Lightbridge Corp Financials

LTBR

FY2025 annual

Revenue $0 YoY not available

Net Income -$19.6M -66.1% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Lightbridge Corp (LTBR) reported $0 in revenue for fiscal year 2025. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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 2026-08-15

Equity-funded expansion is the dominant mechanic, with capital accumulation outpacing cash preservation and operating self-funding.

In FY2025, total assets jumped to $203.8M from $41.0M while cash fell to $2.0M from $40.0M, shifting the balance sheet from cash-rich to largely noncash current assets. That pairing with $176.2M of financing cash flow and operating cash flow of -$14.3M indicates reported expansion came from financing and asset deployment rather than internally generated cash.

Cash conversion deteriorated across the latest year: net loss deepened by $7.8M while operating cash outflow increased by $4.8M from FY2024 to FY2025. The parallel movement means the larger accounting loss was accompanied by a larger annual funding requirement.

Operating investment accelerated: SG&A and R&D increased by $5.6M and $4.6M, respectively, between FY2024 and FY2025. ROA and ROE became less negative at -9.6% and -9.7%, but that improvement mainly reflects the much larger asset and equity base, not better earnings.

Financial Health Signals

Financial health score not available

Lightbridge Corp does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Altman Z-Score Safe

199.78

Lightbridge Corp scores 199.78, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($282.8M) relative to total liabilities ($847K). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

3/7

Lightbridge Corp passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality No Cash Backing

N/A

Lightbridge Corp reported a net loss of $19.6M while operations used $14.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue

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

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.

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$2.0M

YoY-95.0%

5Y CAGR-37.8%

10Y CAGR+12.4%

Lightbridge Corp held $2.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding

34M

YoY+67.8%

Lightbridge Corp had 34M shares outstanding in fiscal year 2025. This represents an increase of 67.8% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

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

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

LTBR Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

LTBR quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	N/A	$0	$0	$0	$0	$0	$0	$0	N/A	$175K-76.9%	$761K-16.5%	$911K-30.5%	$1.3M-31.1%	$1.9M-48.3%	$3.7M-42.1%	$6.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$107K-76.5%	$457K-34.2%	$694K-8.2%	$756K-31.9%	$1.1M-51.0%	$2.3M-43.2%	$4.0M
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$68K-77.5%	$304K+40.6%	$216K-61.0%	$554K-30.0%	$791K-43.9%	$1.4M-40.3%	$2.4M
R&D Expenses	N/A	$9.2M+100.3%	$4.6M+139.2%	$1.9M+187.1%	$670K-51.0%	$1.4M+53.3%	$892K-66.7%	$2.7M-22.6%	$3.5M+51.5%	$2.3M-16.9%	$2.7M+85.2%	$1.5M-3.3%	$1.5M-24.3%	$2.0M-1.8%	$2.1M-12.1%	$2.3M
SG&A Expenses	N/A	$14.0M+65.7%	$8.5M+18.3%	$7.1M-4.5%	$7.5M+4.6%	$7.2M-13.9%	$8.3M+43.6%	$5.8M-13.8%	$6.7M+53.2%	$4.4M-15.6%	$5.2M-3.0%	$5.4M+39.5%	$3.8M+6.0%	$3.6M-5.8%	$3.8M-39.4%	$6.3M
Operating Income	N/A	-$23.2M-77.9%	-$13.1M-44.4%	-$9.0M-16.1%	-$7.8M+1.1%	-$7.9M+45.7%	-$14.5M-31.0%	-$11.1M+26.0%	-$15.0M-126.6%	-$6.6M+13.6%	-$7.6M-15.4%	-$6.6M-37.4%	-$4.8M+0.8%	-$4.9M-8.0%	-$4.5M+29.0%	-$6.3M
Interest Expense	N/A	N/A	N/A	N/A	$289K+3461.4%	$8K-90.3%	$84K-78.7%	$393K+51.9%	$259K+1507.9%	$16K-45.2%	$29K+4068.2%	$705	$0	$0	$0	$0
Income Tax	N/A	$0	$0	$0	$0	$0	$0	$0	N/A	N/A	$0	$0	$0	$0	$0	$0
Net Income	N/A	-$19.6M-66.1%	-$11.8M-49.0%	-$7.9M-5.5%	-$7.5M+4.3%	-$7.8M+45.7%	-$14.4M-35.0%	-$10.7M+31.9%	-$15.7M-120.6%	-$7.1M-12.0%	-$6.3M-46.9%	-$4.3M-18.2%	-$3.7M+20.3%	-$4.6M-13.1%	-$4.1M+30.9%	-$5.9M
EPS (Diluted)	—	N/A	-$0.81-24.6%	-$0.65+5.8%	-$0.69	-$1.71+52.4%	-$3.59	-$3.66	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$0	$0	N/A	N/A	$0	$0	N/A	$0
R&D Expenses	$3.9M+16.7%	$3.3M	N/A	$2.0M+24.4%	$1.6M-1.6%	$1.7M	N/A	$1.3M
SG&A Expenses	$3.7M-14.4%	$4.3M	N/A	$3.2M+26.4%	$2.5M-28.1%	$3.5M	N/A	$1.7M
Operating Income	-$7.6M+0.8%	-$7.7M	N/A	-$5.2M-25.6%	-$4.1M+19.5%	-$5.1M	N/A	-$3.0M
Income Tax	$0	$0	N/A	$0	$0	$0	N/A	$0
Net Income	-$5.8M+9.3%	-$6.3M	N/A	-$4.1M-16.4%	-$3.5M+26.2%	-$4.8M	N/A	-$2.7M
EPS (Diluted)	-$0.18+10.0%	-$0.20	N/A	-$0.160.0%	-$0.16+33.3%	-$0.240.0%	-$0.24-26.3%	-$0.19

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.

LTBR Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

LTBR quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$203.8M+397.7%	$41.0M+39.3%	$29.4M-0.2%	$29.5M+18.1%	$25.0M+14.6%	$21.8M+11.4%	$19.6M-25.8%	$26.3M+279.3%	$6.9M+2.1%	$6.8M+208.2%	$2.2M-63.5%	$6.1M+7.0%	$5.7M-7.9%	$6.1M-41.6%	$10.5M
Current Assets	$202.6M+402.5%	$40.3M+40.0%	$28.8M-0.7%	$29.0M+16.7%	$24.9M+14.5%	$21.7M+17.9%	$18.4M-25.7%	$24.8M+386.9%	$5.1M+9.2%	$4.7M+270.7%	$1.3M-75.9%	$5.2M+5.3%	$5.0M-10.3%	$5.5M-43.7%	$9.8M
Cash & Equivalents	$2.0M-95.0%	$40.0M+39.8%	$28.6M-1.0%	$28.9M+16.8%	$24.7M+14.9%	$21.5M+19.9%	$18.0M-27.1%	$24.6M+445.6%	$4.5M+26.0%	$3.6M+475.3%	$623K-85.2%	$4.2M+14.9%	$3.7M+67.1%	$2.2M-38.4%	$3.6M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$10K-97.3%	$388K+177.9%	$140K-70.2%	$469K+10.1%	$426K-29.2%	$602K+117.1%	$277K
Total Liabilities	$847K+99.6%	$425K-12.7%	$486K+38.8%	$350K+104.2%	$172K-96.3%	$4.6M+1208.1%	$350K-66.3%	$1.0M-9.6%	$1.2M-7.5%	$1.2M-66.4%	$3.7M-29.9%	$5.3M+141.6%	$2.2M+468.0%	$385K-77.1%	$1.7M
Current Liabilities	$847K+99.6%	$425K-12.7%	$486K+38.8%	$350K+104.2%	$172K-96.3%	$4.6M+1208.1%	$350K-26.5%	$476K-58.6%	$1.2M-5.4%	$1.2M+2.9%	$1.2M+80.9%	$654K+37.1%	$477K	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$100K	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-10.4%	$19.2M-24.1%	$25.3M+336.7%	$5.8M+4.3%	$5.6M+470.7%	-$1.5M-295.6%	$766K-77.9%	$3.5M-34.5%	$5.3M-40.1%	$8.8M
Retained Earnings	-$183.8M-11.9%	-$164.2M-7.7%	-$152.4M-5.5%	-$144.5M-5.5%	-$137.0M-6.1%	-$129.2M-12.6%	-$114.7M-10.9%	-$103.5M-17.8%	-$87.8M-8.8%	-$80.7M-8.5%	-$74.4M-6.2%	-$70.1M-5.5%	-$66.4M-0.3%	-$66.2M-6.5%	-$62.2M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$240.6M+9.9%	$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
Current Assets	$238.5M+9.8%	$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
Cash & Equivalents	$192.1M-10.9%	$215.7M+10683.6%	$2.0M-98.7%	$153.3M+56.6%	$97.9M+72.0%	$56.9M+42.4%	$40.0M+50.1%	$26.6M
Total Liabilities	$2.0M+58.4%	$1.3M+52.4%	$847K-45.7%	$1.6M+30.6%	$1.2M+23.6%	$966K+127.6%	$425K-63.4%	$1.2M
Current Liabilities	$2.0M+58.4%	$1.3M+52.4%	$847K-45.7%	$1.6M+30.6%	$1.2M+23.6%	$966K+127.6%	$425K-63.4%	$1.2M
Total Equity	$238.6M+9.6%	$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
Retained Earnings	-$195.9M-3.0%	-$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

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.

LTBR Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

LTBR quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	-$17.0M	-$14.3M-50.4%	-$9.5M-46.4%	-$6.5M+4.1%	-$6.8M+38.7%	-$11.0M-28.8%	-$8.6M-28.5%	-$6.7M+10.2%	-$7.4M-48.3%	-$5.0M+16.3%	-$6.0M-63.7%	-$3.7M+15.4%	-$4.3M-10.2%	-$3.9M+22.5%	-$5.1M-24.8%	-$4.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	$210K-4.8%	$221K	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	-$8.8M-27.5%	-$6.9M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$12K	-$11K	$0+100.0%	-$640+90.4%	-$7K+58.5%	-$16K+92.4%	-$210K+94.4%	-$3.8M+35.5%	-$5.8M-2711.8%	-$207K+1.3%	-$210K-79.3%	-$117K+2.4%	-$120K-108.4%	$1.4M-61.0%	$3.7M-29.8%	$5.2M
Financing Cash Flow	$156.6M	$176.2M+743.4%	$20.9M+237.8%	$6.2M-43.4%	$10.9M-23.5%	$14.3M+15.5%	$12.4M+229.4%	$3.8M-88.8%	$33.4M+443.4%	$6.1M-32.9%	$9.1M+5254.2%	$171K-96.6%	$5.0M+25.9%	$4.0M+5995121.2%	-$66+95.9%	-$2K
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$3.5M+26.1%	-$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
Investing Cash Flow	-$180+97.6%	-$8K-72.7%	-$4K-440800.0%	-$1+100.0%	-$6K	$0	$0	$0
Financing Cash Flow	$25.3M+36.2%	$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

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

LTBR Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

LTBR quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	39.0%-1.0pp	40.0%+16.2pp	23.8%-18.5pp	42.3%+0.7pp	41.6%+3.3pp	38.4%+1.2pp	37.2%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-3760.5%	-1003.8%	-726.9%	-367.6%	-255.3%	-122.2%	-99.6%
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-4049.6%	-834.3%	-474.3%	-278.9%	-241.3%	-110.3%	-92.3%
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%-28.2pp	-55.6%+6.3pp	-62.0%+60.7pp	-122.6%-8.4pp	-114.2%	N/A	-476.9%-344.7pp	-132.2%-55.6pp	-76.6%-10.2pp	-66.4%
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%-11.6pp	-54.6%+4.9pp	-59.5%+42.8pp	-102.3%-9.0pp	-93.3%+102.3pp	-195.6%-135.3pp	-60.4%+20.7pp	-81.1%-15.0pp	-66.0%-10.2pp	-55.8%
Current Ratio	239.04+144.1x	94.95+35.7x	59.23-23.6x	82.82-62.1x	144.94+140.2x	4.74-47.8x	52.54+0.5x	52.00+47.6x	4.42+0.6x	3.83+2.8x	1.06-6.9x	7.99-2.4x	10.40	N/A	N/A
Debt-to-Equity	0.000.0x	0.010.0x	0.020.0x	0.010.0x	0.01-0.3x	0.27+0.2x	0.020.0x	0.04-0.2x	0.20+0.2x	0.02	N/A	6.90+6.3x	0.63+0.6x	0.07-0.1x	0.19

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Return on Equity	-2.4%+0.5pp	-2.9%	N/A	-2.7%+0.9pp	-3.6%+4.7pp	-8.3%	N/A	-10.0%
Return on Assets	-2.4%+0.5pp	-2.9%	N/A	-2.6%+0.9pp	-3.6%+4.6pp	-8.2%	N/A	-9.6%
Current Ratio	116.56-51.6x	168.12-70.9x	239.04+139.9x	99.11+16.8x	82.35+22.9x	59.49-35.5x	94.95+71.6x	23.32
Debt-to-Equity	0.010.0x	0.010.0x	0.000.0x	0.010.0x	0.010.0x	0.020.0x	0.010.0x	0.04

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.

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Where Lightbridge Corp Ranks

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) recorded an outflow of $14.3M in operating cash flow during fiscal year 2025, representing cash used by 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 34M 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.

How does Lightbridge Corp's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Lightbridge Corp (LTBR) held $2.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $14.3M over that year. Dividing the one by the other, the reported balance equals about 2 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Lightbridge Corp's Altman Z-Score?

Lightbridge Corp (LTBR) has an Altman Z-Score of 199.78, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Lightbridge Corp's Piotroski F-Score?

Lightbridge Corp (LTBR) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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) reported a net loss of $19.6M while operations used $14.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.