RESTON, Va., Oct. 27, 2022 (GLOBE NEWSWIRE) — Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel technology company, announced financial results for the third quarter ended September 30, 2022, as well as the Company’s corporate progress and other meaningful developments.
Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “Lightbridge has continued to make progress on our fuel development program, highlighted by our work at Pacific Northwest National Laboratory (PNNL) from our second GAIN voucher award, which is focused on the manufacturing process of Lightbridge Fuel™. To date, several castings using depleted uranium and zirconium alloy have been performed, and the cast ingots analyzed. The ongoing activities are in their final stage and are expected to be completed by the end of the year. This work is expected to culminate in a process suitable to produce fuel samples for our upcoming irradiation tests”
“We are in the final stage of negotiations to begin work with Idaho National Laboratory (INL), in collaboration with the U.S. Department of Energy (DOE), to support the development of Lightbridge Fuel. These agreements will be transformative for Lightbridge and will allow us the opportunity to procure fuel samples that will be tested in the Advanced Test Reactor (ATR) at INL. The data derived from these tests will be usable in almost all the commercial reactors in the world.”
“The growing importance of energy security throughout the world has led to growing momentum for nuclear power. Nuclear plants that were to be decommissioned are having their operating licenses extended, and countries that were moving away from nuclear are now reversing course. Locally in Virginia, our home state, Governor Youngkin released Virginia’s Energy Plan, which included going “all-in on innovation in nuclear” and “calls for launching a commercial small modular reactor in the next 10 years.” This all bodes well for energy security, climate, and a growing addressable market for Lightbridge Fuel,” concluded Mr. Grae.
Financial Highlights
The Company maintained a strong working capital position at September 30, 2022 and had no debt.
Cash Flows Summary
- Cash and cash equivalents were $31.3 million at September 30, 2022, compared to $24.7 million at December 31, 2021, an increase of $6.6 million in cash and cash equivalents.
- Cash used in operating activities decreased by $4.7 million for the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021, from $8.8 million to $4.1 million . This decrease was due primarily to the arbitration settlement payment of $4.2 million in 2021 and the changes in working capital accounts.
- Cash provided by financing activities increased by $7.2 million for the nine months ended September 30, 2022, compared to the nine months ended September 30, 2021, primarily due to the increase in the net proceeds from the issuance of common stock in 2022, which totaled $10.6 million for the nine months ended September 30, 2022, as compared to $3.4 million net proceeds for the nine months ended September 30, 2021.
Balance Sheet Summary
- Total assets were $31.7 million and total liabilities were $1.2 million at September 30, 2022. Working capital was $30.4 million at September 30, 2022, versus $24.7 million at December 31, 2021. This increase of $5.7 million in working capital was due primarily to the factors stated above in the cash flow summary.
- Stockholders’ equity was $30.5 million at September 30, 2022, as compared to $24.8 million at December 31, 2021.
Operations Summary
- General and administrative expenses increased by $0.2 million for the three months ended September 30, 2022, as compared to the three months ended September 30, 2021. This increase was primarily due to an increase in stock-based compensation expenses of $0.1 million, an increase in directors’ fees, employee compensation, and employee benefits of $0.1 million.
- Lightbridge’s total corporate research and development expenses decreased by $0.2 million for the three months ended September 30, 2022, as compared to the three months ended September 30, 2021. This decrease was primarily due to a decrease in consulting expenses and outside R&D expenses.
- There was contributed services – research and development from the GAIN program of $0.1 million and $0.3 million for the three months ended September 30, 2022, and September 30, 2021, respectively, which resulted in a charge to R&D expenses and a corresponding amount recorded to contributed services – research and development.
- There was an increase in other income of $0.1 million due to the interest income generated from the purchase of treasury bills and from our bank savings account for the three months ended September 30, 2022, as compared to the three months ended September 30, 2021.
- Net loss for the three months ended September 30, 2022, was $2.0 million compared to $1.9 million for the three months ended September 30, 2021.
THIRD QUARTER CONFERENCE CALL & WEBCAST
Lightbridge will host a conference call on Monday, October 31, 2022, at 4 pm Eastern Time to discuss the Company’s financial results and provide an update on its fuel development activities.
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 large light-water reactors, which significantly enhances safety, economics, and 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 the 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.
