Core Viewpoint - Lightbridge Corporation, an advanced nuclear fuel technology company, is set to announce its financial results for Q3 2025 on November 5, with a conference call scheduled for November 6 to discuss these results and updates on fuel development activities [1][2]. Company Overview - Lightbridge Corporation (NASDAQ: LTBR) focuses on developing advanced nuclear fuel technology aimed at providing abundant, zero-emission clean energy and enhancing global energy security [4]. - The company is working on Lightbridge Fuel™, a proprietary next-generation nuclear fuel technology designed for existing light water reactors and pressurized heavy water reactors, which improves reactor safety, economics, and proliferation resistance [4]. - Lightbridge is also developing fuel for new small modular reactors (SMRs) to offer similar benefits while enabling load-following with renewables on a zero-carbon electric grid [4]. Strategic Partnerships and Research - Lightbridge has established two long-term framework agreements with Battelle Energy Alliance LLC, the contractor for the U.S. Department of Energy's Idaho National Laboratory, which is the leading nuclear energy research and development facility in the U.S. [5]. - The company has received support from the DOE's Gateway for Accelerated Innovation in Nuclear program, which has awarded Lightbridge funding for the development of its fuel technology multiple times over recent years [5]. - Lightbridge is involved in two university-led studies through the DOE Nuclear Energy University Program at Massachusetts Institute of Technology and Texas A&M University [5]. Market Position - Lightbridge holds an extensive worldwide patent portfolio that supports its innovative fuel technology [5]. - The company is included in the Russell 2000® Index and the Russell 3000® Index, indicating its significant presence in the market [5].

Core Insights - Lightbridge Corporation has successfully completed the loading of capsules containing enriched uranium-zirconium alloy fuel material samples into an experiment assembly, which is now ready for irradiation testing at the Advanced Test Reactor (ATR) later this year [1][5]. Group 1: Achievement Highlights - The loading of capsules into the experiment assembly is a significant milestone for Lightbridge Fuel development, bringing the company closer to obtaining critical irradiation testing data necessary for regulatory approval and commercialization [3][5]. - The enriched uranium-zirconium alloy samples were manufactured under stringent quality control and process validation protocols at Idaho National Laboratory (INL) [5]. - The irradiation testing will be conducted in accordance with a Cooperative Research and Development Agreement (CRADA) between Lightbridge and INL [5]. Group 2: Future Plans and Implications - The planned irradiation testing program, along with post-irradiation examination activities, will provide essential performance data to support Lightbridge's regulatory licensing activities and advance its commercialization efforts [5]. - Lightbridge is focused on developing advanced nuclear fuel technology that enhances reactor safety, economics, and proliferation resistance, aiming to deliver clean energy solutions [15][16].

Core Insights - Lightbridge has made significant advancements in nuclear fuel technology, receiving highly enriched uranium from the US Department of Energy, a rare achievement for companies in the industry [3][5] - The company is set to test its nuclear fuel samples in the world's largest test reactor at Idaho National Laboratory, with testing expected to begin in early November [4][5] - The demand for reliable and clean power, particularly for AI data centers, is driving the urgency for nuclear energy development [6][9] Company Developments - Lightbridge has qualified its fuel material with Idaho National Laboratory and is preparing for testing in the advanced test reactor [4] - The expedited timeline for testing reflects a broader governmental responsiveness to the increasing power needs driven by AI and data centers [5][9] - The company aims to enhance power output and safety at existing reactors while also supporting new reactor developments [6][10] Industry Context - The nuclear sector is expected to play a crucial role in meeting the growing electricity demands, particularly as the US aims to quadruple its nuclear power output in the next 25 years [14] - Currently, nuclear energy accounts for nearly 15% of US electricity, and increasing this share could significantly impact the overall energy supply [15] - Lightbridge's fuel technology could lead to a 10% to 30% increase in power output for existing and new reactors, respectively, thereby improving the efficiency of nuclear energy production [16]

Core Insights - Lightbridge Corporation's CEO Seth Grae will participate in a panel discussion at the Nuclear Energy Policy Summit 2025, focusing on the nuclear energy sector's infrastructure and workforce needs as it experiences significant growth [1][2][3] Company Overview - Lightbridge Corporation is an advanced nuclear fuel technology company developing Lightbridge Fuel™, a next-generation nuclear fuel technology aimed at enhancing safety, economics, and proliferation resistance for existing and new reactors [5][6] - The company has established long-term agreements with Battelle Energy Alliance and has received support from the U.S. Department of Energy for the development of its fuel technology [6] Industry Context - The Nuclear Energy Policy Summit will address the interconnected challenges of reactor deployment, fuel innovation, and workforce development necessary for achieving global nuclear energy goals [3] - The event will gather senior government officials, industry executives, and policy experts to discuss pathways for accelerating nuclear energy deployment worldwide [3]

Group 1 - Nuclear stocks are experiencing significant growth due to increased demand for power from nuclear reactors and AI data centers [1] - The energy demand for AI data centers is a major contributing factor to the rising interest in nuclear energy [1]

Core Insights - Lightbridge Corporation (NASDAQ: LTBR) is positioned uniquely within the nuclear energy sector, distinguishing itself from typical nuclear players [1] Group 1: Company Overview - Lightbridge Corporation is not a conventional player in the nuclear energy market, suggesting a distinctive approach or technology [1] Group 2: Investment Strategy - The investment strategy employed focuses on uncovering high-upside opportunities in overlooked sectors, particularly small-cap stocks, energy, and commodities [1] - The strategy is based on the CAN SLIM framework, emphasizing fundamental momentum indicators such as EPS, ROE, and revenue [1] - Additional tools like GARCH and Granger causality are utilized to analyze risk, volatility, and macroeconomic influences on market cycles [1] Group 3: Market Positioning - The company aims to identify areas where market perceptions diverge from actual financial performance, indicating potential investment opportunities [1]

Core Insights - A nuclear energy renaissance is occurring, with significant gains for early investors in companies like Lightbridge and NuScale Power, which have seen increases of nearly 202% and over 177% respectively since their year-to-date lows [1][2] Group 1: Market Trends - The Range Nuclear Renaissance Index ETF (NUKZ) has shown a price increase of 71% since its year-to-date low on April 8, and over 93% since its one-year low on September 6, 2024 [12] - The global AI data center market is projected to reach an estimated value of $13.62 billion in 2024, with a compound annual growth rate of 28.3% from 2025 to 2030, largely driven by AI technology adoption [5][8] - The U.S. Department of Energy forecasts that domestic energy usage from AI data centers will triple by 2028, increasing from 4.4% of total U.S. electricity in 2023 to between 6.7% and 12% [8] Group 2: Company Developments - Major companies like Amazon and Alphabet are investing in small modular reactors (SMRs) to meet the growing energy demands of AI data centers, with Amazon committing $334 million to an SMR feasibility study [6][8] - The largest holding in the NUKZ ETF is Cameco, the world's largest uranium miner, with a market cap of $33.44 billion, followed by Constellation Energy, which has secured a 20-year deal to supply emissions-free nuclear energy to Meta Platforms [11] Group 3: Investment Opportunities - The NUKZ ETF is positioned as a comprehensive solution for investors seeking exposure to the nuclear industry's growth, despite its relatively high expense ratio of 0.85% [10][9] - The ETF's current Relative Strength Index (RSI) reading of 49.55 suggests a neutral position, indicating potential for a pullback to around $55, which could present a better entry point for new investors [12][14]

PART I - FINANCIAL INFORMATION [Condensed Consolidated Financial Statements](index=2&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the periods ended June 30, 2025 [Balance Sheets](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets and stockholders' equity significantly increased due to a substantial rise in cash from financing activities Condensed Consolidated Balance Sheet Highlights | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $97,901,357 | $39,990,827 | | Total Current Assets | $98,362,270 | $40,315,205 | | Total Assets | $98,968,970 | $40,952,875 | | **Liabilities & Equity** | | | | Total Current Liabilities | $1,194,377 | $424,585 | | Total Stockholders' Equity | $97,774,593 | $40,528,290 | [Statements of Operations](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Net losses widened for the three and six-month periods due to higher General & Administrative and R&D expenses Condensed Consolidated Statements of Operations Highlights | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | General and administrative | $2,502,637 | $1,792,613 | $5,982,647 | $3,950,358 | | Research and development | $1,639,864 | $909,612 | $3,305,777 | $1,933,435 | | Operating Loss | $(4,142,501) | $(2,702,225) | $(9,288,424) | $(5,883,793) | | Net Loss | $(3,520,434) | $(2,374,634) | $(8,291,446) | $(5,194,218) | | Net Loss Per Share (Basic and diluted) | $(0.16) | $(0.17) | $(0.40) | $(0.38) | [Statements of Changes in Stockholders' Equity](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity more than doubled, driven by significant net proceeds from the issuance of common stock - Total stockholders' equity grew from **$40.5 million** on December 31, 2024, to **$97.8 million** on June 30, 2025[16](index=16&type=chunk) - The primary driver for the equity increase was the issuance of 6,242,266 shares from registered offerings, yielding net proceeds of **$63.1 million** in the first six months of 2025[16](index=16&type=chunk) [Statements of Cash Flows](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) A substantial cash inflow from financing activities offset increased cash usage in operations, boosting total cash reserves Cash Flow Summary (Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | $(5,605,030) | $(3,725,447) | | Net Cash Provided by Financing Activities | $63,521,676 | $2,194,041 | | Net Increase in Cash and Cash Equivalents | $57,910,530 | $(1,531,406) | | Cash and Cash Equivalents, End of Period | $97,901,357 | $27,067,039 | [Notes to Financial Statements](index=5&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's single business segment, R&D commitments, recent equity offerings, and stock compensation - The company operates as a single business segment focused on the development and commercialization of its nuclear fuel[24](index=24&type=chunk)[91](index=91&type=chunk) - R&D expenses associated with the Idaho National Laboratory (INL) project totaled **$1.6 million** for the six months ended June 30, 2025, a significant increase from $0.7 million in the same period of 2024[47](index=47&type=chunk) - The company raised net proceeds of **$63.1 million** from At-the-Market (ATM) offerings by selling 6,242,266 shares during the first six months of 2025[62](index=62&type=chunk) - On May 8, 2025, stockholders approved an increase in authorized common shares from **25,000,000 to 100,000,000**[53](index=53&type=chunk) [Management's Discussion and Analysis (MD&A)](index=16&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, fuel development progress, and liquidity, highlighting increased spending and successful capital raises [Business Overview and Fuel Development](index=17&type=section&id=OVERVIEW%20OF%20OUR%20BUSINESS%20AND%20DEVELOPMENT%20OF%20LIGHTBRIDGE%20FUEL) The company is advancing its next-generation metallic nuclear fuel through key collaborations and positive feasibility studies - The company is developing next-generation metallic nuclear fuel to improve the economics and safety of existing and new nuclear power plants, including for emerging uses like powering data centers[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk) - Collaboration with Idaho National Laboratory (INL) is central to R&D, with total estimated cash payments under current CRADA and SPPA agreements at approximately **$6.8 million**[122](index=122&type=chunk) - A feasibility study with RATEN ICN in Romania indicated that Lightbridge Fuel™ can **double the discharged burnup** in a CANDU reactor[126](index=126&type=chunk) - The company signed a memorandum of understanding (MOU) with Oklo, Inc in January 2025 to explore co-locating a fuel fabrication facility and collaborating on recycling spent uranium-zirconium fuel[115](index=115&type=chunk) [Operations Review](index=21&type=section&id=OPERATIONS%20REVIEW) Operating expenses and net loss increased significantly in Q2 and the first half of 2025, driven by intensified R&D and higher G&A costs Comparison of Operating Results (Three Months Ended June 30) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | G&A Expenses | $2.5M | $1.8M | +$0.7M | +39% | | R&D Expenses | $1.6M | $0.9M | +$0.7M | +78% | | Net Loss | $(3.5)M | $(2.4)M | +$1.1M | +46% | Comparison of Operating Results (Six Months Ended June 30) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | G&A Expenses | $6.0M | $4.0M | +$2.0M | +50% | | R&D Expenses | $3.3M | $1.9M | +$1.4M | +74% | | Net Loss | $(8.3)M | $(5.2)M | +$3.1M | +60% | - The increase in R&D for Q2 2025 was primarily due to a **$0.5 million increase** in INL project labor costs[143](index=143&type=chunk) - The increase in G&A for the first six months of 2025 was driven by higher professional fees (**$0.7M**) and stock-based compensation (**$0.9M**), including a $0.5M charge for accelerated vesting for a former employee[149](index=149&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=LIQUIDITY,%20CAPITAL%20RESOURCES%20AND%20FINANCIAL%20POSITION) The company's cash position strengthened significantly through equity offerings, ensuring sufficient funding for near-term operations - Cash and cash equivalents stood at **$97.9 million** as of June 30, 2025[157](index=157&type=chunk) - Management believes it has sufficient liquidity for at least the next 12 months, with estimated cash requirements of **$39.0 million** for that period[156](index=156&type=chunk)[158](index=158&type=chunk) - Long-term capital requirements for development and commercialization are estimated to be in the range of **$200 million to $300 million** over the next 10 to 15 years[160](index=160&type=chunk) - The primary source of liquidity is the At-the-Market (ATM) equity offering, which raised **$63.1 million** in the first half of 2025[157](index=157&type=chunk)[162](index=162&type=chunk) [Market Risk Disclosures](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is not required to provide disclosures about market risk - As a "smaller reporting company," Lightbridge is exempt from this disclosure requirement[174](index=174&type=chunk) [Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal controls over financial reporting were effective as of June 30, 2025 - The CEO and CFO concluded that disclosure controls and procedures were **effective** as of June 30, 2025[176](index=176&type=chunk) - **No material changes** were made to internal control over financial reporting during the quarter[177](index=177&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=25&type=section&id=Item%201.%20Legal%20Proceedings) The company is not aware of any material legal proceedings against it - The company reports **no material legal proceedings**[178](index=178&type=chunk) [Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor related to the use of Artificial Intelligence has been added since the last annual report - A new risk factor was added concerning the challenges and risks associated with the use of AI, including **flawed algorithms, data quality issues, and cybersecurity threats**[180](index=180&type=chunk) [Other Information](index=26&type=section&id=Item%205.%20Other%20Information) This section discloses recent bylaw amendments, an expanded R&D agreement, and the adoption of trading plans by directors - The company amended its bylaws on August 11, 2025, to update nomination and proposal procedures[183](index=183&type=chunk) - A modification to the Strategic Partnership Project Agreement (SPPA) with Battelle Energy Alliance (BEA) was executed on August 1, 2025, to expand the R&D scope[185](index=185&type=chunk) - Two directors, Jesse Funches and Sweta Chakraborty, adopted Rule 10b5-1 stock trading plans in May 2025[186](index=186&type=chunk)[190](index=190&type=chunk) [Exhibits](index=27&type=section&id=Item%206.%20Exhibits) This section lists key agreements and corporate documents filed with the report - Key exhibits filed include the Open Market Sales Agreement with Jefferies LLC, amended corporate bylaws, and a modification to the SPPA with Battelle Energy Alliance, LLC[189](index=189&type=chunk)

Company Participants - The conference call featured key executives from Lightbridge Corporation, including the CEO Seth Grae, CFO Lawrence Goldman, and Executive Vice President of Nuclear Operations Andrey Mushakov [1][3]. Earnings Update - Lightbridge Corporation released its earnings press release prior to the conference call, which is available on their Investor Relations page [3]. Forward-Looking Statements - The presentation included forward-looking statements regarding the company's competitive position and future product and service offerings, with terms like "expect," "anticipate," "believe," and "intend" indicating future goals [4].

Financial Data and Key Metrics Changes - Cash and cash equivalents increased to $97.9 million at the end of Q2 2025 from $40 million at the end of 2024, indicating a significant strengthening of the financial position [20] - Working capital rose to $97.2 million as of June 30, 2025, compared to $39.9 million at December 31, 2024, highlighting improved liquidity [20] - Net loss for Q2 2025 was $3.5 million, up from $2.4 million in Q2 2024, reflecting increased operational costs [22] - Total R&D expenses increased to $1.6 million in Q2 2025 from $900,000 in Q2 2024, driven by heightened R&D activities [22] - General and administrative expenses rose to $2.5 million in Q2 2025 from $1.8 million in Q2 2024, primarily due to increased IT services and professional fees [22] Business Line Data and Key Metrics Changes - Significant milestones achieved in the fuel development program, including the co-extrusion of an eight-foot rod and successful fabrication of enriched uranium zirconium alloy coupon samples [5][10] - Collaboration with Ocla to explore co-location of commercial fuel fabrication facilities and advanced fuel recycling [6][9] Market Data and Key Metrics Changes - Inclusion in the Russell 2000 and Russell 3000 indexes enhances visibility among institutional investors, reflecting the company's growing market presence [7] - The political landscape has become supportive of nuclear energy, with executive orders prioritizing nuclear energy deployment and efficiency [15][17] Company Strategy and Development Direction - The company aims to advance its technology through rigorous testing and demonstration, focusing on maximizing the potential of existing nuclear fleets and next-generation reactors [19] - Plans to complete site selection and begin deployment of a Lightbridge fuel fabrication facility to produce various fuel components [13] Management's Comments on Operating Environment and Future Outlook - Management highlighted a favorable political and regulatory environment that may facilitate the development of advanced nuclear fuel designs [5] - The company believes it is well-positioned to benefit from supportive government policies and increasing global demand for nuclear energy [18] Other Important Information - The company is strategically positioned at the forefront of fuel innovation, with a focus on developing technology to meet evolving global energy demands [19] Q&A Session Summary - No questions were submitted for this call, indicating a lack of immediate inquiries from stakeholders [24]