Lightbridge Corp Financials

LTBR

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Lightbridge Corp (LTBR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI LTBR FY2025 2026-04-30

Equity-funded cash build now dominates Lightbridge, leaving a development-stage company financed by investors rather than operations.

FY2025’s worse loss and cash burn did not make return metrics look worse because a $176.2M financing inflow swelled assets and equity to roughly five times FY2024, pulling ROA and ROE from about -29.0% to about -9.6%. That means the apparent improvement in returns came from a much larger cash base, not from operating progress.

The balance sheet is extremely liquid and minimally levered: cash reached $201.9M against just $847K of liabilities, with no long-term debt reported. In practical terms, the business is being carried by capital already raised rather than by lenders or internally generated cash.

Spending is becoming broader, not just deeper in R&D: from FY2023 to FY2025, R&D rose from $1.9M to $9.2M while SG&A climbed from $7.1M to $14.0M. Cash conversion is less severe than the income statement suggests, with FY2025 operating cash flow at -$14.3M versus a net loss of -$19.6M, so losses are not turning into cash outflows one-for-one.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Lightbridge Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Lightbridge Corp carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 239.04, Lightbridge Corp holds $239.04 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Lightbridge Corp generates a -9.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -29.1% the prior year.

Piotroski F-Score Weak

3/9

Lightbridge Corp passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.73x

For every $1 of reported earnings, Lightbridge Corp generates $0.73 in operating cash flow (-$14.3M OCF vs -$19.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

Lightbridge Corp generated $0 in revenue in fiscal year 2025.

EBITDA

N/A

Net Income

-$19.6M

YoY-66.1%

Lightbridge Corp reported -$19.6M in net income in fiscal year 2025. This represents a decrease of 66.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$201.9M

YoY+404.8%

5Y CAGR+56.5%

10Y CAGR+78.3%

Lightbridge Corp held $201.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

33M

YoY+77.9%

5Y CAGR+38.5%

Lightbridge Corp had 33M shares outstanding in fiscal year 2025. This represents an increase of 77.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-9.7%

YoY+19.4pp

5Y CAGR+74.1pp

Lightbridge Corp's ROE was -9.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 19.4 percentage points from the prior year.

Capital Allocation

R&D Spending

$9.2M

YoY+100.3%

5Y CAGR+59.5%

10Y CAGR+20.0%

Lightbridge Corp invested $9.2M in research and development in fiscal year 2025. This represents an increase of 100.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

LTBR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$0	$0	$0	$0	$0	$0
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$9.2M+100.3%	$4.6M+139.2%	$1.9M+187.1%	$670K-51.0%	$1.4M+53.3%	$892K
SG&A Expenses	$14.0M+65.7%	$8.5M+18.3%	$7.1M-4.5%	$7.5M+4.6%	$7.2M-13.9%	$8.3M
Operating Income	-$23.2M-77.9%	-$13.1M-44.4%	-$9.0M-16.1%	-$7.8M+1.1%	-$7.9M+45.7%	-$14.5M
Interest Expense	N/A	N/A	N/A	$289K+3461.4%	$8K-90.3%	$84K
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$19.6M-66.1%	-$11.8M-49.0%	-$7.9M-5.5%	-$7.5M+4.3%	-$7.8M+45.7%	-$14.4M
EPS (Diluted)	N/A	$-0.81-24.6%	$-0.65+5.8%	$-0.69+59.6%	$-1.71+52.4%	$-3.59

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$0	N/A	N/A	N/A	$0	N/A	$0	$0
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$3.3M	N/A	$2.0M+24.4%	$1.6M-1.6%	$1.7M	N/A	$1.3M+42.8%	$910K
SG&A Expenses	$4.3M	N/A	$3.2M+26.4%	$2.5M-28.1%	$3.5M	N/A	$1.7M-6.5%	$1.8M
Operating Income	-$7.7M	N/A	-$5.2M-25.6%	-$4.1M+19.5%	-$5.1M	N/A	-$3.0M-10.1%	-$2.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	N/A	$0	$0	$0	N/A	$0	$0
Net Income	-$6.3M	N/A	-$4.1M-16.4%	-$3.5M+26.2%	-$4.8M	N/A	-$2.7M-11.9%	-$2.4M
EPS (Diluted)	$-0.20	N/A	$-0.160.0%	$-0.16+33.3%	$-0.24	N/A	$-0.19-11.8%	$-0.17

LTBR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$203.8M+397.7%	$41.0M+39.3%	$29.4M-0.2%	$29.5M+18.1%	$25.0M+14.6%	$21.8M
Current Assets	$202.6M+402.5%	$40.3M+40.0%	$28.8M-0.7%	$29.0M+16.7%	$24.9M+14.5%	$21.7M
Cash & Equivalents	$201.9M+404.8%	$40.0M+39.8%	$28.6M-1.0%	$28.9M+16.8%	$24.7M+14.9%	$21.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$847K+99.6%	$425K-12.7%	$486K+38.8%	$350K+104.2%	$172K-96.3%	$4.6M
Current Liabilities	$847K+99.6%	$425K-12.7%	$486K+38.8%	$350K+104.2%	$172K-96.3%	$4.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$203.0M+400.9%	$40.5M+40.2%	$28.9M-0.7%	$29.1M+17.5%	$24.8M+44.1%	$17.2M
Retained Earnings	-$183.8M-11.9%	-$164.2M-7.7%	-$152.4M-5.5%	-$144.5M-5.5%	-$137.0M-6.1%	-$129.2M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$218.9M+7.4%	$203.8M+31.5%	$155.1M+56.7%	$99.0M+69.8%	$58.3M+42.3%	$41.0M+48.3%	$27.6M-1.2%	$28.0M
Current Assets	$217.1M+7.2%	$202.6M+31.0%	$154.6M+57.2%	$98.4M+71.1%	$57.5M+42.6%	$40.3M+49.1%	$27.0M-1.2%	$27.4M
Cash & Equivalents	$215.7M+6.8%	$201.9M+31.7%	$153.3M+56.6%	$97.9M+72.0%	$56.9M+42.4%	$40.0M+50.1%	$26.6M-1.6%	$27.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.3M+52.4%	$847K-45.7%	$1.6M+30.6%	$1.2M+23.6%	$966K+127.6%	$425K-63.4%	$1.2M+24.3%	$933K
Current Liabilities	$1.3M+52.4%	$847K-45.7%	$1.6M+30.6%	$1.2M+23.6%	$966K+127.6%	$425K-63.4%	$1.2M+24.3%	$933K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$217.6M+7.2%	$203.0M+32.2%	$153.5M+57.0%	$97.8M+70.6%	$57.3M+41.4%	$40.5M+53.2%	$26.5M-2.1%	$27.0M
Retained Earnings	-$190.1M-3.5%	-$183.8M-4.1%	-$176.6M-2.4%	-$172.5M-2.1%	-$169.0M-2.9%	-$164.2M-2.5%	-$160.2M-1.7%	-$157.6M

LTBR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$14.3M-50.4%	-$9.5M-46.4%	-$6.5M+4.1%	-$6.8M+38.7%	-$11.0M-28.8%	-$8.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$210K
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	-$8.8M
Investing Cash Flow	-$11K	$0+100.0%	-$640+90.4%	-$7K+58.5%	-$16K+92.4%	-$210K
Financing Cash Flow	$176.2M+743.4%	$20.9M+237.8%	$6.2M-43.4%	$10.9M-23.5%	$14.3M+15.5%	$12.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$4.8M+22.6%	-$6.2M-145.7%	-$2.5M-8.9%	-$2.3M+30.1%	-$3.3M+13.7%	-$3.8M-96.7%	-$1.9M-5.2%	-$1.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$8K-72.7%	-$4K-440800.0%	-$1+100.0%	-$6K	$0	$0	$0	$0
Financing Cash Flow	$18.6M-66.0%	$54.7M-5.6%	$57.9M+33.9%	$43.3M+113.9%	$20.2M+17.8%	$17.2M+1036.5%	$1.5M+55.5%	$972K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

LTBR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-9.7%+19.4pp	-29.1%-1.7pp	-27.4%-1.6pp	-25.8%+5.9pp	-31.6%+52.2pp	-83.8%
Return on Assets	-9.6%+19.2pp	-28.8%-1.9pp	-26.9%-1.5pp	-25.4%+5.9pp	-31.4%+34.8pp	-66.2%
Current Ratio	239.04+144.1	94.95+35.7	59.23-23.6	82.82-62.1	144.94+140.2	4.74
Debt-to-Equity	0.000.0	0.010.0	0.020.0	0.010.0	0.01-0.3	0.27
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-2.9%	N/A	-2.7%+0.9pp	-3.6%+4.7pp	-8.3%	N/A	-10.0%-1.2pp	-8.8%
Return on Assets	-2.9%	N/A	-2.6%+0.9pp	-3.6%+4.6pp	-8.2%	N/A	-9.6%-1.1pp	-8.5%
Current Ratio	168.12-70.9	239.04+139.9	99.11+16.8	82.35+22.9	59.49-35.5	94.95+71.6	23.32-6.0	29.34
Debt-to-Equity	0.010.0	0.000.0	0.010.0	0.010.0	0.020.0	0.01-0.0	0.040.0	0.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Lightbridge Corp's annual revenue?

Lightbridge Corp (LTBR) reported $0 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Lightbridge Corp profitable?

No, Lightbridge Corp (LTBR) reported a net income of -$19.6M in fiscal year 2025.

What is Lightbridge Corp's return on equity (ROE)?

Lightbridge Corp (LTBR) has a return on equity of -9.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Lightbridge Corp's operating cash flow?

Lightbridge Corp (LTBR) generated -$14.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Lightbridge Corp's total assets?

Lightbridge Corp (LTBR) had $203.8M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Lightbridge Corp spend on research and development?

Lightbridge Corp (LTBR) invested $9.2M in research and development during fiscal year 2025.

How many shares does Lightbridge Corp have outstanding?

Lightbridge Corp (LTBR) had 33M shares outstanding as of fiscal year 2025.

What is Lightbridge Corp's current ratio?

Lightbridge Corp (LTBR) had a current ratio of 239.04 as of fiscal year 2025, which is generally considered healthy.

What is Lightbridge Corp's debt-to-equity ratio?

Lightbridge Corp (LTBR) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Lightbridge Corp's return on assets (ROA)?

Lightbridge Corp (LTBR) had a return on assets of -9.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Lightbridge Corp's cash runway?

Based on fiscal year 2025 data, Lightbridge Corp (LTBR) had $201.9M in cash against an annual operating cash burn of $14.3M. This gives an estimated cash runway of approximately 170 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Lightbridge Corp's Piotroski F-Score?

Lightbridge Corp (LTBR) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Lightbridge Corp's earnings high quality?

Lightbridge Corp (LTBR) has an earnings quality ratio of 0.73x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Lightbridge Corp?

Lightbridge Corp (LTBR) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.