleet.

在當今濃縮產能受限的環境下，這項決策使我們的部署計畫免於面對商業規模鈾燃料供應所帶來的重大挑戰與不確定性。藉此，該決策改善了我們的市場地位、降低了監管複雜度，並降低首座電廠以及後續機組群的成本。

We believe our supply chain strategy is delivering sector competitive advantages to fleet fast deployment at scale. Molten salt reactor technology is not new. It was first demonstrated over six decades ago and most recently in 2023, when China began operating its first molten salt reactor based on the technology demonstrated at Oak Ridge National Lab in Tennessee.

我們相信，我們的供應鏈策略正在為機組群快速且大規模部署帶來具產業競爭力的優勢。熔鹽反應爐技術並非新技術；其在六十多年前即已首次示範，最近一次是在 2023 年，中國開始運轉其首座熔鹽反應爐，該反應爐基於美國田納西州橡樹嶺國家實驗室（Oak Ridge National Lab）所示範的技術。

The technology's long history of research and development yields a considerable understanding of performance and operation. Our strategic design objective was to use this existing and extensive body of knowledge to create the strong technical foundation of the IMSR plant design that exists today.

該技術長期的研發歷史，帶來了對其性能與運轉的相當程度理解。我們的策略性設計目標，是利用這既有且龐大的知識體系，打造今日 IMSR 電廠設計所具備的堅實技術基礎。

Let me spend a minute talking about regulation. A core objective of Terrestrial Energy since inception. Has been to retire project risk through early and focused engagement with world-leading nuclear regulators. We were the North American sector trailblazer when in 2016, we applied the Canadian Nuclear Safety Commission to undertake its formal programmatic and vendor design review of our IMSR plant design.

我想花一點時間談談監管。自 Terrestrial Energy 成立以來的一項核心目標，就是透過及早且聚焦地與世界領先的核能監管機構互動，來降低專案風險。2016 年，我們向加拿大核安全委員會（Canadian Nuclear Safety Commission）提出申請，請其對我們的 IMSR 電廠設計進行正式的計畫性與供應商設計審查（vendor design review），當時我們是北美領域的先行者。

In 2023, the Canadian Nuclear Safety Commission completed that formal review. And concluded publicly that there were no fundamental barriers to licensing the IMSR plant design for commercial use. The work completed in Canada has matured our safety case. It bounds regulatory uncertainty and strengthens our regulatory engagement with the NRC in the United States, which started in 2017.

在 2023 年，加拿大核安全委員會（Canadian Nuclear Safety Commission）完成了該項正式審查，並公開結論指出：就將 IMSR 電廠設計核准用於商業用途而言，並不存在根本性的障礙。加拿大已完成的工作使我們的安全論證更為成熟，界定了監管不確定性的範圍，並強化了我們與美國核能管制委員會（NRC）的監管互動；該互動始於 2017 年。

Our business strategy is to deploy IMSR plants. With competitive scale and speed and in a capital efficient manner. To achieve this, Terrestrial Energy invites others to build, own and operate IMSR plant as is industry's convention today.

我們的商業策略是部署 IMSR 電廠，以具競爭力的規模與速度，並以資本效率高的方式推進。為達成此目標，Terrestrial Energy 邀請其他業者依照當今產業慣例，來建造、持有並營運 IMSR 電廠。

We will, however, remain the key project partner supporting project licensing and plant construction with revenue generative engineering services and working with established engineering, procurement and construction partners to deliver commissions and operating plants.

然而，我們仍將作為關鍵專案夥伴，透過可創造營收的工程服務支援專案取照與電廠建造，並與既有的工程、採購與施工（EPC）合作夥伴協作，以交付投運（commissioning）與營運中的電廠。

We will also provide IMSR core units, fuel, fueling services and full lifecycle operational support. This approach leverages the capability of experienced industrial partners, providing speed to deployment at fleet scale. It also allows us to focus on our core capabilities and primary business objectives.

我們也將提供 IMSR 爐心模組、燃料、加注燃料服務，以及全生命週期的營運支援。此一作法可運用具經驗之工業合作夥伴的能力，加速以機隊規模部署；同時也使我們能專注於核心能力與主要商業目標。

With this business strategy in mind, I'd like to present the framework to assess progress. It has three pillars. The first drives IMSR engineering and regulatory developments, including our key project engagements with the Department of Energy.

基於此一商業策略，我想提出用以評估進展的架構。它有三大支柱：第一支柱推動 IMSR 工程與監管發展，包括我們與能源部（Department of Energy）的關鍵專案合作。

The second drives supply chain developments, and the third drives IMSR plant projects advancing to deployment. I'd now like to review. 2025 developments demonstrating our progress across these three pillars.

第二支柱推動供應鏈發展，第三支柱推動 IMSR 電廠專案邁向部署。接下來我想回顧 2025 年的發展，說明我們在這三大支柱上的進展。

Please refer to slide 7. In 2025, we announced the NRC's completion acceptance of our Topic Group Corp report on the IMSR principal design criteria. This was a foundational ruling representing an important step forward to IMSR operating license submission and demonstrating progress with our pre-application engagement with the regulator.

請參閱投影片 7。於 2025 年，我們宣布 NRC 已完成並接受我們就 IMSR 主要設計準則（principal design criteria）所提交的 Topic Group Corp 報告。這是一項基礎性的裁定，代表 IMSR 營運執照申請提交的重要前進一步，並展現我們在向監管機關進行申請前互動（pre-application engagement）方面的進展。

Our regulatory program operates in parallel with our engineering and testing programs. In 2025, we received welcome support from two new strategic programs administered by the Department of Energy. These were established following Presidential executive orders in May 2025, to accelerate advanced reactor development.

我們的監管計畫與工程及測試計畫並行運作。於 2025 年，我們獲得能源部所管理的兩項新策略性計畫之支持，令人振奮。這些計畫係依 2025 年 5 月的總統行政命令而設立，旨在加速先進反應爐的開發。

We received two OTA awards, one from each program. The first from the Department of Energy's Advanced Reactor Pilot Program. This supports quick execution of Project TETRA, the Terrestrial Energy Test Reactor Assembly Project, which assists with data collection required for future IMSR license application.

我們獲得兩項 OTA 獎項，分別來自上述兩個計畫。第一項來自能源部的先進反應爐試點計畫（Advanced Reactor Pilot Program），支持快速執行 Project TETRA（Terrestrial Energy Test Reactor Assembly Project，Terrestrial Energy 測試反應爐組裝專案），以協助蒐集未來 IMSR 取照申請所需的數據。

The second was from the Department of Energy's Fuel Line Pilot Program, which supports our schedule for completion of our fuel line assembly project, TEFLA, which is a pilot-scale fuel production process, the antecedent to our commercial plant for IMSR plant fuel supply.

第二項來自能源部的燃料線試點計畫（Fuel Line Pilot Program），支持我們按期完成燃料線組裝專案 TEFLA；該專案為試點規模的燃料生產流程，作為我們商用工廠（用於 IMSR 電廠燃料供應）的前導。

On further supply chain matters, we continue to build on previously established relationships. With leading industrial nuclear suppliers, such as Westinghouse, Siemens Energy, BWXT, as well as other experienced component manufacturers.

在供應鏈方面，我們持續在既有關係基礎上深化合作，與領先的工業核能供應商（如 Westinghouse、Siemens Energy、BWXT）以及其他具經驗的零組件製造商合作。

These supplier relationships support fabrication of react components, development of fuel supply infrastructure, and long-term project capabilities. In 2025, we announced further contract with Westinghouse to support our IMSR fuel supply programme.

這些供應商關係支持反應爐組件的製造、燃料供應基礎設施的建置，以及長期的專案能力。於 2025 年，我們宣布與 Westinghouse 簽訂進一步合約，以支持我們的 IMSR 燃料供應計畫。

In the past year, we advanced important materials testing, selection, and qualification work. We announced our graphite irradiation testing had entered its concluding phase at the [NRG] Palace high-flux reactor in the Netherlands. This is one of the West's most powerful test reactors.

在過去一年中，我們推進了重要的材料測試、選材與資格認證工作。我們宣布石墨照射測試已在荷蘭的 [NRG] Palace 高通量反應爐進入最後階段；該反應爐是西方最強大的測試反應爐之一。

We would like to draw attention to the importance of such in-core testing for generation four reactor materials. These are activities essential for reactor materials qualification, supplier selection, and licensing readiness for Generation four reactor technology.

我們希望強調此類爐內（in-core）測試對第四代反應爐材料的重要性。這些活動對於反應爐材料資格認證、供應商選擇，以及第四代反應爐技術的取照就緒度，皆屬不可或缺。

Now turning to IMSR plant project developments. Early in 2025, Texas A&M University, supported by expertise in its nuclear engineering faculty, announced its selection of Terrestrial Energy to site a full-scale commercial IMSR plant at its RELLIS campus, following a competitive sector-wide evaluation process.

接著談 IMSR 電廠專案的發展。2025 年初，德州農工大學（Texas A&M University）在其核子工程系師資專業支持下，於完成一項全產業競爭性評估流程後，宣布選定 Terrestrial Energy，擬在其 RELLIS 校區設置一座全尺寸商用 IMSR 電廠。

This selection positions an IMSR plant on [ERCOT], one of the fastest growing electricity markets in North America and places the project in a leading engineering research and workforce development ecosystem. In 2025, we announced collaboration with Ameresco. To partner with IMSR plant site identification and project development.

此一選擇使 IMSR 電廠可接入 [ERCOT]（北美成長最快的電力市場之一），並使該專案置身於領先的工程研究與人才培育生態系中。於 2025 年，我們宣布與 Ameresco 合作，作為 IMSR 電廠選址辨識與專案開發的夥伴。

Ameresco brings deep project development expertise and extensive experience with federal energy programs. This relationship expands our capacity to identify IMSR plant project opportunities across multiple industrial and data center markets and to develop them.

Ameresco 具備深厚的專案開發專業，並在聯邦能源計畫方面擁有豐富經驗。此一合作關係擴大了我們在多個工業與資料中心市場中辨識 IMSR 電廠專案機會並加以開發的能力。

As we move into 2026. Our focus is again on disciplined execution against a series of clearly defined and planned steps, each advancing across the three-pillar framework discussed earlier. With this framework in mind, I'd like to provide guidance on further developments in 2026.

邁入 2026 年，我們的重點再次放在以嚴謹紀律執行一系列明確定義且已規劃的步驟，並依先前討論的三支柱架構同步推進。基於此架構，我想就 2026 年的進一步發展提供指引。

Turning to slide 8, we expect to announce the following developments in 2026. First. Announced further agreements with Texas A&M for the deployment of an IMSR plant at RELLIS and for testing and development of key IMSR components and processes. These agreements will support the siting and development of the proposed IMSR plant.

請看投影片 8，我們預期在 2026 年宣布以下發展。第一，宣布與德州農工大學就於 RELLIS 部署 IMSR 電廠，以及關鍵 IMSR 組件與流程的測試與開發，達成進一步協議。這些協議將支持擬議 IMSR 電廠的選址與開發。

Second, and following the announcement of the RELLIS IMSR plant project in 2025. We expect to disclose details of between one and three additional commercial projects to deploy IMSR plants.

第二，繼 2025 年宣布 RELLIS IMSR 電廠專案之後，我們預期將揭露另外一至三個部署 IMSR 電廠的商用專案之細節。

Third, we expect to submit to the NRC for review at least three additional topical reports covering key and consequential areas to increase readiness for NRC license submissions to construct and operate IMSR plant. Finally. Following the two Department of Energy OTA awards in 2025, we expect to provide project development details, disclosing sites for both the Tetra and Tepla projects.

第三，我們預期將向 NRC 提交至少三份額外的專題報告（topical reports）供其審查，涵蓋關鍵且具重大影響的領域，以提升向 NRC 提交 IMSR 電廠建造與營運執照申請的就緒度。最後，繼 2025 年獲得能源部兩項 OTA 獎項之後，我們預期將提供專案開發細節，並揭露 Tetra 與 Tepla 兩個專案的場址。

We expect to identify key engineering partners and organizations supporting regulatory readiness for these important projects. In closing, 2025 was a transformational year for the company. We were successful with our strategy to respond swiftly to the remarkable and generational change in demand for nuclear energy supply.

我們預期將辨識支持這些重要專案監管就緒度的關鍵工程合作夥伴與機構。總結而言，2025 年對公司而言是轉型的一年。我們成功執行策略，迅速回應核能供應需求出現的顯著且世代性的變化。

We strengthened our capital position, advanced regulation readiness, and secured support from the DOE's federal programs in key areas. We advanced commercial and supply chain partnerships, always aiming for fleet-scale solutions, and initiated projects and relationships to deploy IMSR plants.

我們強化了資本狀況、推進監管就緒度，並在關鍵領域獲得能源部聯邦計畫的支持。我們推進商業與供應鏈夥伴關係，始終以機隊規模的解決方案為目標，並啟動部署 IMSR 電廠的專案與合作關係。

Terrestrial Energy's founding belief was that nuclear technology must evolve to meet the remarkable energy market requirements of this modern era. As a private sector innovator, we declared over a decade ago that the ruling objective for nuclear innovation is affordability, cost competitiveness, and speed to market at scale.

Terrestrial Energy 的創立信念是：核能技術必須演進，以滿足現代時代能源市場的顯著需求。作為民間部門的創新者，我們在十多年前即宣示，核能創新的主導目標是可負擔性、成本競爭力，以及以規模化方式快速進入市場。

Design and technology decisions have profound and fundamental consequence on returning from [Sarah] Week. And reflecting on this objective, as we repeatedly do, we remain as convinced of this objective as on the day we founded the company, and over the last decade, we have consistently, programmatically, and diligently advanced our IMSR plant design.

設計與技術決策對於從 [Sarah] Week 回歸具有深遠且根本的影響。回顧此一目標（我們一再如此），我們對該目標的信念與公司成立之日同樣堅定；在過去十年間，我們持續以一致的計畫性與勤勉態度推進 IMSR 電廠設計。

Today, our long commitment and conviction in this ruling objective of nuclear innovation. Positions the IMSR plant as powerfully and competitively differentiated in a nuclear tech sector pursuing a trillion-dollar market opportunity.

如今，我們對核能創新此一主導目標的長期承諾與信念，使 IMSR 電廠在追逐兆美元市場機會的核能科技領域中，具備強而有力且具競爭力的差異化定位。

We're moving forward from this position, looking past the deployment of a single IMSR plant to a fleet of IMSR plants in the 2030s. And the establishment of a standardized and scalable platform for IMSR plant delivery across multiple industrial and grid applications and across international markets.

我們將在此定位上持續前進，不僅著眼於部署單一 IMSR 電廠，而是展望 2030 年代的 IMSR 電廠機隊；並建立一個標準化且可擴展的平台，以在多種工業與電網應用，以及國際市場中交付 IMSR 電廠。

With that, I will now turn the call over to Brian Thrasher, our Chief Financial Officer, to review the financial results in more detail.

接下來，我將把電話會議交給我們的財務長 Brian Thrasher，由他更詳細地回顧財務結果。

Thank you, Simon, and good morning, everyone. I will briefly review our financial results, liquidity, and capital position for the year, and then we will open the call for questions. Let me begin, though, with the transaction that positioned Terrestrial Energy to enter this next phase of development.

謝謝你，Simon，各位早安。我將簡要回顧我們本年度的財務結果、流動性與資本狀況，接著我們將開放提問。不過，先從使 Terrestrial Energy 得以進入下一發展階段的那筆交易談起。

On October 28, 2025, Terrestrial Energy completed its business combination with HCM2 Acquisition Corp and began trading on Nasdaq under the ticker IMSR on October 29, 2025. The transaction resulted in trust redemptions of less than 1% and combined with the $50 million PIPE, secured more than $292 million in gross proceeds.

於 2025 年 10 月 28 日，Terrestrial Energy 完成與 HCM2 Acquisition Corp 的企業合併（business combination），並於 2025 年 10 月 29 日以股票代號 IMSR 在納斯達克開始交易。該交易的信託贖回（trust redemptions）低於 1%，並結合 5,000 萬美元的 PIPE，合計取得超過 2.92 億美元的總募資款（gross proceeds）。

We believe this outcome reflects strong support from investors for both our small and modular nuclear plant design, as well as our business strategy in the context of the market opportunity today for nuclear innovation.

我們相信，這一結果反映出投資人對我們的小型與模組化核電廠設計，以及我們在當前核能創新市場機會背景下之商業策略的強力支持。

Following the listing, we also announced developments with our fuel services agreement with Westinghouse, strengthening our supply chain readiness for IMSR plant commercial operation. In addition, we enhanced our senior leadership team during the fourth quarter to support US commercialization efforts and deepen engagement with federal stakeholders.

上市後，我們亦宣布與西屋（Westinghouse）的燃料服務協議取得進展，強化我們供應鏈就緒度，以支援 IMSR 電廠的商轉營運。此外，我們在第四季強化了高階領導團隊，以支持美國商業化推進並加深與聯邦利害關係人的互動。

Turning now to our financial results as summarized on slide 9. Terrestrial Energy reported a net loss of $28 million for 2025, an increase of $17 million on the prior year. This increase reflects growing expenses from our IMSR engineering program with its component testing, regulatory activities from our TETRA and TEFLA projects with the DOE, from supply chain development.

接著看我們的財務結果，如第 9 頁投影片所摘要。Terrestrial Energy 於 2025 年錄得淨損 2,800 萬美元，較前一年增加 1,700 萬美元。此增幅反映我們 IMSR 工程計畫（包含零組件測試）帶來的費用增加、與美國能源部（DOE）合作之 TETRA 與 TEFLA 專案的法規活動，以及供應鏈開發所致的費用成長。

As well as from organizational expansion as we resource for public company readiness for key technical capabilities and for projects. Research and development expenses, those expenses incurred for design and engineering of the IMSR plant, increased to $10 million in 2025, an increase of $5 million from the prior year as we expanded materials testing and progressed graphite qualification work.

以及因組織擴張所致的費用增加，因我們為上市公司就緒所需的關鍵技術能力與專案配置資源。研發費用（即 IMSR 電廠設計與工程所產生的費用）於 2025 年增加至 1,000 萬美元，較前一年增加 500 萬美元，主要因我們擴大材料測試並推進石墨資格認證工作。

General and administrative expenses increased to $14 million in 2025, an increase of $10 million from the prior year, primarily reflecting expansion in personnel, corporate infrastructure, and professional services to accelerate our commercialization activities and support public company readiness.

一般及行政費用於 2025 年增加至 1,400 萬美元，較前一年增加 1,000 萬美元，主要反映人員擴編、公司基礎建設與專業服務投入增加，以加速我們的商業化活動並支援上市公司就緒。

Within general and administrative expenses. Legal, accounting, and other professional fees increased to $5 million in 2025, an increase of $4 million over the prior year, and excluding $22 million of transaction-related costs associated with the business combination, which are presented as an increase to additional paid-in capital.

在一般及行政費用中，法律、會計及其他專業費用於 2025 年增加至 500 萬美元，較前一年增加 400 萬美元；且不包含與業務合併相關的 2,200 萬美元交易成本，該等成本列示為「額外實收資本」的增加。

Also, personnel-related expenses increased as we move forward with our commercial development, blew our staff to support IMSR engineering, finance, supply chain development, management of IMSR plant commercial projects, and public company reporting requirements. Additionally, SOC-based compensation increased to approximately $3 million, an increase of $2 million over the prior year as management capabilities expanded during the year.

此外，隨著我們推進商業開發，人員相關費用亦增加，我們擴編員工以支援 IMSR 工程、財務、供應鏈開發、IMSR 電廠商業專案管理，以及上市公司申報要求。另外，以股份為基礎的薪酬（SOC-based compensation）增加至約 300 萬美元，較前一年增加 200 萬美元，反映管理能力於年度內擴充。

Finally, we incurred approximately $1 million in additional costs in 2025 to advance public company readiness and scaling of our operations. These included Directors and Officers insurance, investor engagement activities, conference participation, travel, and expanded software and operational systems.

最後，我們於 2025 年為推進上市公司就緒與擴大營運規模而產生約 100 萬美元的額外成本，包括董監事責任保險（D&O）、投資人互動活動、會議參與、差旅，以及擴充軟體與營運系統。

Interest expense, net of interest income of $3 million in 2025, increased by $2 million from the prior year, reflecting increased debt balances partially offset by higher interest income. More specifically, interest expense of $4 million in 2025, compared to $1 million in 2024, is attributable to larger average debt balances in 2025.

2025 年利息費用（扣除利息收入後）為 300 萬美元，較前一年增加 200 萬美元，反映負債餘額增加，部分被較高的利息收入所抵銷。更具體而言，2025 年利息費用為 400 萬美元，相較 2024 年的 100 萬美元，主要歸因於 2025 年較高的平均負債餘額。

Combined with the amortization of the debt discount on the legacy terrestrial energy convertible notes, the company earned $1 million of interest income in 2025, on the cash balance received from the closing of the business combination.

再加上對既有 Terrestrial Energy 可轉換公司債之債務折價攤銷，公司於 2025 年就業務合併交割所取得的現金餘額，賺取了 100 萬美元的利息收入。

Turning now to liquidity. At year-end, we held approximately $298 million in cash and short-term investments. This balance reflects the proceeds from the business combination. With a $50 million PIPE investment completed in October, two financing rounds completed earlier in the year, and the cash exercise of legacy terrestrial energy private warrants.

接著談流動性。於年末，我們持有約 2.98 億美元的現金及短期投資。此餘額反映業務合併的募得款項，其中包括 10 月完成的 5,000 萬美元 PIPE 投資、年內較早完成的兩輪融資，以及既有 Terrestrial Energy 私募認股權證的現金行使。

This capital position provides the financial resources for a period of strong business growth and to deliver consequential progress with important milestones. These include milestones from progress with our IMSR Engineering Program and its regulatory and R&D elements that include the TETRA and TEFLA R&D projects with the DOE, from supply chain development, and from progress with IMSR plant commercial projects.

此資本部位提供我們在一段強勁業務成長期間所需的財務資源，並推動具重大意義的里程碑進展。這些里程碑包括 IMSR 工程計畫及其法規與研發要素（包含與 DOE 合作的 TETRA 與 TEFLA 研發專案）的進展、供應鏈開發的進展，以及 IMSR 電廠商業專案的推進。

At year-end, summarized on slide 10. The companies issued an outstanding share account with 105.8 million shares, consisting of 81.8 million common shares outstanding and 24 million exchangeable shares outstanding. The exchangeable shares are exchangeable into common shares on a one-for-one basis at any time at the election of the holders.

於年末（如第 10 頁投影片所摘要），公司已發行且流通在外的股份合計為 1.058 億股，其中包括 8,180 萬股普通股流通在外，以及 2,400 萬股可交換股份流通在外。可交換股份可由持有人隨時選擇按 1 比 1 兌換為普通股。

That concludes our prepared remarks. Operator, please open the line for questions.

以上為我們預先準備的發言。接線員，請開放提問。

(Operator Instructions).

（接線員指示）。

Jeff Grampp, Northland Capital Markets.

Jeff Grampp，Northland Capital Markets。

Good morning, Simon. Thanks for the time. I was curious to start on the 26th kind of expectation milestone slide, you guys talk about announcing one to three additional commercial projects.

早安，Simon。謝謝你撥冗。我想先從 26 日那張「預期里程碑」投影片談起，你們提到將宣布一到三個額外的商業專案。

I know you can't provide too many details on kind of future announcements, but to the extent you can provide a little more detail, do you expect those to be more kind of MOU. [LOI] type announcements, definitive deployments at identified sites or something else, just, I guess, trying to level set, I guess, the maturity of some of the conversations you're having with respective customers.

我知道你們無法對未來公告提供太多細節，但在你能分享的範圍內，這些會比較像是 MOU／[LOI] 類型的公告、在已確認場址的確定性部署，或是其他形式？我想大致校準一下你們與各客戶對話的成熟度。

Well, yes, we will reserve detail for the moment at which we disclose these developments, but sort of perhaps more generally. For an IMSR project, it's first defined by the location. It's got a zip code, and it's also defined by a process which starts with the declared intention of the parties involved to proceed with that process, ultimately to the commissioning of a IMSR power plant. So maybe I'll just leave it there in terms of providing additional detail on what that means.

嗯，是的，我們會把細節保留到我們披露這些進展的時點；但較一般性地說，對於一個 IMSR 專案，首先是由地點所界定——它有一個郵遞區號（zip code）——同時也由一個流程所界定：從相關各方宣示意圖、啟動該流程開始，最終到 IMSR 發電廠的投運（commissioning）。所以就先說到這裡，作為對其含義的補充說明。

Understood. Appreciate that. My follow-up, there was a recent announcement from the NRC regarding Part 53 licensing as kind of an emerging pathway, which I think would have some applicability to Terrestrial design. Is that something you guys are considering pursuing? And if so what kind of benefit could you see to that having to your commercialization pathway?

了解，感謝說明。我的追問是，NRC 最近就 Part 53 許可（licensing）發布公告，作為一種新興途徑，我認為可能適用於 Terrestrial 的設計。你們是否考慮採行？若是，對你們的商業化路徑可能帶來哪些好處？

Well, it's certainly an option for us to consider in terms of what is the most efficient pathway to commercializing, to life getting to operation of a first plant. We're very familiar with that type of the part 50Q framework. It's graduated, it's risk-informed, it's principles-based.

嗯，這當然是我們可以考量的選項之一，用以評估何者是最有效率的商業化途徑，以推進到首座電廠的投運。我們非常熟悉 Part 50Q 架構的這類型做法；它是分級的（graduated）、風險告知的（risk-informed）、以原則為基礎的（principles-based）。

All the elements of the Canadian process, by the way, the Canadian process has been defined for a long time as graduated risk-informed principles. So it's certainly an option for us and many others in the industry our central case at this point in time for those first couple of plants is going to be a part 50 strategy, so they're two-step, the construction permit moving on to the operating license.

順帶一提，加拿大的流程，其實長期以來就被界定為分級、風險告知、以原則為基礎。因此，這對我們以及產業內許多公司而言，確實是一個選項。不過就目前而言，我們對於前一兩座電廠的核心情境（central case）將採取 Part 50 策略，也就是兩步驟：先取得施工許可（construction permit），再進一步取得運轉許可（operating license）。

Understood. That's helpful. I'll leave it there. Thank you.

了解，這很有幫助。我就先到這裡。謝謝。

Thanks, Jeff.

謝謝你，Jeff。

(Operator Instructions).

（接線員指示）。

With no further questions, I would like to hand the conference back over to Simon for closing remarks.

若無其他問題，我想把電話會議交回給 Simon 作結語。

I'd like to thank everyone for joining us today on our first earnings call as a public company. Thank you for your attention, and we look forward to providing you with further updates in future. Thank you.

感謝各位今天參與我們作為上市公司後的首次財報電話會議。謝謝各位的關注，我們也期待未來為各位提供更多更新。謝謝。

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛線，並感謝您的參與。