Lightbridge Provides Business Update and Announces Third Quarter 2024 Financial Results
Lightbridge (Nasdaq: LTBR) reported its Q3 2024 financial results and business updates. The company's working capital was $25.9 million with no debt. Cash and cash equivalents decreased to $26.6 million from $28.6 million at year-end 2023. R&D expenses increased to $1.3 million from $0.5 million year-over-year, while G&A expenses rose slightly to $1.7 million. Net loss widened to $2.7 million compared to $1.8 million in Q3 2023. The company is developing advanced nuclear fuel technology and collaborating with Idaho National Laboratory, MIT, and Texas A&M University on various research initiatives.
Lightbridge (Nasdaq: LTBR) ha riportato i risultati finanziari del terzo trimestre 2024 e aggiornamenti aziendali. Il capitale circolante dell'azienda era di 25,9 milioni di dollari senza debiti. Le disponibilità liquide e i mezzi equivalenti sono diminuiti a 26,6 milioni di dollari rispetto ai 28,6 milioni di dollari di fine 2023. Le spese per ricerca e sviluppo sono aumentate a 1,3 milioni di dollari rispetto ai 0,5 milioni dell'anno precedente, mentre le spese generali e amministrative sono leggermente aumentate a 1,7 milioni di dollari. La perdita netta è aumentata a 2,7 milioni di dollari rispetto ai 1,8 milioni di dollari del terzo trimestre 2023. L'azienda sta sviluppando tecnologie avanzate per il combustibile nucleare e collaborando con l'Idaho National Laboratory, il MIT e la Texas A&M University su varie iniziative di ricerca.
Lightbridge (Nasdaq: LTBR) informó sobre sus resultados financieros del tercer trimestre de 2024 y actualizaciones de negocios. El capital de trabajo de la empresa era de $25.9 millones sin deudas. El efectivo y equivalentes de efectivo disminuyeron a $26.6 millones desde $28.6 millones a finales de 2023. Los gastos de I+D aumentaron a $1.3 millones desde $0.5 millones interanual, mientras que los gastos generales y administrativos subieron ligeramente a $1.7 millones. La pérdida neta se amplió a $2.7 millones en comparación con $1.8 millones en el tercer trimestre de 2023. La empresa está desarrollando tecnología avanzada de combustible nuclear y colaborando con el Laboratorio Nacional de Idaho, el MIT y la Universidad de Texas A&M en diversas iniciativas de investigación.
라이트브리지 (Nasdaq: LTBR)는 2024년 3분기 재무 결과와 사업 업데이트를 보고했습니다. 회사의 운전 자본은 2,590만 달러이며, 부채는 없습니다. 현금 및 현금성 자산은 2023년 연말의 2,860만 달러에서 2,660만 달러로 감소했습니다. 연구 개발 비용은 지난해 50만 달러에서 130만 달러로 증가했고, 일반관리비는 소폭 증가하여 170만 달러가 되었습니다. 순손실은 2023년 3분기 180만 달러에 비해 270만 달러로 확대되었습니다. 회사는 고급 핵 연료 기술을 개발하고 있으며, 아이다호 국립 연구소, MIT, 텍사스 A&M 대학교와 다양한 연구 프로젝트에 협력하고 있습니다.
Lightbridge (Nasdaq: LTBR) a annoncé ses résultats financiers du troisième trimestre 2024 et des mises à jour de l'entreprise. Le fonds de roulement de l'entreprise s'élevait à 25,9 millions de dollars sans dettes. Les liquidités et équivalents de liquidités ont diminué à 26,6 millions de dollars contre 28,6 millions de dollars à la fin de 2023. Les dépenses de recherche et développement ont augmenté à 1,3 million de dollars contre 0,5 million de dollars l'année précédente, tandis que les frais généraux et administratifs ont légèrement augmenté pour atteindre 1,7 million de dollars. La perte nette s'est élargie à 2,7 millions de dollars par rapport à 1,8 million de dollars au troisième trimestre 2023. L'entreprise développe une technologie avancée de combustible nucléaire et collabore avec le Idaho National Laboratory, le MIT et l'Université Texas A&M sur diverses initiatives de recherche.
Lightbridge (Nasdaq: LTBR) hat die Finanzberichte für das 3. Quartal 2024 und Unternehmensupdates veröffentlicht. Das Working Capital des Unternehmens betrug 25,9 Millionen USD ohne Schulden. Die liquiden Mittel und Zahlungsmitteläquivalente sanken auf 26,6 Millionen USD im Vergleich zu 28,6 Millionen USD zum Jahresende 2023. Die F&E-Ausgaben stiegen auf 1,3 Millionen USD gegenüber 0,5 Millionen USD im Vorjahresvergleich, während die Verwaltungskosten leicht auf 1,7 Millionen USD anstiegen. Der Nettoverlust weitete sich auf 2,7 Millionen USD aus, verglichen mit 1,8 Millionen USD im 3. Quartal 2023. Das Unternehmen entwickelt fortschrittliche Kernbrennstofftechnologien und arbeitet mit dem Idaho National Laboratory, MIT und der Texas A&M University an verschiedenen Forschungsinitiativen zusammen.
- Strong cash position of $26.6 million with no debt
- Strategic partnerships with major research institutions (INL, MIT, Texas A&M)
- Ongoing development of advanced nuclear fuel technology for existing and next-generation reactors
- Net loss increased by 50% to $2.7 million in Q3 2024
- Working capital decreased by $2.4 million from December 2023
- R&D expenses increased by 160% year-over-year
- Cash used in operations increased by $1.5 million compared to previous year
Insights
The Q3 2024 results reveal concerning trends in Lightbridge's financial position.
While the company maintains a debt-free balance sheet with healthy working capital of
The strategic positioning in the nuclear fuel technology sector shows promise, particularly with the growing demand from tech companies seeking zero-emission solutions for AI data centers. The collaboration with prestigious institutions like Idaho National Laboratory, MIT and Texas A&M adds significant credibility to Lightbridge's fuel development efforts.
However, the increased R&D spending has yet to translate into commercial progress or revenue generation. While the technology's potential benefits - including enhanced safety, improved efficiency and plutonium disposal capabilities - are compelling, the path to market remains lengthy and capital-intensive. The focus on both existing reactors and next-generation SMRs provides multiple commercialization pathways but also increases development complexity.
RESTON, Va., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Lightbridge) (Nasdaq: LTBR), an advanced nuclear fuel technology company, announced its financial results for the third quarter ended September 30, 2024, and provided an update on the Company’s continued progress.
Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, "The surge in demand for clean energy from major tech companies, especially as they shift towards data centers with AI chips, is driving significant investment into the nuclear power industry. These companies are increasingly funding strategic nuclear energy projects that may help them reach their zero-emission climate goals.”
“At Lightbridge, we are proud to be developing advanced nuclear fuel that enhances safety and improves the efficiency of existing reactors and the new water-cooled reactors being developed. Our fuel technology has the potential to increase power output, extend the operating cycle length, dispose of plutonium stockpiles, and be used in both current and next-generation smaller reactors. We are working with Idaho National Laboratory (INL) under a Strategic Partnership Project agreement on fabrication of coupon fuel samples for capsule irradiation testing in the Advanced Test Reactor. INL is the U.S Department of Energy’s lead national laboratory for nuclear energy R&D. We are also collaborating with MIT and Texas A&M University on evaluation of Lightbridge Fuel's potential in small modular reactors. We believe our fuel can set a new standard for nuclear energy worldwide."
Financial Highlights
The Company’s working capital position at September 30, 2024 was
Cash Flows Summary
Cash and cash equivalents were
- Cash used in operating activities for the nine months ended September 30, 2024, was
$5.7 million , an increase of$1.5 million compared to$4.2 million for the nine months ended September 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 nine months ended September 30, 2024, was
$3.7 million , a decrease of$0.8 million compared to$4.5 million in the nine months ended September 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.
Balance Sheet Summary
Total assets were
- Stockholders’ equity was
$26.5 million at September 30, 2024, as compared to$28.9 million at December 31, 2023.
Operations Summary
- General and administrative expenses amounted to
$1.7 million for the three months ended September 30, 2024, compared to$1.6 million for the three months ended September 30, 2023. The increase of$0.1 million was primarily due to an increase in employee compensation of$0.1 million , and an increase in stock-based compensation of$0.1 million , offset by a decrease in professional fees of$0.1 million . - Lightbridge’s total research and development expenses (R&D) amounted to
$1.3 million for the three months ended September 30, 2024, compared to$0.5 million for the three months ended September 30, 2023, an increase of$0.8 million . This increase primarily consisted of an increase in INL project labor costs and outside R&D expenses of$0.2 million , an increase in the Centrus Energy FEED Study of$0.1 million , an increase in allocated employee compensation and employee benefits of$0.3 million due to an increase in R&D employees, an increase in consulting fee of$0.1 million and an increase in IT expenses of$0.1 million . - Total other income was
$0.3 million for the three months ended September 30, 2024, unchanged compared to the three months ended September 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 September 30, 2024 was constant, as compared to the three months ended September 30, 2023. - Net loss was
$2.7 million for the third quarter ended September 30, 2024, compared to$1.8 million for the third quarter ended September 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 | |||||||
September 30, | December 31, | ||||||
2024 | 2023 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 26,634,951 | $ | 28,598,445 | |||
Prepaid expenses and other current assets | 403,922 | 207,063 | |||||
Total Current Assets | 27,038,873 | 28,805,508 | |||||
Other Assets | |||||||
Prepaid project costs and other long-term assets | 472,875 | 483,000 | |||||
Trademarks | 108,865 | 108,865 | |||||
Total Assets | $ | 27,620,613 | $ | 29,397,373 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable and accrued liabilities | $ | 1,159,566 | $ | 486,326 | |||
Total Current Liabilities | 1,159,566 | 486,326 | |||||
Stockholders’ Equity | |||||||
Preferred stock, | — | — | |||||
Common stock, | 15,276 | 13,698 | |||||
Additional paid-in capital | 186,693,926 | 181,295,125 | |||||
Accumulated deficit | (160,248,155 | ) | (152,397,776 | ) | |||
Total Stockholders’ Equity | 26,461,047 | 28,911,047 | |||||
Total Liabilities and Stockholders’ Equity | $ | 27,620,613 | $ | 29,397,373 | |||
LIGHTBRIDGE CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenue | $ | — | $ | — | $ | — | $ | — | |||||||
Operating Expenses | |||||||||||||||
General and administrative | 1,676,209 | 1,609,142 | 5,626,567 | 5,071,889 | |||||||||||
Research and development | 1,298,601 | 552,751 | 3,232,036 | 1,367,650 | |||||||||||
Total Operating Expenses | 2,974,810 | 2,161,893 | 8,858,603 | 6,439,539 | |||||||||||
Other Operating Income | |||||||||||||||
Contributed services - research and development | — | — | — | 31,028 | |||||||||||
Total Other Operating Income | — | — | — | 31,028 | |||||||||||
Operating Loss | (2,974,810 | ) | (2,161,893 | ) | (8,858,603 | ) | (6,408,511 | ) | |||||||
Other Income | |||||||||||||||
Interest income | 318,649 | 322,065 | 1,008,224 | 869,879 | |||||||||||
Total Other Income | 318,649 | 322,065 | 1,008,224 | 869,879 | |||||||||||
Net Loss Before Income Taxes | (2,656,161 | ) | (1,839,828 | ) | (7,850,379 | ) | (5,538,632 | ) | |||||||
Income taxes | — | — | — | — | |||||||||||
Net Loss | $ | (2,656,161 | ) | $ | (1,839,828 | ) | $ | (7,850,379 | ) | $ | (5,538,632 | ) | |||
Net Loss Per Common Share | |||||||||||||||
Basic and Diluted | $ | (0.19 | ) | $ | (0.15 | ) | $ | (0.57 | ) | $ | (0.47 | ) | |||
Weighted Average Number of Common Shares Outstanding | |||||||||||||||
Basic and Diluted | 14,189,787 | 12,252,342 | 13,871,756 | 11,902,010 | |||||||||||
LIGHTBRIDGE CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
Nine Months Ended | |||||||
September 30, | |||||||
2024 | 2023 | ||||||
Operating Activities | |||||||
Net Loss | $ | (7,850,379 | ) | $ | (5,538,632 | ) | |
Adjustments to reconcile net loss from operations to net cash used in operating activities: | |||||||
Common stock issued for services | 50,806 | 30,000 | |||||
Stock-based compensation | 1,229,597 | 901,887 | |||||
Changes in operating assets and liabilities: | |||||||
Prepaid expenses and other current assets | (37,665 | ) | (137,139 | ) | |||
Prepaid project costs and other long-term assets | 10,125 | (141,375 | ) | ||||
Accounts payable and accrued liabilities | 928,240 | 740,308 | |||||
Net Cash Used in Operating Activities | (5,669,276 | ) | (4,144,951 | ) | |||
Investing Activities | |||||||
Trademarks | — | (640 | ) | ||||
Net Cash Used in Investing Activities | — | (640 | ) | ||||
Financing Activities | |||||||
Net proceeds from the issuances of common stock and tax payments for share settlement of equity awards | 3,705,782 | 4,481,486 | |||||
Net Cash Provided by Financing Activities | 3,705,782 | 4,481,486 | |||||
Net (Decrease) Increase in Cash and Cash Equivalents | (1,963,494 | ) | 335,895 | ||||
Cash and Cash Equivalents, Beginning of Period | 28,598,445 | 28,899,997 | |||||
Cash and Cash Equivalents, End of Period | $ | 26,634,951 | $ | 29,235,892 | |||
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 | |||
Common stock issued for consulting services | $ | 180,000 | $ | — |
This press release was published by a CLEAR® Verified individual.
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