RESTON, Va., Nov. 08, 2021 (GLOBE NEWSWIRE) — Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel technology company, announced financial results for the third quarter ended September 30, 2021, as well as the Company’s corporate progress and other meaningful developments.
Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “I’m pleased with the continued progress Lightbridge has made in our fuel development program throughout the third quarter. We began work on our second U.S. Department of Energy GAIN voucher at Pacific Northwest National Laboratory (PNNL), which is focused on the manufacturing process of Lightbridge Fuel. Last week, we completed our work at Idaho National Laboratory (INL) under our initial GAIN voucher to support irradiation testing of our fuel. This was another important milestone for Lightbridge and sets the stage for us to test our fuel sample coupons in the Advanced Test Reactor (ATR) at INL.”
“At the corporate level, we expanded our Board of Directors to seven members while forming a new board committee dedicated to Environmental, Social & Governance (ESG) oversight and guidance. The ESG Committee reflects Lightbridge’s dedication to environmental and social responsibility, an integral part of our long-term performance strategy. Nuclear energy represents a significant fraction of clean energy globally, and we believe the industry will continue to attract greater interest from socially-conscious investors as the metrics of ESG practices are standardized throughout the world.”
“The nuclear industry has received greater interest from investors over the last several weeks. With the recent rally in uranium prices, along with the announced investments to upgrade nuclear plants in Illinois that were spurred by a clean energy bill, and discussions during COP26 about the necessity for growth in nuclear power to meet climate goals, nuclear power appears to finally be earning recognition from investors and governments as a vital, sustainable source of clean energy.”
Financial Highlights
The Company maintained a strong working capital position at September 30, 2021 and had no debt.
Cash Flows Summary
- Cash and cash equivalents were $16.1 million at September 30, 2021, compared to $21.5 million at December 31, 2020, a decrease of $5.4 million in cash and cash equivalents.
- Cash used in operating activities increased approximately $3.2 million in the nine months ended September 30, 2021, to $8.8 million, from $5.6 million in the nine months ended September 30, 2020. This increase was due primarily to the dissolution of the Enfission joint venture and the settlement payment of approximately $4.2 million paid to Framatome for outstanding invoices for work performed by Framatome and other expenses incurred by Framatome.
- Cash provided by financing activities decreased by approximately $1.8 million for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020, primarily due to the decrease in the net proceeds from issuance of common stock in 2021, which was $3.4 million for the nine months ended September 30, 2021 as compared to $5.2 million net proceeds for the nine months ended September 30, 2020.
Balance Sheet Summary
- Total assets were $16.6 million and total liabilities were $1.1 million at September 30, 2021. Working capital was $15.4 million at September 30, 2021 versus $17.1 million at December 31, 2020. This decrease of $1.7 million in working capital was due primarily to the factor stated above in the cash flow summary.
- Stockholders’ equity was $15.5 million at September 30, 2021 as compared to $17.2 million at December 31, 2020.
Operations Summary
- General and administrative expenses decreased by approximately $1.1 million for the three months ended September 30, 2021, as compared to the three months ended September 30, 2020. There was a decrease in professional fees of approximately $1.4 million primarily due to a decrease in the legal and professional fees relating to the Framatome arbitration. These decreases were offset by an increase of approximately $0.3 million in employee compensation primarily due to an increase in the bonus accrual for 2021.
- Lightbridge’s total corporate research and development expenses increased by approximately $0.2 million for the three months ended September 30, 2021, as compared to the three months ended September 30, 2020, due to an increase of approximately $0.2 million in outside research and development work with the DOE’s National Laboratories related to the GAIN vouchers. All other R&D expenses for the three months ended September 30, 2021 and the three months ended September 30, 2020 were consistent period over period.
- Total other operating income (grant income) increased approximately $0.3 million for the three months ended September 30, 2021, as compared to the three months ended September 30, 2020, which was primarily associated with the work performed by the Idaho National Laboratory for the experiment design for irradiation of material samples of Lightbridge Fuel™ in the Advanced Test Reactor.
- There was a decrease in other income due to a decrease in interest income generated from the interest earned from the purchase of treasury bills and from our bank savings account for the three months ended September 30, 2021, as compared to the three months ended September 30, 2020.
- Net loss for the three months ended September 30, 2021 was $1.9 million compared to $3.1 million for the three months ended September 30, 2020.
About Lightbridge Corporation
Lightbridge (NASDAQ: LTBR) is an advanced nuclear fuel technology development company positioned to enable carbon-free energy applications that will be essential in preventing climate change. The Company is developing Lightbridge Fuel™, a proprietary next-generation nuclear fuel technology for Small Modular Reactors, as well as existing light-water reactors, which significantly enhances reactor safety, economics, and fuel proliferation resistance. To date, Lightbridge has been awarded twice by the U.S. Department of Energy’s Gateway for Accelerated Innovation in Nuclear program to support development of Lightbridge Fuel™. Lightbridge’s innovative fuel technology is backed by an extensive worldwide patent portfolio. Lightbridge is included in the Russell Microcap® Index. For more information, please visit: www.ltbridge.com.
