RESTON, Va., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Lightbridge Corporation (“Lightbridge”) (Nasdaq: LTBR), an advanced nuclear fuel technology company, today announced the signing of a Memorandum of Understanding (“MOU”) with Oklo Inc. (NYSE: OKLO) (“Oklo”), an advanced nuclear power and fuel recycling company. The MOU outlines plans to conduct a feasibility study for co-locating a Lightbridge Commercial-scale Fuel Fabrication Facility at Oklo’s proposed commercial fuel fabrication facility and to explore oppor ...

RESTON, Va., Jan. 15, 2025 (GLOBE NEWSWIRE) -- Lightbridge Corporation ("Lightbridge" or the "Company") (NASDAQ:LTBR), an advanced nuclear fuel technology company, will participate in the 27th Annual Needham Growth Conference on Friday, January 17, 2025. Lightbridge CEO Seth Grae will participate in 1-on-1 meetings to discuss the Company's recent advancements in its nuclear fuel development. Discussions will focus on Lightbridge's unique approach to delivering more power to existing reactors while enhancing ...

RESTON, Va., Dec. 18, 2024 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Lightbridge) (NASDAQ:LTBR), an advanced nuclear fuel technology company, today applauded the signing of a Memorandum of Understanding (MOU) between the U.S. Nuclear Regulatory Commission (NRC) and the U.S. Department of Energy (DOE) to collaborate on the readiness and development of advanced nuclear fuels. The MOU, signed under the ADVANCE Act (Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy Act of 2024), establi ...

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Nuclear Fuel Development - Lightbridge Corporation is developing next-generation nuclear fuel, Lightbridge Fuel™, aimed at improving the economics and safety of nuclear power plants[73]. - The company has entered into agreements with Idaho National Laboratory to support the development of Lightbridge Fuel™, with an estimated total cost of $2.0 million for the work under the Strategic Partnership Project Agreement[84]. - A feasibility study for the use of Lightbridge Fuel™ in CANDU reactors is being conducted, with a total fee of approximately $0.2 million expected to be completed in 2024[89]. - Texas A&M University received $1 million from the DOE's Nuclear Energy University Program to study the performance of Lightbridge Fuel™[90]. - Lightbridge anticipates beginning demonstration of lead test rods in commercial reactors in the 2030s, with initial fuel reload batches expected 15-20 years from now[96]. - Lightbridge has built a significant portfolio of patents and is collaborating with the DOE's national laboratories for R&D activities[77]. - The company expects to generate irradiation performance data for its delta-phase uranium-zirconium alloy to support fuel performance modeling and regulatory licensing efforts[79]. - Lightbridge's metallic fuel is projected to provide significant economic and safety benefits over traditional nuclear fuel due to superior heat transfer properties[75]. Financial Performance - Operating expenses for the three months ended September 30, 2024, were $1.7 million, reflecting a 6% increase from $1.6 million in the same period of 2023[93]. - Total operating expenses for the three months ended September 30, 2024, were $3.0 million, up from $2.1 million in the same period of 2023, marking a 43% increase[99]. - Net loss for the three months ended September 30, 2024, was $2.7 million, compared to a net loss of $1.8 million for the same period in 2023, reflecting a 50% increase in losses[99]. - General and administrative expenses increased by $0.6 million to $5.7 million for the nine months ended September 30, 2024, compared to $5.1 million for the same period in 2023, a 12% increase[107]. - Total R&D expenses for the nine months ended September 30, 2024, were $3.2 million, up from $1.3 million in the same period of 2023, indicating a 146% increase[109]. - The company projects to invest approximately $6.8 million in R&D for nuclear fuel over the next 12 to 15 months[110]. - Cash and cash equivalents decreased to $26.6 million as of September 30, 2024, from $28.6 million at December 31, 2023, a decrease of $2.0 million[113]. - The company raised net proceeds of $3.7 million from the sale of approximately 1.4 million shares of common stock during the nine months ended September 30, 2024[113]. - The company anticipates total expected expenditures of approximately $14.1 million for the next 12 months, with a projected negative cash flow from operations[114]. - The company has approximately $26.9 million of working capital as of the date of this filing[114]. - Net cash used in operating activities increased by $1.5 million for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to increased spending on R&D and administrative expenses[121]. - Net cash provided by financing activities decreased by $0.8 million for the nine months ended September 30, 2024, compared to the same period in 2023, attributed to a decrease in net proceeds from the issuance of common stock under the ATM facility[127]. - Cash provided by the ATM facility was $3.7 million (approximately 1.4 million common shares) for the nine months ended September 30, 2024, compared to $4.5 million (approximately 0.9 million common shares) for the same period in 2023[128]. - The company has no debt or lines of credit and has financed operations through the sale of preferred and common stock[119]. - The company reported a net cash outflow of $2.0 million for the nine months ended September 30, 2024, compared to a net cash inflow of $0.3 million for the same period in 2023[123]. Strategic Initiatives - The company is exploring options for a Lightbridge Pilot Fuel Fabrication Facility after determining that the Piketon site may be better suited for an industrial-scale facility[88]. - The company aims to create strategic alliances to support remaining R&D activities for fuel products to reach commercial stage[120]. - The company is exploring equity or debt investment from third-party investors to support its operations[125]. - The company is seeking new financing to enhance its capital sources depending on market conditions[120]. Economic and Market Conditions - The company does not have any off-balance sheet arrangements that materially affect its financial condition[129]. - Inflation has not materially affected the company's business, revenues, or operating results[130].

Financial Data and Key Metrics Changes - The company's working capital position was $25.9 million at September 30, 2024, down from $28.3 million at December 31, 2023 [32] - Total cash and cash equivalents decreased to $26.6 million from $28.6 million at December 31, 2023, a reduction of $2 million [34] - Net loss for the third quarter ended September 30, 2024, was $2.7 million, compared to $1.8 million for the same period in 2023 [38] Business Line Data and Key Metrics Changes - Total R&D expenses for the three months ended September 30, 2024, amounted to $1.3 million, an increase of $0.8 million compared to $0.5 million for the same period in 2023 [38] - Total G&A expenses were $1.7 million for the three months ended September 30, 2024, slightly up from $1.6 million in the same period in 2023 [39] Market Data and Key Metrics Changes - The company is actively involved in studies funded by the U.S. Department of Energy to evaluate the use of its fuel in small modular reactors, indicating a focus on future market opportunities [12][19] Company Strategy and Development Direction - The company aims to complete the fuel development process, achieve regulatory approvals, and establish commercial arrangements with utilities to generate revenue from its fuel technology [13] - Lightbridge is positioning its fuel technology to address the growing demand for stable, carbon-free power sources, particularly in light of increasing energy consumption from sectors like AI [26][28] Management Comments on Operating Environment and Future Outlook - Management highlighted the growing recognition of nuclear power as essential for meeting global energy demands, particularly in the context of climate change and the need for reliable energy sources [26][29] - The company believes that its fuel technology will be integral to making nuclear energy safer, more efficient, and sustainable, aligning with global efforts to increase nuclear capacity [13][30] Other Important Information - The company presented a technical paper at the TopFuel 2024 Conference, showcasing its fuel development activities and the validation of its technology through independent studies [18][19] - The initial engineering study on the compatibility of Lightbridge Fuel with CANDU reactors indicates potential for double the discharge burn-up compared to current CANDU fuel [21] Q&A Session Summary - No questions were submitted during the call, and the company expressed its readiness to provide additional updates in the future [41]

EX-99.1 2 ltbr_ex991.htm PRESS RELEASE EXHIBIT 99.1 Lightbridge Provides Business Update and Announces Third Quarter 2024 Financial Results RESTON, VA, October 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, ...

Core Viewpoint - Lightbridge Corporation reported its financial results for Q3 2024, highlighting a significant increase in demand for clean energy, particularly from tech companies investing in nuclear power to meet zero-emission goals [1][2]. Financial Highlights - The working capital position was $25.9 million as of September 30, 2024, with no outstanding debt [3]. - Cash and cash equivalents decreased to $26.6 million from $28.6 million at the end of 2023, a reduction of $2.0 million [4]. - The net loss for Q3 2024 was $2.7 million, compared to a loss of $1.8 million in Q3 2023 [10]. Cash Flows Summary - Cash used in operating activities for the nine months ended September 30, 2024, was $5.7 million, an increase of $1.5 million from $4.2 million in the same period of 2023 [4]. - Cash provided by financing activities decreased to $3.7 million from $4.5 million year-over-year [5]. Balance Sheet Summary - Total assets were $27.6 million, while total liabilities stood at $1.2 million as of September 30, 2024 [6]. - Stockholders' equity decreased to $26.5 million from $28.9 million at the end of 2023 [6]. Operations Summary - General and administrative expenses increased to $1.7 million in Q3 2024 from $1.6 million in Q3 2023, primarily due to higher employee compensation [7]. - Research and development expenses rose significantly to $1.3 million in Q3 2024 from $0.5 million in Q3 2023, driven by increased project costs and employee compensation [8]. Industry Context - The demand for clean energy is being driven by major tech companies investing in nuclear energy projects to achieve climate goals [2]. - Lightbridge is developing advanced nuclear fuel technology aimed at enhancing safety and efficiency in both existing and next-generation reactors [2][13].

Core Insights - Lightbridge Corporation is positioned as a key player in the advanced nuclear fuel technology sector, emphasizing the increasing interest in nuclear energy driven by surging power demand from AI and other carbon-free energy applications [1][2] - The company is developing Lightbridge Fuel™, a next-generation nuclear fuel technology aimed at enhancing reactor safety, economics, and proliferation resistance, which is crucial for the future energy mix [2][3] - Recent investments in nuclear energy from major tech companies like Microsoft, Amazon, and Google are expected to accelerate the adoption of nuclear power, particularly for data centers, leading to a surge in nuclear stock prices [1] Company Developments - Lightbridge has entered into long-term framework agreements with Battelle Energy Alliance, supporting the development of Lightbridge Fuel through the U.S. Department of Energy's initiatives [3] - The company is involved in university-led studies at prestigious institutions such as MIT and Texas A&M University, furthering its research and development efforts [3] - Lightbridge holds an extensive patent portfolio that underpins its innovative fuel technology, and it is included in the Russell Microcap® Index, indicating its market presence [3]

Financial Data and Key Metrics Changes - The company's working capital position was $26.4 million as of June 30, 2024, down from $28.3 million at December 31, 2023 [15] - Total cash and cash equivalents were $27.1 million compared to $26.8 million at December 31, 2023, reflecting a decrease of $1.5 million for the six months ended June 30, 2024 [16] - The net loss for the second quarter ended June 30, 2024, was $2.4 million, compared to $1.7 million for the same period in 2023 [18] Business Line Data and Key Metrics Changes - Total R&D expenses amounted to $0.9 million for the second quarter, an increase of $0.5 million compared to $0.4 million for the same period in 2023, primarily due to increased spending on the INL project [18] - Total G&A expenses were $1.8 million for the second quarter, up from $1.6 million for the same period in 2023 [19] Market Data and Key Metrics Changes - Uranium prices are nearing record highs, indicating a potential expansion in the nuclear market, which could significantly increase the market for Lightbridge Fuel [13] - The global consensus on the necessity of nuclear energy to meet the Paris Agreement's goals is growing, further driving demand for nuclear power [12] Company Strategy and Development Direction - The company aims to develop nuclear fuel that improves economics, enhances nonproliferation, and allows for quick adjustments in power output to complement renewables [6] - The recent passage of the ADVANCE Act is seen as a game changer, aiming to streamline the regulatory review process for advanced nuclear fuels [11] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing demand for clean and reliable energy due to the growth of data centers, energy-intensive processes, and electrification of transportation [12] - The company is focused on advancing fuel development and strengthening collaborations with industry, government, and academic partners [13] Other Important Information - The company expects to invest approximately $8.3 million in R&D over the next 12 to 15 months [18] - The company anticipates continued government funding and strategic alliances to support future R&D milestones [17] Q&A Session Summary Question: Can you provide an update on upcoming milestones over the next 12 to 18 months? - The company anticipates milestones including the execution of strategic partnerships at Idaho National Laboratory, a feasibility study for CANDU reactors, and a front-end engineering study for a pilot fuel fabrication facility [20] Question: Regarding the recent ADVANCE Act legislation, how much time could that save on licensing permits? - Management expressed optimism that the ADVANCE Act will expedite the NRC licensing process for advanced nuclear fuel technologies, indicating a prioritization of faster licensing by Congress [21]