Lightbridge Provides Business Update and Announces Fiscal Year 2023 Financial Results
28 Febrero 2024 - 3:05PM
Lightbridge Corporation (“Lightbridge”) (Nasdaq: LTBR), an advanced
nuclear fuel technology company, announced its financial results
for the fiscal year ended December 31, 2023, and provided an update
on the Company’s continued progress.
Seth Grae, President & Chief Executive
Officer of Lightbridge Corporation, commented, “We are pleased with
the progress made in our fuel development efforts in 2023,
including: (1) strengthening our leadership team, (2) entering into
a contract with Centrus Energy to perform a front-end engineering
and design (FEED) study for a Lightbridge Pilot Fuel Fabrication
Facility, (3) entering into a contract with RATEN ICN in Romania to
perform an engineering study to evaluate the use of Lightbridge
Fuel in CANDU reactors, (4) starting a collaboration with Texas
A&M University, together with NuScale and Structural Integrity
Associates, on a Nuclear Energy University Program-funded project
to study Lightbridge Fuel behavior in the NuScale small modular
reactors, and (5) publication of a peer-reviewed paper by Virginia
Commonwealth University showing significant advantages for a
variant of Lightbridge Fuel for disposition of weapons-grade
plutonium. An ambitious aspirational goal announced at COP28 to
triple global nuclear capacity by 2050 indicates positive outlook
for global nuclear power where Lightbridge Fuel can play a role in
offering safer, more efficient, and economically viable nuclear
power in new and existing plants, leading towards a more
sustainable and energy-secure world.”
Financial Highlights
Working capital was $28.3 million at December
31, 2023, versus $28.7 million at December 31, 2022.
Cash Flows Summary
Cash and cash equivalents were $28.6 million, as
compared to $28.9 million at December 31, 2022, a decrease of $0.3
million for the fiscal year ended December 31, 2023, consisting of
the following:
- Cash used in operating activities
for the year ended December 31, 2023 was $6.5 million, a decrease
of $0.2 million, compared to $6.7 million for the year ended
December 31, 2022. The decrease was primarily due to changes in net
operating assets and liabilities, which were driven by an increase
in prepaid assets of $0.2 million, offset by an increase in
accounts payable and accrued liabilities of $0.4 million.
- Cash provided by financing
activities for the year ended December 31, 2023, was $6.2 million,
a decrease of $4.7 million, compared to $10.9 million for the year
ended December 31, 2022. This decrease was due to a decrease in the
net proceeds received from the issuance of common stock under our
at-the-market (ATM) facility in fiscal year 2023 and an increase in
net share settlement of equity awards.
Balance Sheet Summary
Total assets were $29.4 million and total
liabilities were $0.5 million at December 31, 2023.
- Stockholders’ equity was $28.9
million at December 31, 2023, as compared to $29.1 million at
December 31, 2022.
Operations Summary
- General and administrative expenses
amounted to $7.1 million for the year ended December 31, 2023,
compared to $7.5 million for the year ended December 31, 2022. The
decrease of $0.4 million was primarily due to a decrease in
employee compensation and employee benefits of $0.4 million, due to
the increase in the time allocation percentage of G&A labor
costs to research and development expenses, a decrease in
consulting expenses of $0.1 million, decrease in insurance expense
of $0.1 million, decrease in dues and subscriptions of $0.1
million, and a decrease in promotion expenses of $0.1 million,
offset by an increase in stock-based compensation of $0.4 million,
which was due to the partial vesting of restricted stock awards
granted in 2022. Total stock-based compensation included in general
and administrative expenses was $1.1 million for the years ended
December 31, 2023 and 2022.
- Lightbridge’s total research and development expenses amounted
to $1.9 million for the year ended December 31, 2023, compared to
$0.7 million for the year ended December 31, 2022, an increase of
$1.2 million. This increase was primarily due to the increase in
R&D activities related to the development of our fuel. This
increase primarily consisted of an increase in INL project labor
costs of $0.8 million, an increase in allocated employee
compensation and employee benefits of $0.4 million, an increase in
consulting expenses of $0.1 million, an increase in travel expenses
of $0.1 million and an increase in stock-based compensation
expenses of $0.1 million. This increase was offset by a decrease of
$0.3 million primarily related to the Gateway for Accelerated
Innovation in Nuclear (GAIN) voucher work recorded as research and
development expenses in 2022 that was completed in the first
quarter of 2023.
- Total other operating income was
zero for the year ended December 31, 2023, compared to $0.4 million
for the year ended December 31, 2022. This $0.4 million decrease
was due to the GAIN voucher project that was completed in the first
quarter of 2023.
- Total other income was $1.1 million for the year ended December
31, 2023, compared to other income of $0.3 million for the year
ended December 31, 2022, an increase of $0.8 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 $7.9 million for the
year ended December 31, 2023, compared to $7.5 million for the year
ended December 31, 2022.
CONFERENCE CALL & AUDIO
WEBCAST
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,
which is expected to significantly enhance 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 entered into two long-term
framework agreements with Battelle Energy Alliance, LLC, the United
States Department of Energy’s (DOE) operating contractor for Idaho
National Laboratory (INL), the United States' lead nuclear energy
research and development laboratory. DOE’s Gateway for Accelerated
Innovation in Nuclear (GAIN) program has twice awarded Lightbridge
to support the development of Lightbridge Fuel over the past
several years. Lightbridge is participating in two university-led
studies through the DOE Nuclear Energy University Program at
Massachusetts Institute of Technology and Texas A&M University.
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 X (formerly Twitter).
Sign up to follow @LightbridgeCorp at
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Lightbridge is on Threads @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™ including
in existing light water reactors and pressurized heavy water
reactors and in new 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: Lightbridge’s ability to commercialize its nuclear fuel
technology; the degree of market adoption of Lightbridge’s product
and service offerings; Lightbridge’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; Lightbridge’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 Lightbridge’s fuel development timeline; the increased
costs associated with metallization of Lightbridge’s 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 Lightbridge’s
business; development and utilization of, and challenges to,
Lightbridge’s 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 (the “SEC”).
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, 2023, and in its other filings with
the SEC, 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
LIGHTBRIDGE CORPORATIONCONSOLIDATED
BALANCE SHEETS |
|
|
December 31, |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
ASSETS |
|
Current Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
28,598,445 |
|
|
$ |
28,899,997 |
|
Prepaid expenses and other current assets |
|
207,063 |
|
|
|
115,264 |
|
Total Current Assets |
|
28,805,508 |
|
|
|
29,015,261 |
|
Other Assets |
|
|
|
|
|
|
|
Prepaid project costs |
|
483,000 |
|
|
|
345,000 |
|
Trademarks |
|
108,865 |
|
|
|
108,225 |
|
Total Assets |
$ |
29,397,373 |
|
|
$ |
29,468,486 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current Liabilities |
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
486,326 |
|
|
$ |
350,331 |
|
Total Current Liabilities |
|
486,326 |
|
|
|
350,331 |
|
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
Preferred stock, $0.001 par value, 10,000,000 authorized shares, 0
shares issued and outstanding at December 31, 2023 and 2022 |
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 25,000,000 authorized, 13,698,274
shares and 11,900,217 shares issued and outstanding at December 31,
2023 and 2022, respectively |
|
13,698 |
|
|
|
11,900 |
|
Additional paid-in capital |
|
181,295,125 |
|
|
|
173,595,385 |
|
Accumulated deficit |
|
(152,397,776 |
) |
|
|
(144,489,130 |
) |
Total Stockholders’ Equity |
|
28,911,047 |
|
|
|
29,118,155 |
|
Total Liabilities and Stockholders’ Equity |
$ |
29,397,373 |
|
|
$ |
29,468,486 |
|
|
|
|
|
|
|
|
|
LIGHTBRIDGE CORPORATIONCONSOLIDATED
STATEMENTS OF OPERATIONS |
|
|
|
|
Year Ended |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
Revenue |
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
General and administrative |
|
7,149,773 |
|
|
|
7,490,086 |
|
Research and development |
|
1,922,865 |
|
|
|
669,818 |
|
Total Operating Expenses |
|
9,072,638 |
|
|
|
8,159,904 |
|
|
|
|
|
|
|
|
|
Other Operating Income |
|
|
|
|
|
|
|
Contributed services -
research and development |
|
31,028 |
|
|
|
372,612 |
|
Total Other Operating
Income |
|
31,028 |
|
|
|
372,612 |
|
|
|
|
|
|
|
|
|
Total Operating Loss |
|
(9,041,610 |
) |
|
|
(7,787,292 |
) |
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
Interest income |
|
1,132,964 |
|
|
|
289,435 |
|
Total Other Income |
|
1,132,964 |
|
|
|
289,435 |
|
|
|
|
|
|
|
|
|
Net Loss Before Income
Taxes |
|
(7,908,646 |
) |
|
|
(7,497,857 |
) |
Income taxes |
|
— |
|
|
|
— |
|
Net Loss |
$ |
(7,908,646 |
) |
|
$ |
(7,497,857 |
) |
|
|
|
|
|
|
|
|
Net Loss Per Common Share |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.65 |
) |
|
$ |
(0.69 |
) |
|
|
|
|
|
|
|
|
Weighted Average Number of
Common Shares Outstanding |
|
12,099,574 |
|
|
|
10,834,574 |
|
LIGHTBRIDGE CORPORATIONCONSOLIDATED
STATEMENTS OF CASH FLOWS |
|
|
|
|
Year Ended |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
Operating Activities |
|
|
|
|
|
|
|
Net Loss |
$ |
(7,908,646 |
) |
|
$ |
(7,497,857 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
|
Common stock issued for services |
|
45,000 |
|
|
|
45,000 |
|
Stock-based compensation |
|
1,257,717 |
|
|
|
842,704 |
|
|
|
|
|
|
|
|
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
Prepaid expenses and other current assets |
|
(91,799 |
) |
|
|
(1,812 |
) |
Prepaid project costs and other long-term assets |
|
(138,000 |
) |
|
|
(345,000 |
) |
Accounts payable and accrued liabilities |
|
350,995 |
|
|
|
193,810 |
|
Net Cash Used in Operating
Activities |
|
(6,484,733 |
) |
|
|
(6,763,155 |
) |
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
Trademarks |
|
(640 |
) |
|
|
(6,642 |
) |
Net Cash Used in Investing
Activities |
|
(640 |
) |
|
|
(6,642 |
) |
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
Net proceeds from the issuances of common stock |
|
6,405,431 |
|
|
|
11,026,785 |
|
Payments for taxes related to net share settlement of equity
awards |
|
(221,610 |
) |
|
|
(104,604 |
) |
Net Cash Provided by Financing
Activities |
|
6,183,821 |
|
|
|
10,922,181 |
|
|
|
|
|
|
|
|
|
Net (Decrease) Increase in
Cash and Cash Equivalents |
|
(301,552 |
) |
|
|
4,152,384 |
|
Cash and Cash Equivalents,
Beginning of Year |
|
28,899,997 |
|
|
|
24,747,613 |
|
Cash and Cash Equivalents, End
of Year |
$ |
28,598,445 |
|
|
$ |
28,899,997 |
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of
Cash Flow Information |
|
|
|
|
|
|
|
Cash paid during the
year: |
|
|
|
|
|
|
|
Interest paid |
$ |
— |
|
|
$ |
— |
|
Income taxes paid |
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Non-Cash Financing
Activities: |
|
|
|
|
|
|
|
Payment of accrued liabilities with common stock |
$ |
215,000 |
|
|
$ |
15,000 |
|
Lightbridge (NASDAQ:LTBR)
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De Abr 2024 a May 2024
Lightbridge (NASDAQ:LTBR)
Gráfica de Acción Histórica
De May 2023 a May 2024