Lightbridge Corporation Reports $11.8 Million Net Loss for Fiscal Year 2024

Lightbridge Corporation reported a net loss of $11.8 million for the fiscal year ending December 31, 2024, an increase of 49% compared to a net loss of $7.9 million in 2023. The company's total operating expenses rose to $13.1 million, up from $9.0 million in the previous year, primarily driven by a significant increase in research and development (R&D) expenses, which surged by 142% to $4.6 million. This increase reflects heightened activity related to the development of Lightbridge Fuel™, including costs associated with agreements with the Idaho National Laboratory (INL) and other R&D initiatives.

In terms of financial position, Lightbridge's cash and cash equivalents increased to $40.0 million as of December 31, 2024, compared to $28.6 million at the end of 2023. The company raised approximately $21.4 million through the sale of common stock during the year, contributing to its improved liquidity. However, Lightbridge continues to face challenges, including an accumulated deficit of $164.2 million, which underscores the ongoing financial strain as it progresses through the early stages of commercializing its nuclear fuel technology.

Strategically, Lightbridge has made significant advancements in its R&D efforts, including collaborations with INL to develop and test its proprietary nuclear fuel. The company has entered into multiple agreements with INL, which are expected to culminate in the casting and extrusion of fuel material samples for irradiation testing. Additionally, Lightbridge is exploring the feasibility of using its fuel in CANDU reactors through a study conducted in Romania, which indicates potential for doubling the discharged burnup compared to conventional fuels.

Operationally, Lightbridge's workforce remains small, with ten full-time employees as of December 31, 2024. The company is focused on expanding its capabilities and partnerships to support its R&D activities, which are critical for the future commercialization of its nuclear fuel. Looking ahead, Lightbridge anticipates investing approximately $17 million in R&D for 2025, although it acknowledges the uncertainty surrounding funding and the need for additional capital to sustain its operations and development efforts.

The outlook for Lightbridge remains cautious, as the company projects continued negative cash flows and emphasizes the necessity of securing substantial funding and in-kind support from government and strategic partners. The anticipated timeline for commercializing its nuclear fuel technology is estimated to span 15 to 20 years, with initial orders for fuel reloads expected in the 2030s. The company is actively seeking to engage with nuclear regulators and explore opportunities to shorten this timeline, while also navigating the complexities of the nuclear energy market and regulatory landscape.