Lightbridge Provides Business Update and Announces Third Quarter 2023 Financial Results
30 Ottobre 2023 - 9:05PM
Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel
technology company, announced its financial results for the third
quarter ended September 30, 2023, and provided an update on the
Company’s continued progress.
Seth Grae, President & Chief Executive
Officer of Lightbridge Corporation, commented, “We are making
excellent progress on our fuel development efforts. Our recently
announced engineering study in Romania is an important advancement
for examining Lightbridge Fuel’s feasibility in CANDU reactors.
Together with our Strategic Partnership Project Agreement with
Idaho National Laboratory that we announced in December and the
DOE-funded studies at MIT and Texas A&M relating to our fuel
for small modular reactors, we continue to advance towards
commercial applications in reactors of today and of the
future.”
Financial Highlights
The Company maintained a working capital
position at September 30, 2023 of $28.6 million and had no
debt.
Cash Flows Summary
Cash and cash equivalents were $29.2 million, as
compared to $28.9 million at December 31, 2022, an increase of $0.3
million for the nine months ended September 30, 2023, consisting of
the following:
- Cash used in operating activities
for the nine month periods ended September 30, 2023 and September
30, 2022 was $4.1 million.
- Cash provided by financing
activities for the nine months ended September 30, 2023, was $4.5
million, a decrease of $6.1 million compared to $10.6 million in
the nine months ended September 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 nine months of
2023.
Balance Sheet SummaryTotal
assets were $30.1 million, and total liabilities were $0.9 million
at September 30, 2023. Working capital was $28.6 million at
September 30, 2023, versus $28.7 million at December 31, 2022.
- Stockholders’ equity was $29.2
million at September 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 September 30,
2023, compared to $2.0 million for the three months ended September
30, 2022. The decrease of $0.4 million was primarily due to a
decrease in employee compensation and employee benefits of $0.5
million, and a decrease in insurance expense of $0.1 million,
offset by 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 $0.5 million for the three months
ended September 30, 2023, compared to $0.2 million for the three
months ended September 30, 2022, an increase of $0.3 million. This
increase was primarily due to an increase in project labor costs
incurred from the U.S. National Laboratories of $0.2 million, and
an increase in employee compensation and employee benefits and
stock-based compensation of $0.2 million, offset by a decrease in
other outside research and development costs of $0.1 million.
- Total other operating income was
zero for the three months ended September 30, 2023, compared to
$0.1 million for the three months ended September 30, 2022. This
$0.1 million decrease was due to the GAIN voucher project that was
completed in the first quarter of 2023.
- Total other income was $0.3 million
for the three months ended September 30, 2023, compared to other
income of $0.1 million for the three months ended September 30,
2022, an increase of $0.2 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 $1.8 million for the
third quarter ended September 30, 2023, compared to $2.0 million
for the third 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 SMRs to bring the same benefits plus
load-following with renewables on a zero-carbon electric grid.
Lightbridge has entered into two long-term
framework agreements with Battelle Energy Alliance, LLC, DOE’s
operating contractor for Idaho National Laboratory (INL), the
United States' lead nuclear energy research and development
laboratory. DOE’s Gateway for Accelerated Innovation in Nuclear
(GAIN) program has twice awarded Lightbridge to support the
development of Lightbridge Fuel over the past several years.
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 X (formerly 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 StatementsWith
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 MIT and Texas A&M studies relating thereto
and the outcome of the Romania study with respect to CANDU
reactors. 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
|
September 30, |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
ASSETS |
Current Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
29,235,892 |
|
|
$ |
28,899,997 |
|
Prepaid expenses and other current assets |
|
252,403 |
|
|
|
115,264 |
|
Total Current Assets |
|
29,488,295 |
|
|
|
29,015,261 |
|
Other
Assets |
|
|
|
|
|
|
|
Prepaid project costs and other long-term assets |
|
486,375 |
|
|
|
345,000 |
|
Trademarks |
|
108,865 |
|
|
|
108,225 |
|
Total
Assets |
$ |
30,083,535 |
|
|
$ |
29,468,486 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current Liabilities |
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
875,639 |
|
|
$ |
350,331 |
|
Total Current Liabilities |
|
875,639 |
|
|
|
350,331 |
|
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
Preferred stock, $0.001 par value, 10,000,000 authorized shares, 0
shares issued and outstanding at September 30, 2023 and December
31, 2022 |
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 25,000,000 authorized, 12,934,226
shares and 11,900,217 shares issued and outstanding at September
30, 2023 and December 31, 2022, respectively |
|
12,934 |
|
|
|
11,900 |
|
Additional paid-in capital |
|
179,222,724 |
|
|
|
173,595,385 |
|
Accumulated deficit |
|
(150,027,762 |
) |
|
|
(144,489,130 |
) |
Total Stockholders’ Equity |
|
29,207,896 |
|
|
|
29,118,155 |
|
Total
Liabilities and Stockholders’ Equity |
$ |
30,083,535 |
|
|
$ |
29,468,486 |
|
|
|
|
|
|
|
|
|
LIGHTBRIDGE
CORPORATIONUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
1,609,142 |
|
|
|
2,023,937 |
|
|
|
5,071,889 |
|
|
|
5,377,185 |
|
Research and development |
|
|
552,751 |
|
|
|
172,871 |
|
|
|
1,367,650 |
|
|
|
601,170 |
|
Total Operating Expenses |
|
|
2,161,893 |
|
|
|
2,196,808 |
|
|
|
6,439,539 |
|
|
|
5,978,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributed services - research and development |
|
|
— |
|
|
|
71,335 |
|
|
|
31,028 |
|
|
|
278,189 |
|
Total Other Operating
Income |
|
|
— |
|
|
|
71,335 |
|
|
|
31,028 |
|
|
|
278,189 |
|
Operating Loss |
|
|
(2,161,893 |
) |
|
|
(2,125,473 |
) |
|
|
(6,408,511 |
) |
|
|
(5,700,166 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
322,065 |
|
|
|
87,943 |
|
|
|
869,879 |
|
|
|
110,465 |
|
Total Other Income |
|
|
322,065 |
|
|
|
87,943 |
|
|
|
869,879 |
|
|
|
110,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Before Income
Taxes |
|
|
(1,839,828 |
) |
|
|
(2,037,530 |
) |
|
|
(5,538,632 |
) |
|
|
(5,589,701 |
) |
Income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net Loss |
|
$ |
(1,839,828 |
) |
|
$ |
(2,037,530 |
) |
|
$ |
(5,538,632 |
) |
|
$ |
(5,589,701 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
$ |
(0.15 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.47 |
) |
|
$ |
(0.53 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of
Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
|
12,252,342 |
|
|
|
11,085,657 |
|
|
|
11,902,010 |
|
|
|
10,633,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIGHTBRIDGE
CORPORATIONUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
Nine Months Ended |
|
|
September 30, |
|
|
2023 |
|
|
2022 |
|
Operating Activities |
|
|
|
|
|
Net Loss |
$ |
(5,538,632 |
) |
|
$ |
(5,589,701 |
) |
Adjustments to reconcile net loss from operations to net cash used
in operating activities: |
|
|
|
|
|
|
|
Common stock issued for services |
|
30,000 |
|
|
|
30,000 |
|
Stock-based compensation |
|
901,887 |
|
|
|
614,367 |
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Prepaid expenses and other current assets |
|
(137,139 |
) |
|
|
(192,467 |
) |
Prepaid project costs and other long-term assets |
|
(141,375 |
) |
|
|
— |
|
Accounts payable and accrued liabilities |
|
740,308 |
|
|
|
1,033,865 |
|
Net
Cash Used in Operating Activities |
|
(4,144,951 |
) |
|
|
(4,103,936 |
) |
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
Trademarks |
|
(640 |
) |
|
|
(6,174 |
) |
Net
Cash Used in Investing Activities |
|
(640 |
) |
|
|
(6,174 |
) |
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
Net proceeds from the issuance of common stock |
|
4,481,486 |
|
|
|
10,646,998 |
|
Net
Cash Provided by Financing Activities |
|
4,481,486 |
|
|
|
10,646,998 |
|
|
|
|
|
|
|
|
|
Net
Increase in Cash and Cash Equivalents |
|
335,895 |
|
|
|
6,536,888 |
|
|
|
|
|
|
|
|
|
Cash
and Cash Equivalents, Beginning of Period |
|
28,899,997 |
|
|
|
24,747,613 |
|
|
|
|
|
|
|
|
|
Cash
and Cash Equivalents, End of Period |
$ |
29,235,892 |
|
|
$ |
31,284,501 |
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
Grafico Azioni Lightbridge (NASDAQ:LTBR)
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Grafico Azioni Lightbridge (NASDAQ:LTBR)
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