Financial Data and Key Metrics Changes - The company's working capital position increased to $56.5 million as of March 31, 2025, compared to $39.9 million at December 31, 2024 [17] - Total cash and cash equivalents rose to $56.9 million from $40 million at December 31, 2024, marking an increase of $16.9 million for the first quarter [18] - The net loss for the first quarter ended March 31, 2025, was $4.8 million, compared to $2.8 million for the same period in 2024 [20] Business Line Data and Key Metrics Changes - Total R&D expenses for the first quarter of 2025 were $1.7 million, up from $1 million in the first quarter of 2024, primarily due to increased labor costs and employee compensation [21] - Total G&A expenses increased to $3.5 million in Q1 2025 from $2.2 million in Q1 2024, driven by higher employee compensation and consulting fees [21] Market Data and Key Metrics Changes - The global nuclear energy sector is experiencing significant momentum, with increasing government support and public acceptance driving demand for nuclear power [6][8] - Major technology companies are increasingly interested in utilizing nuclear energy to meet the energy demands of data centers, indicating a shift in market dynamics [14] Company Strategy and Development Direction - The company is focused on executing its development plan and demonstrating the capabilities of its proprietary fuel technology, which is designed to enhance performance and safety in nuclear reactors [9][16] - Lightbridge is exploring collaborations, such as the MOU with Ocla, to evaluate the feasibility of co-locating fuel fabrication facilities, which could lead to cost savings [11][19] Management's Comments on Operating Environment and Future Outlook - Management highlighted the critical need for resilient baseload energy sources, particularly in light of recent events like the blackout in Spain, reinforcing the role of nuclear power [6][16] - The commitment from over 20 countries to triple global nuclear capacity by 2050 is seen as a strong signal for the industry's future [13] Other Important Information - The company plans to invest approximately $17 million in CapEx and operating expenditures for R&D development of its nuclear fuel in 2025 [19] - Lightbridge is actively pursuing government funding opportunities to support its R&D activities and commercialization efforts [24] Q&A Session Summary Question: Can we expect to see Lightbridge receive DOE financing in the near future? - Management expressed uncertainty but indicated that the company is well positioned for future support and has benefited from previous DOE funding [24] Question: Has Lightbridge gotten out of the thorium business entirely or have you just backburnered it? - Management clarified that while they are not actively pursuing thorium-based fuel designs, they still hold patents and could resume development if customer interest arises [26]

Financial Data and Key Metrics Changes - The company's working capital position increased to $56.5 million as of March 31, 2025, compared to $39.9 million at December 31, 2024 [17] - Total cash and cash equivalents rose to $56.9 million from $40 million at December 31, 2024, marking an increase of $16.9 million for the first quarter [18] - The net loss for the first quarter ended March 31, 2025, was $4.8 million, compared to $2.8 million for the same period in 2024 [20] Business Line Data and Key Metrics Changes - Total R&D expenses for the first quarter of 2025 amounted to $1.7 million, up from $1 million in the first quarter of 2024, primarily due to increased project labor costs and employee compensation [20] - Total G&A expenses increased to $3.5 million for the first quarter of 2025, compared to $2.2 million in the first quarter of 2024, driven by higher employee compensation and consulting fees [21] Market Data and Key Metrics Changes - The global nuclear energy sector is experiencing significant momentum, with increasing government support and public acceptance driving demand for nuclear power [6][12] - Major technology companies are increasingly looking to nuclear power to meet energy demands, particularly for data centers, indicating a shift in market dynamics [7][13] Company Strategy and Development Direction - The company is focused on executing its development plan and demonstrating the capabilities of its proprietary Lightbridge Fuel technology, which is designed to enhance performance and safety in nuclear reactors [8][16] - Lightbridge is exploring collaborations, such as the MOU with Ocla, to evaluate the feasibility of co-locating fuel fabrication facilities, which could lead to cost savings [10][19] Management's Comments on Operating Environment and Future Outlook - Management highlighted the critical need for resilient baseload energy sources, particularly in light of recent events like the blackout in Spain, reinforcing the role of nuclear power [6][16] - The company believes it is well-positioned to capitalize on the growing demand for advanced nuclear technologies, supported by favorable government policies and investment trends [12][16] Other Important Information - The company plans to invest approximately $17 million in CapEx and operating expenditures for R&D development of its nuclear fuel in 2025 [19] - The company continues to seek government funding and strategic alliances to support its future R&D activities [19] Q&A Session Summary Question: Can we expect to see Lightbridge receive DOE financing in the near future? - Management indicated uncertainty regarding DOE actions but expressed confidence in being well-positioned for future support, having benefited from previous DOE funding [24] Question: Has Lightbridge gotten out of the thorium business entirely or have you just backburnered it? - Management clarified that while they are not actively pursuing thorium-based fuel designs, they still hold relevant patents and could resume development if customer interest arises [26]

[PART I - FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section presents unaudited financial statements for Q1 2025, showing increased assets and equity from financing activities despite ongoing net losses [Item 1. Condensed Consolidated Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28unaudited%29) This section presents unaudited financial statements for the quarter ended March 31, 2025, highlighting increased assets and equity driven by financing activities despite ongoing net losses Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $56,930 | $39,991 | | Total Assets | $58,288 | $40,953 | | Total Current Liabilities | $966 | $425 | | Total Stockholders' Equity | $57,321 | $40,528 | Condensed Consolidated Statements of Operations (in thousands) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | $0 | $0 | | General and administrative | $3,480 | $2,158 | | Research and development | $1,666 | $1,024 | | **Operating Loss** | **($5,146)** | **($3,182)** | | **Net Loss** | **($4,771)** | **($2,820)** | | Net Loss Per Share | ($0.24) | ($0.21) | Condensed Consolidated Statements of Cash Flows (in thousands) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | ($3,300) | ($1,878) | | Net Cash Provided by Financing Activities | $20,239 | $1,222 | | **Net Increase (Decrease) in Cash** | **$16,939** | **($656)** | - In Q1 2025, the company sold 2,605,619 shares under its At-the-Market (ATM) offering, resulting in net proceeds of **$20.2 million**, compared to 427,300 shares sold for **$1.2 million** in net proceeds in Q1 2024[55](index=55&type=chunk) - Subsequent to the quarter end, from April 1 to May 12, 2025, the company sold an additional 677,300 shares under its ATM, raising net proceeds of approximately **$5.0 million**[85](index=85&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, liquidity, and strategic developments, focusing on Lightbridge Fuel™ and future funding needs [Overview of Our Business and Development of Lightbridge Fuel™](index=16&type=section&id=Overview%20of%20Our%20Business%20and%20Development%20of%20Lightbridge%20Fuel%E2%84%A2) Lightbridge develops advanced nuclear fuel, collaborating on R&D to enhance reactor economics and safety - Signed a memorandum of understanding (MOU) with Oklo, Inc. in January 2025 to evaluate co-locating a fuel fabrication facility and explore collaboration on reprocessing spent fuel[106](index=106&type=chunk) - The total estimated cost for work with Battelle Energy Alliance (BEA) at INL under both CRADA and SPPA agreements is now approximately **$6.8 million**[114](index=114&type=chunk) - INL has indicated that due to resource and manufacturing constraints, it may not meet the company's preferred project timeline, and total project costs will exceed the current budget[115](index=115&type=chunk) - The company expects to begin demonstrating lead test assemblies (LTAs) in commercial reactors in the **2030s** and anticipates receiving initial purchase orders **15-20 years** from now[125](index=125&type=chunk) [Operations Review](index=19&type=section&id=Operations%20Review) Q1 2025 net loss increased 71% to $4.8 million, driven by a 63% rise in total operating expenses Comparison of Operating Results (in millions) | Expense Category | Q1 2025 | Q1 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | General and administrative | $3.5 | $2.2 | $1.3 | 59% | | Research and development | $1.7 | $1.0 | $0.7 | 70% | | **Total Operating Expenses** | **$5.2** | **$3.2** | **$2.0** | **63%** | | **Net Loss** | **($4.8)** | **($2.8)** | **($2.0)** | **71%** | - The **$1.3 million** increase in G&A expenses was primarily due to a **$0.7 million** increase in stock-based compensation (including **$0.5 million** for accelerated vesting for a former employee), a **$0.4 million** increase in professional fees, and a **$0.2 million** increase in employee compensation[131](index=131&type=chunk)[132](index=132&type=chunk) - The **$0.7 million** increase in R&D expenses was driven by a **$0.4 million** increase in INL project labor costs and a **$0.6 million** increase in allocated employee compensation and stock-based compensation, partially offset by the completion of two R&D studies in 2024[134](index=134&type=chunk) - The company anticipates investing approximately **$17.0 million** in R&D for the full year 2025[135](index=135&type=chunk) [Liquidity, Capital Resources, and Financial Position](index=20&type=section&id=Liquidity%2C%20Capital%20Resources%2C%20and%20Financial%20Position) Cash increased to $56.9 million from ATM offerings, sufficient for 12 months, though significant future funding is required for commercialization - Cash and cash equivalents increased by **$16.9 million** during the quarter to **$56.9 million** at March 31, 2025[139](index=139&type=chunk) - The company raised net proceeds of **$20.2 million** from its ATM offering in Q1 2025 and believes current cash is sufficient for the next **12 months**[139](index=139&type=chunk)[138](index=138&type=chunk) - Total R&D and capital expenditure investment to reach commercial deployment is estimated to be in the range of **$200 million to $300 million** over the next **10-15 years**[141](index=141&type=chunk) - Projected total expenditures for the full year 2025 are approximately **$25.0 million**, with R&D expenses expected to increase over the next **12 months**[144](index=144&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=22&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is a "smaller reporting company" and is therefore not required to provide this information - As a "smaller reporting company," the Company is not required to provide quantitative and qualitative disclosures about market risk[156](index=156&type=chunk) [Item 4. Controls and Procedures](index=22&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - Based on an evaluation by management, the CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[160](index=160&type=chunk) - There were no changes in the company's internal control over financial reporting during Q1 2025 that have materially affected, or are reasonably likely to materially affect, its internal controls[161](index=161&type=chunk) [PART II - OTHER INFORMATION](index=23&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section provides additional information on legal proceedings, risk factors, equity sales, and filed exhibits [Item 1. Legal Proceedings](index=23&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently aware of any legal proceedings that would have a material adverse effect on its business, financial condition, or results of operations - The company is not currently aware of any legal proceedings or claims that are expected to have a material adverse effect on its business[162](index=162&type=chunk) [Item 1A. Risk Factors](index=23&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes have been made to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[163](index=163&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=23&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during the period - None reported for the period[164](index=164&type=chunk) [Item 5. Other Information](index=23&type=section&id=Item%205.%20Other%20Information) This section discloses the adoption of Rule 10b5-1 trading plans by several directors and the Chief Financial Officer during the first quarter of 2025 Rule 10b5-1 Trading Plan Adoptions in Q1 2025 | Name | Title | Date Adopted | Aggregate of Securities to be Sold | | :--- | :--- | :--- | :--- | | Jesse Funches | Director | 1/9/2025 | 6,250 | | Mark Tobin | Director | 1/13/2025 | 6,000 | | Sherri Goodman | Director | 1/24/2025 | 7,000 | | Larry Goldman | CFO | 3/7/2025 | Indeterminable (covers 140,349 shares) | [Item 6. Exhibits](index=24&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the 10-Q report, including amendments to incorporation articles, modifications to R&D agreements with Battelle Energy Alliance, and various certification documents - Filed exhibits include modifications to project task statements under the CRADA and SPPA agreements with Battelle Energy Alliance, LLC[169](index=169&type=chunk) - Other filed exhibits include the Certificate of Designation and Withdrawal of Series X Preferred Stock, amended Articles of Incorporation, and the Form of Performance-Based Restricted Stock Award Agreement[169](index=169&type=chunk) [Signatures](index=25&type=section&id=SIGNATURES) The report is duly signed by the President, Chief Executive Officer, and Director, Seth Grae, and the Chief Financial Officer, Larry Goldman, on May 12, 2025 - The report was signed on May 12, 2025, by Seth Grae (CEO) and Larry Goldman (CFO)[175](index=175&type=chunk)

Financial Performance - Net loss for the first quarter of 2025 was $4.8 million, compared to a net loss of $2.8 million for the same period in 2024[15] - Cash used in operating activities was $3.3 million for Q1 2025, an increase of $1.4 million compared to $1.9 million in Q1 2024[7] - General and administrative expenses amounted to $3.5 million for Q1 2025, compared to $2.2 million in Q1 2024[6] Assets and Liabilities - Total assets were $58.3 million, while total liabilities were $1.0 million at March 31, 2025[5] - Working capital increased to $56.5 million as of March 31, 2025, up from $39.9 million at December 31, 2024[3] - Cash and cash equivalents rose to $56.9 million, reflecting an increase of $16.9 million compared to $40.0 million at December 31, 2024[4] Research and Development - Research and development expenses increased to $1.7 million for Q1 2025, up from $1.0 million in Q1 2024, primarily due to higher project labor costs[15] Financing Activities - Cash provided by financing activities surged to $20.2 million in Q1 2025, compared to $1.2 million in Q1 2024, mainly due to net proceeds from common stock issuance[7] Strategic Initiatives - Lightbridge Corporation is positioned to support the U.S. goal of tripling nuclear power capacity globally by 2050, potentially increasing nuclear's share of U.S. electricity from 19% to over 50%[2] - The company has established a memorandum of understanding with Oklo to explore synergies in fuel fabrication and recycling of spent uranium-zirconium fuel[2]

RESTON, Va., May 12, 2025 (GLOBE NEWSWIRE) -- Lightbridge Corporation ("Lightbridge" or the "Company") (Nasdaq: LTBR), an advanced nuclear fuel technology company, announced its financial results for the first quarter ended March 31, 2025, and provided an update on the Company's continued progress. Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, "In the first quarter, we reached a significant milestone in our fuel development program with the successful co-extrusion dem ...

RESTON, Va., May 06, 2025 (GLOBE NEWSWIRE) -- May 6, 2025 – Lightbridge Corporation (Nasdaq: LTBR), a leader in advanced nuclear fuel technology, today announced that Dr. Andrey Mushakov, Executive Vice President for Nuclear Operations, has been appointed to the Board of Directors of the U.S. Nuclear Industry Council (USNIC), the leading U.S. business consortium advocate for nuclear energy and promotion of the American supply chain globally. To receive Lightbridge Corporation updates via e-mail, subscribe a ...

Core Viewpoint - Lightbridge Corporation is set to announce its financial results for Q1 FY 2025 on May 12, 2025, and will host a conference call to discuss these results and updates on fuel development activities [1]. Group 1: Financial Results Announcement - The financial results for the first quarter of fiscal year 2025 will be announced before the market opens on May 12, 2025 [1]. - A conference call will take place on the same day at 4:00 p.m. ET, led by the President and CEO, Seth Grae, with other executives available for questions [2]. Group 2: Company Overview - Lightbridge Corporation focuses on developing advanced nuclear fuel technology aimed at providing abundant, zero-emission clean energy and enhancing energy security globally [4]. - The company is developing 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]. Group 3: 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 laboratory in the U.S. [5]. - The company has received support from the DOE's Gateway for Accelerated Innovation in Nuclear program for the development of Lightbridge Fuel and is involved in university-led studies at MIT and Texas A&M University [5].

Core Insights - Lightbridge Corporation emphasizes the growing importance of nuclear energy in meeting global power demands, particularly due to the reliability of nuclear power compared to renewable sources like solar and wind [2] - The company is focused on developing innovative fuel technology that can enhance the economic viability of nuclear power plants and increase their output [2][4] - The U.S. aims to triple its nuclear power capacity by 2050, potentially increasing nuclear's share of electricity from 19% to over 50% [2] Company Overview - Lightbridge Corporation is dedicated to developing advanced nuclear fuel technology that provides abundant, zero-emission, clean energy and enhances energy security [4] - The company is working on Lightbridge Fuel™, a next-generation nuclear fuel technology designed for existing and new reactors, improving safety, economics, and proliferation resistance [4] - Lightbridge has established long-term agreements with Battelle Energy Alliance and is involved in university-led studies to support its fuel technology development [5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 Commission file number: 001-34487 LIGHTBRIDGE CORPORATION (Exact name of registrant as specified in its charter) Nevada 91-1975651 (State or other jurisdiction of incorporation or organization) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...

Lightbridge Corporation (NASDAQ:LTBR) Q4 2024 Earnings Conference Call February 27, 2025 10:00 AM ET Company Participants Matthew Abenante - Director of Investor Relations Seth Grae - Chief Executive Officer Andrey Mushakov - Executive Vice President, Nuclear Operations Scott Holcombe - Vice President, Engineering Larry Goldman - Chief Financial Officer Sherrie Holloway - Controller Conference Call Participants Operator Thank you for standing by, and welcome to the Lightbridge Corporation business update an ...