Terrestrial Energy Inc.

Greetings. Welcome to Terrestrial Energy First Quarter 2026 Earnings Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Tyler Gronbach, Vice President of Investor Relations and Public Relations. Thank you. You may begin.

Thank you, Operator. Good morning, everyone, and welcome to Terrestrial Energy's first quarter 2026 earnings conference call. I'm Tyler Gronbach, Vice President of Investor Relations and Public Relations. Joining me today are Simon Irish, Chief Executive Officer, and Brian Thrasher, Chief Financial Officer. Simon will begin with a review of our strategic and operational progress during the quarter, and Brian will follow with a discussion of our financial results. We will then open the call for questions. Before we begin, I'd like to remind you that we have posted the quarterly results press release and summary slides to the investor relations section of our website at terrestrialenergy.com. I'd also like to remind you that today's discussion will include forward-looking statements about our business, operations, and financial outlook. These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. We encourage you to review the risk factors described in our SEC filings for a more complete discussion of these risks. With that, I'll turn the call over to Simon.

Thank you, Tyler, and good morning, everyone. When we last spoke in March, we outlined a three pillar framework for assessing our progress and our commitment to disciplined execution against clear milestones. Today, I will report on first quarter progress against that framework, and Brian then will discuss our financial results. Before I turn to first quarter developments, let me briefly affirm the context in which we are operating. The generational shift in energy demand and policy that we described at year end has only intensified in the months since. It is secular, long-term, and compelling. Electricity demand expectations continue to rise, driven by AI infrastructure, the reassuring of manufacturing capacity, and broader electrification needs. Energy security is again a dominant policy theme across advanced economies. Against this market backdrop, the IMSR plant is powerfully and competitively differentiated. Let me briefly remind you of just two of those differentiators. First, size, affordability, and capital efficiency. At one-sixth the size of a conventional nuclear plant, the IMSR plant is right-sized for the growth market opportunity today. Its steam turbines operate at near 50% greater efficiency than those driven by a light water reactor. Its nuclear systems operate at low pressure and with high inherent safety. All are powerful, competitive economic virtues that increase affordability and financeability. reduce risk, and secure strong social license for deployment. Second, our fuel strategy, and I want to spend a few moments on this point. The IMSR plant uses standard nuclear fuel, uranium at standard enrichment, i.e. less than 5% U-235, which has become the world's standard over many decades. This was a strategic choice, that we made more than a decade ago, deliberately avoiding HALU fuel use, i.e., fuel at enrichment levels of between 15 and 20% U235, the levels required by other Generation IV reactors in the advanced nuclear sector. In today's HALU enrichment constrained industry, our decision has removed the considerable challenges, costs, and uncertainty of HALU fuel supply at commercial scale. It also has the benefit of reducing regulation complexity and cost, both for first plant and for fleet. This is relevant to our competitive positioning and to how we believe the market should evaluate deployment readiness in our sector. Companies that choose HALU fuel for advanced reactors now face a considerable fuel supply, timeline, and infrastructure cost challenge, which we have resolved more than a decade ago. As I described in March, our three-pillar framework guides how we assess and report progress. The first pillar covers IMSR engineering and regulatory developments, including Project Tetra, our test reactor assembly, and Project TEFLA, our fuel line assembly. The second covers supply chain developments, and the third covers our commercial pipeline of IMSR plants. Let me walk through first quarter progress for each of these three. First, our engineering and regulatory pillar. Early in the quarter, we completed OTA contract with the DOE to advance project tetra, our test reactor assembly, and project TEFLA, our fuel line assembly. The project support engineering and regulatory programs for IMSR plant commercial operation and the infrastructure development for IMSR plant fuel supply. Our graphite irradiation testing and supplies activities are ongoing at NRG Patton, one of the world's most powerful test reactors. This work is essential for reactor materials qualification, supply selection, and licensing readiness. Subsequent to quarter end, we achieved another foundational regulatory milestone with the Nuclear Regulatory Commission. We completed final submissions to the NRC, supporting our postulated initiating events methodology, or PIE, top of the report. And the NRC has subsequently approved that top of the report, issuing its safety evaluation report. The details are in Tuesday's press release, but let me underscore what this means. The safety evaluation report establishes an important methodology for IMSR safety analysis. It forms part of the future licensing basis of the IMSR plant, as it can be referenced in future licensing applications without reevaluation. The role of topical reports with associated safety evaluation reports reduces the scope of subsequent regulatory reviews, improves predictability by resolving key safety analyses early, and increases confidence in the licensing pathway to commercial operations. Furthermore, it also enables repeated use of agreed safety frameworks for licensing of multiple IMSR plants, which is important as we look through first plant to establishing deployment efficiencies at feed scale. The PIE Safety Evaluation Report follows on from the NRC's 2025 Safety Evaluation Report for the IMSR's principal design criteria. Together, these two approved analyses establish foundational elements of the IMSR plant's licensing basis. Our completion of this work reflects the depth and duration of our engineering engagement with the NRC. Turning to the second pillar, supply chain developments. Our relationships with industry nuclear suppliers remain in active execution, supporting the fabrication of reactor components and the development of fuel supply infrastructure. Over the quarter, we built our supply group for the execution of projects Tetra and Teflon. Turning to the third pillar, our commercial pipeline of IMSR plant projects. Following quarter end, We executed an MOU with RIOT platforms, creating the opportunity for a best-in-class pairing of data center and nuclear plant. The companies planned to co-locate IMSR plants with RIOT-developed data centers, serving AI and high-performance compute applications. The agreement covers multiple project opportunities across the U.S. and the use of natural gas as a bridge fuel to accelerate commercial power supply and enhance resilience during full plant operation. This relationship establishes a hyperscale data center commercial channel for IMSR plants. It further underscores the demand side value of the IMSR plant design and our business model. and it reflects exactly the kind of high-value industrial application the IMSR plant is designed to serve. Our commercial pipeline consists of approximately 10 IMSR plant projects. With the right relationship, this pipeline represents 7.8 gigawatts of indicative power capacity. The IMSR plant's combination of affordability capital efficiency, slicing flexibility, customized supply make it well-suited to the growth opportunity today. Over the quarter, we executed against clearly defined milestones, advancing across all three pillars of our business plan, always looking past the deployment of a single IMSR plant to a fleet operating the 2030s. With that, I will now turn the call over to Brian Thrasher, our Chief Financial Officer, to review our financial results.