Lightbridge Corp (NASDAQ:LTBR) Q3 2020 Earnings Conference Call November 5, 2020 4:00 PM ET Company Participants Matthew Abenante - IR Seth Grae - President, CEO & Executive Director Andrey Mushakov - EVP, Nuclear Operations Lawrence Goldman - CFO Sherrie Holloway - Accounting Manager Conference Call Participants Operator Thank you for standing by, and welcome to the Lightbridge Corporation Business Update and Third Quarter 2020 Conference Call. Please note that today's call is being recorded. It is now my ...

10-Q 1 ltbr_10q.htm FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 001-34487 LIGHTBRIDGE CORPORATION (Exact name of registrant as specifie ...

Lightbridge Corporation (NASDAQ:LTBR) Q2 2020 Results Earnings Conference Call August 11, 2020 4:00 PM ET Company Participants Matthew Abenante - Director, IR Seth Grae - President, CEO Lawrence Goldman - CFO Andrey Mushakov - EVP, Nuclear Operations James Fornof - VP, Nuclear Program Management Sherry Holloway - Accounting Manager Conference Call Participants Operator Greetings and welcome to the Lightbridge Corporation Business Update and Second Quarter 2020 Conference Call and Webcast. As a reminder, all ...

10-Q 1 ltbr_10q.htm FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 001-34487 LIGHTBRIDGE CORPORATION (Exact name of registrant as specified in ...

Financial Data and Key Metrics Changes - As of March 31, 2020, the company had $16.3 million in cash and cash equivalents, down from $17.9 million on December 31, 2019, representing a decrease of $1.6 million in Q1 2020 [31] - The net loss for Q1 2020 was $2.3 million compared to $3.1 million for Q1 2019, indicating an improvement in financial performance [39] - Total cash used in operating activities for Q1 2020 was $2 million, an increase from $1.5 million in Q1 2019, primarily due to employee compensation and professional fees [32] Business Line Data and Key Metrics Changes - Total corporate R&D costs amounted to $0.4 million in Q1 2020, down from $0.9 million in Q1 2019, reflecting a decrease in R&D activities with Framatome and Enfission [36] - General and administrative (G&A) expenses for Q1 2020 were $1.9 million, up from $1.3 million in Q1 2019, driven by increased professional fees and severance payments due to layoffs [37] Market Data and Key Metrics Changes - The average annual fuel spent per light water reactor is approximately $50 million, creating an addressable market of $21 billion at current capacity with 419 reactors operating worldwide [22] Company Strategy and Development Direction - The company aims to leverage its partnership with the U.S. Department of Energy (DOE) to advance its metallic fuel technology and align with the Nuclear Fuel Working Group's recommendations [19][55] - Lightbridge is exploring opportunities in the CANDU reactor market, which could provide economic benefits and improved safety [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of nuclear energy, highlighting bipartisan support for nuclear power and the potential for advanced nuclear technologies to regain U.S. leadership in the sector [16][19] - The company is focused on preserving its cash runway to the end of 2021 while seeking additional funding opportunities and strategic alliances to support its R&D efforts [30] Other Important Information - The company has implemented significant budget cuts, including a 50% reduction in employee headcount, to navigate the challenges posed by COVID-19 [28] - A new employee stock purchase plan (ESPP) has been adopted to facilitate ownership of Lightbridge stock among eligible employees [40] Q&A Session Summary Question: Has Lightbridge applied for a PPP loan? - The company considered it but decided not to apply, believing its cash reserves are sufficient to last through the end of 2021 [45] Question: Have you considered selling and/or leasing patent rights to fund Lightbridge beyond December 2021? - Currently, the company is not pursuing this but is exploring opportunities related to CANDU reactors and other non-dilutive funding options [46] Question: Will Lightbridge Fuel be tested at TREAT or ORNL as part of the current GAIN Voucher? - The company expects to evaluate opportunities for testing at TREAT and ORNL in the future, but this work is outside the scope of the current GAIN Voucher [49] Question: What led to being awarded the GAIN Voucher? - The application emphasized technical merits, energy generation economics, enhanced safety, and engagement with leading U.S. utilities [50][51] Question: What pivotal milestones are expected in the next three to five years? - The company is focused on meeting the needs of existing large reactors and exploring opportunities in small modular reactors, with government support being crucial for success [53][54] Question: When must Lightbridge provide the metallic fuel material samples for the advanced test reactor? - The goal is to have the samples available for insertion into the ATR by late 2021, subject to various factors [59] Question: Are there similar CRADA projects Lightbridge is interested in? - The company plans to procure HALEU material and fabricate samples for the ATR experiment, with ongoing interest in various testing facilities [62] Question: Would Lightbridge entertain funding opportunities from utilities? - Yes, the company is open to funding opportunities from utilities while protecting its intellectual property rights [63]

PART I [Financial Statements (unaudited)](index=2&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The unaudited financial statements for Q1 2020 show a reduced net loss, decreased assets, and ongoing going concern uncertainties [Unaudited Condensed Consolidated Balance Sheets](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $18.5 million by March 31, 2020, primarily due to reduced cash, while equity also declined Condensed Consolidated Balance Sheet Data (in thousands) | | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $16,334 | $17,959 | | Total Current Assets | $16,679 | $18,406 | | Total Assets | $18,482 | $20,205 | | **Liabilities & Stockholders' Equity** | | | | Total Current Liabilities | $486 | $350 | | Total Stockholders' Equity | $17,996 | $19,855 | | Total Liabilities and Stockholders' Equity | $18,482 | $20,205 | [Unaudited Condensed Consolidated Statements of Operations](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) The company reported no revenue and a reduced net loss of $2.3 million for Q1 2020, primarily due to lower R&D expenses Condensed Consolidated Statements of Operations (in thousands) | | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :--- | :--- | :--- | | Revenue | $0 | $0 | | General and administrative | $1,937 | $1,358 | | Research and development | $390 | $922 | | Total Operating Expenses | $2,327 | $2,280 | | Equity in loss from joint venture | $0 | ($1,295) | | Operating Loss | ($2,327) | ($3,220) | | Net Loss | ($2,264) | ($3,111) | | Net Loss Attributable to Common Stockholders | ($2,444) | ($3,283) | | Net Loss Per Common Share, Basic and Diluted | ($0.74) | ($1.14) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations increased to $2.0 million in Q1 2020, leading to a $1.6 million decrease in cash Condensed Consolidated Statements of Cash Flows (in thousands) | | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :--- | :--- | :--- | | Net Cash Used In Operating Activities | ($2,020) | ($1,547) | | Net Cash Used In Investing Activities | ($4) | ($1,549) | | Net Cash Provided by Financing Activities | $400 | $1,986 | | Net Decrease In Cash and Cash Equivalents | ($1,625) | ($1,109) | | Cash and Cash Equivalents, End of Period | $16,334 | $23,528 | [Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity decreased by $1.9 million in Q1 2020, primarily due to net loss, partially offset by stock issuance - Total stockholders' equity decreased by approximately **$1.9 million** during the first quarter of 2020, from **$19,854,545** to **$17,996,219**[16](index=16&type=chunk) - The decrease was mainly due to a net loss of **$2,264,086**, offset by **$399,675** in net proceeds from the issuance of common stock[16](index=16&type=chunk) [Notes to Condensed Consolidated Financial Statements (unaudited)](index=6&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) Notes highlight going concern uncertainty, inactive Enfission JV with ongoing arbitration, a DOE voucher award, and COVID-19 related cost cuts - Management believes cash on hand at March 31, 2020, may be sufficient for at least 12 months, but forecasting uncertainties and recurring losses raise **substantial doubt** about the Company's ability to continue as a going concern[24](index=24&type=chunk)[26](index=26&type=chunk) - The Enfission joint venture with Framatome is inactive. On February 7, 2020, Lightbridge filed a request for arbitration against Framatome, asserting material breach of the R&D Services Agreement (RDSA) and seeking to confirm the agreement's termination[35](index=35&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk) - The company was awarded a voucher from the U.S. Department of Energy's (DOE) GAIN program to support the development of Lightbridge Fuel™ in collaboration with Idaho National Laboratory (INL). The project, valued at approximately **$846,000**, is anticipated to commence in Q2 2020[67](index=67&type=chunk) - In March 2020, due to the COVID-19 pandemic and to maximize liquidity, the company reduced discretionary spending and payroll costs through layoffs, resulting in approximately **$0.2 million** in one-time accrued severance benefits[61](index=61&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses nuclear fuel development, CRADA with INL, Framatome arbitration, reduced Q1 2020 net loss, and ongoing going concern issues [Overview of Our Business](index=20&type=section&id=OVERVIEW%20OF%20OUR%20BUSINESS) Lightbridge focuses on commercializing advanced nuclear fuel, collaborating with INL, and is in arbitration with Framatome - The company's goal is to develop and commercialize next-generation nuclear fuel to improve the economics, safety, and proliferation resistance of nuclear reactors[118](index=118&type=chunk) - On April 22, 2020, the company entered into a Cooperative Research and Development Agreement (CRADA) with Battelle Energy Alliance, LLC (operator of INL) to formalize a DOE GAIN voucher award for designing an irradiation experiment for Lightbridge fuel materials[128](index=128&type=chunk) - On February 7, 2020, the company filed for arbitration against Framatome to confirm the valid termination of their R&D Services Agreement and to seek compensation for damages[134](index=134&type=chunk) - The COVID-19 pandemic has impacted business operations, leading to reduced R&D expenses and increased G&A expenses from severance payments in Q1 2020[131](index=131&type=chunk) [Operations Review](index=23&type=section&id=OPERATIONS%20REVIEW) Q1 2020 operating loss decreased to $2.3 million due to lower R&D, despite increased G&A from legal and severance costs Comparison of Operating Results (in thousands) | | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | General and administrative | $1,937 | $1,358 | $579 | 43% | | Research and development | $390 | $922 | ($532) | -58% | | Total Operating Expenses | $2,327 | $2,280 | $47 | 2% | | Total Other Operating Income (Loss) | $0 | ($940) | $940 | 100% | | Total Operating Loss | ($2,327) | ($3,220) | ($893) | -28% | | Net Loss | ($2,264) | ($3,111) | ($846) | -27% | - General and administrative expenses increased by approximately **$0.6 million**, primarily due to a **$0.4 million** increase in professional fees (legal, accounting) and **$0.2 million** in severance payments[146](index=146&type=chunk) - Research and development expenses decreased by approximately **$0.5 million** due to the cessation of work for the Enfission joint venture[150](index=150&type=chunk) [Liquidity, Capital Resources, and Financial Position](index=26&type=section&id=LIQUIDITY%2C%20CAPITAL%20RESOURCES%20AND%20FINANCIAL%20POSITION) Cash was $16.3 million at Q1 2020, with projected negative cash flow, raising substantial doubt about going concern without future equity financing - Cash and cash equivalents were approximately **$16.3 million** at March 31, 2020, compared to **$17.9 million** at December 31, 2019[159](index=159&type=chunk) - The company projects a negative cash flow from operations averaging approximately **$0.7 million** per month for the next 12 to 15 months[160](index=160&type=chunk) - Despite cost-cutting measures, uncertainties in forecasting future expenditures and potential unexpected costs raise **substantial doubt** about the Company's ability to continue as a going concern for the next 12 months[160](index=160&type=chunk) - Primary potential sources of future cash are equity investments, including an existing ATM financing arrangement, though the amount available may be limited by public float valuation[162](index=162&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This disclosure is not required for smaller reporting companies - Disclosure is not required[167](index=167&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2020, with no material changes in Q1 - The Company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were **effective** as of March 31, 2020[168](index=168&type=chunk) - There were no material changes in the Company's internal control over financial reporting during the first quarter of 2020[169](index=169&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company initiated arbitration against Framatome regarding R&D Services Agreement termination and is defending an OSHA complaint appeal - On February 7, 2020, the company filed a request for arbitration against Framatome to declare the R&D Services Agreement (RDSA) terminated and to obtain compensation for damages[175](index=175&type=chunk) - On April 3, 2020, Framatome submitted its answer, disputing the claims and setting out its own counterclaims[176](index=176&type=chunk) - A former CFO's 2015 OSHA complaint, which was dismissed in 2018, is currently under appeal. The company is vigorously defending the appeal[65](index=65&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) The primary new risk factor is the potential adverse impact of the COVID-19 outbreak on business and financing - The COVID-19 outbreak could adversely affect the company's business, financial position, results of operations, and liquidity, including research and development activities and the ability to obtain financing[177](index=177&type=chunk) - There have been no other material changes to risk factors from those disclosed in the 2019 Annual Report on Form 10-K[178](index=178&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities occurred during the period - None[179](index=179&type=chunk) [Exhibits](index=35&type=section&id=Item%206.%20Exhibits) The report includes required certifications by executive and financial officers, along with XBRL Interactive Data Files Exhibit Index | Exhibit Number | Description | | :--- | :--- | | 31.1 | Rule 13a-14(a)/15d-14(a) Certification - Principal Executive Officer | | 31.2 | Rule 13a-14(a)/15d-14(a) Certification - Principal Financial Accounting Officer | | 32 | Section 1350 Certifications | | 101.INS | XBRL Instance Document |

Lightbridge Corp (NASDAQ:LTBR) Q4 2019 Earnings Conference Call March 18, 2020 4:00 PM ET Company Participants Matthew Abenante - IR, Porter, LeVay & Rose Seth Grae - President, CEO & Executive Director Andrey Mushakov - EVP, Nuclear Operations Lawrence Goldman - CFO Barbara Kanakry - Controller James Malone - SVP & Chief Nuclear Fuel Development Officer James Fornof - VP, Government Program Management Conference Call Participants Operator Thank you for standing by, and welcome to the Lightbridge Corporati ...

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, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-34487 LIGHTBRIDGE CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Nevada 91-1975651 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2019 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ (Address of principal executive of ices, Zip Code) (571) 730-1200 (Registrant's telephone number, including area code) Commis ...

Lightbridge Corporation (NASDAQ:LTBR) Q2 2019 Results Earnings Conference Call August 8, 2019 3:00 AM ET Company Participants David Waldman - Crescendo Communications, LLC, President & CEO Seth Grae - President, CEO Lawrence Goldman - CFO Andrey Mushakov - EVP of Nuclear Operations Barbara Kanakry - Controller James Fornof - VP of Government Program Management James Malone - Senior VP & Chief Nuclear Fuel Development Officer Conference Call Participants Aref Adibi - Adibi Realty Operator Greetings ladies an ...