Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel
technology company, announced financial results for the third
quarter ended September 30, 2022, as well as the Company's
corporate progress and other meaningful developments.
Seth Grae, President & Chief Executive
Officer of Lightbridge Corporation, commented, “Lightbridge has
continued to make progress on our fuel development program,
highlighted by our work at Pacific Northwest National Laboratory
(PNNL) from our second GAIN voucher award, which is focused on the
manufacturing process of Lightbridge Fuel™. To date, several
castings using depleted uranium and zirconium alloy have been
performed, and the cast ingots analyzed. The ongoing activities are
in their final stage and are expected to be completed by the end of
the year. This work is expected to culminate in a process suitable
to produce fuel samples for our upcoming irradiation tests”
“We are in the final stage of negotiations to
begin work with Idaho National Laboratory (INL), in collaboration
with the U.S. Department of Energy (DOE), to support the
development of Lightbridge Fuel. These agreements will be
transformative for Lightbridge and will allow us the opportunity to
procure fuel samples that will be tested in the Advanced Test
Reactor (ATR) at INL. The data derived from these tests will be
usable in almost all the commercial reactors in the world.”
“The growing importance of energy security
throughout the world has led to growing momentum for nuclear power.
Nuclear plants that were to be decommissioned are having their
operating licenses extended, and countries that were moving away
from nuclear are now reversing course. Locally in Virginia, our
home state, Governor Youngkin released Virginia’s Energy Plan,
which included going “all-in on innovation in nuclear” and “calls
for launching a commercial small modular reactor in the next 10
years.” This all bodes well for energy security, climate, and a
growing addressable market for Lightbridge Fuel,” concluded Mr.
Grae.
Financial Highlights
The Company maintained a strong working capital
position at September 30, 2022 and had no debt.
Cash Flows Summary
- Cash and cash equivalents were
$31.3 million at September 30, 2022, compared to $24.7 million
at December 31, 2021, an increase of $6.6 million in cash and cash
equivalents.
- Cash used in operating activities
decreased by $4.7 million for the nine months ended September 30,
2022 compared to the nine months ended September 30, 2021, from
$8.8 million to $4.1 million . This decrease was due primarily to
the arbitration settlement payment of $4.2 million in 2021 and the
changes in working capital accounts.
- Cash provided by financing
activities increased by $7.2 million for the nine months ended
September 30, 2022, compared to the nine months ended September 30,
2021, primarily due to the increase in the net proceeds from the
issuance of common stock in 2022, which totaled $10.6 million for
the nine months ended September 30, 2022, as compared to $3.4
million net proceeds for the nine months ended September 30,
2021.
Balance Sheet Summary
- Total assets were $31.7 million and
total liabilities were $1.2 million at September 30, 2022. Working
capital was $30.4 million at September 30, 2022, versus
$24.7 million at December 31, 2021. This increase of $5.7
million in working capital was due primarily to the factors stated
above in the cash flow summary.
- Stockholders’ equity was $30.5
million at September 30, 2022, as compared to $24.8 million at
December 31, 2021.
Operations Summary
- General and administrative expenses
increased by $0.2 million for the three months ended September 30,
2022, as compared to the three months ended September 30, 2021.
This increase was primarily due to an increase in stock-based
compensation expenses of $0.1 million, an increase in directors’
fees, employee compensation, and employee benefits of $0.1
million.
- Lightbridge’s total corporate
research and development expenses decreased by $0.2 million for the
three months ended September 30, 2022, as compared to the three
months ended September 30, 2021. This decrease was primarily due to
a decrease in consulting expenses and outside R&D
expenses.
- There was contributed services -
research and development from the GAIN program of $0.1 million and
$0.3 million for the three months ended September 30, 2022, and
September 30, 2021, respectively, which resulted in a charge to
R&D expenses and a corresponding amount recorded to contributed
services - research and development.
- There was an increase in other
income of $0.1 million due to the interest income generated from
the purchase of treasury bills and from our bank savings account
for the three months ended September 30, 2022, as compared to the
three months ended September 30, 2021.
- Net loss for the three months ended
September 30, 2022, was $2.0 million compared to $1.9 million for
the three months ended September 30, 2021.
THIRD QUARTER CONFERENCE CALL &
WEBCAST
Lightbridge will host a conference call on
Monday, October 31, 2022, 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 the webcast at
https://edge.media-server.com/mmc/p/ytsa6szw
To access the conference call by phone, please
register at
https://register.vevent.com/register/BI23013e43be934f81b21fa5494c99075b
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 approximately two hours following the call.
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 large light-water
reactors, which significantly enhances safety, economics, and
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 the 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; risks associated
with war in Europe; risks associated with limited availability of
conversion and enrichment services for nuclear fuel production;
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
CORPORATION UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS
|
|
September 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
ASSETS |
|
Current Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
31,284,501 |
|
|
$ |
24,747,613 |
|
Prepaid expenses and other current assets |
|
|
305,919 |
|
|
|
113,452 |
|
Total Current Assets |
|
|
31,590,420 |
|
|
|
24,861,065 |
|
|
|
|
|
|
|
|
|
|
Other Assets |
|
|
|
|
|
|
|
|
Trademarks |
|
|
107,757 |
|
|
|
101,583 |
|
Total Assets |
|
$ |
31,698,177 |
|
|
$ |
24,962,648 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
1,190,386 |
|
|
$ |
171,521 |
|
Total Current Liabilities |
|
|
1,190,386 |
|
|
|
171,521 |
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value, 10,000,000 authorized shares, 0
shares issued and outstanding at September 30, 2022 and December
31, 2021 |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 13,500,000 shares authorized,
11,539,932 shares and 9,759,223 shares issued and outstanding at
September 30, 2022 and December 31, 2021, respectively |
|
|
11,540 |
|
|
|
9,759 |
|
Additional paid-in capital |
|
|
173,077,225 |
|
|
|
161,772,641 |
|
Accumulated deficit |
|
|
(142,580,974 |
) |
|
|
(136,991,273 |
) |
Total Stockholders' Equity |
|
|
30,507,791 |
|
|
|
24,791,127 |
|
Total Liabilities and
Stockholders' Equity |
|
$ |
31,698,177 |
|
|
$ |
24,962,648 |
|
|
|
|
|
|
|
|
|
|
LIGHTBRIDGE
CORPORATIONUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
2,023,937 |
|
|
|
1,763,060 |
|
|
|
5,377,185 |
|
|
|
5,061,820 |
|
Research and development |
|
|
172,871 |
|
|
|
439,630 |
|
|
|
601,170 |
|
|
|
1,082,394 |
|
Total Operating Expenses |
|
|
2,196,808 |
|
|
|
2,202,690 |
|
|
|
5,978,355 |
|
|
|
6,144,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution from joint venture |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
110,000 |
|
Contributed services - research and development |
|
|
71,335 |
|
|
|
288,884 |
|
|
|
278,189 |
|
|
|
459,997 |
|
Total Other Operating
Income |
|
|
71,335 |
|
|
|
288,884 |
|
|
|
278,189 |
|
|
|
569,997 |
|
Operating Loss |
|
|
(2,125,473 |
) |
|
|
(1,913,806 |
) |
|
|
(5,700,166 |
) |
|
|
(5,574,217 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
87,943 |
|
|
|
1,551 |
|
|
|
110,465 |
|
|
|
6,183 |
|
Foreign currency transaction gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
33,694 |
|
Total Other Income |
|
|
87,943 |
|
|
|
1,551 |
|
|
|
110,465 |
|
|
|
39,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Before Income
Taxes |
|
|
(2,037,530 |
) |
|
|
(1,912,255 |
) |
|
|
(5,589,701 |
) |
|
|
(5,534,340 |
) |
Income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net Loss |
|
$ |
(2,037,530 |
) |
|
$ |
(1,912,255 |
) |
|
$ |
(5,589,701 |
) |
|
$ |
(5,534,340 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated preferred stock
dividend |
|
|
— |
|
|
|
(135,091 |
) |
|
|
— |
|
|
|
(399,838 |
) |
Deemed additional dividend on
preferred stock dividend due to the beneficial conversion
feature |
|
|
— |
|
|
|
(59,314 |
) |
|
|
— |
|
|
|
(175,211 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Attributable to
Common Stockholders |
|
$ |
(2,037,530 |
) |
|
$ |
(2,106,660 |
) |
|
$ |
(5,589,701 |
) |
|
$ |
(6,109,389 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per Common Share,
Basic and Diluted |
|
$ |
(0.18 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.92 |
) |
Weighted Average Number of
Common Shares Outstanding |
|
|
11,085,657 |
|
|
|
6,759,662 |
|
|
|
10,633,664 |
|
|
|
6,648,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIGHTBRIDGE
CORPORATIONUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
Operating Activities |
|
|
|
|
|
|
Net loss |
|
$ |
(5,589,701 |
) |
|
$ |
(5,534,340 |
) |
Adjustments to reconcile net loss from operations to net cash used
in operating activities |
|
|
|
|
|
|
|
|
Common stock issued for services |
|
|
30,000 |
|
|
|
45,000 |
|
Stock-based compensation |
|
|
614,367 |
|
|
|
300,583 |
|
|
|
|
|
|
|
|
|
|
Changes in operating working capital items |
|
|
|
|
|
|
|
|
Other receivables |
|
|
— |
|
|
|
(110,000 |
) |
Prepaid expenses and other current assets |
|
|
(192,467 |
) |
|
|
(74,751 |
) |
Accounts payable and accrued liabilities |
|
|
1,033,865 |
|
|
|
780,425 |
|
Accrued legal settlement costs |
|
|
— |
|
|
|
(4,200,000 |
) |
Net Cash Used in Operating
Activities |
|
|
(4,103,936 |
) |
|
|
(8,793,083 |
) |
|
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
|
Trademarks |
|
|
(6,174 |
) |
|
|
(16,021 |
) |
Net Cash Used in Investing
Activities |
|
|
(6,174 |
) |
|
|
(16,021 |
) |
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
|
Net proceeds from issuances of common stock and exercise of stock
options |
|
|
10,646,998 |
|
|
|
3,411,091 |
|
Net Cash Provided by Financing
Activities |
|
|
10,646,998 |
|
|
|
3,411,091 |
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Cash
and Cash Equivalents |
|
|
6,536,888 |
|
|
|
(5,398,013 |
) |
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents,
Beginning of Period |
|
|
24,747,613 |
|
|
|
21,531,665 |
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents, End of
Period |
|
$ |
31,284,501 |
|
|
|
16,133,652 |
|
|
|
|
|
|
|
|
|
|
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 |
|
Conversion of Series A convertible preferred stock to common stock
and payment of paid-in-kind dividends to Series A preferred
stockholder |
|
$ |
— |
|
|
$ |
39,885 |
|
Payment of accrued liabilities with common stock |
|
$ |
15,000 |
|
|
$ |
69,690 |
|
Lightbridge (NASDAQ:LTBR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Lightbridge (NASDAQ:LTBR)
Historical Stock Chart
From Jul 2023 to Jul 2024