Lightbridge Corporation Reports Q3 2024 Financial Results, Sees Increased Expenses and Net Loss

Lightbridge Corporation reported its financial results for the third quarter and nine months ended September 30, 2024, revealing significant changes in revenue, expenses, and overall financial health compared to the previous fiscal period.

As of September 30, 2024, Lightbridge's cash and cash equivalents stood at $26.6 million, a decrease from $28.6 million at the end of 2023. Total current assets also fell to $27.0 million from $28.8 million, while total assets decreased to $27.6 million from $29.4 million. The company’s total stockholders’ equity declined to $26.5 million from $28.9 million, reflecting an accumulated deficit that widened to $(160.2 million) from $(152.4 million).

For the three months ended September 30, 2024, Lightbridge reported operating expenses of $3.0 million, a 43% increase from $2.1 million in the same period of 2023. This rise was primarily driven by a significant increase in research and development (R&D) expenses, which reached $1.3 million compared to $0.5 million in the prior year. The total operating loss for Q3 2024 was $(3.0) million, up from $(2.1) million in Q3 2023. The net loss before income taxes also increased to $(2.7) million from $(1.8) million, with a corresponding net loss of $(2.7) million for the quarter, reflecting a 50% increase year-over-year.

For the nine months ended September 30, 2024, total operating expenses were $8.9 million, a 39% increase from $6.4 million in the same period in 2023. The net loss for this period was $(7.9) million, compared to $(5.5) million in the previous year, marking a 44% increase. R&D expenses for the nine months totaled $3.2 million, up from $1.3 million, with specific projects like the INL Project accounting for $1.1 million of this expenditure.

Lightbridge's financing activities included net proceeds of $3.7 million from the sale of approximately 1.4 million shares of common stock during the nine months ended September 30, 2024, down from $4.5 million from 0.9 million shares in the same period in 2023. The company continues to seek additional funding to support its R&D efforts, which are projected to require approximately $10 million annually over the next 10-15 years.

The company has no debt and relies on equity financing, primarily through its at-the-market (ATM) offering. As of September 30, 2024, Lightbridge had no off-balance sheet arrangements that materially affect its financial condition. However, it faces challenges, including the need for substantial funding and potential competition in the nuclear fuel market.