Lightbridge (LTBR) investor relations material

Executive summary

• Achieved major milestones in advanced nuclear fuel development, including successful co-extrusion demonstration and fabrication of enriched uranium samples for irradiation testing at Idaho National Laboratory.

• Entered memorandum of understanding with Oklo/Oclo for potential collaboration on fuel fabrication and recycling, and completed feasibility studies for CANDU reactors and a pilot facility.

• Expanded INL agreements to include additional R&D phases, with a seven-year performance period and $6.8 million in cost-reimbursable obligations as of June 30, 2025.

• Inclusion in the Russell 2000 and 3000 indexes increased market visibility and institutional interest.

• Benefited from favorable U.S. government policies and global momentum for nuclear energy expansion.

Financial highlights

• Cash and cash equivalents rose to $97.9 million at June 30, 2025, from $40.0 million at December 31, 2024, primarily due to $63.1 million in net proceeds from equity offerings.

• Working capital increased to $97.2 million from $39.9 million over the same period.

• Net loss for Q2 2025 was $3.5 million, up from $2.4 million in Q2 2024; net loss for the six months ended June 30, 2025, was $8.3 million, up from $5.2 million year-over-year.

• R&D expenses for Q2 2025 were $1.6 million, up from $0.9 million year-over-year, mainly due to higher project labor and compensation costs.

• G&A expenses for Q2 2025 were $2.5 million, up from $1.8 million, driven by higher IT, professional fees, and stock-based compensation.

Outlook and guidance

• Sufficient liquidity to fund operations for at least the next 12 months, with projected cash requirements of $39.0 million for the following year.

• Plans to continue strategic partnerships and cooperative R&D at INL, with upcoming irradiation testing of enriched fuel samples using the FAST method.

• Long-term capital needs estimated at $200–$300 million over the next 10–15 years for R&D and commercialization.

• Targeting demonstration of lead test rods/assemblies in commercial reactors in the 2030s, with initial purchase orders expected 15–20 years from now.

• Exploring ways to accelerate commercialization, including advanced testing, early partnerships, and regulatory engagement.