Lightbridge Provides Business Update and Announces Fiscal Year 2022 Financial Results
March 29 2023 - 4:05PM
Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel
technology company, announced its financial results for the year
ended December 31, 2022 and provided an update on the Company's
continued progress.
Significant Milestones in 2022 and
year-to-date 2023 include:
- In February 2023, Lightbridge and
Pacific Northwest National Laboratory (PNNL) announced the
successful completion of work under the U.S. Department of Energy’s
(DOE) Gateway for Accelerated Innovation in Nuclear (GAIN) voucher
program to demonstrate Lightbridge’s nuclear fuel casting process
using depleted uranium, a key step in manufacturing Lightbridge
Fuel™.
- In February 2023, Lightbridge
announced that a recently published peer-reviewed technical
paper on the disposition of weapons-grade plutonium
revealed that a Lightbridge-designed fuel rod significantly
outperforms traditional mixed-oxide (MOX) fuel in consuming
plutonium in a computer simulation, consuming 5.5 times more
plutonium, making the Lightbridge-designed rods well-suited for
consuming excess weapons-grade plutonium.
- In December 2022, Lightbridge
entered into agreements with Idaho National Laboratory (INL), in
collaboration with the U.S. Department of Energy, to support the
development of Lightbridge Fuel. The framework agreements use an
innovative structure and consist of an “umbrella” Strategic
Partnership Project Agreement (SPP) and an “umbrella” Cooperative
Research and Development Agreement (CRADA), each with Battelle
Energy Alliance, LLC (BEA), DOE’s operating contractor for
INL.
- In June 2022, the Massachusetts
Institute of Technology (MIT) was awarded approximately $800,000 by
the U.S. Department of Energy’s Nuclear Energy University Program
R&D Awards to study the deployment of Accident Tolerant Fuels
in Small Modular Reactors. The project simulates the fuel and
safety performance of Lightbridge Fuel inside a small modular
reactor (“SMR”) designed by industry leader NuScale Power.
- Lightbridge was awarded patents
covering various aspects of Lightbridge Fuel from patent offices in
Eurasia, Canada, and Korea.
Seth Grae, President & Chief Executive
Officer of Lightbridge Corporation, commented, “2022 was an
important year for Lightbridge, with significant progress across
the fuel development program, bolstered by our Strategic
Partnership Project Agreement with Idaho National Laboratory,
announced in late December. This transformative collaboration with
DOE’s lead national laboratory for nuclear energy will support fuel
performance modeling and regulatory licensing efforts for the
future commercial deployment of Lightbridge Fuel.”
“We entered 2023 with strong momentum,
completing our second GAIN voucher with PNNL relating to the
manufacturing process of Lightbridge Fuel. We look forward to
continuing our collaborative efforts with both INL and PNNL to
refine a process suitable to produce fuel material coupons for our
upcoming irradiation tests in the Advanced Test Reactor as well as
enriched uranium rodlets for future in-reactor testing.”
“The world can only adequately address growing
threats to energy security with increasing nuclear power generation
as part of the energy-generating mix. For nuclear energy to grow
significantly around the world, it must provide improved economics,
as well as enhanced safety and non-proliferation. Lightbridge Fuel
is uniquely positioned to achieve these goals and is backed by a
worldwide patent portfolio. We expect 2023 will be a very exciting
year for Lightbridge; we look forward to keeping shareholders
apprised of developments,” concluded Mr. Grae.
Financial Highlights
The Company strengthened its working capital
position at December 31, 2022 and had no debt.
Cash Flows Summary
- Cash and cash equivalents were
$28.9 million, as compared to $24.7 million at December 31, 2021,
an increase of $4.2 million, consisting of the following:
- Cash used in operating activities
totaled $6.7 million, a decrease of $4.3 million in 2022 as
compared to 2021. This decrease was primarily due to an arbitration
settlement payment of $4.2 million in 2021 and a decrease of $0.1
million in net loss, adjusted for non-cash charges and changes in
operating assets and liabilities. In 2022 operating cash flows
reflected our reported net loss of $7.5 million, adjusted for
noncash charges (including stock-based compensation expense) of
$0.9 million and a net increase in our assets and liabilities of
$0.1 million. Decreases in operating cash flows due to the net
increase in operating assets and liabilities include an increase in
prepaid project costs of $0.3 million offset by a net increase in
accounts payable and accrued expenses of $0.2 million.
- Cash used in our investing activities was insignificant for the
years ended December 31, 2022 and 2021.
- Cash provided by financing
activities totaled $10.9 million, a decrease of $3.3 million in
2022 as compared to $14.2 million in 2021. This decrease was due to
a decrease in cash provided by our ATM facility of $3.8 million, a
decrease in cash provided by the exercise of stock options of $0.2
million, offset by a decrease in net share settlement of equity
awards for the payment of withholding taxes of $0.7 million.
Balance Sheet Summary
- Total assets were $29.5 million and
total liabilities were $0.4 million at December 31, 2022. Working
capital was $28.7 million at December 31, 2022, versus $24.7
million in 2021. This increase of $4.0 million in working capital
in 2022 was due primarily to the financing activities and operating
activities stated in the cash flows summary.
- Stockholders’ equity was $29.1
million at December 31, 2022 as compared to $24.8 million at
December 31, 2021.
Operations Summary
- General and administrative expenses
for the year ended December 31, 2022 were $7.5 million compared to
$7.1 million for the prior year, an increase of $0.4 million. There
was an increase in directors’ fees of $0.2 million due to the
increase in the number of board members, an increase in dues and
subscriptions of $0.1 million, an increase in patent expenses of
$0.2 million and an increase in insurance expense, promotion, and
travel expenses of $0.3 million. These increases were offset by a
decrease in professional fees of $0.4 million relating to fees
incurred in connection with the arbitration matter settled in 2021,
which were not repeated during the year ended December 31,
2022.
- Lightbridge’s total research and
development expenses amounted to $0.7 million for the year ended
December 31, 2022 compared to $1.4 million for the year ended
December 31, 2021, a decrease of $0.7 million. This decrease was
primarily due to a decrease in outside R&D expenses of $0.3
million, a decrease in allocated employee compensation and employee
benefits of $0.1 million and a decrease in other R&D expenses
of $0.3 million. We expect to invest approximately $6.5 million in
research and development over the next 12 to 15 months.
- Total other operating income was
$0.4 million for the year ended December 31, 2022, compared to
other operating income of $0.6 million for the year ended December
31, 2021, a decrease of $0.2 million. There was a decrease of $0.1
million in the distribution from the joint venture due to the final
cash distribution from the dissolved Enfission joint venture that
occurred in 2021. There were contributed services - research and
development from the GAIN program of $0.4 million and $0.5 million
for the years ended December 31, 2022, and 2021, respectively, with
a charge to R&D expenses and a corresponding amount recorded to
contributed services - research and development.
- Total other income was $0.3 million
for the year ended December 31, 2022, compared to other income of
$0.1 million for the year ended December 31, 2021, an increase of
$0.2 million. There was an increase in other income of
approximately $0.2 million due to an increase in interest income
generated from the interest earned from the purchase of treasury
bills and our bank savings account for the year ended December 31,
2022, as compared to the year ended December 31, 2021.
- Net loss for the year ended December 31, 2022, was $7.5 million
compared to $7.8 million for 2021. This decrease of $0.3 million
was primarily due to the abovementioned changes.
FISCAL YEAR 2022 CONFERENCE CALL &
WEBCAST
Lightbridge will host a conference call on
Thursday, March 30th at 4:00 p.m. Eastern Time. 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
CorporationLightbridge 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 secured a long-term strategic
partnership with Idaho National Laboratory (INL), the United
States’ lead nuclear energy research and development laboratory, in
collaboration with the U.S. Department of Energy (DOE). DOE’s
Gateway for Accelerated Innovation in Nuclear (GAIN) program has
twice awarded Lightbridge to support the development of Lightbridge
Fuel. 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
Lightbridge is on Twitter. Sign up to follow
@LightbridgeCorp at http://twitter.com/lightbridgecorp.
Lightbridge is on We Don’t Have Time. Join the dialogue at
https://app.wedonthavetime.org/profile/Lightbridge
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 war in Europe and 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, 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 (347) 947-2093
ir@ltbridge.com
*** tables follow ***LIGHTBRIDGE
CORPORATIONCONSOLIDATED BALANCE
SHEETS
|
December 31, |
|
|
December 31, |
|
|
2022 |
|
|
2021 |
|
ASSETS |
Current Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
28,899,997 |
|
|
$ |
24,747,613 |
|
Prepaid expenses and other current assets |
|
115,264 |
|
|
|
113,452 |
|
Total Current Assets |
|
29,015,261 |
|
|
|
24,861,065 |
|
Other Assets |
|
|
|
|
|
|
|
Prepaid project costs |
|
345,000 |
|
|
|
— |
|
Trademarks |
|
108,225 |
|
|
|
101,583 |
|
Total Assets |
$ |
29,468,486 |
|
|
$ |
24,962,648 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current Liabilities |
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
350,331 |
|
|
$ |
171,521 |
|
Total Current Liabilities |
|
350,331 |
|
|
|
171,521 |
|
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
Preferred stock, $0.001 par value, 10,000,000 authorized shares, 0
shares issued and outstanding at December 31, 2022 and 2021 |
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 25,000,000 authorized, 11,900,217
shares and 9,759,223 shares issued and outstanding at December 31,
2022 and 2021, respectively |
|
11,900 |
|
|
|
9,759 |
|
Additional paid-in capital |
|
173,595,385 |
|
|
|
161,772,641 |
|
Accumulated deficit |
|
(144,489,130 |
) |
|
|
(136,991,273 |
) |
Total Stockholders’ Equity |
|
29,118,155 |
|
|
|
24,791,127 |
|
Total Liabilities and
Stockholders’ Equity |
$ |
29,468,486 |
|
|
$ |
24,962,648 |
|
LIGHTBRIDGE
CORPORATIONCONSOLIDATED STATEMENTS OF
OPERATIONS
|
Years Ended |
|
|
December 31, |
|
|
2022 |
|
|
2021 |
|
Revenue |
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
General and administrative |
|
7,490,086 |
|
|
|
7,158,558 |
|
Research and development |
|
669,818 |
|
|
|
1,366,496 |
|
Total Operating Expenses |
|
8,159,904 |
|
|
|
8,525,054 |
|
|
|
|
|
|
|
|
|
Other Operating Income |
|
|
|
|
|
|
|
Distribution from joint venture |
|
— |
|
|
|
119,641 |
|
Contributed services - research and development |
|
372,612 |
|
|
|
527,927 |
|
Total Other Operating Income |
|
372,612 |
|
|
|
647,568 |
|
|
|
|
|
|
|
|
|
Total Operating Loss |
$ |
(7,787,292 |
) |
|
$ |
(7,877,486 |
) |
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
Interest income |
|
289,435 |
|
|
|
8,127 |
|
Foreign currency transaction gain |
|
— |
|
|
|
33,694 |
|
Total Other Income |
|
289,435 |
|
|
|
41,821 |
|
|
|
|
|
|
|
|
|
Net Loss Before Income Taxes |
|
(7,497,857 |
) |
|
|
(7,835,665 |
) |
Income taxes |
|
— |
|
|
|
— |
|
Net Loss |
$ |
(7,497,857 |
) |
|
$ |
(7,835,665 |
) |
|
|
|
|
|
|
|
|
Accumulated Preferred Stock
Dividend |
|
— |
|
|
|
(477,991 |
) |
Additional deemed dividend on
preferred stock due to the beneficial conversion feature |
|
— |
|
|
|
(213,720 |
) |
Deemed dividend upon induced
conversions of Series A and Series B Preferred Stock to common
stock |
|
— |
|
|
|
(3,509,328 |
) |
Net Loss Attributable to Common
Shareholders |
$ |
(7,497,857 |
) |
|
$ |
(12,036,704 |
) |
|
|
|
|
|
|
|
|
Net Loss Per Common Share |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.69 |
) |
|
$ |
(1.71 |
) |
Weighted Average Number of Common
Shares Outstanding |
|
10,834,574 |
|
|
|
7,035,510 |
|
LIGHTBRIDGE
CORPORATIONCONSOLIDATED STATEMENTS OF CASH
FLOWS
|
Years Ended |
|
|
December 31, |
|
|
2022 |
|
|
2021 |
|
Operating Activities |
|
|
|
|
|
Net Loss |
$ |
(7,497,857 |
) |
|
$ |
(7,835,665 |
) |
Adjustments to reconcile net loss
from operations to net cash used in operating activities: |
|
|
|
|
|
|
|
Common stock issued for services |
|
45,000 |
|
|
|
254,994 |
|
Stock-based compensation |
|
842,704 |
|
|
|
826,493 |
|
|
|
|
|
|
|
|
|
Changes in operating assets and
liabilities: |
|
|
|
|
|
|
|
Prepaid expenses and other current assets |
|
(1,812 |
) |
|
|
59,008 |
|
Prepaid project costs |
|
(345,000 |
) |
|
|
— |
|
Accounts payable and accrued liabilities |
|
193,810 |
|
|
|
(140,919 |
) |
Accrued legal settlement costs |
|
— |
|
|
|
(4,200,000 |
) |
Net Cash Used in Operating
Activities |
|
(6,763,155 |
) |
|
|
(11,036,089 |
) |
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
Trademarks |
|
(6,642 |
) |
|
|
(16,021 |
) |
Net Cash Used in Investing
Activities |
|
(6,642 |
) |
|
|
(16,021 |
) |
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
Net proceeds from the issuances of common stock |
|
11,026,785 |
|
|
|
14,821,354 |
|
Net proceeds from the exercise of stock options |
|
— |
|
|
|
270,857 |
|
Payments for taxes related to net share settlement of equity
awards |
|
(104,604 |
) |
|
|
(824,153 |
) |
Net Cash Provided by Financing
Activities |
|
10,922,181 |
|
|
|
14,268,058 |
|
|
|
|
|
|
|
|
|
Net Increase in Cash and Cash
Equivalents |
|
4,152,384 |
|
|
|
3,215,948 |
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents,
Beginning of Year |
|
24,747,613 |
|
|
|
21,531,665 |
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents, End of
Year |
$ |
28,899,997 |
|
|
$ |
24,747,613 |
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash
Flow Information |
|
|
|
|
|
|
|
Cash paid during the year: |
|
|
|
|
|
|
|
Interest paid |
$ |
— |
|
|
$ |
— |
|
Income taxes paid |
$ |
— |
|
|
$ |
— |
|
Non-Cash Financing
Activities: |
|
|
|
|
|
|
|
Accumulated preferred stock dividend |
$ |
— |
|
|
$ |
691,711 |
|
Exchanges of preferred stock Series A and B to common stock |
$ |
— |
|
|
$ |
3,366 |
|
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