Lightbridge Provides Business Update and Announces Second Quarter 2024 Financial Results

Core Insights - Lightbridge Corporation reported its financial results for Q2 2024, highlighting progress in advanced nuclear fuel technology and the impact of the recently passed ADVANCE Act on the industry [1][2]. Financial Highlights - The working capital position at June 30, 2024, was $26.4 million, with no debt [3]. - Cash and cash equivalents decreased to$27.1 million from $28.6 million at the end of 2023, a reduction of$1.5 million [4]. - Operating activities used $3.7 million in cash for the first half of 2024, an increase of$0.7 million compared to the same period in 2023 [4]. - Total assets were $28.0 million, and total liabilities were$0.9 million as of June 30, 2024 [5]. Operations Summary - General and administrative expenses for Q2 2024 were $1.8 million, up from$1.6 million in Q2 2023 [6]. - Research and development expenses increased to $0.9 million in Q2 2024 from$0.4 million in Q2 2023, primarily due to higher project labor costs [7]. - The net loss for Q2 2024 was $2.4 million, compared to a net loss of$1.7 million in Q2 2023 [7]. Legislative Impact - The ADVANCE Act is expected to streamline the regulatory licensing process for advanced nuclear technologies, which is crucial for the deployment of Lightbridge Fuel™ [2]. - The legislation aims to enhance safety and economic competitiveness for existing and next-generation reactors, facilitating quicker market entry for advanced nuclear solutions [2]. Future Projections - The company plans to invest approximately $8.3 million in R&D for its nuclear fuel over the next 12 to 15 months [7].