Lightbridge(LTBR) - 2024 Q3 - Quarterly Results

CEO Commentary The CEO noted rising clean energy demand from AI and data centers is boosting nuclear power, positioning Lightbridge's advanced fuel to enhance reactor safety and efficiency through key collaborations - A surge in clean energy demand from major tech companies, particularly for AI-driven data centers, is fueling significant investment into the nuclear power industry[2] - Lightbridge is developing advanced nuclear fuel designed to enhance safety, increase power output, and improve the efficiency of current and next-generation water-cooled reactors, including small modular reactors (SMRs)[2] - The company is engaged in key collaborations, including a Strategic Partnership Project with Idaho National Laboratory (INL) for fuel testing and research projects with MIT and Texas A&M University to evaluate its fuel's potential in SMRs[2] Financial Highlights As of September 30, 2024, Lightbridge reported $25.9 million in working capital and $26.6 million in cash, with increased operating cash outflow and decreased financing cash inflow for the nine months Key Financial Position as of September 30, 2024 | Metric | Value (USD Million) | | :--- | :--- | | Working Capital | $25.9 million | | Cash and Cash Equivalents | $26.6 million | | Outstanding Debt | $0 | Cash Flow Summary (Nine Months Ended September 30) | Cash Flow Item | 2024 (USD Million) | 2023 (USD Million) | Change (USD Million) | | :--- | :--- | :--- | :--- | | Cash Used in Operating Activities | ($5.7 million) | ($4.2 million) | ($1.5 million) | | Cash Provided by Financing Activities | $3.7 million | $4.5 million | ($0.8 million) | Balance Sheet Summary (vs. Dec 31, 2023) | Metric | Sept 30, 2024 (USD Million) | Dec 31, 2023 (USD Million) | | :--- | :--- | :--- | | Total Assets | $27.6 million | $29.4 million | | Total Liabilities | $1.2 million | $0.5 million | | Stockholders' Equity | $26.5 million | $28.9 million | Operations Summary Lightbridge reported a Q3 2024 net loss of $2.7 million, primarily driven by a significant increase in research and development expenses to $1.3 million Q3 2024 vs. Q3 2023 Operational Results (Three Months Ended Sept 30) | Metric | Q3 2024 (USD Million) | Q3 2023 (USD Million) | Change (USD Million) | | :--- | :--- | :--- | :--- | | General & Administrative Expenses | $1.7 million | $1.6 million | +$0.1 million | | Research & Development Expenses | $1.3 million | $0.5 million | +$0.8 million | | Total Other Income | $0.3 million | $0.3 million | Unchanged | | Net Loss | ($2.7 million) | ($1.8 million) | ($0.9 million) | - The $0.8 million increase in R&D expenses was primarily due to higher INL project labor costs, outside R&D, increased employee compensation from new R&D hires, and higher consulting and IT expenses[7] Financial Statements The unaudited financial statements detail Lightbridge's September 30, 2024, financial position, showing $27.6 million in total assets, a $7.9 million net loss, and a $2.0 million net cash decrease for the nine-month period Unaudited Condensed Consolidated Balance Sheets As of September 30, 2024, Lightbridge's total assets decreased to $27.6 million, while total liabilities increased to $1.2 million, resulting in a decrease in stockholders' equity to $26.5 million Balance Sheet Comparison | Account | Sept 30, 2024 (USD Million) | Dec 31, 2023 (USD Million) | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $26.6 million | $28.6 million | | Total Current Assets | $27.0 million | $28.8 million | | Total Assets | $27.6 million | $29.4 million | | Liabilities & Equity | | | | Total Current Liabilities | $1.2 million | $0.5 million | | Total Stockholders' Equity | $26.5 million | $28.9 million | | Total Liabilities and Stockholders' Equity | $27.6 million | $29.4 million | Unaudited Condensed Consolidated Statements of Operations For the nine months ended September 30, 2024, Lightbridge reported a net loss of $7.9 million, or ($0.57) per share, primarily due to a significant increase in research and development expenses Statement of Operations (Nine Months Ended September 30) | Account | 2024 (USD Million) | 2023 (USD Million) | | :--- | :--- | :--- | | General and administrative | $5.6 million | $5.1 million | | Research and development | $3.2 million | $1.4 million | | Operating Loss | ($8.9 million) | ($6.4 million) | | Interest income | $1.0 million | $0.9 million | | Net Loss | ($7.9 million) | ($5.5 million) | | Net Loss Per Share (Basic and Diluted) | ($0.57) | ($0.47) | Unaudited Condensed Consolidated Statements of Cash Flows For the nine months ended September 30, 2024, net cash used in operating activities increased to $5.7 million, while net cash provided by financing activities was $3.7 million, resulting in a $2.0 million net decrease in cash Statement of Cash Flows (Nine Months Ended September 30) | Account | 2024 (USD Million) | 2023 (USD Million) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | ($5.7 million) | ($4.1 million) | | Net Cash Provided by Financing Activities | $3.7 million | $4.5 million | | Net (Decrease) Increase in Cash | ($2.0 million) | $0.3 million | | Cash and Cash Equivalents, End of Period | $26.6 million | $29.2 million | About Lightbridge Corporation Lightbridge Corporation develops proprietary Lightbridge Fuel™ to enhance safety, economics, and proliferation resistance in nuclear reactors, supported by strategic agreements with Idaho National Laboratory and DOE programs - The company's core focus is the development of Lightbridge Fuel™, a proprietary next-generation nuclear fuel technology for a wide range of reactors[11] - Lightbridge has long-term framework agreements with Battelle Energy Alliance, the operating contractor for Idaho National Laboratory (INL), and has received multiple awards from the DOE's Gateway for Accelerated Innovation in Nuclear (GAIN) program[12] Forward-Looking Statements This section contains forward-looking statements subject to risks and uncertainties, including commercialization, market competition, funding, and regulatory changes, which may cause actual results to differ - The press release includes forward-looking statements that are subject to numerous risks and uncertainties which may cause actual results to differ[14] - Key risks include the ability to commercialize its fuel technology, market adoption, funding, competition, dependence on partners, and public perception of nuclear energy[14][15] - Readers are advised to consult the company's SEC filings, such as the Form 10-K, for a more detailed description of risks and uncertainties[16]