Lightbridge(LTBR) - 2024 Q2 - Quarterly Results

Financial Position - Lightbridge Corporation reported a working capital position of $26.4 million with no debt as of June 30, 2024[2]. - Total assets were reported at$28.0 million, with total liabilities of $0.9 million as of June 30, 2024[4]. - Stockholders' equity decreased to$27.0 million at June 30, 2024, down from $28.9 million at December 31, 2023[4]. Cash Flow - Cash and cash equivalents decreased to$27.1 million for the six months ended June 30, 2024, down from $28.6 million at December 31, 2023, a decrease of$1.5 million[3]. - Cash and cash equivalents at the end of the period were $27,067,039, down from$28,204,016 at the end of the same period in 2023, reflecting a decrease of approximately 4.0%[14]. - The company reported a net decrease in cash and cash equivalents of $1,531,406 for the six months ended June 30, 2024, compared to a decrease of$695,981 in the same period of 2023, indicating a significant increase in cash outflow[14]. Operating Expenses - Operating expenses for the three months ended June 30, 2024, were $2.7 million, compared to$2.0 million for the same period in 2023, reflecting an increase of 35.5%[12]. - Research and development expenses increased to $0.9 million for the three months ended June 30, 2024, from$0.4 million in the same period of 2023, a rise of 127.5%[5]. - Stock-based compensation increased to $841,120 for the six months ended June 30, 2024, from$601,158 in the same period of 2023, marking an increase of about 39.9%[14]. Net Loss - The net loss for the second quarter ended June 30, 2024, was $2.4 million, compared to a net loss of$1.7 million for the same quarter in 2023[6]. - Net loss for the six months ended June 30, 2024, was $5,194,218, compared to a net loss of$3,698,804 for the same period in 2023, representing an increase of approximately 40.4%[13]. - Net cash used in operating activities for the six months ended June 30, 2024, was $3,725,447, compared to$3,010,363 for the same period in 2023, indicating an increase of about 23.7%[14]. Investments and Agreements - Lightbridge Corporation plans to invest approximately $8.3 million in R&D for its nuclear fuel over the next 12 to 15 months[5]. - Lightbridge has entered into two long-term framework agreements with Battelle Energy Alliance LLC to support the development of Lightbridge Fuel[8]. - The ADVANCE Act is expected to facilitate a more efficient regulatory licensing process for advanced nuclear technologies, including Lightbridge Fuel™[1].