Lightbridge Provides Business Update and Announces Third Quarter 2024 Financial Results

Core Viewpoint - Lightbridge Corporation reported its financial results for Q3 2024, highlighting a significant increase in demand for clean energy, particularly from tech companies investing in nuclear power to meet zero-emission goals [1][2]. Financial Highlights - The working capital position was $25.9 million as of September 30, 2024, with no outstanding debt [3]. - Cash and cash equivalents decreased to$26.6 million from $28.6 million at the end of 2023, a reduction of$2.0 million [4]. - The net loss for Q3 2024 was $2.7 million, compared to a loss of$1.8 million in Q3 2023 [10]. Cash Flows Summary - Cash used in operating activities for the nine months ended September 30, 2024, was $5.7 million, an increase of$1.5 million from $4.2 million in the same period of 2023 [4]. - Cash provided by financing activities decreased to$3.7 million from $4.5 million year-over-year [5]. Balance Sheet Summary - Total assets were$27.6 million, while total liabilities stood at $1.2 million as of September 30, 2024 [6]. - Stockholders' equity decreased to$26.5 million from $28.9 million at the end of 2023 [6]. Operations Summary - General and administrative expenses increased to$1.7 million in Q3 2024 from $1.6 million in Q3 2023, primarily due to higher employee compensation [7]. - Research and development expenses rose significantly to$1.3 million in Q3 2024 from $0.5 million in Q3 2023, driven by increased project costs and employee compensation [8]. Industry Context - The demand for clean energy is being driven by major tech companies investing in nuclear energy projects to achieve climate goals [2]. - Lightbridge is developing advanced nuclear fuel technology aimed at enhancing safety and efficiency in both existing and next-generation reactors [2][13].