Lightbridge Provides Business Update and Announces Fiscal Year 2025 Financial Results
Rhea-AI Summary
Lightbridge (Nasdaq: LTBR) reported fiscal 2025 results and a business update on Feb 25, 2026. The company reported cash and cash equivalents of $201.9M, working capital of $201.7M, total assets of $203.8M and stockholders' equity of $203.0M. Net loss was $19.6M in 2025. R&D spending increased to $9.2M and G&A to $14.0M. Lightbridge completed co-extrusion of uranium-zirconium alloy samples and began Advanced Test Reactor testing with Idaho National Laboratory. A conference call is scheduled Feb 26 at 4:00 p.m. ET.
Positive
- Cash and cash equivalents of $201.9M at Dec 31, 2025
- Working capital improved to $201.7M at year-end
- Net proceeds of $176.0M from ATM share sales in 2025
- Stockholders' equity increased to $203.0M at Dec 31, 2025
- Advanced Test Reactor testing initiated on co-extruded fuel samples
Negative
- Net loss widened to $19.6M for fiscal 2025
- Cash used in operations increased to $14.3M in 2025
- G&A expenses rose by $5.5M to $14.0M in 2025
- R&D expenses rose by $4.6M to $9.2M in 2025
Key Figures
Market Reality Check
Peers on Argus
Key peers ADSE, KE, AMPX, PLPC, and TE all showed gains (up between 0.42% and 13.08%), while no sector-wide momentum signal was flagged for this name. Peer moves do not appear to explain LTBR’s setup into this earnings event.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 05 | Q3 2025 earnings | Positive | +2.5% | Reported higher cash, strong working capital and key fuel development milestones. |
| Aug 11 | Q2 2025 earnings | Positive | +26.7% | Highlighted successful co-extrusion demo and strong cash and working capital. |
| May 12 | Q1 2025 earnings | Positive | +14.6% | Announced first co-extrusion milestone and higher cash and working capital. |
| Feb 26 | FY 2024 results | Neutral | +1.3% | Reported higher working capital and R&D alongside a larger net loss for 2024. |
| Oct 31 | Q3 2024 earnings | Negative | -25.5% | Showed declining cash, higher R&D and a wider quarterly net loss. |
Past earnings and business updates for LTBR have generally resulted in share price moves that align with the tone of the announcements, with positive operational and liquidity updates often followed by positive price reactions.
Over the last five earnings-related updates from Oct 31, 2024 through Nov 5, 2025, Lightbridge steadily strengthened its balance sheet while advancing Lightbridge Fuel development with Idaho National Laboratory. Cash and working capital rose from the mid‑$20M range to over $150M, funded largely via ATM equity issuance. These updates typically paired technical milestones with widening net losses, yet price reactions mostly skewed positive, suggesting investors focused on de-risking progress and liquidity.
Historical Comparison
Across the last five earnings or annual results releases, LTBR’s stock moved an average of 3.93% in the following session, with reactions generally matching the operational and liquidity tone of each update.
Earnings updates have tracked a clear progression: from Q3 2024’s tighter liquidity to FY 2024 and 2025 quarters showing rapidly increasing cash and working capital, funded via ATM issuance, alongside continued escalation of R&D to advance Lightbridge Fuel.
Market Pulse Summary
This announcement combines substantial balance-sheet strengthening with higher operating spend and net loss. Cash and equivalents reached $201.9M and working capital $201.7M, driven by $176.2M of financing inflows, while FY 2025 net loss widened to $19.6M on increased R&D and G&A. Historically, earnings updates that pair Lightbridge Fuel milestones with robust cash positions have been important catalysts. Investors may watch future R&D efficiency, ATM usage, and progression of irradiation testing metrics.
Key Terms
at-the-market ("ATM") equity offering program financial
light-water reactors technical
small modular reactors technical
treasury bills financial
AI-generated analysis. Not financial advice.
RESTON, Va., Feb. 25, 2026 (GLOBE NEWSWIRE) -- Lightbridge Corporation (“Lightbridge” or the “Company”) (Nasdaq: LTBR), an advanced nuclear fuel technology company, announced its financial results for the fiscal year ended December 31, 2025, and provided an update on the Company’s continued progress.
Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “2025 was an important year for Lightbridge and the nuclear power industry. Governments, utilities, and leading tech companies agree with our conclusion that reliable, clean nuclear power is necessary to meet the growing demand for electricity from AI and data centers, address rising energy costs, and help achieve energy independence.”
“In 2025, we reached key milestones in our fuel development program. Our team, in collaboration with Idaho National Laboratory, successfully co-extruded samples of depleted and enriched uranium-zirconium alloy and began testing them in the Advanced Test Reactor. These are important steps in demonstrating the performance of Lightbridge Fuel material and its potential use in both light-water reactors and future small modular reactors.”
“The policy environment for nuclear energy has never been better. President Trump’s nuclear executive orders in May 2025 show that the U.S. is making nuclear power expansion a national priority. The directives aim to add 300 gigawatts of nuclear capacity by 2050 (the equivalent of 300 large reactors), make regulations easier to follow, and deploy advanced reactors for national security. At the same time, major technology companies are demonstrating unprecedented commitment to nuclear energy.”
“We expect 2026 to be an exciting year for Lightbridge,” concluded Mr. Grae.
Financial Highlights
Working capital was approximately
Cash Flows Summary
At December 31, 2025, the Company had cash and cash equivalents of
- Cash used in operating activities for the year ended December 31, 2025 was
$14.3 million , an increase of$4.8 million compared to$9.5 million for the year ended December 31, 2024. The increase was primarily due to elevated spending on research and development (R&D) and general and administrative expenses, partially offset by higher interest income, reflecting increased average cash balances following equity financings and higher short-term interest rates during the period. - Cash provided by financing activities for the year ended December 31, 2025 was
$176.2 million , an increase of$155.3 million compared to$20.9 million for the year ended December 31, 2024. This increase was due to a$154.5 million increase in net proceeds received from the issuance of common stock under our at-the-market (“ATM”) equity offering program and a$2.3 million increase in net proceeds from the exercise of stock options, partially offset by a$1.5 million increase in the payment of withholding taxes related to the net share settlement of equity awards.- Net cash provided by our ATM facility was
$176.0 million from the sale of approximately 12.6 million common shares and$21.4 million from the sale of approximately 4.5 million common shares in 2025 and 2024, respectively.
- Net cash provided by our ATM facility was
Balance Sheet Summary
Total assets were
- Stockholders’ equity was
$203.0 million at December 31, 2025, as compared to$40.5 million at December 31, 2024.
Fiscal Year 2025 Operations Summary
- General and administrative expenses amounted to
$14.0 million for the fiscal year ended December 31, 2025, compared to$8.5 million for the fiscal year ended December 31, 2024. The$5.5 million increase was primarily due to higher stock-based compensation, professional fees, and employee compensation. - Lightbridge’s total R&D expenses amounted to
$9.2 million for the fiscal year ended December 31, 2025, compared to$4.6 million for the fiscal year ended December 31, 2024, an increase of$4.6 million . This increase reflected increased activities related to the development of Lightbridge Fuel, including project labor costs at Idaho National Laboratory, increases in IT expenses related to the purchase of computer hardware and software to support advanced nuclear modeling and simulation of Lightbridge Fuel, and allocated employee compensation and stock-based compensation. - Total other income was
$3.6 million for the fiscal year ended December 31, 2025, compared to$1.3 million for the fiscal year ended December 31, 2024. Other income consisted of interest income earned from treasury bills and our bank savings account, driven by higher average cash balances. - Net loss was
$19.6 million for the fiscal year ended December 31, 2025, compared to$11.8 million for the fiscal year ended December 31, 2024.
CONFERENCE CALL & AUDIO WEBCAST
Lightbridge will host a conference call on Thursday, February 26, at 4:00 p.m. ET to discuss the Company’s financial results and provide an update on its fuel development activities. The conference call will be led by Seth Grae, President & Chief Executive Officer, with other Lightbridge executives available to answer questions.
To access the call by phone, please register using this link (registration link), and you will be provided with dial-in details. To avoid delays, we encourage participants to dial in to the conference call 15 minutes before the scheduled start time. The webcast can be accessed at the following link (webcast).
A webcast replay will also be available for a limited time at the following link (webcast replay).
About Lightbridge Corporation
Lightbridge Corporation (NASDAQ: LTBR) is focused on developing advanced nuclear fuel technology essential to delivering abundant, zero-emission, clean energy and providing energy security to the world. The Company is developing Lightbridge Fuel™, a proprietary next-generation nuclear fuel technology for existing light-water and pressurized heavy-water reactors, significantly enhancing reactor safety, economics, and proliferation resistance. The Company is also developing Lightbridge Fuel for new small modular reactors to deliver the same benefits, plus load-following with renewables, on a zero-carbon electric grid.
Lightbridge has entered into two long-term framework agreements with Battelle Energy Alliance, LLC, the United States Department of Energy’s operating contractor for Idaho National Laboratory, the United States’ lead nuclear energy research and development laboratory. DOE’s Gateway for Accelerated Innovation in Nuclear program has twice awarded Lightbridge to support the development of Lightbridge Fuel over the past several years. An extensive worldwide patent portfolio backs Lightbridge’s innovative fuel technology. Lightbridge is included in the Russell 2000® and Russell 3000® Indexes. For more information, please visit www.ltbridge.com.
To receive Lightbridge Corporation updates via e-mail, subscribe at https://www.ltbridge.com/investors/news-events/email-alerts
Lightbridge is on YouTube. Subscribe to access past demonstrations, interviews, and other video content at https://www.youtube.com/@lightbridgecorporation
Lightbridge is on X (formerly Twitter). Sign up to follow @LightbridgeCorp at http://twitter.com/lightbridgecorp.
Forward Looking Statements
With the exception of historical matters, the matters discussed herein are forward-looking statements. These statements are based on current expectations on the date of this news release and involve a number of risks and uncertainties that may cause actual results to differ significantly from such estimates. The risks include, but are not limited to: Lightbridge’s ability to commercialize its nuclear fuel technology; the degree of market adoption of Lightbridge’s product and service offerings; Lightbridge’s ability to fund general corporate overhead and outside research and development costs; market competition; our ability to attract and retain qualified employees; dependence on strategic partners; demand for fuel for nuclear reactors; Lightbridge’s ability to manage its business effectively in a rapidly evolving market; the availability of nuclear test reactors and the risks associated with unexpected changes in Lightbridge’s fuel development timeline; the increased costs associated with metallization of Lightbridge’s nuclear fuel; public perception of nuclear energy generally; changes in the political environment; risks associated with war in Europe; changes in the laws, rules and regulations governing Lightbridge’s business; development and utilization of, and challenges to, Lightbridge’s intellectual property; risks associated with potential shareholder activism; potential and contingent liabilities; as well as other factors described in Lightbridge’s filings with the Securities and Exchange Commission (the “SEC”). Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements.
A further description of risks and uncertainties can be found in Lightbridge’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in its other filings with the SEC, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Statements,” all of which are available at http://www.sec.gov/ and www.ltbridge.com.
Investor Relations Contact:
Matthew Abenante, IRC
Director of Investor Relations
Tel: +1 (347) 947-2093
ir@ltbridge.com
| *** tables follow *** |
| LIGHTBRIDGE CORPORATION UNAUDITED CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 201,862,421 | $ | 39,990,827 | ||||
| Prepaid expenses and other current assets | 712,983 | 324,378 | ||||||
| Total Current Assets | 202,575,404 | 40,315,205 | ||||||
| Other Assets | ||||||||
| Prepaid project costs and other long-term assets | 1,140,000 | 528,805 | ||||||
| Trademarks | 119,391 | 108,865 | ||||||
| Total Assets | $ | 203,834,795 | $ | 40,952,875 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities | ||||||||
| Accounts payable and accrued liabilities | $ | 847,451 | $ | 424,585 | ||||
| Total Current Liabilities | 847,451 | 424,585 | ||||||
| Stockholders’ Equity | ||||||||
| Preferred stock, | - | - | ||||||
| Common stock, | 33,407 | 18,784 | ||||||
| Additional paid-in capital | 386,719,120 | 204,694,348 | ||||||
| Accumulated deficit | (183,765,183 | ) | (164,184,842 | ) | ||||
| Total Stockholders’ Equity | 202,987,344 | 40,528,290 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 203,834,795 | $ | 40,952,875 | ||||
| LIGHTBRIDGE CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue | $ | - | $ | - | ||||
| Operating Expenses | ||||||||
| General and administrative | 14,016,573 | 8,460,519 | ||||||
| Research and development | 9,210,499 | 4,598,978 | ||||||
| Total Operating Expenses | 23,227,072 | 13,059,497 | ||||||
| Operating Loss | (23,227,072 | ) | (13,059,497 | ) | ||||
| Other Income | ||||||||
| Interest income | 3,646,731 | 1,272,431 | ||||||
| Total Other Income | 3,646,731 | 1,272,431 | ||||||
| Net Loss Before Income Taxes | (19,580,341 | ) | (11,787,066 | ) | ||||
| Income taxes | - | - | ||||||
| Net Loss | $ | (19,580,341 | ) | $ | (11,787,066 | ) | ||
| Net Loss Per Common Share | ||||||||
| Basic and diluted | $ | (0.80 | ) | $ | (0.81 | ) | ||
| Weighted Average Number of Common Shares Outstanding | 24,517,972 | 14,487,834 | ||||||
| LIGHTBRIDGE CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| Year Ended | ||||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| Operating Activities | ||||||||
| Net loss | $ | (19,580,341 | ) | $ | (11,787,066 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Stock-based compensation | 5,789,991 | 2,149,037 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Prepaid expenses and other current assets | (302,799 | ) | (3,121 | ) | ||||
| Prepaid project costs and other long-term assets | (611,195 | ) | (45,805 | ) | ||||
| Accounts payable and accrued liabilities | 422,866 | 193,259 | ||||||
| Net Cash Used in Operating Activities | (14,281,478 | ) | (9,493,696 | ) | ||||
| Investing Activities | ||||||||
| Trademarks | (10,526 | ) | - | |||||
| Net Cash Used in Investing Activities | (10,526 | ) | - | |||||
| Financing Activities | ||||||||
| Proceeds from sale of common stock in public offerings | 181,968,400 | 22,540,789 | ||||||
| Issuance costs paid related to sale of common stock in public offerings | (6,015,819 | ) | (1,128,284 | ) | ||||
| Net proceeds from the exercise of stock options | 2,369,838 | 41,921 | ||||||
| Payments for taxes related to net share settlement of equity awards | (2,158,821 | ) | (568,348 | ) | ||||
| Net Cash Provided by Financing Activities | 176,163,598 | 20,886,078 | ||||||
| Net Increase in Cash and Cash Equivalents | 161,871,594 | 11,392,382 | ||||||
| Cash and Cash Equivalents, Beginning of Year | 39,990,827 | 28,598,445 | ||||||
| Cash and Cash Equivalents, End of Year | $ | 201,862,421 | $ | 39,990,827 | ||||
| Supplemental Disclosure of Cash Flow Information | ||||||||
| Cash paid during the year: | ||||||||
| Interest paid | $ | - | $ | - | ||||
| Income taxes paid | $ | - | $ | - | ||||
| Non-Cash Financing Activities: | ||||||||
| Payment of accrued liabilities with common stock | $ | 15,000 | $ | 15,000 | ||||
| Common stock issued for consulting services | $ | 300,000 | $ | 180,000 | ||||
FAQ
What were Lightbridge's cash and working capital levels reported on Feb 25, 2026 (LTBR)?
How much did Lightbridge raise from its ATM equity program in 2025 (LTBR)?
What were Lightbridge's fiscal 2025 operating and net results (LTBR)?
What R&D progress did Lightbridge announce regarding fuel development in 2025 (LTBR)?
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