Lightbridge Corporation Delivers Strong Business Update and Fiscal Year 2025 Financial Results

Key Highlights from Lightbridge’s 2025 Annual Report

• Major Progress in Nuclear Fuel Development: Lightbridge, in partnership with Idaho National Laboratory, achieved significant milestones by successfully co-extruding samples of depleted and enriched uranium-zirconium alloy and initiating tests in the Advanced Test Reactor. This is a critical step in demonstrating the performance of Lightbridge Fuel for both light-water reactors and future small modular reactors.
• Favorable Policy Environment: The U.S. government, under President Trump’s May 2025 executive orders, is prioritizing nuclear power expansion. The directives aim to add 300 gigawatts of nuclear capacity by 2050, simplify regulations, and deploy advanced reactors for national security. Major technology companies are also showing unprecedented commitment to nuclear energy, supporting Lightbridge’s market outlook.
• Financial Strength and Capital Raise: The company ended 2025 with a robust working capital of \$201.7 million, up sharply from \$39.9 million at the end of 2024. Cash and cash equivalents soared to \$201.9 million from \$40 million in 2024, primarily due to a highly successful ATM equity offering program which raised \$176.0 million (sale of approximately 12.6 million shares), and additional proceeds from stock options exercised.
• Operational Spend & R&D Investment: Cash used in operating activities increased to \$14.3 million for 2025, reflecting higher spending on research and development and general and administrative expenses, partially offset by increased interest income.
• Balance Sheet: Total assets at year-end were \$203.8 million, with liabilities kept low at \$0.8 million. Stockholders’ equity jumped to \$203.0 million from \$40.5 million the previous year.
• Expense Breakdown:
  • General and administrative expenses rose to \$14.0 million (from \$8.5 million), mainly due to higher stock-based compensation, professional fees, and employee compensation.
  • R&D expenses doubled to \$9.2 million (from \$4.6 million), reflecting increased activity and investment in fuel development, IT infrastructure, and employee compensation.
  • Total other income (primarily interest) increased to \$3.6 million from \$1.3 million due to higher cash balances.
• Net Loss: The net loss widened to \$19.6 million for 2025, compared to \$11.8 million in 2024, mainly due to increased operational and R&D costs.
• Shareholder Information:
  • Common shares outstanding increased to 33.4 million (from 18.8 million), reflecting equity financing activities.
  • No preferred shares issued or outstanding.
  • Net loss per share was \$0.80 (compared to \$0.81 in 2024).

Business Outlook & Market Sensitivity

• 2026 Outlook: Lightbridge expects 2026 to be an exciting year, building on 2025 milestones and the supportive policy environment. The ongoing testing at Idaho National Laboratory and advanced modeling are critical steps toward commercialization of Lightbridge Fuel.
• Strategic Partnerships & Awards: Lightbridge has two long-term framework agreements with Battelle Energy Alliance (DOE’s contractor for Idaho National Laboratory) and has twice received awards from DOE’s Gateway for Accelerated Innovation in Nuclear program, further validating its technology and market potential.
• Risks & Uncertainties: Shareholders should note several risks, including commercialization timelines, regulatory changes, market adoption, dependence on partners, public perception of nuclear energy, political and geopolitical risks, and potential shareholder activism. These factors could materially impact share value.

Investor-Important, Price-Sensitive Information

• Massive Capital Raise: The successful ATM equity program and strong cash position remove any near-term liquidity concerns, enabling aggressive R&D and commercialization efforts.
• Policy Support & Industry Momentum: The executive orders and technology company commitments could accelerate nuclear industry growth and Lightbridge’s adoption, potentially making this a pivotal period for LTBR shares.
• Increased R&D and G&A Spend: While these investments increase losses, they also signal a ramp-up in activity and commitment to achieving technological milestones that, if successful, could substantially enhance shareholder value.
• Share Dilution: The significant increase in common shares outstanding is a double-edged sword: it provides capital but dilutes existing shareholders. Investors should monitor future equity raises and dilution risks.
• Zero Revenue, High Potential: As Lightbridge is not yet generating revenue, its valuation remains dependent on technological progress and market adoption. Success in fuel development and commercialization would be key catalysts for share price movement.

Conference Call & Further Information

Lightbridge will host a conference call and webcast on February 26 at 4:00 p.m. ET. Investors are encouraged to participate for deeper insight into fuel development progress and strategic plans. Webcast replay will be available for a limited time.

About Lightbridge Corporation

Lightbridge Corporation (NASDAQ: LTBR) is developing proprietary next-generation nuclear fuel technology for existing and new reactors, aiming to deliver zero-emission, clean energy with enhanced safety and proliferation resistance. The company has strong government and industry partnerships, an extensive patent portfolio, and is included in the Russell 2000 and Russell 3000 indexes.

Disclaimer

This article contains forward-looking statements based on current expectations and subject to significant risks and uncertainties. Actual results may differ materially due to factors such as commercialization timelines, regulatory changes, market adoption, and geopolitical risks. Investors should review Lightbridge’s filings with the SEC for comprehensive risk disclosures and should not rely solely on this summary for investment decisions. The author assumes no responsibility for the accuracy or completeness of this information and does not provide investment advice.

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