Lightbridge Provides Business Update and Announces Second Quarter 2024 Financial Results
Lightbridge (Nasdaq: LTBR) provided a business update and announced financial results for Q2 2024. Key highlights include:
1. The passage of the ADVANCE Act, which is expected to facilitate a more efficient regulatory licensing process for Lightbridge Fuel™.
2. Working capital position of $26.4 million with no debt as of June 30, 2024.
3. Cash and cash equivalents decreased by $1.5 million to $27.1 million in H1 2024.
4. R&D expenses increased to $0.9 million in Q2 2024, up from $0.4 million in Q2 2023.
5. Net loss widened to $2.4 million in Q2 2024, compared to $1.7 million in Q2 2023.
6. The company projects investing approximately $8.3 million in nuclear fuel R&D over the next 12-15 months.
Lightbridge (Nasdaq: LTBR) ha fornito un aggiornamento aziendale e annunciato i risultati finanziari per il secondo trimestre del 2024. Le principali novità includono:
1. L'approvazione dell'ADVANCE Act, che dovrebbe facilitare un processo di licenza regolamentare più efficiente per Lightbridge Fuel™.
2. La posizione di capitale circolante è di 26,4 milioni di dollari senza debiti al 30 giugno 2024.
3. Le disponibilità liquide e i mezzi equivalenti sono diminuiti di 1,5 milioni di dollari, portandosi a 27,1 milioni di dollari nel primo semestre del 2024.
4. Le spese per ricerca e sviluppo sono aumentate a 0,9 milioni di dollari nel secondo trimestre del 2024, rispetto a 0,4 milioni di dollari nel secondo trimestre del 2023.
5. La perdita netta si è ampliata a 2,4 milioni di dollari nel secondo trimestre del 2024, rispetto a 1,7 milioni di dollari nel secondo trimestre del 2023.
6. L'azienda prevede di investire circa 8,3 milioni di dollari nella ricerca e sviluppo di combustibili nucleari nei prossimi 12-15 mesi.
Lightbridge (Nasdaq: LTBR) proporcionó una actualización empresarial y anunció los resultados financieros para el segundo trimestre de 2024. Los aspectos más destacados incluyen:
1. La aprobación de la Ley ADVANCE, que se espera facilite un proceso de licencia regulatoria más eficiente para Lightbridge Fuel™.
2. La posición de capital de trabajo es de 26,4 millones de dólares sin deudas al 30 de junio de 2024.
3. El efectivo y equivalentes de efectivo disminuyeron en 1,5 millones de dólares, quedando en 27,1 millones de dólares en la primera mitad de 2024.
4. Los gastos de I+D aumentaron a 0,9 millones de dólares en el segundo trimestre de 2024, frente a 0,4 millones de dólares en el segundo trimestre de 2023.
5. La pérdida neta se amplió a 2,4 millones de dólares en el segundo trimestre de 2024, en comparación con 1,7 millones de dólares en el segundo trimestre de 2023.
6. La empresa proyecta invertir aproximadamente 8,3 millones de dólares en I+D de combustible nuclear durante los próximos 12-15 meses.
라이트브리지 (Nasdaq: LTBR)는 2024년 2분기 사업 업데이트와 재무 실적을 발표했습니다. 주요 하이라이트는 다음과 같습니다:
1. 라이트브리지 연료™에 대한 보다 효율적인 규제 라이센스 프로세스를 촉진할 것으로 예상되는 ADVANCE 법안의 통과.
2. 2024년 6월 30일 현재 부채가 없는 2,640만 달러의 운전 자본 상태.
3. 2024년 상반기 현금 및 현금성 자산이 150만 달러 감소하여 2,710만 달러로 감소.
4. 연구개발비는 2023년 2분기 40만 달러에서 2024년 2분기 90만 달러로 증가.
5. 2024년 2분기 순손실이 170만 달러에서 240만 달러로 확대됨.
6. 회사는 향후 12~15개월 동안 원자력 연료 연구개발에 약 830만 달러를 투자할 계획입니다.
Lightbridge (Nasdaq: LTBR) a fourni une mise à jour commerciale et annoncé les résultats financiers pour le deuxième trimestre de 2024. Les points clés incluent :
1. L'adoption de la loi ADVANCE, qui devrait faciliter un processus de licence réglementaire plus efficace pour Lightbridge Fuel™.
2. Une position de fonds de roulement de 26,4 millions de dollars sans dette au 30 juin 2024.
3. Les liquidités et équivalents de liquidités ont diminué de 1,5 million de dollars pour atteindre 27,1 millions de dollars au premier semestre 2024.
4. Les dépenses de R&D ont augmenté à 0,9 million de dollars au deuxième trimestre 2024, contre 0,4 million de dollars au deuxième trimestre 2023.
5. La perte nette s'est élargie à 2,4 millions de dollars au deuxième trimestre 2024, par rapport à 1,7 million de dollars au deuxième trimestre 2023.
6. L'entreprise prévoit d'investir environ 8,3 millions de dollars dans la R&D de combustibles nucléaires au cours des 12 à 15 prochains mois.
Lightbridge (Nasdaq: LTBR) hat ein Unternehmensupdate bereitgestellt und die finanziellen Ergebnisse für das zweite Quartal 2024 bekannt gegeben. Die wichtigsten Punkte umfassen:
1. Verabschiedung des ADVANCE-Gesetzes, das voraussichtlich einen effizienteren Genehmigungsprozess für Lightbridge Fuel™ ermöglichen wird.
2. Eine Betriebskapitalposition von 26,4 Millionen Dollar ohne Schulden zum 30. Juni 2024.
3. Das Bargeld und die Zahlungsmitteläquivalente sanken im ersten Halbjahr 2024 um 1,5 Millionen Dollar auf 27,1 Millionen Dollar.
4. Die F&E-Ausgaben stiegen im zweiten Quartal 2024 auf 0,9 Millionen Dollar, gegenüber 0,4 Millionen Dollar im zweiten Quartal 2023.
5. Der Nettoverlust weitete sich im zweiten Quartal 2024 auf 2,4 Millionen Dollar aus, verglichen mit 1,7 Millionen Dollar im zweiten Quartal 2023.
6. Das Unternehmen plant, in den nächsten 12-15 Monaten etwa 8,3 Millionen Dollar in die Forschung und Entwicklung von Kernbrennstoffen zu investieren.
- Passage of ADVANCE Act expected to streamline licensing process for Lightbridge Fuel™
- Strong financial position with $26.4 million working capital and no debt
- Increased R&D investment, projecting $8.3 million over next 12-15 months
- Net loss widened to $2.4 million in Q2 2024 from $1.7 million in Q2 2023
- Cash and cash equivalents decreased by $1.5 million in H1 2024
- Working capital decreased by $1.9 million compared to December 31, 2023
Insights
Lightbridge 's Q2 2024 financial results reveal a mixed picture. While the company maintains a strong working capital position of
The company's net loss widened to
Lightbridge's plan to invest approximately
Overall, while Lightbridge's financial position remains stable, the increasing losses and R&D expenses suggest a critical period ahead as the company seeks to capitalize on the opportunities presented by recent legislative changes.
The passage of the ADVANCE Act marks a significant shift in the U.S. energy landscape, potentially accelerating the adoption of advanced nuclear technologies. This legislation could be a game-changer for companies like Lightbridge, as it aims to streamline the regulatory process for licensing advanced nuclear fuels.
The Act's focus on enhancing safety and economic competitiveness aligns well with Lightbridge Fuel's design principles, particularly its ability to operate at lower temperatures. This could position Lightbridge favorably in the race to meet the growing demand for clean, reliable energy sources.
However, it's important to note that while the ADVANCE Act creates a more favorable regulatory environment, it doesn't guarantee market success. Lightbridge will still need to demonstrate the technical and economic viability of its fuel technology. The company's increased R&D spending suggests they're actively working towards this goal.
The broader context of rising energy demands from data centers, AI and crypto mining underscores the potential market for advanced nuclear technologies. If Lightbridge can successfully bring its fuel to market, it could tap into this growing need for sustainable, high-capacity power generation.
Investors should keep a close eye on Lightbridge's progress in fuel development and any announcements regarding partnerships or pilot projects that could indicate movement towards commercialization. The expedited NRC licensing process could significantly reduce time-to-market, but concrete milestones will be key to assessing the company's long-term prospects in this evolving energy landscape.
Conference Call on Thursday, August 1st, at 4:00 PM ET
RESTON, Va., July 31, 2024 (GLOBE NEWSWIRE) -- Lightbridge Corporation (“Lightbridge”) (Nasdaq: LTBR), an advanced nuclear fuel technology company, announced its financial results for the second quarter ended June 30, 2024, and provided an update on the Company’s continued progress.
Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, "The recent passage of the ADVANCE Act marked a pivotal moment for the advanced nuclear industry. This landmark legislation recognizes the critical role advanced nuclear technologies will play in building a clean and secure energy future for the United States. We believe this legislation will help to facilitate a more efficient regulatory licensing process for Lightbridge Fuel™”
"In an era of rapid technological advancement, the demand for clean and reliable energy has never been greater. The rise of data centers powering AI and the increasing prevalence of energy-intensive processes like crypto mining necessitate a massive expansion of our electricity generation capacity, and this expansion must be sustainable and carbon-free. Advanced nuclear technologies like Lightbridge Fuel™ can offer a powerful solution to this challenge."
“At Lightbridge, our fuel development work currently spans several sites across two continents. Lightbridge Fuel is designed to operate at significantly lower temperatures than traditional fuel, enhancing safety and reducing proliferation risks. The expedited NRC licensing process outlined in the ADVANCE Act specifically addresses advanced nuclear fuels that can increase safety and economic competitiveness for existing reactors and the next generation of advanced reactors. This will pave the way for a more efficient path to qualify and license these technologies to reach the market sooner and contribute meaningfully to the growing demand for clean energy solutions,” concluded Mr. Grae.
Financial Highlights
The Company’s working capital position at June 30, 2024 was
Cash Flows Summary
Cash and cash equivalents were
- Cash used in operating activities for the six months ended June 30, 2024, was
$3.7 million , an increase of$0.7 million compared to$3.0 million for the six months ended June 30, 2023. This increase was primarily due to increased spending on R&D, general and administrative expenses and changes in working capital. - Cash provided by financing activities for the six months ended June 30, 2024, was
$2.2 million , a decrease of$0.1 million compared to$2.3 million in the six months ended June 30, 2023. This decrease was due to a decrease in the net proceeds from the issuance of common stock by our at-the-market (ATM) facility in the first half of 2024.
Balance Sheet Summary
Total assets were
- Stockholders’ equity was
$27.0 million at June 30, 2024, as compared to$28.9 million at December 31, 2023.
Operations Summary
- General and administrative expenses amounted to
$1.8 million for the three months ended June 30, 2024, compared to$1.6 million for the three months ended June 30, 2023. There was an increase in professional fees of$0.1 million , and an increase in employee compensation and stock-based compensation of$0.1 million . - Lightbridge’s total research and development expenses amounted to
$0.9 million for the three months ended June 30, 2024, compared to$0.4 million for the three months ended June 30, 2023, an increase of$0.5 million . This increase primarily consisted of an increase in INL project labor costs and outside R&D expenses of$0.2 million , and an increase in allocated employee compensation and employee benefits of$0.3 million . We currently project investing approximately$8.3 million in the R&D of our nuclear fuel over the next 12 to 15 months. - Total other income was
$0.3 million for the three months ended June 30, 2024, unchanged compared to the three months ended June 30, 2023. The Company’s interest income earned from the purchase of treasury bills and from our bank savings account for the three months ended June 30, 2024 was constant, as compared to the three months ended June 30, 2023. - Net loss was
$2.4 million for the second quarter ended June 30, 2024, compared to$1.7 million for the second quarter ended June 30, 2023.
CONFERENCE CALL & AUDIO WEBCAST
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 at 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.
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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 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 27,067,039 | $ | 28,598,445 | ||||
| Prepaid expenses and other current assets | 302,668 | 207,063 | ||||||
| Total Current Assets | 27,369,707 | 28,805,508 | ||||||
| Other Assets | ||||||||
| Prepaid project costs and other long-term assets | 476,250 | 483,000 | ||||||
| Trademarks | 108,865 | 108,865 | ||||||
| Total Assets | $ | 27,954,822 | $ | 29,397,373 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities | ||||||||
| Accounts payable and accrued liabilities | $ | 932,832 | $ | 486,326 | ||||
| Total Current Liabilities | 932,832 | 486,326 | ||||||
| Stockholders’ Equity | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 14,591 | 13,698 | ||||||
| Additional paid-in capital | 184,599,393 | 181,295,125 | ||||||
| Accumulated deficit | (157,591,994 | ) | (152,397,776 | ) | ||||
| Total Stockholders’ Equity | 27,021,990 | 28,911,047 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 27,954,822 | $ | 29,397,373 | ||||
| LIGHTBRIDGE CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | — | $ | — | $ | — | $ | — | ||||||||
| Operating Expenses | ||||||||||||||||
| General and administrative | 1,792,613 | 1,596,818 | 3,950,358 | 3,462,747 | ||||||||||||
| Research and development | 909,612 | 366,855 | 1,933,435 | 814,899 | ||||||||||||
| Total Operating Expenses | 2,702,225 | 1,963,673 | 5,883,793 | 4,277,646 | ||||||||||||
| Other Operating Income | ||||||||||||||||
| Contributed services - research and development | — | — | — | 31,028 | ||||||||||||
| Total Other Operating Income | — | — | — | 31,028 | ||||||||||||
| Operating Loss | (2,702,225 | ) | (1,963,673 | ) | (5,883,793 | ) | (4,246,618 | ) | ||||||||
| Other Income | ||||||||||||||||
| Interest income | 327,591 | 291,449 | 689,575 | 547,814 | ||||||||||||
| Total Other Income | 327,591 | 291,449 | 689,575 | 547,814 | ||||||||||||
| Net Loss Before Income Taxes | (2,374,634 | ) | (1,672,224 | ) | (5,194,218 | ) | (3,698,804 | ) | ||||||||
| Income taxes | — | — | — | — | ||||||||||||
| Net Loss | $ | (2,374,634 | ) | $ | (1,672,224 | ) | $ | (5,194,218 | ) | $ | (3,698,804 | ) | ||||
| Net Loss Per Common Share | ||||||||||||||||
| Basic and diluted | $ | (0.17 | ) | $ | (0.14 | ) | $ | (0.38 | ) | $ | (0.32 | ) | ||||
| Weighted Average Number of Common Shares Outstanding | 13,930,032 | 11,773,594 | 13,710,993 | 11,723,941 | ||||||||||||
| LIGHTBRIDGE CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| Six Months Ended June 30, | |||||||
| 2024 | 2023 | ||||||
| Operating Activities | |||||||
| Net Loss | $ | (5,194,218 | ) | $ | (3,698,804 | ) | |
| Adjustments to reconcile net loss from operations to net cash used in operating activities: | |||||||
| Common stock issued for services | 15,000 | 15,000 | |||||
| Stock-based compensation | 841,120 | 601,158 | |||||
| Changes in operating assets and liabilities: | |||||||
| Prepaid expenses and other current assets | (95,605 | ) | (240,355 | ) | |||
| Prepaid project costs and other long-term assets | 6,750 | (144,750 | ) | ||||
| Accounts payable and accrued liabilities | 701,506 | 457,388 | |||||
| Net Cash Used in Operating Activities | (3,725,447 | ) | (3,010,363 | ) | |||
| Net Cash Used in Investing Activities | — | — | |||||
| Financing Activities | |||||||
| Net proceeds from the issuances of common stock and tax payments for share settlement of equity awards | 2,194,041 | 2,314,382 | |||||
| Net Cash Provided by Financing Activities | 2,194,041 | 2,314,382 | |||||
| Net Decrease in Cash and Cash Equivalents | (1,531,406 | ) | (695,981 | ) | |||
| Cash and Cash Equivalents, Beginning of Period | 28,598,445 | 28,899,997 | |||||
| Cash and Cash Equivalents, End of Period | $ | 27,067,039 | $ | 28,204,016 | |||
| Supplemental Disclosure of Cash Flow Information | |||||||
| Cash Paid During the Period: | |||||||
| Interest paid | $ | — | $ | — | |||
| Income taxes paid | $ | — | $ | — | |||
| Non-Cash Financing Activities: | |||||||
| Payment of accrued liabilities with common stock | $ | 255,000 | $ | 215,000 | |||
FAQ
What were Lightbridge's (LTBR) key financial results for Q2 2024?
How much does Lightbridge (LTBR) plan to invest in R&D over the next 12-15 months?
What is the significance of the ADVANCE Act for Lightbridge (LTBR)?
How did Lightbridge's (LTBR) R&D expenses change in Q2 2024 compared to Q2 2023?
