Lightbridge Provides Business Update and Announces Fiscal Year 2024 Financial Results
Lightbridge (LTBR) reported its fiscal year 2024 financial results and business updates. The company's working capital increased to $39.9 million from $28.3 million year-over-year, with cash and equivalents rising to $40.0 million.
Key operational highlights include successful collaboration with Idaho National Laboratory, achieving casting and extrusion of uranium-zirconium samples. MIT's technical evaluation showed promising safety and performance benefits for Lightbridge Fuel™, demonstrating improved thermal-hydraulic margins and lower operating temperatures.
Financial results show increased R&D expenses to $4.6 million (up from $1.9 million), and general administrative expenses of $8.5 million (up from $7.1 million). The company reported a net loss of $11.8 million for 2024, compared to $7.9 million in 2023. Lightbridge plans to invest approximately $17 million in R&D for 2025.
Lightbridge (LTBR) ha riportato i risultati finanziari e gli aggiornamenti aziendali per l'anno fiscale 2024. Il capitale circolante dell'azienda è aumentato a $39,9 milioni rispetto ai $28,3 milioni dell'anno precedente, con liquidità e equivalenti che sono saliti a $40,0 milioni.
I principali punti operativi includono una collaborazione riuscita con il Laboratorio Nazionale dell'Idaho, con la realizzazione di campioni di uranio-zirconio tramite colata ed estrusione. La valutazione tecnica del MIT ha mostrato promettenti vantaggi in termini di sicurezza e prestazioni per il Lightbridge Fuel™, dimostrando margini termoidraulici migliorati e temperature operative più basse.
I risultati finanziari mostrano un aumento delle spese per R&S a $4,6 milioni (rispetto ai $1,9 milioni), e spese generali e amministrative di $8,5 milioni (rispetto ai $7,1 milioni). L'azienda ha riportato una perdita netta di $11,8 milioni per il 2024, rispetto ai $7,9 milioni del 2023. Lightbridge prevede di investire circa $17 milioni in R&S per il 2025.
Lightbridge (LTBR) informó sobre sus resultados financieros y actualizaciones comerciales para el año fiscal 2024. El capital de trabajo de la empresa aumentó a $39.9 millones desde $28.3 millones en comparación con el año anterior, con efectivo y equivalentes que ascendieron a $40.0 millones.
Los aspectos operativos clave incluyen una colaboración exitosa con el Laboratorio Nacional de Idaho, logrando la fundición y extrusión de muestras de uranio-zirconio. La evaluación técnica del MIT mostró beneficios prometedores en términos de seguridad y rendimiento para el Lightbridge Fuel™, demostrando márgenes térmicos-hidráulicos mejorados y temperaturas operativas más bajas.
Los resultados financieros muestran un aumento en los gastos de I+D a $4.6 millones (aumentando desde $1.9 millones), y gastos generales y administrativos de $8.5 millones (aumentando desde $7.1 millones). La empresa reportó una pérdida neta de $11.8 millones para 2024, en comparación con $7.9 millones en 2023. Lightbridge planea invertir aproximadamente $17 millones en I+D para 2025.
라이트브리지 (LTBR)는 2024 회계연도 재무 결과 및 사업 업데이트를 보고했습니다. 회사의 운전 자본은 전년 대비 $39.9 백만에서 $28.3 백만으로 증가했으며, 현금 및 현금성 자산은 $40.0 백만으로 상승했습니다.
주요 운영 하이라이트에는 아이다호 국립 연구소와의 성공적인 협업이 포함되며, 우라늄-지르코늄 샘플의 주조 및 압출을 달성했습니다. MIT의 기술 평가에서는 라이트브리지 연료™에 대한 안전성과 성능의 유망한 이점이 나타났으며, 개선된 열-유체 마진과 낮은 작동 온도를 보여주었습니다.
재무 결과는 R&D 비용이 $4.6 백만으로 증가했음을 보여주며 (이전 $1.9 백만에서 증가), 일반 관리 비용은 $8.5 백만으로 증가했습니다 (이전 $7.1 백만에서 증가). 회사는 2024년에 $11.8 백만의 순손실을 보고했으며, 2023년의 $7.9 백만과 비교됩니다. 라이트브리지는 2025년 R&D에 약 $17 백만을 투자할 계획입니다.
Lightbridge (LTBR) a publié ses résultats financiers et ses mises à jour commerciales pour l'exercice 2024. Le fonds de roulement de l'entreprise a augmenté à $39,9 millions contre $28,3 millions d'une année sur l'autre, avec des liquidités et équivalents passant à $40,0 millions.
Les points opérationnels clés incluent une collaboration réussie avec le Laboratoire National de l'Idaho, réalisant le coulage et l'extrusion d'échantillons d'uranium-zirconium. L'évaluation technique du MIT a montré des avantages prometteurs en matière de sécurité et de performance pour le Lightbridge Fuel™, démontrant des marges thermohydrauliques améliorées et des températures de fonctionnement plus basses.
Les résultats financiers montrent une augmentation des dépenses en R&D à $4,6 millions (contre $1,9 millions), et des frais généraux et administratifs de $8,5 millions (contre $7,1 millions). L'entreprise a enregistré une perte nette de $11,8 millions pour 2024, contre $7,9 millions en 2023. Lightbridge prévoit d'investir environ $17 millions en R&D pour 2025.
Lightbridge (LTBR) hat seine finanziellen Ergebnisse und Geschäftsupdates für das Geschäftsjahr 2024 veröffentlicht. Das Betriebskapital des Unternehmens stieg im Jahresvergleich auf $39,9 Millionen von $28,3 Millionen, wobei die liquiden Mittel und Äquivalente auf $40,0 Millionen anstiegen.
Wichtige betriebliche Höhepunkte sind die erfolgreiche Zusammenarbeit mit dem Idaho National Laboratory, bei der die Guss- und Extrusionsverfahren von Uran-Zirkonium-Proben erreicht wurden. Die technische Bewertung des MIT zeigte vielversprechende Sicherheits- und Leistungsvorteile für Lightbridge Fuel™, mit verbesserten thermohydraulischen Grenzen und niedrigeren Betriebstemperaturen.
Die finanziellen Ergebnisse zeigen einen Anstieg der F&E-Ausgaben auf $4,6 Millionen (von $1,9 Millionen), und allgemeine Verwaltungskosten von $8,5 Millionen (von $7,1 Millionen). Das Unternehmen berichtete über einen Nettoverlust von $11,8 Millionen für 2024, verglichen mit $7,9 Millionen im Jahr 2023. Lightbridge plant, etwa $17 Millionen in F&E für 2025 zu investieren.
- Cash position increased by $11.4M to $40.0M
- Working capital grew to $39.9M from $28.3M
- Successful technical validation from MIT showing improved fuel performance
- CANDU reactor study demonstrated doubled discharge burnup capability
- Net loss increased to $11.8M from $7.9M
- R&D expenses increased 142% to $4.6M
- G&A expenses rose 20% to $8.5M
- Operating cash burn increased to $9.5M from $6.5M
Insights
Lightbridge's 2024 financial results reveal a pre-revenue nuclear fuel technology company with accelerating R&D investment but strengthened financial position. The company reported a wider net loss of
Despite increased cash burn of
Technically, Lightbridge made meaningful progress with its metallic fuel technology designed for water-cooled reactors. Key developments include successful material testing at Idaho National Laboratory, favorable MIT safety evaluations showing improved thermal performance, and a Romanian study indicating potential for doubled discharged burnup in CANDU reactors at lower enrichment levels. The company also established a strategic relationship with Oklo to explore fuel fabrication synergies.
While these technical milestones are encouraging, Lightbridge remains years away from commercialization. The nuclear fuel qualification process is notoriously lengthy and expensive, with regulatory approvals, irradiation testing, and commercial licensing still ahead. The
The company's focus on power uprates for existing reactors and new SMRs presents a potentially sizable market opportunity, particularly as data centers drive growing demand for reliable, clean energy. However, investors should recognize that even with promising technical results, Lightbridge faces a multi-year path to revenue generation in an industry known for extended development cycles.
RESTON, Va., Feb. 26, 2025 (GLOBE NEWSWIRE) -- Lightbridge Corporation (“Lightbridge” or the “Company”) (Nasdaq: LTBR), an advanced nuclear fuel technology company, announced its financial results for the fiscal year ended December 31, 2024, and provided an update on the Company’s continued progress.
Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “We believe 2024 was a transformative year for the nuclear industry as we saw unprecedented momentum in the adoption and development of nuclear power solutions. Throughout the year, Lightbridge continued advancing development of our nuclear fuel technology, to deliver more power for a cleaner energy future. Our focus on developing next-generation metallic fuel for water-cooled reactors positions us to address the growing demand for reliable, sustainable nuclear power, from data center operators and other industrial customers seeking clean, reliable power. We are designing Lightbridge Fuel™ to offer superior heat transfer capabilities, resulting in lower operating temperatures, as well as enhanced economic and safety benefits that we believe will be crucial for existing large reactors and the emerging small modular reactor market.”
“We have continued our ongoing collaboration with the Department of Energy's Idaho National Laboratory. In March 2024, we announced successful casting and extrusion of a demonstration sample consisting of depleted uranium and zirconium alloy, followed by an announcement in February 2025 of successful co-extrusion of a sample consisting of an alloy of depleted uranium and zirconium with an outer cladding made of nuclear-grade zirconium alloy material. In October 2024, MIT presented a technical paper with preliminary safety evaluation results at the TopFuel 2024 Conference in Grenoble, France. According to MIT, the results show promising safety and performance benefits for Lightbridge Fuel™. Compared to conventional fuel, Lightbridge Fuel™ demonstrated improved thermal-hydraulic margins, lower operating temperatures, and greater potential for power uprates, which contributes to enhancing reactor economics. A recently completed engineering study conducted by the Institutul de Cercetări Nucleare Pitești, a subsidiary of Regia Autonoma Tehnologii pentru Energia Nucleara (RATEN ICN) in Romania indicates that Lightbridge Fuel™ can double the discharged burnup in a CANDU reactor at uranium-235 enrichment levels of less than
“Looking ahead, we see significant opportunities as major technology companies and energy producers increasingly recognize nuclear power as a strategic solution for clean, baseload electricity generation. We believe Lightbridge is well-positioned to capitalize on this growing market demand, particularly as our fuel technology can enable power uprates in both existing reactors and new water-cooled SMRs, providing a cost-effective path to increased power generation,” concluded Mr. Grae.
Financial Highlights
Working capital was
Cash Flows Summary
Cash and cash equivalents were
- Cash used in operating activities for the year ended December 31, 2024 was
$9.5 million , an increase of$3.0 million , compared to$6.5 million for the year ended December 31, 2023. The increase was primarily due to increased spending on R&D, general and administrative expenses and changes in working capital, which included an increase in prepaid assets of$0.1 million , and was partially offset by an increase in accounts payable and accrued liabilities of$0.2 million .
- Cash provided by financing activities for the year ended December 31, 2024, was
$20.9 million , an increase of$14.7 million , compared to$6.2 million for the year ended December 31, 2023. The increase was due to an increase in the net proceeds received from the issuance of common stock under our at-the-market (ATM) facility in the year ended December 31, 2024 of$15.0 million , partially offset by an increase in net share settlement of equity awards for the payment of withholding taxes of$0.3 million .
Balance Sheet Summary
- Total assets were
$41.0 million and total liabilities were$0.4 million at December 31, 2024.
- Stockholders’ equity was
$40.5 million at December 31, 2024, as compared to$28.9 million at December 31, 2023.
Operations Summary
- General and administrative expenses amounted to
$8.5 million for the year ended December 31, 2024, compared to$7.1 million for the year ended December 31, 2023. The increase of$1.4 million was primarily due to an increase in employee compensation and employee benefits of$0.3 million , an increase in consulting fees and professional fees of$0.3 million , an increase in stock-based compensation of$0.6 million , an increase in IT expenses of$0.1 million , an increase in travel and recruitment expenses of$0.1 million , and an increase in patent expense of$0.1 million , partially offset by a decrease in insurance expense of$0.1 million .
- Total stock-based compensation included in general and administrative expenses was
$1.7 million and$1.1 million for the years ended December 31, 2024 and 2023, respectively.
- Lightbridge’s total research and development expenses amounted to
$4.6 million for the year ended December 31, 2024, compared to$1.9 million for the year ended December 31, 2023, an increase of$2.7 million . This increase was primarily due to the increase in R&D activities related to the development of Lightbridge Fuel™. This increase primarily consisted of an increase in INL project labor costs of$0.9 million , an increase of outside R&D costs of$0.4 million , an increase in R&D employees and allocated employee compensation and employee benefits of$1.0 million , an increase in quality assurance expenses of$0.1 million , an increase in R&D modeling computer hardware and software and travel expenses of$0.2 million and an increase in stock-based compensation expenses of$0.1 million .
- Total stock-based compensation included in research and development expenses was
$0.3 million and$0.2 million for the years ended December 31, 2024 and 2023, respectively.
- We currently anticipate investing approximately
$17 million for both capital expenditures and operating expenditures in the R&D of our nuclear fuel for 2025.
- Total other income was
$1.3 million for the year ended December 31, 2024, as compared to other income of$1.1 million for the year ended December 31, 2023, an increase of$0.2 million . The increase in other income was due to an increase in interest income earned from the purchase of treasury bills and from our bank savings account.
Net loss was
CONFERENCE CALL & AUDIO WEBCAST
Lightbridge will host a conference call on Thursday, February 27, at 10 a.m. ET. The conference call will be led by Seth Grae, President and Chief Executive Officer, with other Lightbridge executives available to answer questions.
To access the call by phone, please register using this link (registration link), and you will be provided with dial-in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes before the scheduled start time. The webcast can be accessed at the following link (webcast).
A webcast replay will also be available for a limited time at the following link (webcast replay).
About Lightbridge Corporation
Lightbridge Corporation (NASDAQ: LTBR) is focused on developing advanced nuclear fuel technology essential for delivering abundant, zero-emission, clean energy and providing energy security to the world. The Company is developing Lightbridge Fuel™, a proprietary next-generation nuclear fuel technology for existing light water reactors and pressurized heavy water reactors, significantly enhancing reactor safety, economics, and proliferation resistance. The Company is also developing Lightbridge Fuel for new small modular reactors (SMRs) to bring the same benefits plus load-following with renewables on a zero-carbon electric grid.
Lightbridge has entered into two long-term framework agreements with Battelle Energy Alliance LLC, the United States Department of Energy’s operating contractor for Idaho National Laboratory, the United States’ lead nuclear energy research and development laboratory. DOE’s Gateway for Accelerated Innovation in Nuclear program has twice awarded Lightbridge to support the development of Lightbridge Fuel over the past several years. Lightbridge is participating in two university-led studies through the DOE Nuclear Energy University Program at Massachusetts Institute of Technology and Texas A&M University. An extensive worldwide patent portfolio backs Lightbridge’s innovative fuel technology. Lightbridge is included in the Russell Microcap® Index. For more information, please visit www.ltbridge.com.
To receive Lightbridge Corporation updates via e-mail, subscribe at https://www.ltbridge.com/investors/news-events/email-alerts
Lightbridge is on YouTube. Subscribe to access past demonstrations, interviews, and other video content at https://www.youtube.com/@lightbridgecorporation
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Forward Looking Statements
With the exception of historical matters, the matters discussed herein are forward-looking statements. These statements are based on current expectations on the date of this news release and involve a number of risks and uncertainties that may cause actual results to differ significantly from such estimates. The risks include, but are not limited to: Lightbridge’s ability to commercialize its nuclear fuel technology; the degree of market adoption of Lightbridge’s product and service offerings; Lightbridge’s ability to fund general corporate overhead and outside research and development costs; market competition; our ability to attract and retain qualified employees; dependence on strategic partners; demand for fuel for nuclear reactors; Lightbridge’s ability to manage its business effectively in a rapidly evolving market; the availability of nuclear test reactors and the risks associated with unexpected changes in Lightbridge’s fuel development timeline; the increased costs associated with metallization of Lightbridge’s nuclear fuel; public perception of nuclear energy generally; changes in the political environment; risks associated with war in Europe; changes in the laws, rules and regulations governing Lightbridge’s business; development and utilization of, and challenges to, Lightbridge’s intellectual property; risks associated with potential shareholder activism; potential and contingent liabilities; as well as other factors described in Lightbridge's filings with the Securities and Exchange Commission (the “SEC”). Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements.
A further description of risks and uncertainties can be found in Lightbridge’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in its other filings with the SEC, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Statements”, all of which are available at http://www.sec.gov/ and www.ltbridge.com.
Investor Relations Contact:
Matthew Abenante, IRC
Director of Investor Relations
Tel: +1 (347) 947-2093
ir@ltbridge.com
*** tables follow ***
| LIGHTBRIDGE CORPORATION CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 39,990,827 | $ | 28,598,445 | ||||
| Prepaid expenses and other current assets | 324,378 | 207,063 | ||||||
| Total Current Assets | 40,315,205 | 28,805,508 | ||||||
| Other Assets | ||||||||
| Prepaid project costs and other long-term assets | 528,805 | 483,000 | ||||||
| Trademarks | 108,865 | 108,865 | ||||||
| Total Assets | $ | 40,952,875 | $ | 29,397,373 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities | ||||||||
| Accounts payable and accrued liabilities | $ | 424,585 | $ | 486,326 | ||||
| Total Current Liabilities | 424,585 | 486,326 | ||||||
| Stockholders’ Equity | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 18,784 | 13,698 | ||||||
| Additional paid-in capital | 204,694,348 | 181,295,125 | ||||||
| Accumulated deficit | (164,184,842 | ) | (152,397,776 | ) | ||||
| Total Stockholders’ Equity | 40,528,290 | 28,911,047 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 40,952,875 | $ | 29,397,373 | ||||
| LIGHTBRIDGE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| Year Ended | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenue | $ | — | $ | — | ||||
| Operating Expenses | ||||||||
| General and administrative | 8,460,519 | 7,149,773 | ||||||
| Research and development | 4,598,978 | 1,922,865 | ||||||
| Total Operating Expenses | 13,059,497 | 9,072,638 | ||||||
| Other Operating Income | ||||||||
| Contributed services - research and development | — | 31,028 | ||||||
| Total Other Operating Income | — | 31,028 | ||||||
| Operating Loss | (13,059,497 | ) | (9,041,610 | ) | ||||
| Other Income | ||||||||
| Interest income | 1,272,431 | 1,132,964 | ||||||
| Total Other Income | 1,272,431 | 1,132,964 | ||||||
| Net Loss Before Income Taxes | (11,787,066 | ) | (7,908,646 | ) | ||||
| Income taxes | - | — | ||||||
| Net Loss | $ | (11,787,066 | ) | $ | (7,908,646 | ) | ||
| Net Loss Per Common Share | ||||||||
| Basic and diluted | $ | (0.81 | ) | $ | (0.65 | ) | ||
| Weighted Average Number of Common Shares Outstanding | 14,487,834 | 12,099,574 | ||||||
| LIGHTBRIDGE CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| Year Ended | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| Operating Activities | ||||||||
| Net Loss | $ | (11,787,066 | ) | $ | (7,908,646 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
| Common stock issued for services | 110,806 | 45,000 | ||||||
| Stock-based compensation | 2,038,231 | 1,257,717 | ||||||
| Changes in operating assets and liabilities | ||||||||
| Prepaid expenses and other current assets | (3,121 | ) | (91,799 | ) | ||||
| Prepaid project costs and other long-term assets | (45,805 | ) | (138,000 | ) | ||||
| Accounts payable and accrued liabilities | 193,259 | 350,995 | ||||||
| Net Cash Used in Operating Activities | (9,493,696 | ) | (6,484,733 | ) | ||||
| Investing Activities | ||||||||
| Trademarks | — | (640 | ) | |||||
| Net Cash Used in Investing Activities | — | (640 | ) | |||||
| Financing Activities | ||||||||
| Net proceeds from the issuances of common stock | 21,412,505 | 6,405,431 | ||||||
| Net proceeds from the exercise of stock options | 41,921 | — | ||||||
| Payments for taxes related to net share settlement of equity awards | (568,348 | ) | (221,610 | ) | ||||
| Net Cash Provided by Financing Activities | 20,886,078 | 6,183,821 | ||||||
| Net Increase (Decrease) in Cash and Cash Equivalents | 11,392,382 | (301,552 | ) | |||||
| Cash and Cash Equivalents, Beginning of Year | 28,598,445 | 28,899,997 | ||||||
| Cash and Cash Equivalents, End of Year | $ | 39,990,827 | $ | 28,598,445 | ||||
| Supplemental Disclosure of Cash Flow Information | ||||||||
| Cash paid during the year: | ||||||||
| Interest paid | $ | — | $ | — | ||||
| Income taxes paid | $ | — | $ | — | ||||
| Non-Cash Financing Activities | ||||||||
| Payment of accrued liabilities with common stock | $ | 255,000 | $ | 215,000 | ||||
| Common stock issued for consulting services | $ | 180,000 | $ | — | ||||
This press release was published by a CLEAR® Verified individual.
FAQ
What were Lightbridge's (LTBR) key financial results for fiscal year 2024?
What are the main technical achievements for Lightbridge Fuel™ in 2024?
How much does Lightbridge (LTBR) plan to invest in R&D for 2025?
What were the results of LTBR's CANDU reactor study in 2024?
