Lightbridge Provides Business Update and Announces First Quarter 2023 Financial Results
May 10 2023 - 4:05PM
Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel
technology company, announced its financial results for the first
quarter ended March 31, 2023, and provided an update on the
Company's continued progress.
Seth Grae, President & Chief Executive
Officer of Lightbridge Corporation, commented, “The first quarter
has been an eventful and productive time for Lightbridge. Notably,
we have made progress in our SPP and CRADA collaboration with Idaho
National Laboratory (INL), completing and issuing a Quality
Implementation Plan (QIP) for our collaborative project at the lab.
The QIP was an essential first step to ensure that all future work
performed at INL on the project will comply with nuclear quality
assurance requirements of the U.S. Nuclear Regulatory
Commission.”
“We also completed work under the U.S.
Department of Energy's Gateway for Accelerated Innovation in
Nuclear (GAIN) voucher program in collaboration with Pacific
Northwest National Laboratory (PNNL) to demonstrate Lightbridge’s
nuclear fuel casting process using depleted uranium, a key step in
manufacturing Lightbridge Fuel™.
“The macro-outlook for the nuclear power
industry continues to be quite positive. The increasing global
understanding of nuclear power's significance for energy security,
grid stability, and limiting climate change is propelling efforts
to maintain current nuclear fleets, boost power generation from
these resources, and accelerate the path toward the adoption of
advanced nuclear technologies. As a result, we believe we are well
positioned to capitalize on our fuel's economic and safety benefits
that will further our efforts towards developing and
commercializing Lightbridge Fuel,” concluded Mr. Grae.
Financial Highlights
The Company maintained a working capital
position at March 31, 2023 of $27.9 million and had no debt.
Cash Flows Summary
- Cash and cash equivalents were
$28.1 million, as compared to $28.9 million at December 31, 2022, a
decrease of $0.8 million for the three months ended March 31, 2023,
consisting of the following:
- Cash used in operating activities
for the three months ended March 31, 2023, was $1.5 million, a
decrease of $0.4 million compared to $1.9 million for the three
months ended March 31, 2022.
- Cash provided by financing
activities for the three months ended March 31, 2023, was $0.7
million, a decrease of $4.7 million compared to $5.4 million in the
first quarter of 2022. 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 quarter of 2023.
Balance Sheet Summary
- Total assets were $28.9 million,
and total liabilities were $0.6 million at March 31, 2023. Working
capital was $27.9 million at March 31, 2023, versus $28.7 million
at December 31, 2022. This decrease of $0.8 million in working
capital was due primarily to the factors stated above in the cash
flow summary.
- Stockholders’ equity was $28.3
million at March 31, 2023, as compared to $29.1 million at December
31, 2022.
Operations Summary
- General and administrative expenses
remained consistent for the three months ended March 31, 2023, as
compared to the three months ended March 31, 2022. There was an
increase in stock-based compensation of $0.1 million, offset by a
decrease in employee compensation and employee benefits of $0.1
million.
- Lightbridge’s total research and
development expenses amounted to $0.4 million for the three months
ended March 31, 2023, compared to $0.3 million for the three months
ended March 31, 2022, an increase of $0.1 million. This increase
was primarily due to an increase in project labor costs incurred
from the U.S. National Laboratories of $0.2 million, offset by a
net decrease in other R&D costs of $0.1 million.
- Total other operating income was
zero for the three months ended March 31, 2023, compared to
research and development of $0.1 million for the three months ended
March 31, 2022. This $0.1 million decrease was due to a decrease in
contributed services – research and development with a
corresponding amount recorded to R&D expenses.
- Total other income was $0.3 million
for the three months ended March 31, 2023, compared to other income
of $0.1 million for the three months ended March 31, 2022, an
increase of $0.2 million. The increase in other income was due to
an increase in interest income earned from the purchase of treasury
bills and from our bank savings account.
- Net loss was $2.0 million for both
the first quarter ended March 31, 2023 and the first quarter of
2022.
CONFERENCE CALL & AUDIO
WEBCAST
Lightbridge will host a conference call on
Thursday, May 11th 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 StatementsWith
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 anticipated benefits of Lightbridge Fuel™ in existing
light water reactors, pressurized heavy water reactors and SMRs.
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; 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; 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, 2022, 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 CORPORATIONUNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
ASSETS |
|
|
Current Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
$ |
28,051,303 |
|
|
|
$ |
28,899,997 |
|
|
|
Prepaid expenses and other current assets |
|
|
|
393,437 |
|
|
|
|
115,264 |
|
|
|
Total Current Assets |
|
|
|
28,444,740 |
|
|
|
|
29,015,261 |
|
|
|
Other
Assets |
|
|
|
|
|
|
|
|
|
|
Prepaid project costs |
|
|
|
345,000 |
|
|
|
|
345,000 |
|
|
|
Trademarks |
|
|
|
108,225 |
|
|
|
|
108,225 |
|
|
|
Total
Assets |
|
|
$ |
28,897,965 |
|
|
|
$ |
29,468,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
|
$ |
575,978 |
|
|
|
$ |
350,331 |
|
|
|
Total Current Liabilities |
|
|
|
575,978 |
|
|
|
|
350,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value, 10,000,000 authorized shares, 0
shares issued and outstanding at March 31, 2023 and December 31,
2022 |
|
|
|
— |
|
|
|
|
— |
|
|
|
Common stock, $0.001 par value, 25,000,000 authorized, 12,126,030
shares and 11,900,217 shares issued and outstanding at March 31,
2023 and December 31, 2022, respectively |
|
|
|
12,126 |
|
|
|
|
11,900 |
|
|
|
Additional paid-in capital |
|
|
|
174,825,571 |
|
|
|
|
173,595,385 |
|
|
|
Accumulated deficit |
|
|
|
(146,515,710 |
) |
|
|
|
(144,489,130 |
) |
|
|
Total Stockholders’ Equity |
|
|
|
28,321,987 |
|
|
|
|
29,118,155 |
|
|
|
Total
Liabilities and Stockholders’ Equity |
|
|
$ |
28,897,965 |
|
|
|
$ |
29,468,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIGHTBRIDGE CORPORATIONUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2023 |
|
2022 |
Revenue |
|
$ |
— |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
General and administrative |
|
|
1,865,929 |
|
|
|
|
1,913,564 |
|
|
Research and development |
|
|
448,044 |
|
|
|
|
262,823 |
|
|
Total
Operating Expenses |
|
|
2,313,973 |
|
|
|
|
2,176,387 |
|
|
|
|
|
|
|
|
|
|
|
Other
Operating Income |
|
|
|
|
|
|
|
|
Contributed services - research and development |
|
|
31,028 |
|
|
|
|
123,353 |
|
|
Total
Other Operating Income |
|
|
31,028 |
|
|
|
|
123,353 |
|
|
|
|
|
|
|
|
|
|
|
Total
Operating Loss |
|
$ |
(2,282,945 |
) |
|
|
$ |
(2,053,034 |
) |
|
|
|
|
|
|
|
|
|
|
Other
Income |
|
|
|
|
|
|
|
|
Interest income |
|
|
256,365 |
|
|
|
|
3,505 |
|
|
Total
Other Income |
|
|
256,365 |
|
|
|
|
3,505 |
|
|
|
|
|
|
|
|
|
|
|
Net Loss
Before Income Taxes |
|
|
(2,026,580 |
) |
|
|
|
(2,049,529 |
) |
|
Income taxes |
|
|
— |
|
|
|
|
— |
|
|
Net
Loss |
|
$ |
(2,026,580 |
) |
|
|
$ |
(2,049,529 |
) |
|
|
|
|
|
|
|
|
|
|
Net Loss
Per Common Share |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.17 |
) |
|
|
$ |
(0.20 |
) |
|
Weighted
Average Number of Common Shares Outstanding |
|
|
11,673,736 |
|
|
|
|
10,283,280 |
|
|
|
|
|
|
|
|
|
|
|
LIGHTBRIDGE CORPORATIONUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
|
|
Three Month Ended |
|
|
|
March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
Operating Activities |
|
|
|
|
|
|
Net Loss |
|
$ |
(2,026,580 |
) |
|
|
$ |
(2,049,529 |
) |
Adjustments to reconcile net
loss from operations to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
284,360 |
|
|
|
|
264,936 |
|
|
|
|
|
|
|
|
|
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
Prepaid expenses and other current assets |
|
|
(278,173 |
) |
|
|
|
(445,325 |
) |
Accounts payable and accrued liabilities |
|
|
440,647 |
|
|
|
|
296,305 |
|
Net Cash Used in Operating
Activities |
|
|
(1,579,746 |
) |
|
|
|
(1,933,613 |
) |
|
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
|
Net Cash Used in Investing
Activities |
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
|
Net proceeds from the issuances of common stock |
|
|
731,052 |
|
|
|
|
5,412,863 |
|
Net Cash Provided by Financing
Activities |
|
|
731,052 |
|
|
|
|
5,412,863 |
|
|
|
|
|
|
|
|
|
|
Net (Decrease) Increase in
Cash and Cash Equivalents |
|
|
(848,694 |
) |
|
|
|
3,479,250 |
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents,
Beginning of Period |
|
|
28,899,997 |
|
|
|
|
24,747,613 |
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents, End
of Period |
|
$ |
28,051,303 |
|
|
|
$ |
28,226,863 |
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
215,000 |
|
|
|
$ |
15,000 |
|
Lightbridge (NASDAQ:LTBR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Lightbridge (NASDAQ:LTBR)
Historical Stock Chart
From Jul 2023 to Jul 2024