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Lightbridge (LTBR) investor relations material
Lightbridge Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved major technical milestones in advanced nuclear fuel development, including successful fabrication and irradiation testing of enriched uranium zirconium alloy samples at Idaho National Laboratory.
Presented three peer-reviewed papers at Top Fuel 2025, validating safety, manufacturability, and superior performance of the fuel technology.
Advanced collaborations with Oklo and other industry partners, including feasibility studies for CANDU reactors and co-location of fuel manufacturing and recycling.
Benefited from a favorable political and regulatory environment, with U.S. executive orders and global policy momentum supporting nuclear energy expansion.
Focused on next-generation metallic nuclear fuel for water-cooled reactors, targeting improved economics, safety, and proliferation resistance.
Financial highlights
Ended Q3 2025 with $153.3 million in cash and cash equivalents and $153.1 million in working capital, up from $40.0 million at year-end 2024.
Net loss for Q3 2025 was $4.1 million, and for the nine months ended September 30, 2025, was $12.4 million, up from $7.9 million year-over-year.
R&D expenses rose to $5.3 million and G&A expenses to $9.2 million for the nine months ended September 30, 2025.
Interest income for Q3 2025 was $1.1 million, reflecting higher cash balances from equity offerings.
Maintained a debt-free balance sheet with no convertible securities or dilutive debt instruments.
Outlook and guidance
Sufficient liquidity to fund operations for at least the next 12 months, with long-term R&D and commercialization requiring additional capital.
Ongoing irradiation testing and data generation expected to support streamlined licensing and utility adoption.
Anticipates investing approximately $12.0 million in R&D for full year 2025, with actual expenditures subject to change.
Commercial deployment of nuclear fuel assemblies targeted for the 2030s, with initial purchase orders expected 15-20 years from now.
Expanding engineering team to accelerate development and regulatory readiness.
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