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Lightbridge Provides Business Update and Announces Third Quarter 2024 Financial Results

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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.

Positive
  • 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
Negative
  • 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. $26.6M cash position shows a $2.0M decline from year-end 2023, with accelerated cash burn as operating expenses increased to $5.7M for the nine months, up 35.7% year-over-year. R&D expenses surged by $0.8M to $1.3M in Q3, while net losses widened to $2.7M from $1.8M year-over-year.

While the company maintains a debt-free balance sheet with healthy working capital of $25.9M, the increased spending rate and widening losses warrant attention. The reduced proceeds from ATM equity raises ($3.7M vs $4.5M) suggest potentially diminishing access to capital markets. At the current burn rate, additional financing may be needed within 18-24 months.

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 $25.9 million with no outstanding debt.

Cash Flows Summary

Cash and cash equivalents were $26.6 million at September 30, 2024, compared to $28.6 million at December 31, 2023, a decrease of $2.0 million, consisting of the following:

  • 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 $27.6 million, and total liabilities were $1.2 million at September 30, 2024. Working capital was $25.9 million at September 30, 2024, versus $28.3 million at December 31, 2023. This decrease of $2.4 million in working capital was due primarily to the factors impacting cash flows, as described above.

  • 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.

To receive Lightbridge Corporation updates via e-mail, subscribe at https://www.ltbridge.com/investors/news-events/email-alerts.

Lightbridge is on X (formerly Twitter). Sign up to follow @LightbridgeCorp at http://twitter.com/lightbridgecorp.

Lightbridge is on Threads @lightbridgecorp.

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, $0.001 par value, 10,000,000 authorized shares, 0 shares issued and outstanding at September 30, 2024 and December 31, 2023     
Common stock, $0.001 par value, 25,000,000 authorized, 15,276,331 shares and 13,698,274 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 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.


FAQ

What was Lightbridge's (LTBR) net loss in Q3 2024?

Lightbridge reported a net loss of $2.7 million for Q3 2024, compared to $1.8 million in Q3 2023.

How much cash does Lightbridge (LTBR) have as of September 30, 2024?

Lightbridge had cash and cash equivalents of $26.6 million as of September 30, 2024, compared to $28.6 million at December 31, 2023.

What were Lightbridge's (LTBR) R&D expenses in Q3 2024?

Lightbridge's R&D expenses were $1.3 million in Q3 2024, an increase from $0.5 million in Q3 2023.

Who is Lightbridge (LTBR) collaborating with for nuclear fuel development?

Lightbridge is collaborating with Idaho National Laboratory (INL), MIT, and Texas A&M University for nuclear fuel development and testing.

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