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Lightbridge (LTBR) investor relations material
Lightbridge Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
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