Executive Summary

Q1 2025 was an execution-heavy quarter: Lightbridge completed a key co‑extrusion fabrication milestone at INL, bolstering readiness for ATR irradiation testing next year; operating loss widened as R&D and G&A spending ramped to support development .
Pre‑revenue as expected ($0 revenue); net loss increased to $4.8M (vs. $2.8M YoY) and diluted EPS was $(0.24) (vs. $(0.21) YoY), driven by higher INL project costs and accelerated stock comp within G&A .
Liquidity strengthened via ATM issuance: cash rose to $56.9M and working capital to $56.5M, providing “ample working capital” to fund near‑term milestones; total liabilities were just $1.0M .
No formal revenue/EPS guidance; spending outlook maintained at approximately $17M for 2025 R&D and CapEx; management highlighted policy tailwinds and commercialization pathway via ATR testing and Oklo co‑location evaluation as medium‑term catalysts .

What Went Well and What Went Wrong

What Went Well
- Achieved fabrication milestone: successful 8‑ft co‑extrusion coupon at INL, a “critical fabrication advancement” that underpins enriched sample production for ATR irradiation testing next year .
- Strategic positioning improved: signed MOU with Oklo to assess co‑located commercial fuel fabrication and explore reprocessing/recycling synergies; management emphasized growing nuclear demand from AI/data centers and SMRs .
- Balance sheet strength: cash increased to $56.9M with working capital of $56.5M; CFO reiterated ample flexibility to fund near‑term development .
What Went Wrong
- Loss widened: Net loss rose to $4.8M as G&A increased to $3.5M (acceleration of RSU vesting was ~$0.5M of the $0.7M stock‑comp increase) and R&D to $1.7M (INL labor and personnel costs) .
- No revenue yet: remains pre‑revenue; margins not yet meaningful; dependency on external funding and partnerships persists .
- Estimates context unavailable: No S&P Global consensus for EPS/revenue; investors lack a benchmark for “beat/miss” and must track operational milestones instead (S&P Global data unavailable via tool).

Financial Results

P&L and Per‑Share

Metric	Q1 2024	Q3 2024	Q4 2024	Q1 2025
Revenue ($)	$0	$0	—	$0
R&D Expense ($)	$1,023,823	$1,298,601	—	$1,665,913
G&A Expense ($)	$2,157,745	$1,676,209	—	$3,480,010
Other Income ($)	$361,984	$318,649	—	$374,911
Net Loss ($)	$(2,819,584)	$(2,656,161)	—	$(4,771,012)
Diluted EPS ($)	$(0.21)	$(0.19)	—	$(0.24)

Notes: The company did not disclose a standalone Q4 2024 quarterly P&L in press releases/filings reviewed; the February 26 release provided full‑year figures .

Drivers (Q1 2025 vs. Q1 2024): G&A +$1.3M (professional fees +$0.4M; stock comp +$0.7M driven by ~$0.5M accelerated vesting); R&D +$0.7M (INL labor +$0.4M; personnel/stock comp +$0.6M; partially offset by completion of two 2024 R&D studies −$0.3M) .

Cash, Liquidity, and Balance Sheet

Metric	Q3 2024	Q4 2024	Q1 2025
Cash & Cash Equivalents ($)	$26,634,951	$39,990,827	$56,929,988
Working Capital ($)	$25,900,000	$39,900,000	$56,500,000
Total Assets ($)	$27,620,613	$40,952,875	$58,287,682
Total Liabilities ($)	$1,159,566	$424,585	$966,209
Stockholders’ Equity ($)	$26,461,047	$40,528,290	$57,321,473

Cash Flow (Quarter)

Metric	Q1 2024	Q1 2025
Cash Used in Operating Activities ($)	$(1,878,006)	$(3,299,853)
Cash Provided by Financing Activities ($)	$1,221,982	$20,239,014

KPIs/Other:

Weighted avg. shares outstanding: 13.49M (Q1’24) vs. 19.55M (Q1’25) .
CFO: “ample working capital” to support near‑term development .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
R&D and CapEx Investment (approx.)	FY 2025	~$17M (Feb 26, 2025)	~$17M (May 12, 2025)	Maintained
ATR irradiation testing start (enriched samples)	2026 (expected)	—	“expected to begin next year” (from Q1 2025 vantage)	New timing detail

No revenue, margin, OpEx, OI&E, or tax rate guidance was provided beyond the spending outlook .

Earnings Call Themes & Trends

Topic	Q3 2024 (two quarters ago)	Q4 2024 (prior quarter)	Q1 2025 (current)	Trend
Fuel fabrication milestones	Extrusion progress with depleted U‑Zr; plan for enriched extrusions ahead	Successful 8‑ft co‑extrusion demo reported; INL characterizing sample	Co‑extrusion emphasized as critical step toward ATR irradiation next year	Improving execution
SMR/AI data center demand	Nuclear positioned for AI/data centers; SMR studies at MIT/TAMU	TAM and hyperscalers’ interest reinforced; uprate potential highlighted	“Paradigm shift” in policy/AI demand; nuclear as cornerstone; Lightbridge positioning	Strengthening tailwinds
DOE funding/partnerships	Government‑funded studies (MIT, SIA) validating safety/performance	Continued pursuit of DOE and strategic alliances to co‑fund milestones	Pursuing non‑dilutive funding; past GAIN vouchers and NEUP grants noted	Ongoing engagement
CANDU/International	RATEN ICN study suggests potential to double burnup <5% enrichment	CANDU feasibility reiterated; added detail on safety/performance studies	Continued engineering work across reactor types, including CANDU	Continued validation
Oklo collaboration	—	MOU with Oklo discussed for co‑location and recycling synergies	MOU reiterated; cost/scale synergies under evaluation	Strategic alignment

Management Commentary

“We successfully demonstrated our proprietary co‑extrusion manufacturing process at Idaho National Laboratory… We believe our cooperation with Oklo can open promising avenues for future fabrication and fuel cycle synergies.” — Seth Grae, CEO .
“As the next step, we are working with [INL] to manufacture and characterize test samples with enriched uranium… for irradiation testing in the Advanced Test Reactor… expected to begin next year.” — Andrey Mushakov, EVP .
“Total cash… was $56.9 million… Cash used in operating activities… was $3.3 million… Cash provided by financing… was $20.2 million… under our at‑the‑market facility.” — Larry Goldman, CFO .
“Lightbridge Fuel can deliver more power and major economic and safety benefits… This innovation supports the U.S. commitment to triple nuclear power capacity globally by 2050.” — Press release .

Q&A Highlights

DOE funding prospects: Management cannot predict DOE actions but believes Lightbridge is well‑positioned; will pursue non‑dilutive sources while minimizing IP risk .
Technology scope: Not actively pursuing thorium seed‑and‑blanket design; patents retained, focus is metallic U‑Zr fuel (power uprates) .
Commercialization path: ATR irradiation testing data expected to support NRC licensing and utility analyses; Oklo co‑location could reduce capital and operating costs for fuel fabrication .

Estimates Context

S&P Global consensus for EPS, revenue, and EBITDA was unavailable for LTBR; therefore, no beat/miss analysis versus Street estimates is possible at this time (S&P Global data unavailable via tool).
Implication: Investors should anchor on milestone execution (fabrication progress, ATR insertion timing) and liquidity runway rather than quarterly estimate deltas .

Key Takeaways for Investors

Execution momentum: Co‑extrusion milestone de‑risks fabrication, advancing the path to ATR irradiation testing next year—a key technical and regulatory catalyst .
Strong liquidity: $56.9M cash and $56.5M working capital, minimal liabilities, and ATM access provide runway to fund 2025 milestones despite elevated R&D/G&A .
Spending outlook steady: 2025 R&D/CapEx investment maintained at ~$17M, aligning resources with ATR and engineering objectives .
Policy and market tailwinds: Rising AI/data center power demand and pro‑nuclear policy (tripling/quadrupling targets) support long‑term value for advanced fuel enabling uprates and SMR performance .
Strategic optionality: Oklo MOU may lower future fabrication costs and open recycling pathways; additional press releases suggest testing acceleration via FAST methodology at INL (subsequent event) .
Index inclusion catalyst (post‑quarter): Addition to Russell 2000/3000 may expand investor base and liquidity around reconstitution, aiding capital access .
Near‑term focus: Watch for enriched sample fabrication/characterization, ATR capsule preparation, and any DOE/non‑dilutive funding developments as potential stock catalysts .

Appendix: Additional Press Releases Relevant to Q1 2025

Q1 2025 results/business update press release (May 12) with detailed G&A/R&D drivers and full financial statements .
Oklo MOU (Jan 28): feasibility of co‑located fabrication and recycling collaboration .
Q1 2025 call announcement (Apr 29) .

LIGHTBRIDGE Corp (LTBR)·Q1 2025 Earnings Summary