Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel
technology company, announced its financial results for the second
quarter ended June 30, 2023, and provided an update on the
Company’s continued progress.
Seth Grae, President & Chief Executive
Officer of Lightbridge Corporation, commented, “We are pleased to
report continued progress in the second quarter of 2023. We
recently announced our participation in the Department of Energy’s
Nuclear Energy University Program awarded to Texas A&M
University, which will be an excellent opportunity to showcase the
capabilities of Lightbridge Fuel™, whose simulated performance will
be thoroughly studied within a small modular reactor, ultimately
generating experimental data that will help us optimize the
application of our technology.”
“We announced that the U.S. government has
selected Lightbridge to join two important public-private nuclear
power groups - the High-Assay, Low-Enriched Uranium Consortium, and
the Small Modular Reactor Working Group, under the U.S. Department
of Energy and U.S. Department of Commerce’s International Trade
Administration, respectively. These affiliations underline our
commitment to advancing nuclear power technology and integrating
nuclear power into the broader energy landscape. I was honored to
be reappointed by U.S. Secretary of Commerce Gina Raimondo to the
Civil Nuclear Trade Advisory Committee (CINTAC) as a representative
of Lightbridge Corporation and small businesses in the U.S. nuclear
energy sector. This position allows us to advise on policies that
drive U.S. exports of civil nuclear goods and services, ensuring
our sector's continued growth and competitiveness.”
“We strengthened our team in the second quarter,
with Dr. Scott Holcombe joining Lightbridge as Vice President of
Engineering and Sherri Goodman joining the Board of Directors. We
are confident in their respective expertise that will guide us
forward.”
“The nuclear power industry is on the rise. The
growing global understanding of nuclear power's importance for
energy security, grid stability, and climate change mitigation
drives efforts to maintain existing nuclear fleets, increase power
generation from these resources, and accelerate the adoption of
advanced nuclear technologies. We believe that we are
well-positioned to capitalize on our fuel's economic and safety
benefits, which will further our efforts to develop and
commercialize Lightbridge Fuel,” concluded Mr. Grae.
Financial Highlights
The Company maintained a working capital
position at June 30, 2023 of $28.0 million and had no debt.
Cash Flows Summary
Cash and cash equivalents were $28.2 million, as
compared to $28.9 million at December 31, 2022, a decrease of $0.7
million for the six months ended June 30, 2023, consisting of the
following:
- Cash used in operating activities
for the six months ended June 30, 2023, was $3.0 million, a
decrease of $0.1 million compared to $3.1 million for the six
months ended June 30, 2022.
- Cash provided by financing
activities for the six months ended June 30, 2023, was $2.3
million, a decrease of $5.3 million compared to $7.6 million in the
six months ended June 30, 2022. This decrease was due to a decrease
in the net proceeds from the issuance of common stock by our
at-the-market (ATM) facility in the first half of 2023.
Balance Sheet SummaryTotal
assets were $29.2 million, and total liabilities were $0.6 million
at June 30, 2023. Working capital was $28.0 million at June 30,
2023, versus $28.7 million at December 31, 2022. This decrease of
$0.7 million in working capital was due primarily to the factors
stated above in the cash flow summary.
- Stockholders’ equity was $28.6
million at June 30, 2023, as compared to $29.1 million at December
31, 2022.
Operations Summary
- General and administrative expenses
amounted to $1.6 million for the three months ended June 30, 2023,
compared to $1.4 million for the three months ended June 30, 2022.
There was an increase in stock-based compensation of $0.1 million,
and an increase in professional fees of $0.1 million.
- Lightbridge’s total research and
development expenses amounted to $0.4 million for the three months
ended June 30, 2023, compared to $0.2 million for the three months
ended June 30, 2022, an increase of $0.2 million. This increase was
primarily due to an increase in project labor costs incurred from
the U.S. National Laboratories of $0.1 million, and an increase in
payroll of $0.1 million, and an increase in consulting fees of $0.1
million, and offset by a decrease in other R&D costs of $0.1
million.
- Total other operating income was
zero for the three months ended June 30, 2023, compared to $0.1
million for the three months ended June 30, 2022. This $0.1 million
decrease was due to the GAIN voucher project that was completed in
the first quarter of 2023. There are no outstanding GAIN vouchers.
Contributed services – research and development are recorded with a
charge to R&D expenses and a corresponding amount recorded to
contributed services – research and development.
- Total other income was $0.3 million
for the three months ended June 30, 2023, compared to other income
of $0.0 million for the three months ended June 30, 2022, an
increase of $0.3 million. The increase in other income was due to
an increase in interest income earned from the purchase of treasury
bills and from our bank savings account.
- Net loss was $1.7 million for the
second quarter ended June 30, 2023, compared to $1.5 million for
the second quarter of 2022.
CONFERENCE CALL & AUDIO
WEBCAST
The conference call will be led by Seth Grae,
President, and Chief Executive Officer, with other Lightbridge
executives available to answer questions.
To access the call by phone, please register at
this link (registration link), and you will be
provided with dial-in details. To avoid delays, we encourage
participants to dial into the conference call fifteen minutes
before the scheduled start time. The webcast can be accessed at the
following link (webcast).
A webcast replay will also be available for a
limited time at the following link (webcast
replay).
About Lightbridge
CorporationLightbridge Corporation (NASDAQ: LTBR) is
focused on developing advanced nuclear fuel technology essential
for delivering abundant, zero-emission, clean energy and providing
energy security to the world. The Company is developing Lightbridge
Fuel™, a proprietary next-generation nuclear fuel technology for
existing light water reactors and pressurized heavy water reactors,
significantly enhancing reactor safety, economics, and
proliferation resistance. The Company is also developing
Lightbridge Fuel for new Small Modular Reactors (SMRs) to bring the
same benefits plus load-following with renewables on a zero-carbon
electric grid.
Lightbridge has secured a long-term strategic
partnership with Idaho National Laboratory (INL), the United
States' lead nuclear energy research and development laboratory, in
collaboration with the U.S. Department of Energy (DOE). DOE’s
Gateway for Accelerated Innovation in Nuclear (GAIN) program has
twice awarded Lightbridge to support the development of Lightbridge
Fuel. Lightbridge is participating in two university-led studies
through the DOE Nuclear Energy University Program at Massachusetts
Institute of Technology and Texas A&M University. An extensive
worldwide patent portfolio backs Lightbridge’s innovative fuel
technology. Lightbridge is included in the Russell Microcap® Index.
For more information, please visit www.ltbridge.com.
To receive Lightbridge Corporation updates via
e-mail, subscribe at
https://www.ltbridge.com/investors/news-events/email-alerts
Lightbridge is on Twitter. Sign up to follow
@LightbridgeCorp at http://twitter.com/lightbridgecorp.
Lightbridge is on Threads @lightbridgecorp.
Lightbridge is on We Don’t Have Time. Join the dialogue at
https://app.wedonthavetime.org/profile/Lightbridge
For an introductory video on Lightbridge, please visit
www.ltbridge.com or click here to watch the video.
Forward Looking Statements
With the exception of historical matters, the
matters discussed herein are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding the anticipated benefits of
Lightbridge Fuel™ in SMRs and the outcomes of the study. These
statements are based on current expectations on the date of this
news release and involve a number of risks and uncertainties that
may cause actual results to differ significantly from such
estimates. The risks include, but are not limited to: the Company’s
ability to commercialize its nuclear fuel technology; the degree of
market adoption of the Company's product and service offerings; the
Company’s ability to fund general corporate overhead and outside
research and development costs; market competition; our ability to
attract and retain qualified employees; dependence on strategic
partners; demand for fuel for nuclear reactors; the Company's
ability to manage its business effectively in a rapidly evolving
market; the availability of nuclear test reactors and the risks
associated with unexpected changes in the Company’s fuel
development timeline; the increased costs associated with
metallization of our nuclear fuel; public perception of nuclear
energy generally; changes in the political environment; risks
associated with war in Europe; changes in the laws, rules and
regulations governing the Company’s business; development and
utilization of, and challenges to, our intellectual property; risks
associated with potential shareholder activism; potential and
contingent liabilities; as well as other factors described in
Lightbridge's filings with the Securities and Exchange Commission.
Lightbridge does not assume any obligation to update or revise any
such forward-looking statements, whether as the result of new
developments or otherwise, except as required by law. Readers are
cautioned not to put undue reliance on forward-looking
statements.
A further description of risks and uncertainties
can be found in Lightbridge’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2022, and in its other filings with
the Securities and Exchange Commission, including in the sections
thereof captioned “Risk Factors” and “Forward-Looking Statements”,
all of which are available at http://www.sec.gov/ and
www.ltbridge.com.
Investor Relations Contact:Matthew Abenante,
IRCDirector of Investor Relations Tel: +1 (347) 947-2093
ir@ltbridge.com
*** tables follow ***
LIGHTBRIDGE CORPORATION UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
|
2023 |
|
|
2022 |
|
ASSETS |
Current Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
$ |
28,204,016 |
|
|
$ |
28,899,997 |
|
Prepaid expenses and other current assets |
|
|
|
355,619 |
|
|
|
115,264 |
|
Total Current Assets |
|
|
|
28,559,635 |
|
|
|
29,015,261 |
|
Other Assets |
|
|
|
|
|
|
|
|
|
Prepaid project costs and other long-term assets |
|
|
|
489,750 |
|
|
|
345,000 |
|
Trademarks |
|
|
|
108,225 |
|
|
|
108,225 |
|
Total Assets |
|
|
$ |
29,157,610 |
|
|
$ |
29,468,486 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current Liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
|
$ |
592,719 |
|
|
$ |
350,331 |
|
Total Current Liabilities |
|
|
|
592,719 |
|
|
|
350,331 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value, 10,000,000 authorized shares, 0
shares issued and outstanding at June 30, 2023 and December 31,
2022 |
|
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 25,000,000 authorized, 12,484,799
shares and 11,900,217 shares issued and outstanding at June 30,
2023 and December 31, 2022, respectively |
|
|
|
12,485 |
|
|
|
11,900 |
|
Additional paid-in capital |
|
|
|
176,740,340 |
|
|
|
173,595,385 |
|
Accumulated deficit |
|
|
|
(148,187,934 |
) |
|
|
(144,489,130 |
) |
Total Stockholders’ Equity |
|
|
|
28,564,891 |
|
|
|
29,118,155 |
|
Total Liabilities and
Stockholders’ Equity |
|
|
$ |
29,157,610 |
|
|
$ |
29,468,486 |
|
LIGHTBRIDGE CORPORATIONUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
1,596,818 |
|
|
|
1,439,684 |
|
|
|
3,462,747 |
|
|
|
3,353,249 |
|
|
Research and development |
|
|
366,855 |
|
|
|
165,476 |
|
|
|
814,899 |
|
|
|
428,299 |
|
|
Total Operating Expenses |
|
|
1,963,673 |
|
|
|
1,605,160 |
|
|
|
4,277,646 |
|
|
|
3,781,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributed services - research and development |
|
|
— |
|
|
|
83,501 |
|
|
|
31,028 |
|
|
|
206,854 |
|
|
Total Other Operating
Income |
|
|
— |
|
|
|
83,501 |
|
|
|
31,028 |
|
|
|
206,854 |
|
|
Operating Loss |
|
|
(1,963,673 |
) |
|
|
(1,521,659 |
) |
|
|
(4,246,618 |
) |
|
|
(3,574,693 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
291,449 |
|
|
|
19,017 |
|
|
|
547,814 |
|
|
|
22,522 |
|
|
Total Other Income |
|
|
291,449 |
|
|
|
19,017 |
|
|
|
547,814 |
|
|
|
22,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Before Income
Taxes |
|
|
(1,672,224 |
) |
|
|
(1,502,642 |
) |
|
|
(3,698,804 |
) |
|
|
(3,552,171 |
) |
|
Income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net Loss |
|
$ |
(1,672,224 |
) |
|
$ |
(1,502,642 |
) |
|
$ |
(3,698,804 |
) |
|
$ |
(3,552,171 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
$ |
(0.14 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.32 |
) |
|
$ |
(0.34 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of
Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
|
11,773,594 |
|
|
|
10,523,238 |
|
|
|
11,723,941 |
|
|
|
10,403,922 |
|
|
LIGHTBRIDGE CORPORATIONUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
|
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
Operating Activities |
|
|
|
|
|
Net Loss |
|
$ |
(3,698,804 |
) |
|
$ |
(3,552,171 |
) |
|
Adjustments to reconcile net
loss from operations to net cash used in operating activities: |
|
|
|
|
|
|
|
Common stock issued for services |
|
|
15,000 |
|
|
|
15,000 |
|
|
Stock-based compensation |
|
|
601,158 |
|
|
|
438,708 |
|
|
|
|
|
|
|
|
|
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
Prepaid expenses and other current assets |
|
|
(240,355 |
) |
|
|
(295,887 |
) |
|
Prepaid project costs and other long-term assets |
|
|
(144,750 |
) |
|
|
— |
|
|
Accounts payable and accrued liabilities |
|
|
457,388 |
|
|
|
326,140 |
|
|
Net Cash Used in Operating
Activities |
|
|
(3,010,363 |
) |
|
|
(3,068,210 |
) |
|
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
Trademarks |
|
|
— |
|
|
|
(6,174 |
) |
|
Net Cash Used in Investing
Activities |
|
|
— |
|
|
|
(6,174 |
) |
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
Net proceeds from the issuances of common stock |
|
|
2,314,382 |
|
|
|
7,594,845 |
|
|
Net Cash Provided by Financing
Activities |
|
|
2,314,382 |
|
|
|
7,594,845 |
|
|
|
|
|
|
|
|
|
|
Net (Decrease) Increase in
Cash and Cash Equivalents |
|
|
(695,981 |
) |
|
|
4,520,461 |
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents,
Beginning of Period |
|
|
28,899,997 |
|
|
|
24,747,613 |
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents, End
of Period |
|
$ |
28,204,016 |
|
|
$ |
29,268,074 |
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of
Cash Flow Information |
|
|
|
|
|
|
|
Cash paid during the
period: |
|
|
|
|
|
|
|
Interest paid |
|
$ |
— |
|
|
$ |
— |
|
|
Income taxes paid |
|
$ |
— |
|
|
$ |
— |
|
|
Non-Cash Financing
Activities: |
|
|
|
|
|
|
|
Payment of accrued liabilities with common stock |
|
$ |
215,000 |
|
|
$ |
15,000 |
|
|
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