Lightbridge Provides Business Update and Announces First Quarter 2022 Financial Results
May 11 2022 - 4:05PM
Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel
technology company, announced financial results for the first
quarter ended March 31, 2022 and provided an update on the
Company's continued progress.
Seth Grae, President & Chief Executive
Officer of Lightbridge Corporation, commented, “Our first quarter
saw momentum continue to build related to advancing our fuel
development activities. We continue to make progress with our work
at Pacific Northwest National Laboratory (PNNL) from our second
voucher from the Gateway for Accelerated Innovation in Nuclear
(GAIN) program, focused on the manufacturing process for
Lightbridge Fuel™. At the same time, we are actively engaging in
negotiations with the U.S. Department of Energy’s (DOE), a benefit
of our strong working relationship, as well as the private sector,
for additional scopes of work that will take Lightbridge Fuel
closer to commercialization.”
Financial Highlights
The Company maintained a strong working capital
position at March 31, 2022 of approximately $28.2 million and had
no debt.
Cash Flows Summary
- Cash and cash equivalents were
$28.2 million at March 31, 2022, compared to $24.7 million at
December 31, 2021, an increase of $3.5 million in cash and cash
equivalents.
- Cash used in operating activities
was $1.9 million, a decrease from $6.3 million in 2021. This
decrease was due primarily to the dissolution of the Enfission
joint venture in the first quarter of 2021 and the payment of
approximately $4.2 million to Framatome for outstanding invoices
for work performed by Framatome and other expenses incurred by
Framatome.
- Cash provided by financing
activities increased to $5.4 million in the first quarter of 2022
compared to nil in the first quarter of 2021. This increase was
primarily due to an increase in the net proceeds from the issuance
of common stock by our at-the-market (ATM) facility in the first
quarter of 2022.
Balance Sheet Summary
- Total assets were $28.9 million and
total liabilities were $0.5 million at March 31, 2022. Working
capital was $28.3 million at March 31, 2022 versus
$24.7 million at December 31, 2021. This was an increase of
$3.6 million in working capital for the three months ended March
31, 2022.
- Stockholders’ equity was $28.4
million at March 31, 2022 as compared to $24.8 million at December
31, 2021.
Operations Summary
- Total general and administrative
expenses increased by approximately $0.1 million for the three
months ended March 31, 2022, as compared to the three months ended
March 31, 2021. This increase was primarily due to an increase in
employee compensation and employee benefits of approximately $0.1
million, an increase in directors’ fees of approximately $0.1
million due to the addition of new board members, an increase in
sponsorship fees and promotion fees of approximately $0.1 million
due to increased promotion activities, and an increase in
stock-based compensation of approximately $0.2 million due to the
issuance of restricted stock awards in 2021. These increases were
offset by a decrease in professional fees of approximately $0.4
million relating to fees incurred in connection with the
arbitration matter in 2021 that were not repeated during the three
months ended March 31, 2022.
- Lightbridge’s total corporate
research and development costs for the three months ended March 31,
2022 decreased by approximately $0.1 million, as compared to the
three months ended March 31, 2021. There was a decrease in employee
compensation and employee benefits of approximately $0.1 million.
Lightbridge is working with the U.S. National Laboratories on
research and development activities and is negotiating new
contracts for additional future scopes of work in 2022.
- Total net other operating income
related to contributed services – research and development was $0.1
million for the three months ended March 31, 2022 and March 31,
2021, with a charge to R&D expenses and a corresponding amount
recorded to contributed services – research and development.
- Net loss for the three months ended
March 31, 2022 and March 31, 2021 was $2.0 million.
FIRST QUARTER 2022 CONFERENCE CALL &
WEBCAST
Lightbridge will host a conference call on
Thursday, May 12th at 4:00 pm Eastern Time to discuss the Company's
financial results and provide an update on its fuel development
activities.
Interested parties can access the conference
call by calling 833-519-1295 for U.S. callers or 914-800-3866 for
international callers. Please reference Conference ID: 2162086.
The call will be available on the Company’s
website via webcast at
https://edge.media-server.com/mmc/p/5ya6qrtm. The conference call
will be led by Seth Grae, President and Chief Executive Officer,
with other Lightbridge executives available to answer
questions.
The webcast will also be archived on the
Company’s website. A telephone replay of the call will be available
approximately two hours following the call and can be accessed by
dialing 855-859-2056 from the U.S. or 404-537-3406 for
international callers. Please reference Conference ID: 2162086.
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 light-water reactors,
which significantly enhances reactor safety, economics, and fuel
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 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.
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.
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 timing and outcome of research
and development activities, other steps to commercialize
Lightbridge Fuel™ and future governmental support and funding for
nuclear energy. 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, including
small modular 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 the further spread of COVID-19,
including the ultimate impact of COVID-19 on people, economies, and
the Company’s ability to access capital markets; 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, 2021, 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 (646) 828-8710
ir@ltbridge.com
*** tables follow ***
|
LIGHTBRIDGE CORPORATIONUNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
28,226,863 |
|
|
$ |
24,747,613 |
|
Prepaid expenses and other current assets |
|
|
558,777 |
|
|
|
113,452 |
|
Total Current Assets |
|
|
28,785,640 |
|
|
|
24,861,065 |
|
Other
Assets |
|
|
|
|
|
|
|
|
Trademarks |
|
|
101,583 |
|
|
|
101,583 |
|
Total
Assets |
|
$ |
28,887,223 |
|
|
$ |
24,962,648 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
Current
Liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
452,826 |
|
|
$ |
171,521 |
|
Total
Current Liabilities |
|
|
452,826 |
|
|
|
171,521 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value, 10,000,000 authorized
shares |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 13,500,000 authorized,
10,588,674shares and 9,759,223 shares issued and outstanding at
March 31, 2022and December 31, 2021, respectively |
|
|
10,589 |
|
|
|
9,759 |
|
Additional paid-in capital |
|
|
167,464,610 |
|
|
|
161,772,641 |
|
Accumulated deficit |
|
|
(139,040,802 |
) |
|
|
(136,991,273 |
) |
Total
Stockholders' Equity |
|
|
28,434,397 |
|
|
|
24,791,127 |
|
Total
Liabilities and Stockholders' Equity |
|
$ |
28,887,223 |
|
|
$ |
24,962,648 |
|
|
|
|
|
|
|
|
|
|
LIGHTBRIDGE CORPORATIONUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
|
|
|
Three Month Ended |
|
|
|
March 31, |
|
|
|
2022 |
|
|
2021 |
|
Revenue |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
General and administrative |
|
|
1,913,564 |
|
|
|
1,782,860 |
|
Research and development |
|
|
262,823 |
|
|
|
369,450 |
|
Total
Operating Expenses |
|
|
2,176,387 |
|
|
|
2,152,310 |
|
|
|
|
|
|
|
|
|
|
Other
Operating Income |
|
|
|
|
|
|
|
|
Contributed services – research and development |
|
|
123,353 |
|
|
|
103,319 |
|
Total
Other Operating Income |
|
|
123,353 |
|
|
|
103,319 |
|
|
|
|
|
|
|
|
|
|
Total
Operating Loss |
|
$ |
(2,053,034 |
) |
|
$ |
(2,048,991 |
) |
|
|
|
|
|
|
|
|
|
Other
Income |
|
|
|
|
|
|
|
|
Interest income |
|
|
3,505 |
|
|
|
3,309 |
|
Foreign currency transaction gain |
|
|
— |
|
|
|
33,694 |
|
Total
Other Income |
|
|
3,505 |
|
|
|
37,003 |
|
|
|
|
|
|
|
|
|
|
Net Loss
Before Income Taxes |
|
|
(2,049,529 |
) |
|
|
(2,011,988 |
) |
Income taxes |
|
|
— |
|
|
|
— |
|
Net
Loss |
|
$ |
(2,049,529 |
) |
|
$ |
(2,011,988 |
) |
|
|
|
|
|
|
|
|
|
Accumulated Preferred Stock Dividend |
|
|
— |
|
|
|
(131,434 |
) |
Additional deemed dividend on preferred stock due to the beneficial
conversion feature |
|
|
— |
|
|
|
(57,489 |
) |
Net Loss
Attributable to Common Shareholders |
|
$ |
(2,049,529 |
) |
|
$ |
(2,200,911 |
) |
|
|
|
|
|
|
|
|
|
Net Loss
Per Common Share |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.20 |
) |
|
$ |
(0.33 |
) |
|
|
|
|
|
|
|
|
|
Weighted
Average Number of Common Shares Outstanding – Basic and
diluted |
|
|
10,283,280 |
|
|
|
6,589,392 |
|
|
|
|
|
|
|
|
|
|
LIGHTBRIDGE CORPORATIONUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
|
|
|
Three Month Ended |
|
|
|
March 31, |
|
|
|
2022 |
|
|
2021 |
|
Operating Activities |
|
|
|
|
|
|
Net Loss |
|
$ |
(2,049,529 |
) |
|
$ |
(2,011,988 |
) |
Adjustments to reconcile net loss from operations to net cash used
in operating activities: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
264,936 |
|
|
|
60,068 |
|
Changes in operating working capital items: |
|
|
|
|
|
|
|
|
Prepaid expenses and other current assets |
|
|
(445,325 |
) |
|
|
(465,191 |
) |
Accounts payable and accrued liabilities |
|
|
296,305 |
|
|
|
321,597 |
|
Accrued legal settlement costs |
|
|
— |
|
|
|
(4,200,000 |
) |
Net Cash Used in Operating Activities |
|
|
(1,933,613 |
) |
|
|
(6,295,514 |
) |
|
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
|
Net Cash Used in Investing Activities |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
|
Net proceeds from the issuances of common stock |
|
|
5,412,863 |
|
|
|
— |
|
Net Cash Provided by Financing Activities |
|
|
5,412,863 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Cash and Cash Equivalents |
|
|
3,479,250 |
|
|
|
(6,295,514 |
) |
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents, Beginning of Period |
|
|
24,747,613 |
|
|
|
21,531,665 |
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents, End of Period |
|
$ |
28,226,863 |
|
|
$ |
15,236,151 |
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow Information |
|
|
|
|
|
|
|
|
Cash paid during the period: |
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
— |
|
|
$ |
— |
|
Income taxes paid |
|
$ |
— |
|
|
$ |
— |
|
Non-Cash Financing Activities: |
|
|
|
|
|
|
|
|
Accumulated preferred stock dividend |
|
$ |
— |
|
|
$ |
188,923 |
|
Payment of accrued liabilities with common stock |
|
$ |
15,000 |
|
|
$ |
69,690 |
|
|
|
|
|
|
|
|
|
|
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