Lightbridge Provides Business Update and Announces Second Quarter 2024 Financial Results
2024年8月1日 - 5:05AM
Lightbridge Corporation (“Lightbridge”) (Nasdaq: LTBR), an advanced
nuclear fuel technology company, announced its financial results
for the second quarter ended June 30, 2024, and provided an update
on the Company’s continued progress.
Seth Grae, President & Chief Executive
Officer of Lightbridge Corporation, commented, "The recent passage
of the ADVANCE Act marked a pivotal moment for the advanced nuclear
industry. This landmark legislation recognizes the critical role
advanced nuclear technologies will play in building a clean and
secure energy future for the United States. We believe this
legislation will help to facilitate a more efficient regulatory
licensing process for Lightbridge Fuel™”
"In an era of rapid technological advancement,
the demand for clean and reliable energy has never been greater.
The rise of data centers powering AI and the increasing prevalence
of energy-intensive processes like crypto mining necessitate a
massive expansion of our electricity generation capacity, and this
expansion must be sustainable and carbon-free. Advanced nuclear
technologies like Lightbridge Fuel™ can offer a powerful solution
to this challenge."
“At Lightbridge, our fuel development work
currently spans several sites across two continents. Lightbridge
Fuel is designed to operate at significantly lower temperatures
than traditional fuel, enhancing safety and reducing proliferation
risks. The expedited NRC licensing process outlined in the ADVANCE
Act specifically addresses advanced nuclear fuels that can increase
safety and economic competitiveness for existing reactors and the
next generation of advanced reactors. This will pave the way for a
more efficient path to qualify and license these technologies to
reach the market sooner and contribute meaningfully to the growing
demand for clean energy solutions,” concluded Mr. Grae.
Financial Highlights
The Company’s working capital position at June
30, 2024 was $26.4 million and had no debt.
Cash Flows Summary
Cash and cash equivalents were $27.1 million for
the six months ended June 30, 2024, as compared to $28.6 million at
December 31, 2023, a decrease of $1.5 million, consisting of the
following:
- Cash used in operating activities
for the six months ended June 30, 2024, was $3.7 million, an
increase of $0.7 million compared to $3.0 million for the six
months ended June 30, 2023. This increase was primarily due to
increased spending on R&D, general and administrative expenses
and changes in working capital.
- Cash provided by financing
activities for the six months ended June 30, 2024, was $2.2
million, a decrease of $0.1 million compared to $2.3 million in the
six months ended June 30, 2023. 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 2024.
Balance Sheet Summary
Total assets were $28.0 million, and total
liabilities were $0.9 million at June 30, 2024. Working capital was
$26.4 million at June 30, 2024, versus $28.3 million at December
31, 2023. This decrease of $1.9 million in working capital was
due primarily to the factors stated above in the cash flows
summary.
- Stockholders’ equity was $27.0
million at June 30, 2024, as compared to $28.9 million at December
31, 2023.
Operations Summary
- General and administrative expenses
amounted to $1.8 million for the three months ended June 30, 2024,
compared to $1.6 million for the three months ended June 30, 2023.
There was an increase in professional fees of $0.1 million, and an
increase in employee compensation and stock-based compensation of
$0.1 million.
- Lightbridge’s total research and
development expenses amounted to $0.9 million for the three months
ended June 30, 2024, compared to $0.4 million for the three months
ended June 30, 2023, an increase of $0.5 million. This increase
primarily consisted of an increase in INL project labor costs and
outside R&D expenses of $0.2 million, and an increase in
allocated employee compensation and employee benefits of $0.3
million. We currently project investing approximately $8.3 million
in the R&D of our nuclear fuel over the next 12 to 15
months.
- Total other income was $0.3 million
for the three months ended June 30, 2024, unchanged compared to the
three months ended June 30, 2023. The Company’s interest income
earned from the purchase of treasury bills and from our bank
savings account for the three months ended June 30, 2024 was
constant, as compared to the three months ended June 30, 2023.
- Net loss was $2.4 million for the
second quarter ended June 30, 2024, compared to $1.7 million for
the second quarter ended June 30, 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.
To receive Lightbridge Corporation updates via
e-mail, subscribe at
https://www.ltbridge.com/investors/news-events/email-alerts
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to follow @LightbridgeCorp at
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@lightbridgecorp.
For an introductory video on Lightbridge, please
visit www.ltbridge.com.
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, IRC Director of
Investor Relations Tel: +1 (347)
947-2093 ir@ltbridge.com
*** tables follow ***
LIGHTBRIDGE CORPORATIONUNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
ASSETS |
|
Current Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
27,067,039 |
|
|
$ |
28,598,445 |
|
Prepaid expenses and other current assets |
|
|
302,668 |
|
|
|
207,063 |
|
Total Current Assets |
|
|
27,369,707 |
|
|
|
28,805,508 |
|
Other Assets |
|
|
|
|
|
|
|
|
Prepaid project costs and other long-term assets |
|
|
476,250 |
|
|
|
483,000 |
|
Trademarks |
|
|
108,865 |
|
|
|
108,865 |
|
Total Assets |
|
$ |
27,954,822 |
|
|
$ |
29,397,373 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
932,832 |
|
|
$ |
486,326 |
|
Total Current Liabilities |
|
|
932,832 |
|
|
|
486,326 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value, 10,000,000 authorized shares, 0
shares issued and outstanding at June 30, 2024 and December 31,
2023 |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 25,000,000 authorized, 14,591,477
shares and 13,698,274 shares issued and outstanding at June 30,
2024 and December 31, 2023, respectively |
|
|
14,591 |
|
|
|
13,698 |
|
Additional paid-in capital |
|
|
184,599,393 |
|
|
|
181,295,125 |
|
Accumulated deficit |
|
|
(157,591,994 |
) |
|
|
(152,397,776 |
) |
Total Stockholders’ Equity |
|
|
27,021,990 |
|
|
|
28,911,047 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
27,954,822 |
|
|
$ |
29,397,373 |
|
LIGHTBRIDGE CORPORATIONUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenue |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
1,792,613 |
|
|
|
1,596,818 |
|
|
|
3,950,358 |
|
|
|
3,462,747 |
|
Research and development |
|
|
909,612 |
|
|
|
366,855 |
|
|
|
1,933,435 |
|
|
|
814,899 |
|
Total Operating Expenses |
|
|
2,702,225 |
|
|
|
1,963,673 |
|
|
|
5,883,793 |
|
|
|
4,277,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributed services - research and development |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31,028 |
|
Total Other Operating
Income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Loss |
|
|
(2,702,225 |
) |
|
|
(1,963,673 |
) |
|
|
(5,883,793 |
) |
|
|
(4,246,618 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
327,591 |
|
|
|
291,449 |
|
|
|
689,575 |
|
|
|
547,814 |
|
Total Other Income |
|
|
327,591 |
|
|
|
291,449 |
|
|
|
689,575 |
|
|
|
547,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Before Income
Taxes |
|
|
(2,374,634 |
) |
|
|
(1,672,224 |
) |
|
|
(5,194,218 |
) |
|
|
(3,698,804 |
) |
Income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net Loss |
|
$ |
(2,374,634 |
) |
|
$ |
(1,672,224 |
) |
|
$ |
(5,194,218 |
) |
|
$ |
(3,698,804 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.17 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.32 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of
Common Shares Outstanding |
|
|
13,930,032 |
|
|
|
11,773,594 |
|
|
|
13,710,993 |
|
|
|
11,723,941 |
|
LIGHTBRIDGE CORPORATIONUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
Six Months EndedJune 30, |
|
|
|
2024 |
|
|
|
2023 |
|
Operating Activities |
|
|
|
|
|
|
|
Net Loss |
$ |
(5,194,218 |
) |
|
$ |
(3,698,804 |
) |
|
|
|
|
|
|
|
|
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 |
|
841,120 |
|
|
|
601,158 |
|
|
|
|
|
|
|
|
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
Prepaid expenses and other current assets |
|
(95,605 |
) |
|
|
(240,355 |
) |
Prepaid project costs and other long-term assets |
|
6,750 |
|
|
|
(144,750 |
) |
Accounts payable and accrued liabilities |
|
701,506 |
|
|
|
457,388 |
|
Net Cash Used in Operating
Activities |
|
(3,725,447 |
) |
|
|
(3,010,363 |
) |
|
|
|
|
|
|
|
|
Net Cash Used in Investing
Activities |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
Net proceeds from the issuances of common stock and tax payments
for share settlement of equity awards |
|
2,194,041 |
|
|
|
2,314,382 |
|
Net Cash Provided by Financing
Activities |
|
2,194,041 |
|
|
|
2,314,382 |
|
|
|
|
|
|
|
|
|
Net Decrease in Cash and Cash
Equivalents |
|
(1,531,406 |
) |
|
|
(695,981 |
) |
Cash and Cash Equivalents,
Beginning of Period |
|
28,598,445 |
|
|
|
28,899,997 |
|
Cash and Cash Equivalents, End
of Period |
$ |
27,067,039 |
|
|
$ |
28,204,016 |
|
|
|
|
|
|
|
|
|
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 7 2024 まで 8 2024
Lightbridge (NASDAQ:LTBR)
過去 株価チャート
から 8 2023 まで 8 2024