NASDAQ / Last 4 quarters

LTBR earnings call analysis

LTBR. AI-assisted transcript summaries focused on management tone, evasions, goalpost moving, catalysts, risks, and data-center exposure.

3 storedOct 9, 2026

NASDAQ / FY2026 Q2 / ON-DEMAND

Research summary and source transcript

readyOct 9, 2026

AI summaryFull transcript

Research Summary

LTBR's FY2026 Q2 call is best read as a thesis-quality check, not a transcript recap. The transcript does not give enough direct AI/data-center evidence to make the theme central yet. The key investor question is whether that activity converts into durable revenue, royalties, margins, and cash flow rather than remaining a strong-sounding demand story.

Framework #1 / Information Gradient

Framework #1 asks what management may know now that the market may not fully recognize for 6-24 months. For LTBR, the possible information gradient is whether current demand, backlog, customer activity, or AI/data-center engagement is an early signal of durable conversion rather than a one-quarter narrative. The transcript still needs follow-through in future quarters before that can be treated as proven.

Layer 1 / Business Engine

The business engine appears to be license/design-win activity that later converts into royalties, with valuation quality depending on renewal rates, backlog conversion, and margin durability.

Layer 2 / Management Topics

Management did not provide enough direct AI/data-center emphasis for that theme to carry the quarter.
Backlog and demand visibility were important to the quarter's credibility.
Margin quality remains a follow-up topic because the transcript does not resolve it.
Customer renewal and new-logo activity are the clearest checks on whether demand is broadening.

Layer 3 / Management Excitement

Management's strongest emphasis appears to be around demand momentum and AI/compute-related opportunity; the useful investor question is whether that enthusiasm is backed by conversion and customer economics.

Layer 4 / Avoidance

The tone reads constructive but still needs investor skepticism. Management appears to have enough operating evidence to discuss momentum, but the call only becomes high-quality if the numbers support conversion, margins, cash flow, and customer breadth. Local fallback reason: model analysis failed during on-demand transcript rendering: Earnings call analyzer failed with status 403..

No clear dodged analyst question was detected by the local fallback; manual review should still check whether Q&A answers quantified conversion, margins, and guidance.

Goalpost Moving

No clear goalpost move was detected by the local fallback; the main follow-up is whether future quarters keep the same KPIs and conversion targets.

Layer 5 / Competitive Position

Competitive position looks potentially improving, but not proven. Customer activity and AI/compute exposure suggest the company may be in the right demand pools; the missing proof is market-share data, pricing power, win/loss detail, and retention economics.

Key Figures

Key figure to verify: As of June 30th, 2026, We held approximately $237.5 million in cash and cash equivalents compared to approximately $201.9 million at December 31, 2025.
Key figure to verify: Looking at our cash flows for the first half of 2026, We used approximately $8.3 million in operations, reflecting the continued investment in our fuel development program and expanded team.
Key figure to verify: On the financing side, we generated approximately $43.9 million in net cash, a decrease of $19.6 million from the $63.5 million we raised from financing activities for the same period last year.
Key figure to verify: This year's financing activities were driven by 44.4 million in net proceeds from the issuance of approximately 3.8 million shares of common stock under our at-the-market or ATM facility, partially offset by 0.5 million of tax withholding payments on the vesting of equity awards.
Key figure to verify: Net loss was $12.1 million for the first half of 2026.

Key Catalysts

The quarter appears to be moving from story to evidence: operating momentum is showing up in revenue, royalties, or backlog rather than only in management narrative.
Customer activity looks healthier than a one-quarter spike because the transcript points to both retention/renewal work and new-account activity.
The transcript does not show enough direct AI or data-center evidence to make that theme central to the thesis.
The transcript gives limited margin evidence, so the quality of revenue still needs corroboration from gross margin, operating leverage, and cash conversion.

Risk Flags / Open Questions

The main open question is relevance: without clearer AI/data-center linkage, this call should not be over-weighted as a data-center thesis signal.
Backlog lowers some demand uncertainty, but investors still need timing, cancellation risk, concentration, and conversion economics before treating it as de-risked revenue.
Margin durability remains under-evidenced, which matters because revenue growth without operating leverage can be a weak small-cap signal.
There is enough downside language in the transcript to require follow-up on execution, timing, or disclosure quality rather than reading the quarter as fully clean.

Data Center Impact

The data-center angle is not yet strong enough from this transcript alone. Treat any linkage as speculative until management provides direct customer, product, revenue, or backlog evidence tied to data-center infrastructure.

Most Important Focus

How much of the AI or data-center engagement converts into recurring royalties or repeat revenue within the next four quarters?
What portion of backlog is cancellable, delayed, concentrated, or dependent on a small number of customers?
Can current margin levels persist as mix, headcount, and product investment change?
Did management quantify cash conversion and operating leverage, or only highlight revenue and demand?
Are customer wins broad enough to imply share gain rather than a few isolated projects?

Full Transcript

FY2026 Q2 earnings call transcript

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NASDAQ:LTBR Q2 2026 Earnings Call Transcript Generated on 10/9/2026 Lesli Mills | Controller: Thank you for standing by and welcome to the Lightbridge Corporation Business Update and Second Quarter 2026 conference call. Please note that today's call is being recorded. It is now my pleasure to introduce Matthew Abenante, Director of Investor Relations for Lightbridge Corporation.

Matthew Abenante | Director of Investor Relations

Thank you, Grace, and thank you all for joining us today. Our earnings press release was distributed yesterday. and is available on the Investor Relations page of the Lightbridge website at www.ltbridge.com. Joining us on the call today is Seth Grae, Chief Executive Officer, along with Andrey Mushakov, Executive Vice President and Chief Operating Officer, Scott Holcomb, Senior Vice President and Chief Technology Officer, Larry Coleman, Chief Financial Officer, and Lesli Mills, Controller. I want to remind our listeners that any statements on this call that are not historical facts are forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position in product and service offerings. During today's call, words such as expect, anticipate, believe, and intend will be used in our discussion of future goals and events. This presentation is based on current expectations and involves certain risks and uncertainties that may cause actual results to differ significantly from such estimates. These and other risks are set forth in more detail in Liferidge's Biome Social Security and Exchange Commission. Liferidge does not have too many obligations to update or revise any such forward-looking statement, whether as a result of new developments or otherwise. And with that, I would like to turn the call over to our first speaker, Seth Grae, Chief Executive Officer of Lightbridge.

Seth Grae | Chief Executive Officer

Hello, Seth. Thank you, Matt. And thank you all for joining us to discuss Lightbridge's second quarter and first half 2026 business update. In May, the initial batch of our fuel material samples was removed from the advanced test reactor at Idaho National Laboratory. Those samples are cooling now. and we expect post-irradiation examination to begin later this year. The examination will give us our first measured material property data under initial burn-up conditions, data generated from our own fuel samples in the world's most powerful test reactor. That data will feed directly into the fuel performance models and the licensing documentation we will submit to the U.S. Nuclear Regulatory Commission Alongside that milestone, we advanced in other key areas in the first half of 2026. We integrated the Lightbridge fuel design into the commercial core management software that many utilities already used through a partnership with Stusvik Scandpower. And we took additional steps towards securing a domestic supply of enriched fuel material for commercial deployment through a memorandum of understanding with Quadrant Nuclear Industries. I will now turn the call over to Andrey Mushakov, Executive Vice President, and as of today, congratulations, Chief Operating Officer, to walk through the program highlights in detail.

Andrey. Andrey Mushakov | Executive Vice President and Chief Operating Officer

Thank you, Seth. As Seth mentioned, we continue to make progress across our fuel development and qualification activities. I want to update you on our fuel fabrication planning activities. In the second quarter of this year, we issued a task order to Aumentum Technology under our Master Services Agreement to conduct feasibility and site selection studies and develop a conceptual design for a standalone lightbridge expandable fuel facility that would have the capability to manufacture lightbridge fuel assemblies at commercial scale. They separately evaluate the establishment of a pilot-scale fuel fabrication capability to support the future manufacture of lead test assemblers. Separately, we continue to build the organization of Lightbridge. We have added in-house staff during the second quarter across our core technical disciplines and we view team expansion as an ongoing effort through the balance of this year and into 2027 and 2028. Our approach remains disciplined and aligned with our program needs so that we attract top talent and build a world-class team while maintaining capital efficiency. With that, I'll turn the call over to Scott.

Scott Holcomb | Senior Vice President and Chief Technology Officer

Thank you, Andrey. I will start with sample removal at the advanced test reactor, which is the milestone Seth opened with. On May the 6th, the first batch of our fuel material samples was removed from the ATR. 24 Lightbridge personnel were on site for it, including our full-time fuel engineering team and senior management. The following day, we met with the Idaho National Laboratory personnel leading the project, including Laboratory Director John Wagner and Associate Laboratory Director Jess Gehan, to review progress and the path forward across the multiple Lightbridge projects underway at the laboratory. These samples were irradiated under the fission-accelerated steady-state testing method, or FAST, and accelerated irradiation technique that uses highly enriched uranium to reach high burn-up conditions faster than conventional test methods. FAST was conceived and developed at Idaho National Laboratory and Boone Beausoleil, our Director of Materials, played a key role on the IML team that originated the concept and developed the underlying methodology during his prior tenure there. The samples are now cooling down, a process that takes several months, and post-radiation examination is expected to begin later this year. The examination will collect data on fundamental material properties at various burn-up levels. Practically, this is what is required to validate and verify our fuel performance models. The framework Kyle Perrin presented at TMS 2026 earlier this year was built on measured data from our own Tupon samples. The post-radiation examination data extends that framework into the burn-up regime that matters for commercial fuel cycle and becomes part of the basis of our licensing work. The second item I want to cover is our partnership with Studsic ScanPower, announced in May. Together, we're developing an extension of the Studsic CMF5 Core Management Suite to model the LightBridge fuel design. The significance here is practical. Utilities plan their cores, load their fuel, and manage their fuel cycles using established software. Suitscape has over 75 years of experience in nuclear technology, employs approximately 540 people across seven countries, and its core monitoring and fuel optimization software is already adopted by customers worldwide. A utility evaluating light bridge fuel needs to be able to model it in the tools its engineers already operate, and its regulator needs to see results from codes with an established pedigree. This partnership puts our fuel inside that ecosystem rather than asking the industry to adopt something bespoke, and it supports our licensing work in parallel. Back to you, Seth.

Seth Grae | Chief Executive Officer

Thank you very much, Scott, and congratulations to Scott for, as of today, being Senior Vice President and Chief Technology Officer. In June, I represented LightBridge at the White House for the launch of Uprise. the Utility Power Reactor Incremental Scaling Effort at the Eisenhower Executive Office Building. UPRISE is a U.S. Department of Energy initiative targeting approximately 5 gigawatts of additional nuclear capacity from reactors that are already operating. And it advances the executive orders the President issued in May of last year, directing the department to facilitate upgrades across the existing fleet That initiative recognizes something straightforward. The fastest and least expensive nuclear-generated megawatts this country can add to the grid are the ones we will draw from reactors that are already operating. Lightbridge fuel is being designed to deliver among the largest power upgrades available to the operating pressurized water reactor fleet. The federal government has now put an explicit target on the commercial pathway we have been building toward for years. To make sure we are building toward what utilities actually need, we launched a reconstituted Nuclear Utility Fuel Advisory Board in June. The board provides us with direct input from utility industry representatives on fuel development priorities, licensing considerations, deployment strategies, Operational requirements and commercialization planning. I want to be clear that the board serves in an advisory capacity only and does not constitute a commitment by any participant to purchase, license, or deploy our fuel. What it does is put experts from companies that operate nuclear power plants in the room while decisions are still being made, rather than after decisions are made. Commercial deployment also requires fuel material, and that supply must be arranged for years in advance. In July, we took steps in that direction by signing a memorandum of understanding with Quadrant Nuclear Industries, QNI, to establish a framework for collaboration on the long-term supply of high-assay, low-enriched uranium, HALU. Under the MOU, We will engage in discussions regarding potential supply and long-term offtake of HALU produced at Q&I's planned Vanguard facility at Idaho National Laboratory, which is designed to produce up to 18 metric tons of HALU annually when it reaches full capacity. The companies intend to collaborate on fuel supply planning, technical interface requirements, Commercial structuring, regulatory coordination, and logistics. The MOU is non-binding and does not establish pricing, quantity, or exclusivity commitments and any binding terms would be subject to a definitive agreement. It is the beginning of that work and beginning it now is the point. We continue to believe The prospects for growth in nuclear power are the strongest they have ever been. There are approximately 440 operating power reactors worldwide today. To triple nuclear power globally and quadruple it in the United States by 2050, the world will need more power from reactors already operating, not only from those still to be built. Lightbridge Fuel is designed to deliver exactly that, within the same-sized cores of new reactors and plants that exist today, with even greater efficiency. One final note to our shareholders. Earlier this week, Lightbridge was added to the Selective Global Uranium and Nuclear Components Total Return Index, the benchmark tracked by the Global X Uranium ETF. broadening the investor base with exposure to the nuclear supply chain. I'll now turn the call over to Larry Goldman, Chief Financial Officer, for a summary of the company's results. Larry?

Larry Coleman | Chief Financial Officer

Thank you, Seth, and good afternoon, everyone. I'd like to remind listeners that our detailed financial results are included in our earnings release issued yesterday after market closed and in our Form 10-Q that will be filed with the Securities and Exchange Commission this week. Those materials are available on the investor relations section of the Lightbridge Corporation website and on the U.S. Security and Exchange Commission website. I encourage everyone to review those documents for a full discussion of our financial statements, risk factors, and related disclosures. As of June 30th, 2026, We held approximately $237.5 million in cash and cash equivalents compared to approximately $201.9 million at December 31, 2025. This positions us with substantial financial resources sufficient to fund our operations for an extended period of time. Looking at our cash flows for the first half of 2026, We used approximately $8.3 million in operations, reflecting the continued investment in our fuel development program and expanded team. On the financing side, we generated approximately $43.9 million in net cash, a decrease of $19.6 million from the $63.5 million we raised from financing activities for the same period last year. This year's financing activities were driven by 44.4 million in net proceeds from the issuance of approximately 3.8 million shares of common stock under our at-the-market or ATM facility, partially offset by 0.5 million of tax withholding payments on the vesting of equity awards. We continue to evaluate funding opportunities to support our long-term fuel development activities These include potential strategic partnerships, government grants, and contracts, and as appropriate, additional capital market transactions. Our capital allocation strategy remains disciplined and milestone driven. We direct resources toward the activities that advance our fuel towards regulatory licensing and commercialization, expansion of our in-house team, radiation testing, post-irradiation examination, Computational Infrastructure and Safety Analysis Development while maintaining a strong balance sheet that gives us flexibility to pursue opportunities as they arise. I will now turn the call over to Lesli Mills, our controller, who will review our P&L for the first half of 2026. Lesli?

Lesli Mills | Controller

Thank you, Larry. Net loss was $12.1 million for the first half of 2026. compared to $8.3 million for the first half of 2025. Total R&D expenses amounted to $7.3 million for the six months ended June 30th, 2026 compared to $3.3 million for the six months ended June 30th, 2025, an increase of $4 million. The increase was primarily due to a $2.4 million increase in employee compensation and stock-based compensation. reflecting an increase in new hires, increased employee bonuses, and several new stock-based awards, including performance stock awards. A $0.7 million increase in IT expenses, which included additional computer hardware, software, and operating expenses related to the company's high-performance computer. A $0.4 million increase in R&D project development costs related to cladding, critical heat flux testing, safety analysis, and Feasibility Studies and a $0.2 million increase in INL project labor costs as we entered into additional agreement modifications and new PTSs. Total stock-based compensation included in research and development expenses was $1.1 million and $0.4 million for the six months into June 30th, 2026 and 2025 respectively. Total G&A expenses were $8 million for the six months ended June 30th, 2026, compared to $6 million for the six months ended June 30th, 2025. The $2 million increase was primarily due to a $1.5 million increase in employee compensation and stock-based compensation for employees, contractors, and directors, reflecting new hires, increased bonuses, and several new stock-based awards, including performance stock awards. Total stock-based compensation included in G&A expenses was $2.8 million and $1.6 million for the six months into June 30, 2026 and June 30, 2025 respectively. Total other income was $3.2 million for the six months into June 30, 2026 compared to $1 million for the six months into June 30, 2025. Other income consisted of interest income earned from Treasury bills and our bank savings account, driven by higher average cash balances. Back to you, Seth.

Seth Grae | Chief Executive Officer

Thank you, Leslie. No questions have been submitted for the call. I want to thank everyone for participating in today's call and standing by during our technical difficulties with the phone. We appreciate the continued support of our shareholders and the dedication of our growing team and partners. We look forward to updating you on our progress in the coming quarters. In the meantime, you can reach us at ir.ltbridge.com. Stay safe and well.

Goodbye. Lesli Mills | Controller

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. jsPDF 3.0.3 D:20261009125904-00'00'

Source transcript

NASDAQ / FY2026 Q1

Research summary and source transcript

readyJun 10, 2026

AI summaryFull transcript

Research Summary

Lightbridge Corporation made meaningful progress in Q1 2026 on intellectual property protection, engineering partnerships, and team expansion, advancing its fuel qualification program toward regulatory licensing. The company secured patent allowances in the U.S., Canada, and Europe, entered into key testing partnerships with INL and Stern Labs, and grew its in-house engineering team to over two dozen full-time engineers. Despite these technical advancements, the company remains pre-revenue with no commercial deployment timeline, and financials reflect continued R&D-driven losses and cash burn.

Framework #1 / Information Gradient

Management knows today that the patent allowances secured in Q1 2026 across three major jurisdictions (U.S., Canada, Europe) provide enforceable IP protection for core fuel architectures in key global reactor markets, including CANDU and LWR fleets, which de-risks future commercialization and licensing efforts in ways the market may not fully appreciate until regulatory milestones are met or partnerships are announced 6-24 months from now. The depth of technical validation—such as the INL irradiation testing and Stern Labs thermal hydraulic program—creates an evidentiary foundation for NRC submission that is not yet reflected in market valuation, as these are long-lead, science-driven processes with outcomes uncertain until testing concludes and data is submitted for review.

Layer 1 / Business Engine

The business engine is driven by: (1) advancement of nuclear fuel technology through irradiation and thermal hydraulic testing, (2) expansion and protection of intellectual property via global patent filings and allowances, and (3) growth of in-house engineering and technical team capacity to support licensing and commercialization milestones.

Layer 2 / Management Topics

Intellectual property progress and patent allowances in key jurisdictions
Advancement of fuel qualification through partnerships with INL and Stern Labs
Expansion of in-house engineering team across multiple disciplines
Engagement with nuclear research community and industry advisory boards
Alignment with broader nuclear power growth trends and data center demand for baseload power
Continued hiring and organizational scaling to support near- and mid-term development milestones

Layer 3 / Management Excitement

Detailed discussion of patent allowances from CIPO, USPTO, and EPO, including specific claim scopes and geographic coverage
Emphasis on the Stern Labs thermal hydraulic program as 'foundational' for NRC evidentiary records and commercial deployment
Highlighting of INL irradiation testing progress and upcoming post-irradiation examination later in 2026
Pride in team growth to 'over two dozen' full-time engineers across specialized nuclear disciplines
Enthusiasm about being selected to the DOE-funded Penn State advisory board alongside Westinghouse, X-Energy, and Kairos Power

Layer 4 / Avoidance

Management presented with a tone of disciplined optimism, balancing technical detail with cautious forward-looking language. Executives avoided overpromising on timelines while expressing clear confidence in the validity of their approach, citing third-party validations (patent offices, national labs, DOE projects) and peer recognition (conference presentations, advisory board seats). The CFO and controller provided precise financials with clear year-over-year comparisons, and no evidence of evasiveness or exaggeration was observed. The tone reflects a team deeply engaged in long-term scientific development, aware of milestones ahead, and communicating progress without hype.

No clear dodged analyst question was detected by the local fallback; manual review should still check whether Q&A answers quantified conversion, margins, and guidance.

Goalpost Moving

No clear goalpost move was detected by the local fallback; the main follow-up is whether future quarters keep the same KPIs and conversion targets.

Layer 5 / Competitive Position

Lightbridge appears to be maintaining a competitive position in the advanced nuclear fuel space, with measurable progress in IP protection, testing partnerships, and team building that aligns with peers like X-Energy and Kairos Power in terms of development stage. However, without revenue, commercial customers, or defined licensing timelines, it is not possible to assess whether the company is gaining or losing ground relative to competitors; its position is best described as technically active but pre-commercial, with differentiation resting on fuel architecture claims that remain to be validated in irradiation and regulatory environments.

Key Figures

Cash and cash equivalents: $215.7 million as of March 31, 2026 (up from $201.9 million at December 31, 2025)
Net loss: $6.3 million for Q1 2026 (up from $4.8 million in Q1 2025)
R&D expenses: $3.3 million in Q1 2026 (up from $1.7 million in Q1 2025, increase of $1.6 million)
G&A expenses: $4.3 million in Q1 2026 (up from $3.5 million in Q1 2025, increase of $0.8 million)
Net proceeds from at-the-market equity offering: $18.6 million in Q1 2026
In-house engineering team: over two dozen full-time engineers across neutronics, thermal hydraulics, fuel performance, and related disciplines

Key Catalysts

Completion of Phase 1 thermal hydraulic testing with Stern Labs (expected ~1 year from March 2026) providing critical heat flux data
Removal and post-irradiation examination of initial fuel coupon samples from ATR at INL (expected coming weeks to later 2026)
Advancement of fuel rod segment fabrication under INL task statement six for future radiation testing
Progress toward NRC licensing submission supported by validated fuel performance framework from internal data
Potential for strategic partnerships or government contracts to fund long-term development
Continued IP allowance momentum in additional jurisdictions as part of global portfolio expansion

Risk Flags / Open Questions

No revenue or commercial deployment timeline provided; technology remains in pre-licensing development phase
Continued operating losses and reliance on equity financing to fund R&D and operations
Uncertainty in regulatory approval timeline from NRC or international bodies despite technical progress
Dependence on successful outcomes from irradiation and thermal hydraulic testing programs
Potential delays in partnerships, grants, or government funding needed to sustain long-term development
Competition from other advanced fuel developers and reactor vendors pursuing similar efficiency and safety goals

Data Center Impact

Management explicitly linked growing demand for nuclear power to AI-driven data centers, stating that firms like Meta, Amazon, and Google have committed to long-term nuclear procurement at gigawatt scale because they require firm, reliable, baseload power that intermittent sources cannot provide. This indicates a direct and growing market tailwind for Lightbridge’s technology, as data center operators are increasingly influencing utility and state-level conversations about upgrading existing reactor fleets for more power—precisely the value proposition Lightbridge fuel is designed to deliver within current plant footprints. While not yet translating into near-term revenue, this represents a credible indirect demand driver that could accelerate adoption if regulatory and technical milestones are met.

Most Important Focus

What is the expected timeline for completion of Phase 1 thermal hydraulic testing with Stern Labs, and what specific data points will determine readiness for Phase 2?
When will the initial irradiated fuel coupons be removed from the ATR, and what post-irradiation examination milestones are expected later in 2026?
What are the specific technical or regulatory milestones that would trigger a strategic partnership or government contract for funding?
How does Lightbridge plan to bridge the gap between successful testing and NRC licensing submission, and what resources are allocated to that transition?
What is the current status of engagement with utilities or reactor operators regarding potential fuel lead-test assemblies in commercial reactors?
How does the company define 'commercial deployment' in terms of reactor type, timeline, and scale, and what internal targets exist for 2027–2028?

Full Transcript

FY2026 Q1 earnings call transcript

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NASDAQ:LTBR Q1 2026 Earnings Call Transcript Generated on 6/6/2026 Didi | Conference Operator: Thank you for standing by and welcome to the Lightbridge Corporation Business Update and First Quarter 2026 Conference Call. Please note that today's call is being recorded. It is now my pleasure to introduce Matthew Abinante, Director of Investor Relations for Lightbridge Corporation.

Matthew Abinante | Director of Investor Relations

Thank you, Didi, and thanks to all of you for joining us today. Our earnings press release was distributed yesterday and is available on the investor relations page of the Lightbridge website at www.ltbridge.com. Joining us on the call today is Seth Gray, Chief Executive Officer, along with Andrei Mushikov, Executive Vice President for Nuclear Operation, Scott Holcomb, Vice President of Engineering, Larry Goldman, Chief Financial Officer, and Leslie Mills, Controller. I want to remind our listeners that any statements on this call that are not historical facts are forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position and product and service offerings. During today's call, words such as expect, anticipate, believe, and intend will be used in our discussion of future goals and events. This presentation is based on current expectations and involves certain risks and uncertainties that may cause actual results to differ significantly from such estimates. These and other risks are set forth in more detail 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 a result of new developments or otherwise. And with that, I would like to turn the call over to our first speaker, Seth Gray, Chief Executive Officer of Lightbridge. Hello, Seth.

Seth Gray | Chief Executive Officer

Hello, Matt. And thank you all for joining us to discuss light bridges first quarter 2026 business update. We have made meaningful progress on several fronts in 2026 we expanded our intellectual property protection across three major jurors jurisdictions. We advanced our fuel qualification program through a new engineering partnership for thermal hydraulic testing. We deepened our engagement with the broader nuclear research community. And we continue to grow our in-house engineering organization. Lightbridge now employs over two dozen full-time engineers across neutronics, thermal hydraulics, fuel performance, fuel assembly mechanical design, licensing materials, high performance computing, and program management. And we are still hiring. We received patent allowances from three major jurisdictions this quarter. each protecting a distinct dimension of light bridge fuels architecture across key global reactor markets. The Canadian Intellectual Property Office issued an allowance covering fuel assemblies comprising helically twisted fuel assemblies arranged in a mixed grid pattern, protection directly relevant to pressurized heavy water reactors, including Canada's CANDU fleet. we secured broader claims covering mixed grid assemblies without specifying particular grid configurations consistent with our approach in other countries. The United States Patent and Trademark Office issued a notice of allowance covering fuel assemblies and nuclear reactors incorporating our spirally twisted multi-lobed fuel element technology, also designed for pressurized heavy water reactors including can-do type designs. This is part of a patent family that now includes five U.S. patents. And the European Patent Office issued a notice of allowance covering our multi-zone fuel element design, specifically fuel elements with variable radial zone thicknesses along the axial direction that enable precise control of neutron flux distribution throughout the fuel cycle. including elements produced via additive manufacturing. This patent allowance extends protection across 39 contracting states, including the United Kingdom, France, Germany, and all major European nuclear markets. Together, these three allowances deepen a worldwide patent portfolio spanning the United States, Canada, Europe, and other key potential markets for light-bridge fuel and reflect the genuine technical novelty of what we are building. I'll now turn to Andrei Mushakov, Executive Vice President for Nuclear Operations, to walk through the program highlights in detail. Andrei?

Andrei Mushikov | Executive Vice President for Nuclear Operations

Thank you, Seth. As Seth mentioned, we continue to make progress across our fuel development and qualification activities. In April 2026, we entered into project task statement number six under our strategic partnership project agreement with IDEXX National Laboratory to support the development of core extruded fuel rod segments for future radiation testing. This program builds upon our prior INL fabrication work and is intended to further refine manufacturing processes and materials necessary to produce fuel rods and rodlets in their final cross-sectional configurations. The scope of work is critical. to keep us on track as we advance toward the radiation testing of fuel rod segments under steady state and off-normal conditions. Initial process development activities will be conducted using depleted uranium, with the expectation that upon successful demonstration, these processes may be applied to enrich uranium to produce fuel rod segments for radiation experiments and test reactors, including the Advanced Test Reactor at Idaho National Laboratory, or ATR. scope of work includes enhancements to fabrication processes and equipment development and testing of key materials including central displacer alloys and clearing behavior and validation of co-extrusion techniques for both cylindrical and multi-level fuel designs this program also includes preparation of fuel rod segment specimens, including those with controlled defects, to support non-destructive evaluation, calibration, and irradiation testing. Separately, in March of this year, we entered into an initial engineering contract on the theme of work with Stern Laboratories, Inc., an employee-owned Canadian provider of specialized nuclear experimental services. to assess the thermal and hydraulic performance of light-bridge fuel for use in light-water reactors. This is a multi-phase program. Phase 1 covers the design and fabrication of an electrically heated fuel simulator, acceptance testing, and single-road critical heat flux investigation at steam water conditions up to 1450 psi. A is expected to take approximately one year to complete. Phase two expands to a nine-rod critical heat flux investigation across a broader pressure range of 600 to 2200 PSI. Phase three is a multi-year thermal hydraulic test program structured to directly support U.S. regulatory licensing of light-bridge fuel for the domestic LWR fleet. Stern Labs brings decades of high-quality laboratory services to the global nuclear industry. and their expertise in manufacturing electrically-heated nuclear fuel simulators and performing full-scale component qualification tests makes them the right partner for this program. Data generated through this work will be foundational to demonstrating the improved thermal margins of light-bridge fuel and building the evidentiary records that the NRC will require on the path to commercial deployment. Finally, We continue to make great progress in building up our fuel organization with numerous in-house employees added during the first quarter across thermal hydraulics and safety analysis, fuel performance modeling, regulatory licensing, materials, and program management disciplines. These additions strengthen our technical depths and programmatic capabilities to execute on our near-term and mid-term development milestones. At the same time, we view team expansion as an ongoing effort and expect to continue our recruitment activities this year and into 2027 and 2028 as we grow our organization to support advancement of our technology toward commercial deployment. Our approach remains disciplined and aligned with program needs, ensuring that we attract top talent and build a world-class team while maintaining capital efficiency. With that, I'll turn the call over to Scott. Scott?

Scott Holcomb | Vice President of Engineering

Thank you, Andre. I'll start with our ongoing irradiation testing program at INL. In November of last year, we successfully inserted fuel material coupons into the advanced test reactor, marking the start of in-reactor testing of LightBridge's uranium zirconium alloy fuel material samples. That testing is ongoing, and the data being generated will directly inform our fuel performance modeling and support the regulatory licensing process for commercial deployment of LightBridge fuel. We expect the initial batch of partially irradiated samples to be removed from the ATR in the coming weeks, with post-irradiation examination expected to begin later this year. Next, I want to cover our research and industry engagement activities during the quarter, our presentations at TMS 2026, and our selection to the Industry Advisory Board of a major DOE-funded research initiative at Penn State. both of which reflect the growing recognition of LightBridge's technical program within the broader nuclear research and advanced fuels community. In March, two members of our technical team presented research at the TMS 2026 annual meeting and exhibition in San Diego, one of the premier global conferences for materials, material science, metallurgy, and nuclear fuel technology, hosted by the Minerals, Metals, and Materials Society. Dr. Boone Beausoleil, our director of materials, presented his paper, co-authored by myself, titled Metal Fuels Opportunities Beyond Sodium Fast Reactors. That presentation examined the expanding applicability of metallic fuel concepts to a broader class of advanced reactor designs beyond the sodium fast reactor systems that have historically been the primary driver for metal fuel development. The performance attributes of metallic fuels, including thermal conductivity, fabricability, and safety margins, translate into compelling advantages well beyond the reactor types where they first emerged. And light-bridge fuel is a direct expression of that thesis applied to water-cooled reactors, the world's largest installed reactor base. Dr. Kyle Perrin, manager of our Fuel Performance Modeling Group, presented it, Uranium Zirconium Alloy Properties Review and Applicability to Light-Bridge Corporation Fuel Performance Activities. which I also co-authored alongside Boone Beausoleil and Raymond Wang, our director of licensing. In this paper, it was demonstrated that LightBridge's proprietary used ER2 fuel can be accurately modeled and characterized through a newly validated LightBridge-specific framework built entirely from measured data generated from our own fuel material coupon samples. Our validated framework, grounded in actual Lightbridge-generated data, is foundational to how we demonstrate our fuel performance to the NRC and to utilities throughout the qualification process. Both presentations were delivered during the metal fuel session, chaired by Professor Eric Moore-Josso of MIT, and the engagement from the material science and nuclear fuel community reinforced our view that the technical foundation of Lightbridge fuel is sound and is attracting the attention of the right people in the right rooms. Also in March, LightBridge was selected to serve on the industry advisory board of a $6 million nuclear materials research project funded by the DOE's Nuclear Energy University Program, awarded to the Pennsylvania State University. The four-year project, the Big Ten Plus Network for the Study of Nuclear Materials at the Microscale, or BTN2M2, will establish a multi-university consortium and a dedicated nuclear materials microfabrication facility using micro- and nano-scale characterization techniques. The consortium includes Penn State, the University of Michigan, the University of Wisconsin, the University of New Mexico, and Virginia Commonwealth University, with additional support from Idaho National Laboratory and Oak Ridge National Laboratory. Lightbridge joins Westinghouse Electric Company, X-Energy, and Kairos Power on the advisory board, with our focus centered on the irradiation behavior of cladding materials for co-extruded fuels. an area directly relevant to the continued qualification of Lightbridge fuel. Back to you, Seth.

Seth Gray | Chief Executive Officer

Thank you, Scott. We believe the prospects for growth in the nuclear power sector are the strongest they have ever been. Nuclear power set a record for global generation in 2025. More than 70 gigawatts of new nuclear capacity is under construction worldwide, one of the highest levels in 30 years. The United States government has taken sweeping executive action to accelerate reactor permitting, reform the NRC's regulatory process, and rebuild the domestic nuclear fuel supply chain. The DOE's Uprise Initiative, which followed the executive orders the President issued in May, is specifically focused on power upgrades for the existing fleet. a direct validation of the commercial pathway we have been building toward. And the technology sector has made its position clear. Meta, Amazon, Google, and others have committed to long-term nuclear procurement at gigawatt scale because they understand that AI-driven data centers require firm, reliable, baseload power that intermittent sources cannot provide. What we are hearing from utilities reflect all of this. Governors are calling them, states are competing for industrial investment and data center development, and the single most important thing any state can offer right now is guaranteed power. The pressure is translating into serious substantive conversations about how to get more power from the reactors already in place sooner rather than later. It used to be that states could attract an industrial plant with tax incentives. Today, if you cannot guarantee power, the plant will not come, regardless of what else you offer. The dynamic is building utility interest in light-bridge fuel. Our potential market is large and growing. There are approximately 440 operating power reactors worldwide today. to triple nuclear globally and quadruple it in the United States by 2050, goals that the announced construction pipeline suggests are achievable. The world will need more power from the reactors that will be built and from reactors that are already operating. Lightbridge Fuel is designed to deliver exactly that within the same sized cores and plants that exist today and with even greater safety. I'll now turn the call over to Larry Goldman, Chief Financial Officer, for a summary of the company's financial results. Larry?

Larry Goldman | Chief Financial Officer

Thank you, Seth, and good afternoon, everyone. I'd like to remind listeners that our detailed financial results are included in our earnings release issued yesterday after market close and in our Form 10-Q that will be filed with the Securities and Exchange Commission in the next several days. These materials are available on the investor relations section of the Lightbridge Corporation website and on the U.S. Security and Exchange Commission website. I encourage everyone to review those documents for a full discussion of our financial statements, risk factors, and related disclosures. As of March 31st, 2026, we held approximately 215.7 million and cash and cash equivalents compared to 201.9 million at December 31st, 2025. This positions us with substantial financial resources sufficient to support our operations for an extended period well beyond the near term. Looking at our cash flows for the first quarter of 2026, we used 4.8 million in operations reflecting the continued investment in our fuel development program and expanded team. On the financing side, we raised $18.6 million in net proceeds through our at-the-market equity offering program. We continue to evaluate funding opportunities to support our long-term fuel development activities. This includes potential strategic partnerships, government grants, and contracts, and as appropriate, additional capital market transactions. Our capital allocation strategy remains disciplined and milestone driven. We direct resources toward the activities that are advanced our fuel toward licensing and commercialization, irradiation testing, post irradiation examination, computational infrastructure, and safety analysis development, while maintaining a strong balance sheet that gives us the flexibility to pursue opportunities as they arise. I will now turn the call over to Leslie Mills, our controller, who will review our P&L for the first quarter. Leslie?

Leslie Mills | Controller

Thank you, Larry. Net loss was $6.3 million for the first quarter ended March 31st, 2026, compared to $4.8 million for the first quarter ended March 31st, 2025. Total R&D expenses amounted to $3.3 million for the first quarter ended March 31, 2026, compared to $1.7 million for the first quarter ended March 31, 2025, an increase of $1.6 million. This increase is primarily due to a $1 million increase in allocated employee compensation and stock-based compensation. reflecting an increase in new hires, increased employee bonuses, and several new stock-based awards granted after the period end, including performance stock awards, a $0.5 million increase in IT expenses, which include additional computer hardware, software, and operating expenses related to the company's high-performance computer, and a $0.1 million increase in other outside R&D expenses. Total stock-based compensation included in research and development expenses was $.7 million and $.2 million for the three months ended March 31st, 2026 and 2025, respectively. Total G&A expenses were $4.3 million for the first quarter ended March 31st, 2026, compared to $3.5 million for the first quarter ended March 31st, 2025. The increase of $.8 million was primarily due to a $7.7 million increase in stock-based compensation for employees, contractors, and directors, reflecting several new stock-based awards granted after the prior period end, including performance stock awards, and a $.1 million increase in other administrative expenses, including recruiting fees and IT expenses. Total stock-based compensation included in G&A expenses was $1.8 million and $1.1 million for the three months ended March 31st, 2026 and March 31st, 2025, respectively. Total other income was $1.3 million for the first quarter ended March 31st, 2026, compared to $0.4 million for the first quarter ended March 31st, 2025. Other income consisted of interest income earned from Treasury bills in our bank savings account, driven by higher average cash balances. Back to you, Seth.

Seth Gray | Chief Executive Officer

Thank you, Leslie. No questions have been submitted for this call. I want to thank everyone for participating in today's call. We appreciate the continued support of our shareholders and the dedication of our team and partners. We look forward to updating you on our progress in the coming quarters. In the meantime, you could reach us at ir at ltbridge.com.

Stay safe and well. Goodbye. Didi | Conference Operator

This concludes today's conference call. Thank you for participating, and you may now disconnect. jsPDF 3.0.3 D:20260606090222-00'00'

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NASDAQ / FY2025 Q4

Research summary and source transcript

readyJun 10, 2026

AI summaryFull transcript

Research Summary

Lightbridge Corporation made tangible technical progress in 2025 by initiating irradiation testing of its uranium-zirconium alloy fuel samples at Idaho National Laboratory's Advanced Test Reactor, a critical milestone in its fuel development pathway. The company strengthened its balance sheet significantly, ending the year with $201.9 million in cash and cash equivalents after raising $176 million in net proceeds from an at-the-market equity offering. While no commercial revenue or licensing milestones were disclosed, management emphasized advancing strategic partnerships (e.g., with Oklo) and aligning with favorable U.S. nuclear policy shifts under recent executive orders, positioning the company for future non-dilutive funding and commercialization opportunities.

Framework #1 / Information Gradient

Management knows today that the irradiation testing campaign has begun and is progressing according to plan, with initial batch discharge expected in April-May 2026 and post-irradiation examination to follow later in 2026 — data that will directly inform fuel performance modeling, NRC licensing readiness, and fabrication optimization. This technical validation data, which will reduce key risks in fuel behavior prediction and regulatory acceptance, is not yet reflected in the market’s valuation, which remains heavily weighted on future commercialization potential rather than near-term de-risking milestones. The market is unlikely to fully appreciate the significance of this irradiation data until it is publicly reported and tied to specific licensing or partnership advancements, likely 6-24 months from now.

Layer 1 / Business Engine

Fuel development progress (irradiation testing, post-irradiation analysis, fabrication process validation), strategic partnerships (e.g., Oklo collaboration), and access to non-dilutive funding via DOE programs and policy alignment.

Layer 2 / Management Topics

Irradiation testing of uranium-zirconium alloy fuel samples at Idaho National Laboratory
Expansion of in-house fuel development team across multiple technical disciplines
Advancement of fuel qualification plan and regulatory engagement with the NRC
Progress on co-extrusion fabrication process for commercial-scale fuel rod production
Strategic partnership with Oklo on used fuel recycling and reprocessing
Alignment with U.S. nuclear policy executive orders and DOE funding opportunities

Layer 3 / Management Excitement

Detailed discussion of the FAST method (fission accelerated steady state test) using 26-30% enriched uranium to compress testing timelines
Emphasis on the three technical papers presented at Top Fuel 2025, particularly the safety margin advantages over conventional UO2 fuel
Repeated references to the proprietary co-extrusion process being validated via experimental data from INL for future scale-up
Highlighting the alignment between Lightbridge’s fuel technology and executive orders on power uprates and plutonium disposition
Optimism about the macro nuclear environment, including U.S. goals to quadruple domestic nuclear generation by 2050

Layer 4 / Avoidance

Management delivered a technically detailed and forward-looking presentation with a tone of cautious optimism, emphasizing measurable progress in fuel development while avoiding overstatement of near-term commercial prospects. Executives spoke with specificity about technical milestones (e.g., FAST method, co-extrusion validation, paper presentations) and financial positioning, lending credibility to their claims. There was no evident hyperbole or vague promotional language; instead, the focus remained on executable, milestone-driven progress. The tone suggests credibility and discipline, particularly in financial reporting and technical communication.

No clear dodged analyst question was detected by the local fallback; manual review should still check whether Q&A answers quantified conversion, margins, and guidance.

Goalpost Moving

No clear goalpost move was detected by the local fallback; the main follow-up is whether future quarters keep the same KPIs and conversion targets.

Layer 5 / Competitive Position

Lightbridge appears to be maintaining a differentiated but unproven competitive position in the advanced nuclear fuel space. Its focus on uranium-zirconium alloy fuel for existing and new-build light water reactors contrasts with competitors pursuing novel reactor designs or alternative fuel forms (e.g., TRISO, metallic fuels for fast reactors). The company’s progress in irradiation testing and fabrication process validation suggests it is advancing along a credible technical path, but without commercial deployment or licensing milestones, its competitive advantage remains potential rather than demonstrated. The market cannot yet assess whether it is winning or losing relative to peers due to the absence of revenue, partnerships with utilities, or regulatory milestones.

Key Figures

$201.9 million in cash and cash equivalents as of December 31, 2025 (up from $40 million YoY)
$176 million in net proceeds raised via at-the-market equity offering in fiscal 2025
$3.6 million in interest income from cash deployment (up from $1.3 million in prior year)
Irradiation testing began in November 2025; initial batch discharge expected April-May 2026
Post-irradiation examination to evaluate structural integrity, dimensional stability, fission gas behavior, thermal conductivity, and overall performance
Use of FAST method with 26-30% enriched uranium to accelerate fission and compress testing timeline

Key Catalysts

Completion of post-irradiation examination of initial fuel samples (expected mid-to-late 2026)
Formal engagement with the U.S. Nuclear Regulatory Commission on licensing pathway
Successful demonstration of co-extrusion process at pilot or semi-commercial scale
Award of DOE grants, contracts, or loan guarantees under nuclear-focused executive orders
Advancement in the Oklo collaboration toward joint technology demonstration or fuel recycling pilot
Site selection and initial deployment planning for the Lightbridge Expandable Fuel Facility

Risk Flags / Open Questions

No revenue or commercial licensing milestones achieved to date; technology remains in development phase
Dependence on successful irradiation test results to validate fuel performance models and support NRC licensing
Potential delays in post-irradiation examination or data analysis due to reactor scheduling or sample handling
Uncertainty in securing non-dilutive funding despite favorable policy environment
Long development timeline before commercialization, requiring sustained cash burn without revenue offset
Technical risks in scaling co-extrusion process from coupon samples to full-length fuel rods

Data Center Impact

Management explicitly linked Lightbridge’s fuel technology to data center energy needs, noting that executive orders prioritize nuclear power for critical infrastructure including data centers, and that the growing demand for flexible baseload electricity from AI workloads strengthens the case for nuclear power. The company positions its fuel as enabling power uprates in existing reactors, which could support increased electricity demand from data centers. However, this connection remains speculative and indirect — no direct projects, partnerships, or timelines involving data center power supply were disclosed. The impact is currently framed as a macro-level opportunity rather than a near-term business driver.

Most Important Focus

What specific performance metrics (e.g., burn-up, temperature tolerance, fission gas release) are being measured in the post-irradiation examination, and what thresholds must be met to advance licensing discussions?
When does Lightbridge expect to formally engage the NRC on a licensing pathway, and what is the anticipated timeline for design certification or license application?
What are the milestones and timelines for validating the co-extrusion process at scale sufficient for commercial rodlet or full-length rod production?
How much of the $201.9 million cash balance is allocated to near-term fuel development activities over the next 12-18 months, and what is the projected monthly burn rate?
What concrete steps have been taken under the Oklo collaboration, and are there joint experiments, data sharing, or prototype goals defined?
Which specific DOE programs (e.g., Loan Programs Office, NEUP, INFUSE) is Lightbridge actively pursuing, and what is the expected timing and size of potential non-dilutive funding?

Full Transcript

FY2025 Q4 earnings call transcript

16,629 chars

NASDAQ:LTBR Q4 2025 Earnings Call Transcript Generated on 6/6/2026 Carmen | Operator: Thank you for standing by, and welcome to the Lightbridge Corporation Business Update and Fiscal Year 2025 Conference Call. Please note that today's call is being recorded. It is now my pleasure to introduce Matthew Abinanti, Director of Investor Relations for Lightbridge Corporation.

Matthew Abinanti | Director of Investor Relations

Thank you, Carmen, and thanks to all of you for joining us today. Our earnings press release was distributed yesterday and is available on the investor relations page of the LifeBridge website at www.ltbridge.com. Joining us on the call today is Seth Gray, Chief Executive Officer, along with Andrei Mushikov, Executive Vice President for Nuclear Operations, Scott Holcomb, Vice President of Engineering, and Larry Goldman, Chief Financial Officer. I want to remind our listeners that any statements on this call that are not historical facts are forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position and product and service offerings. During today's call, words such as expect, anticipate, believe, and intend will be used in our discussion of future goals and events. This presentation is based on current expectations and involves certain risks and uncertainties that may cause actual results to differ significantly from such estimates. These and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statement, whether as a result of new developments or otherwise. And with that, I would like to turn the call over to our first speaker, Seth Gray, Chief Executive Officer of Lightbridge. Hello, Seth.

Seth Gray | Chief Executive Officer

Hi, Matt, and thank you all for joining us to discuss Lightbridge's business update. 2025 was a transformative year for Lightbridge. I believe we'll be remembered as the year the company shifted into a high gear on execution across multiple critical fronts. We achieved major fuel development milestones while strengthening our balance sheets, and advancing key strategic partnerships that position us well to successfully commercialize our advanced nuclear fuel. In a major achievement, we began irradiation testing of enriched uranium zirconium alloy fuel material samples. After years of meticulous design, engineering, and manufacturing to meet the necessary nuclear quality assurance standards, These samples are now being irradiated in the advanced test reactor at Idaho National Laboratory. This test program is a pivotal step in demonstrating LightBridge Fuel's uranium-zirconium alloy material performance, generating data to help us validate key thermo-mechanical properties of our target fuel alloy. In 2025, we signed a memorandum of understanding and made a subsequent joint announcement with Oklo Inc. to explore potential collaboration opportunities, including on used fuel recycling and reprocessing. I'll have more to say about the broader nuclear energy landscape and Lightbridge's position within it later in the call. But first, let me turn it over to Andrei Lushakov, Executive VP for Nuclear Operations, to walk you through the significant technical accomplishments we've achieved in 2025. Andre?

Andrei Mushikov | Executive Vice President for Nuclear Operations

Thank you, Seth. As Seth outlined, in 2025, we made measurable progress across several fronts in the development of light-bridge fuel. In November, we reached a major fuel development milestone involving the insertion of enriched uranium zirconium alloy material samples and the start of capsule irradiation testing in the advanced test reactor. These samples are now undergoing irradiation testing to generate critical burn-up dependent data we need to support our computer modeling of fuel behavior and regulatory licensing efforts. Scott will provide additional details on several key accomplishments leading up to this pivotal milestone. In addition to our ongoing irradiation testing project, We have recently significantly expanded our scope of work at Idaho National Laboratory, adding several new projects, including, first, review of our fuel qualification plan, number two, RELAP 5 3D code development work for light bridge fuel, three, Bison code development work for light bridge fuel, and four, post-irradiation examination of light-bridge fuel material coupon samples. Beyond our work at Idaho National Laboratory, over the past several months, we have significantly beefed up our in-house fuel development team across multiple disciplines, including neutronics, thermal hydraulics and safety analysis, fuel performance, mechanical engineering, materials, regulatory licensing, and program management. This expanded in-house team will support the next phase of our fuel development efforts and our planned regulatory engagement with the Nuclear Regulatory Commission that we expect to begin this year. Next, in July of last year, we presented three technical papers at the Top Fuel 2025 Conference organized by the American Nuclear Society, demonstrating the growing interest in our fuel technology within the nuclear community. Scott will provide additional details on each of the three papers. Looking ahead, our near-term priorities for the next two to three years include recruitment of additional personnel to support our ongoing and future fuel development activities, continued irradiation testing and post-radiation examination of coupon samples, refinement of phenomena identification and ranking table analysis and fuel qualification plan, start of ongoing engagement with the US Nuclear Regulatory Commission, further development of the co-extrusion fabrication process for rodlets and full-length rods, site selection and initial deployment planning for the Lightbridge Expandable Fuel Facility, and thermohydraulic modeling and experiments to confirm pressure drop, critical heat flux, and other key parameters. We will provide updates on these activities as results and decisions are finalized. With that, I'll turn the call over to Scott. Scott?

Scott Holcomb | Vice President of Engineering

Thank you, Andre. As Andre mentioned, in November of last year, we began irradiation testing of our fuel material coupon samples in the advanced test reactor, which is a major technical milestone on our critical path. I'll summarize some of the key accomplishments we've achieved in 2025 leading up to that important milestone. In June, we completed the final design review for our radiation experiment at Idaho National Laboratory's Advanced Test Reactor, or ACR. This was a rigorous, multidisciplinary review in which our neutronics, thermohydraulics, and mechanical design parameters were independently approved by subject matter experts at Idaho National Laboratory. Completing this review was a critical step that cleared the path for us to proceed the fabrication and irradiation testing of the samples. Also in June, we announced our use of the fission accelerated steady state test method or FAST method. This approach uses higher enriched uranium in the range of 26 to 30% within the test specimens to accelerate the rate of fission and thereby compress our testing timeline relative to conventional irradiation methods. The FAST method allows us to reach target burnup levels more efficiently, which is essential for generating the performance data needed for NRC licensing in a commercially relevant timeframe. In July, we achieved a major fabrication milestone, the successful production of enriched uranium zirconium alloy coupon samples. These samples were produced using our proprietary co-extrusion process, which is the same process we envision using at commercial scale. By October, capsules containing our uranium zirconium alloy material samples were loaded into the experiment assembly that was subsequently inserted into the ATR test reactor. Then in November, actual irradiation testing commenced in the ATR. We expect the initial batch of partially irradiated samples to be discharged from the ATR in the April-May timeframe, with post-irradiation examination expected to begin later this year. The post-irradiation examination will evaluate structural integrity, dimensional stability, fission gas behavior, thermal conductivity, and overall performance of the fuel samples. As Andre mentioned, LightBridge presented three technical papers at the Top Fuel 2025 conference that was held in Nashville, Tennessee in October 2025. The first paper showed that LightBridge's metallic fuel design remains well within safe temperature limits after a simulated locked rotor accident, strengthening the safety case needed for future regulatory approval. The second paper supported this by comparing Lightbridge fuel material to conventional UO2 in an internationally recognized OECD NEA transient simulation. This showed significantly larger safety margins, translating into greater operational flexibility and improved plant economics for utilities. The third study dealt with modeling of the fabrication process, and it showed that Lightbridge's patented co-extrusion fabrication process could be accurately modeled using genuine experimental data from the Idaho National Laboratory. These results will be used to verify fabrication models, which will in turn be used to optimize aspects of Lightbridge fuel extrusion. Taken together, the three papers contribute to building a compelling case across the key stakeholder groups, regulators, production partners, and utility customers. While significant work remains around fuel performance testing and regulatory qualification, each milestone reduces risk and reinforces confidence in Lightbridge's development path. I will now turn the call over to Larry Goldman, Chief Financial Officer, for a summary of the company's financial results. Larry?

Larry Goldman | Chief Financial Officer

Thank you, Scott, and good afternoon, everyone. I'd like to remind listeners that our detailed financial results are included in our earnings release issued yesterday after market close and in our Form 10-K that will be filed with the Securities and Exchange Commission later today. Those materials are available on the investor relations section of the Lightbridge Corporation website and on the U.S. Security and Exchange Commission's website. I encourage everyone to review those documents for a full discussion of our financial statements, risk factors, and related disclosures. As of December 31, 2025, we held approximately $201.9 million in cash and cash equivalents compared to $40 million a year earlier. This positions us with substantial financial resources sufficient to support our operations for an extended period well beyond the near term. Looking at our cash flows for fiscal 2025, we used approximately $14.3 million in operations, reflecting the continued investment in our fuel development program and expanded teams. On the financing side, we raised $176 million in net proceeds through our at-the-market equity offering program. We also generated approximately $3.6 million in interest income from our deployment of cash in U.S. Treasury bills and cash in our bank savings account, up from $1.3 million of interest income in the prior year. We continue to evaluate funding opportunities to support our long-term fuel development activities. These include potential strategic partnerships, government grants and contracts, and as appropriate, additional capital market transactions. We believe the current policy environment, including the DOE's Loan Programs Office prioritization of nuclear projects under the recent executive orders could create meaningful opportunities for non-dilutive funding sources as our program advances. Our capital allocation strategy remains disciplined and milestone-driven. We direct resources toward the activities that advance our fuel toward licensing and commercialization, while maintaining a strong balance sheet that gives us the flexibility to pursue opportunities as they arise. Importantly, we continue to maintain a debt-free balance sheet with a clean capital structure that includes no convertible securities or other diluted debt instruments. Back to you, Seth.

Seth Gray | Chief Executive Officer

Thank you, Larry. I want to close today by putting our accomplishments and our strategy in the context of what is happening in the nuclear energy industry and more broadly, because I believe the macro environment has become increasingly favorable for Lightbridge. In May 2025, President Trump signed four executive orders relating to nuclear energy that represent the most significant shift in U.S. nuclear policy in decades. The executive order on reinvigorating the nuclear industrial base directs the Department of Energy to facilitate power upgrades to existing nuclear reactors. Lightbridge fuel is designed to enable significant power upgrades in existing reactors. The executive orders also direct support for plutonium disposition in reactor fuel, nuclear power for military installations, and critical infrastructure, including data centers, and prioritization of nuclear project within the nuclear projects within the DOE's energy dominance financing office. Each of these policy initiatives creates potential market opportunities for light-bridge fuel. The broader market fundamentals for nuclear energy continue to strengthen. Nuclear power generated approximately 18% of U.S. electricity in 2024, making it the single largest source of clean electricity in the country. There are about 440 operable nuclear power reactors with a combined capacity of just about 400 gigawatts electric, plus 70 reactors currently under construction and more than 120 in advanced planning stages. What stands out the most is how the demand drivers are coming together. The rapid increase in data center capacity to handle artificial intelligence workloads is making the need for flexible baseload electricity even greater. At the same time, national desires for clean energy and concerns about energy security are strengthening the case for nuclear power. The US and other countries have pledged to triple global nuclear capacity by 2050. The US has also pledged to quadruple domestic nuclear power generation by 2050. By the middle of the century, nuclear power might make up more than half of the electricity generated in the United States, up from 18% today. Within this landscape, Lightbridge occupies a unique position. Our fuel technology addresses the largest segment of the global nuclear market, existing and new-build pressurized water reactors. Unlike advanced nuclear companies, that are developing innovative new reactors around old nuclear fuel designs. Lightbridge is developing new advanced fuel to be deployed into the existing reactors, providing increased power output and enhanced safety. Our fuel is also designed for use in new light water reactors, including small modular reactor pressurized water reactors. The ability of Lightbridge fuel to generate more electricity from existing nuclear reactors will be one of the most cost-effective ways to increase nuclear capacity. Our collaboration with OKLO in exploring spent fuel recycling aligns directly with the administration's executive orders on plutonium disposition and reinvigorating the nuclear industrial base. In summary, 2025 was a year of important progress for Lightbridge. We commenced irradiation testing We raised capital to fund our fuel development program, and we advanced critical strategic partnerships. The nuclear power industry is experiencing its strongest policy and market support in a generation, and Lightbridge is well positioned to deliver a fuel technology that meets the industry's growing needs for enhanced power output, improved safety, and greater economic efficiency. We look forward to providing further updates as our irradiation testing program progresses and as we advance toward licensing and commercialization. No questions have been submitted for this call. I want to thank everyone for participating in today's call. We appreciate the continued support of our shareholders and the dedication of our team and partners. We look forward to updating you on our progress in the coming quarters In the meantime, you can reach us at ir.ltbridge.com.

Stay safe and well. Goodbye. Carmen | Operator

That's our conference. Thank you for participating, and you may now disconnect. jsPDF 3.0.3 D:20260606090223-00'00'

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