Lightbridge Provides Business Update and Announces First Quarter 2024 Financial Results
2024年5月10日 - 5:05AM
Lightbridge Corporation (“Lightbridge”) (Nasdaq: LTBR), an advanced
nuclear fuel technology company, announced its financial results
for the first quarter ended March 31, 2024, and provided an update
on the Company’s continued progress.
Seth Grae, President & Chief Executive
Officer of Lightbridge Corporation, commented, “Lightbridge has
achieved a significant milestone under our strategic partnership
project agreement at Idaho National Laboratory (INL). INL
demonstrated the production of a partial-length rod sample using an
alloy of depleted uranium and zirconium. INL and Lightbridge will
work together to analyze the extruded rod to confirm the extrusion
process parameters prior to performing additional extrusions using
an alloy of depleted uranium and zirconium materials later this
year. Next year, we plan to produce coupon samples for irradiation
testing in the Advanced Test Reactor at INL using an alloy of
enriched uranium and zirconium.”
“Our advancement in nuclear fuel brings great
potential towards extending the operational life of the fuel in
reactors and introducing substantial safety benefits for today’s
reactors and for the emerging small modular reactors (SMRs)
globally. We are also designing the fuel to enable adjustment of
power output of SMRs in response to fluctuations in supply by wind
and solar generation, for a zero-carbon electric grid.”
“Looking ahead, Lightbridge is well positioned
to capitalize on these opportunities. The increasing global demand
for clean, reliable power, coupled with international initiatives
set forth at COP28 to significantly increase nuclear capacity by
2050, presents substantial growth prospects for our technology,”
concluded Mr. Grae.
Financial Highlights
Working capital was $27.4 million at March 31,
2024, versus $28.3 million at December 31, 2023.
Cash Flows Summary
Cash and cash equivalents were $27.9 million, as
compared to $28.6 million at December 31, 2023, a decrease of $0.7
million for the first quarter ended March 31, 2024, consisting of
the following:
- Cash used in operating activities
for the first quarter ended March 31, 2024 was $1.9 million, an
increase of $0.4 million, compared to $1.5 million for the first
quarter ended March 31, 2023. The increase was primarily due to
increased spending on research and development (R&D) and
general and administrative expenses.
- Cash provided by financing
activities for the first quarter ended March 31, 2024 was $1.2
million, an increase of $0.5 million, compared to $0.7 million for
the first quarter ended March 31, 2023. This increase was due to an
increase in the net proceeds received from the issuance of common
stock under our at-the-market facility.
Balance Sheet Summary
Total assets were $28.9 million and total
liabilities were $0.9 million at March 31, 2024.
- Stockholders’ equity was $28.0
million at March 31, 2024, as compared to $28.9 million at December
31, 2023.
Operations Summary
- General and administrative expenses
amounted to $2.2 million for the first quarter ended March 31,
2024, compared to $1.9 million for the first quarter ended March
31, 2023. The increase of $0.3 million was primarily due to an
increase in employee compensation and employee benefits and
directors’ fees of $0.1 million, an increase in postage and
recruitment expenses of $0.1 million, and an increase in
stock-based compensation of $0.1 million.
- Lightbridge’s total research and
development expenses amounted to $1.0 million for the first quarter
ended March 31, 2024, compared to $0.4 million for the first
quarter ended March 31, 2023, an increase of $0.6 million. This
increase was primarily due to the increase in R&D activities
related to the development of our fuel. This increase primarily
consisted of an increase in INL project labor costs and outside
R&D expenses of $0.5 million, and an increase in allocated
employee compensation and employee benefits to R&D of $0.1
million.
- Total other income was $0.4 million
for the first quarter ended March 31, 2024, compared to other
income of $0.3 million for the first quarter ended March 31, 2023,
an increase of $0.1 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 $2.8 million for the
first quarter ended March 31, 2024, compared to $2.0 million for
the first quarter ended March 31, 2023.
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
Corporation Lightbridge 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 entered into two long-term
framework agreements with Battelle Energy Alliance LLC, the United
States Department of Energy’s operating contractor for Idaho
National Laboratory, the United States' lead nuclear energy
research and development laboratory. DOE’s Gateway for Accelerated
Innovation in Nuclear 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.
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at https://www.ltbridge.com/investors/news-events/email-alerts
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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. 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: Lightbridge’s
ability to commercialize its nuclear fuel technology; the degree of
market adoption of Lightbridge’s product and service offerings;
Lightbridge’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;
Lightbridge’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 Lightbridge’s
fuel development timeline; the increased costs associated with
metallization of Lightbridge’s 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 Lightbridge’s business; development and
utilization of, and challenges to, Lightbridge’s 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 (the “SEC”). 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, 2023, and in its other filings with
the SEC, 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
RelationsTel: +1 (347) 947-2093ir@ltbridge.com
*** tables follow ***
LIGHTBRIDGE CORPORATION |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
March 31, |
|
December 31, |
|
|
2024 |
|
2023 |
ASSETS |
Current Assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
27,942,421 |
|
|
$ |
28,598,445 |
|
Prepaid expenses and other current assets |
|
|
401,859 |
|
|
|
207,063 |
|
Total Current Assets |
|
|
28,344,280 |
|
|
|
28,805,508 |
|
Other Assets |
|
|
|
|
|
|
Prepaid project costs and other long-term assets |
|
|
479,625 |
|
|
|
483,000 |
|
Trademarks |
|
|
108,865 |
|
|
|
108,865 |
|
Total Assets |
|
$ |
28,932,770 |
|
|
$ |
29,397,373 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current Liabilities |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
907,421 |
|
|
$ |
486,326 |
|
Total Current Liabilities |
|
|
907,421 |
|
|
|
486,326 |
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
Preferred stock, $0.001 par value, 10,000,000 authorized shares, 0
shares issued and outstanding at March 31, 2024 and December 31,
2023 |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 25,000,000 authorized, 14,189,780
shares and 13,698,274 shares issued and outstanding at March 31,
2024 and December 31, 2023, respectively |
|
|
14,190 |
|
|
|
13,698 |
|
Additional paid-in capital |
|
|
183,228,519 |
|
|
|
181,295,125 |
|
Accumulated deficit |
|
|
(155,217,360 |
) |
|
|
(152,397,776 |
) |
Total Stockholders’ Equity |
|
|
28,025,349 |
|
|
|
28,911,047 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
28,932,770 |
|
|
$ |
29,397,373 |
|
LIGHTBRIDGE CORPORATION |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
|
Three Months Ended |
|
|
March 31, |
|
|
2024 |
|
2023 |
Revenue |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
General and administrative |
|
|
2,157,745 |
|
|
|
1,865,929 |
|
Research and development |
|
|
1,023,823 |
|
|
|
448,044 |
|
Total Operating Expenses |
|
|
3,181,568 |
|
|
|
2,313,973 |
|
|
|
|
|
|
|
|
Other Operating Income |
|
|
|
|
|
|
Contributed services - research and development |
|
|
— |
|
|
|
31,028 |
|
Total Other Operating
Income |
|
|
— |
|
|
|
31,028 |
|
|
|
|
|
|
|
|
Operating Loss |
|
|
(3,181,568 |
) |
|
|
(2,282,945 |
) |
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
Interest income |
|
|
361,984 |
|
|
|
256,365 |
|
Total Other Income |
|
|
361,984 |
|
|
|
256,365 |
|
|
|
|
|
|
|
|
Net Loss Before Income
Taxes |
|
|
(2,819,584 |
) |
|
|
(2,026,580 |
) |
Income taxes |
|
|
— |
|
|
|
— |
|
Net Loss |
|
$ |
(2,819,584 |
) |
|
$ |
(2,026,580 |
) |
|
|
|
|
|
|
|
Net Loss Per Common Share |
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.21 |
) |
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
Weighted Average Number of
Common Shares Outstanding |
|
|
13,491,954 |
|
|
|
11,673,736 |
|
LIGHTBRIDGE CORPORATION |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
|
Three Months EndedMarch 31, |
|
|
2024 |
|
|
2023 |
Operating Activities |
|
|
|
|
|
Net Loss |
$ |
(2,819,584 |
) |
|
$ |
(2,026,580 |
) |
|
|
|
|
|
|
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
Stock-based compensation |
|
456,904 |
|
|
|
284,360 |
|
|
|
|
|
|
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
Prepaid expenses and other current assets |
|
(194,796 |
) |
|
|
(278,173 |
) |
Prepaid project costs and other long-term assets |
|
3,375 |
|
|
|
— |
|
Accounts payable and accrued liabilities |
|
676,095 |
|
|
|
440,647 |
|
Net Cash Used in Operating
Activities |
|
(1,878,006 |
) |
|
|
(1,579,746 |
) |
|
|
|
|
|
|
Net Cash Used in Investing
Activities |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
Net proceeds from the issuances of common stock |
|
1,221,982 |
|
|
|
731,052 |
|
Net Cash Provided by Financing
Activities |
|
1,221,982 |
|
|
|
731,052 |
|
|
|
|
|
|
|
Net Decrease in Cash and Cash
Equivalents |
|
(656,024 |
) |
|
|
(848,694 |
) |
Cash and Cash Equivalents,
Beginning of Period |
|
28,598,445 |
|
|
|
28,899,997 |
|
Cash and Cash Equivalents, End
of Period |
$ |
27,942,421 |
|
|
$ |
28,051,303 |
|
|
|
|
|
|
|
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 |
$ |
255,000 |
|
|
$ |
215,000 |
|
Lightbridge (NASDAQ:LTBR)
過去 株価チャート
から 8 2024 まで 9 2024
Lightbridge (NASDAQ:LTBR)
過去 株価チャート
から 9 2023 まで 9 2024