Lightbridge Provides Business Update and Announces Third Quarter 2021 Financial Results
November 08 2021 - 8:00AM
Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel
technology company, announced financial results for the third
quarter ended September 30, 2021, as well as the Company's
corporate progress and other meaningful developments.
Seth Grae, President & Chief Executive
Officer of Lightbridge Corporation, commented, “I’m pleased with
the continued progress Lightbridge has made in our fuel development
program throughout the third quarter. We began work on our second
U.S. Department of Energy GAIN voucher at Pacific Northwest
National Laboratory (PNNL), which is focused on the manufacturing
process of Lightbridge Fuel. Last week, we completed our work at
Idaho National Laboratory (INL) under our initial GAIN voucher to
support irradiation testing of our fuel. This was another important
milestone for Lightbridge and sets the stage for us to test our
fuel sample coupons in the Advanced Test Reactor (ATR) at INL.”
“At the corporate level, we expanded our Board
of Directors to seven members while forming a new board committee
dedicated to Environmental, Social & Governance (ESG) oversight
and guidance. The ESG Committee reflects Lightbridge’s dedication
to environmental and social responsibility, an integral part of our
long-term performance strategy. Nuclear energy represents a
significant fraction of clean energy globally, and we believe the
industry will continue to attract greater interest from
socially-conscious investors as the metrics of ESG practices are
standardized throughout the world.”
“The nuclear industry has received greater
interest from investors over the last several weeks. With the
recent rally in uranium prices, along with the announced
investments to upgrade nuclear plants in Illinois that were spurred
by a clean energy bill, and discussions during COP26 about the
necessity for growth in nuclear power to meet climate goals,
nuclear power appears to finally be earning recognition from
investors and governments as a vital, sustainable source of clean
energy.”
Financial Highlights
The Company maintained a strong working capital
position at September 30, 2021 and had no debt.
Cash Flows Summary
- Cash and cash equivalents were
$16.1 million at September 30, 2021, compared to $21.5 million
at December 31, 2020, a decrease of $5.4 million in cash and cash
equivalents.
- Cash used in operating activities
increased approximately $3.2 million in the nine months ended
September 30, 2021, to $8.8 million, from $5.6 million in the nine
months ended September 30, 2020. This increase was due primarily to
the dissolution of the Enfission joint venture and the settlement
payment of approximately $4.2 million paid to Framatome for
outstanding invoices for work performed by Framatome and other
expenses incurred by Framatome.
- Cash provided by financing
activities decreased by approximately $1.8 million for the nine
months ended September 30, 2021 compared to the nine months ended
September 30, 2020, primarily due to the decrease in the net
proceeds from issuance of common stock in 2021, which was $3.4
million for the nine months ended September 30, 2021 as compared to
$5.2 million net proceeds for the nine months ended September 30,
2020.
Balance Sheet Summary
- Total assets were $16.6 million and
total liabilities were $1.1 million at September 30, 2021. Working
capital was $15.4 million at September 30, 2021 versus
$17.1 million at December 31, 2020. This decrease of $1.7
million in working capital was due primarily to the factor stated
above in the cash flow summary.
- Stockholders’ equity was $15.5
million at September 30, 2021 as compared to $17.2 million at
December 31, 2020.
Operations Summary
- General and administrative expenses
decreased by approximately $1.1 million for the three months ended
September 30, 2021, as compared to the three months ended September
30, 2020. There was a decrease in professional fees of
approximately $1.4 million primarily due to a decrease in the legal
and professional fees relating to the Framatome arbitration. These
decreases were offset by an increase of approximately $0.3 million
in employee compensation primarily due to an increase in the bonus
accrual for 2021.
- Lightbridge’s total corporate
research and development expenses increased by approximately $0.2
million for the three months ended September 30, 2021, as compared
to the three months ended September 30, 2020, due to an increase of
approximately $0.2 million in outside research and development work
with the DOE's National Laboratories related to the GAIN vouchers.
All other R&D expenses for the three months ended September 30,
2021 and the three months ended September 30, 2020 were consistent
period over period.
- Total other operating income (grant
income) increased approximately $0.3 million for the three months
ended September 30, 2021, as compared to the three months ended
September 30, 2020, which was primarily associated with the work
performed by the Idaho National Laboratory for the experiment
design for irradiation of material samples of Lightbridge Fuel™ in
the Advanced Test Reactor.
- There was a decrease in other
income due to a decrease in interest income generated from the
interest earned from the purchase of treasury bills and from our
bank savings account for the three months ended September 30, 2021,
as compared to the three months ended September 30, 2020.
- Net loss for the three months ended
September 30, 2021 was $1.9 million compared to $3.1 million for
the three months ended September 30, 2020.
THIRD QUARTER CONFERENCE CALL &
WEBCAST
Lightbridge will host a conference call on
Monday, November 8, 2021, at 4 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 on the Company’s website via webcast at
https://edge.media-server.com/mmc/p/dipetorf or by calling
833-519-1295 for U.S. callers or 914-800-3866 for international
callers. Please reference Conference ID: 4796814. The conference
call will be led by Seth Grae, President, and Chief Executive
Officer, with other Lightbridge executives also available to answer
questions.
The webcast will be archived on the Company’s
website, and a telephone replay of the call will be available
approximately two hours following the call. It can be accessed by
dialing 855-859-2056 from the U.S. or 404-537-3406 for
international callers. Please reference Conference ID: 4796814.
About Lightbridge
CorporationLightbridge (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.
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 31st, 2020, 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 CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
September 30, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
ASSETS |
Current Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
16,133,652 |
|
|
$ |
21,531,665 |
|
Other receivables |
|
|
110,000 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
|
247,211 |
|
|
|
172,460 |
|
Total Current Assets |
|
|
16,490,863 |
|
|
|
21,704,125 |
|
Other Assets |
|
|
|
|
|
|
|
|
Trademarks |
|
|
101,583 |
|
|
|
85,562 |
|
Total Assets |
|
$ |
16,592,446 |
|
|
$ |
21,789,687 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
1,107,865 |
|
|
$ |
382,130 |
|
Accrued legal settlement costs |
|
|
— |
|
|
|
4,200,000 |
|
Total Current Liabilities |
|
|
1,107,865 |
|
|
|
4,582,130 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value, 10,000,000 authorized
shares |
|
|
|
|
|
|
|
|
Convertible Series A preferred shares, 663,767 shares and 699,878
shares issued and outstanding at September 30, 2021 and December
31, 2020, respectively (liquidation preference $2,614,186 and
$2,613,025 at September 30, 2021 and December 31, 2020,
respectively) |
|
|
663 |
|
|
|
699 |
|
Convertible Series B preferred shares, 2,666,667 shares issued and
outstanding at September 30, 2021 and December 31, 2020
(liquidation preference $5,159,162 and $4,897,517 at September 30,
2021 and December 31, 2020, respectively) |
|
|
2,667 |
|
|
|
2,667 |
|
Common stock, $0.001 par value, 13,500,000 shares authorized,
7,208,739 shares and 6,567,110 shares issued and outstanding at
September 30, 2021 and December 31, 2020, respectively |
|
|
7,209 |
|
|
|
6,567 |
|
Additional paid-in capital |
|
|
150,163,990 |
|
|
|
146,353,232 |
|
Accumulated deficit |
|
|
(134,689,948 |
) |
|
|
(129,155,608 |
) |
Total Stockholders' Equity |
|
|
15,484,581 |
|
|
|
17,207,557 |
|
Total Liabilities and
Stockholders' Equity |
|
$ |
16,592,446 |
|
|
$ |
21,789,687 |
|
|
|
|
|
|
|
|
|
|
LIGHTBRIDGE
CORPORATIONUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
Revenue |
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
1,763,060 |
|
|
2,835,471 |
|
|
|
5,061,820 |
|
|
6,800,892 |
|
|
|
Research and development |
|
439,630 |
|
|
261,898 |
|
|
|
1,082,394 |
|
|
767,498 |
|
|
Total Operating
Expenses |
|
2,202,690 |
|
|
3,097,369 |
|
|
|
6,144,214 |
|
|
7,568,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operating
Income |
|
|
|
|
|
|
|
|
|
|
|
Distribution from joint
venture |
|
— |
|
|
— |
|
|
|
110,000 |
|
|
— |
|
|
|
Grant income |
|
288,884 |
|
|
29,662 |
|
|
|
459,997 |
|
|
29,662 |
|
|
Total Other
Operating Income |
|
288,884 |
|
|
29,662 |
|
|
|
569,997 |
|
|
29,662 |
|
|
Operating
Loss |
|
(1,913,806 |
) |
|
(3,067,707 |
) |
|
|
(5,574,217 |
) |
|
(7,538,728 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
1,551 |
|
|
4,645 |
|
|
|
6,183 |
|
|
79,474 |
|
|
|
Foreign currency transaction
gain |
|
— |
|
|
— |
|
|
|
33,694 |
|
|
— |
|
|
Total Other
Income |
|
1,551 |
|
|
4,645 |
|
|
|
39,877 |
|
|
79,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Before
Income Taxes |
|
(1,912,255 |
) |
|
(3,063,062 |
) |
|
|
(5,534,340 |
) |
|
(7,459,254 |
) |
|
Income taxes |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
Net loss |
$ |
(1,912,255 |
) |
$ |
(3,063,062 |
) |
|
$ |
(5,534,340 |
) |
$ |
(7,459,254 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
preferred stock dividend |
|
(135,091 |
) |
|
(128,937 |
) |
|
|
(399,838 |
) |
|
(383,086 |
) |
|
Deemed additional
dividend on preferred stock dividend due to the beneficial
conversion feature |
|
(59,314 |
) |
|
(55,940 |
) |
|
|
(175,211 |
) |
|
(165,551 |
) |
|
Net loss
attributable to common stockholders |
$ |
(2,106,660 |
) |
$ |
(3,247,939 |
) |
|
$ |
(6,109,389 |
) |
$ |
(8,007,891 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per
Common Share |
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
$ |
(0.31 |
) |
$ |
(0.80 |
) |
|
$ |
(0.92 |
) |
$ |
(2.22 |
) |
|
Weighted Average
Number of Common Shares Outstanding |
|
6,759,662 |
|
|
4,053,644 |
|
|
|
6,648,803 |
|
|
3,613,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIGHTBRIDGE
CORPORATIONUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
Nine Months Ended |
|
|
September 30, |
|
|
2021 |
|
2020 |
Operating Activities |
|
|
|
|
|
Net Loss |
|
$ |
(5,534,340 |
) |
|
$ |
(7,459,254 |
) |
Adjustments to reconcile net
loss from operations to net cash used in operating activities: |
|
|
|
|
|
|
|
Common stock issued for services |
|
|
45,000 |
|
|
|
17,000 |
|
Stock-based compensation |
|
|
300,583 |
|
|
|
8,110 |
|
Patent write-offs |
|
|
— |
|
|
|
111,850 |
|
Changes in operating working
capital items |
|
|
|
|
|
|
|
Other receivables |
|
|
(110,000 |
) |
|
|
400,000 |
|
Prepaid expenses and other current assets |
|
|
(74,751 |
) |
|
|
(117,281 |
) |
Accounts payable and accrued liabilities |
|
|
780,425 |
|
|
|
1,465,492 |
|
Accrued legal settlement costs |
|
|
(4,200,000 |
) |
|
|
— |
|
Net Cash Used in Operating
Activities |
|
|
(8,793,083 |
) |
|
|
(5,574,083 |
) |
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
Patents and trademarks |
|
|
(16,021 |
) |
|
|
(138,692 |
) |
Net Cash Used in Investing
Activities |
|
|
(16,021 |
) |
|
|
(138,692 |
) |
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
Net proceeds from issuances of common stock and exercise of stock
options |
|
|
3,441,091 |
|
|
|
5,164,685 |
|
Net Cash Provided by Financing
Activities |
|
|
3,441,091 |
|
|
|
5,164,685 |
|
|
|
|
|
|
|
|
|
Net Decrease in Cash and Cash
Equivalents |
|
|
(5,398,013 |
) |
|
|
(548,090 |
) |
Cash and Cash Equivalents,
Beginning of Period |
|
|
21,531,665 |
|
|
|
17,958,989 |
|
Cash and Cash Equivalents, End
of Period |
|
$ |
16,133,652 |
|
|
$ |
17,410,899 |
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of
Cash Flow Information |
|
|
|
|
|
|
|
Cash paid during the
period: |
|
|
|
|
|
|
|
Interest paid |
|
$ |
— |
|
|
$ |
— |
|
Income taxes paid |
|
$ |
— |
|
|
$ |
— |
|
Non-Cash Financing
Activities: |
|
|
|
|
|
|
|
Accumulated preferred stock dividend |
|
$ |
575,049 |
|
|
$ |
548,637 |
|
Conversion of Series A convertible preferred stock to common stock
and payment of paid-in-kind dividends to Series A preferred
stockholder |
|
$ |
39,885 |
|
|
$ |
38,071 |
|
Payment of accrued liabilities with common stock |
|
$ |
69,690 |
|
|
$ |
17,000 |
|
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