Executive Summary

Q2 2025: Net loss of $3.52M and diluted EPS of −$0.16; sequential improvement vs Q1 2025 EPS −$0.24, but wider loss year over year (Q2 2024 EPS −$0.17) driven by higher R&D and G&A spend .
Balance sheet strengthened: cash and equivalents $97.9M, working capital $97.2M as of June 30, 2025, supporting an expanded R&D program and flexibility to fund milestones .
Operational milestones advanced: final design review completed for ATR experiment, enriched U‑Zr coupon samples fabricated for irradiation, and expectation to benefit from INL’s FAST method to accelerate data generation .
2025 R&D spending outlook updated to approximately $12M (from ~$17M including capex/opex indicated in February), implying tighter cost focus amid ample liquidity; ATM capacity $75M in place with $63.1M raised in H1 .
Wall Street consensus EPS/revenue estimates were unavailable via S&P Global for LTBR; results thus compared to prior periods only (consensus data unavailable).

What Went Well and What Went Wrong

Advanced program milestones: “completion of the final experiment design review in June for our upcoming irradiation testing in the Advanced Test Reactor, and… successful fabrication of enriched uranium‑zirconium alloy coupon samples” .
Policy and market tailwinds: executive orders targeting power uprates and advanced nuclear support; management reiterated Lightbridge Fuel’s ability to enable power uprates “up to 17%” in existing reactors .
Capital position: CFO emphasized “$97.9 million in cash and cash equivalents and $97.2 million in working capital” at quarter end, supporting strategic objectives and R&D execution .

Operating loss widened YoY: Q2 operating loss −$4.14M (vs −$2.70M), with G&A up to $2.50M (vs $1.79M) and R&D up to $1.64M (vs $0.91M) reflecting step‑up in program activity and stock‑based compensation .
Continued reliance on equity financing: ATM remains primary liquidity source with dilution risks and market‑access uncertainty flagged in MD&A .
Long commercialization timeline: management continues to target LTAs in the 2030s, highlighting the extended path to revenue generation and regulatory data collection .

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($USD)	$0.00	$0.00	$0.00
General & Administrative ($USD)	$1,792,613	$3,480,010	$2,502,637
Research & Development ($USD)	$909,612	$1,665,913	$1,639,864
Operating Loss ($USD)	$(2,702,225)	$(5,145,923)	$(4,142,501)
Interest/Other Income ($USD)	$327,591	$374,911	$622,067
Net Loss ($USD)	$(2,374,634)	$(4,771,012)	$(3,520,434)
Diluted EPS ($USD)	$(0.17)	$(0.24)	$(0.16)

Metric	Dec 31, 2024	Mar 31, 2025	Jun 30, 2025
Cash & Equivalents ($USD)	$39,990,827	$56,929,988	$97,901,357
Working Capital ($USD)	$39,900,000	$56,500,000	$97,200,000
Total Assets ($USD)	$40,952,875	$58,287,682	$98,968,970
Total Equity ($USD)	$40,528,290	$57,321,473	$97,774,593

Metric	H1 2024	H1 2025
Net Cash Used in Operating Activities ($USD)	$(3,725,447)	$(5,605,030)
Net Cash Provided by Financing Activities ($USD)	$2,194,041	$63,521,676
ATM Proceeds (shares/net $)	828,131 / $2,204,623	6,242,266 / $63,122,922

Notes: Company reports one segment (nuclear fuel technology) and no revenue; no non‑GAAP financial measures were presented .

Metric	Period	Previous Guidance	Current Guidance	Change
R&D Spend (capex+opex)	FY 2025	~$17M (Feb 2025)	~$12M (Q2 10‑Q)	Lowered
Liquidity Needs (operating, capex, other)	Next 12 months	Not disclosed	~$39M projected cash requirements	New disclosure
Financing Capacity (ATM)	Ongoing	Prior ATM exhausted in 2024	New $75M ATM program with Jefferies	Expanded

No revenue, margin, OpEx guidance beyond the R&D spend outlook; no tax rate, dividend, or segment‑specific guidance was provided.

Topic	Previous Mentions (Q4 2024, Q1 2025)	Current Period (Q2 2025)	Trend
INL fabrication milestones	Co‑extrusion coupon demo; characterization at INL	Final experiment design complete; enriched U‑Zr coupons fabricated	Advancing
FAST accelerated testing	Not discussed in Q4; sustained interest in testing pathways	Expect to benefit from FAST to expedite burnup/irradiation data	New/enhanced
Oklo collaboration	MOU scope for co‑location and recycling	Evaluating co‑location within Oklo’s new advanced fuel manufacturing facility	Expanding
Policy tailwinds (Exec Orders)	Anticipated policy moves; COP commitments	Emphasized direct support for uprates and advanced tech	Strengthening
AI/data center demand	Emerging AI/data center nuclear demand	Reinforced AI/data center baseload needs as driver	Sustained
Regulatory/licensing	Studies (MIT/TAMU/SIA) underpin safety, performance	Targeted NRC engagement; ADVANCE Act to streamline licensing	Building framework

“We achieved several significant milestones… completion of the final review of the experiment design… and successful fabrication of enriched uranium‑zirconium alloy coupon samples” (Seth Grae) .
“These enriched samples will undergo irradiation testing using… FAST… enabling burnup targets more quickly than conventional testing methods” (Andrey Mushakov) .
“Our cash and cash equivalents totaled $97.9 million… working capital was $97.2 million… important to ensure we have sufficient working capital… to conduct our R&D activities” (Larry Goldman) .
“We believe our technology can enable power upgrades of up to 17% in existing reactors… creating substantial market opportunities” (Seth Grae) .

Q2 2025 call had no audience questions; management directed listeners to the earnings release and 10‑Q .
From recent Q&A (FY 2024): SMR suitability confirmed; DOE‑provided uranium for testing; co‑extrusion significance and next steps toward ATR irradiation; TAM estimated ~$16.7B global nuclear fuel TAM discussed .

S&P Global consensus EPS/revenue estimates for LTBR were unavailable for Q2 2025 and adjacent periods. As a result, performance is assessed against prior periods rather than Street expectations (values retrieved from S&P Global).

Liquidity and program runway: ~$97.9M cash and ~$97.2M working capital provide a multi‑year runway to execute on irradiation and licensing milestones .
Accelerating data generation: FAST methodology plus completed ATR experiment design and enriched coupons materially de‑risk the path to regulatory performance data in the near term .
Commercial timeline remains long: Management still targets LTAs in the 2030s; expect limited near‑term revenue, with equity financing (ATM) as primary capital source and potential dilution risk .
Cost posture: 2025 R&D spend outlook updated to ~$12M vs prior ~$17M, signaling sharper budget focus while maintaining milestone cadence .
Policy and demand catalysts: Executive Orders (uprates/advanced nuclear) and AI/data center demand support LTBR’s narrative as a potential enabler of low‑carbon baseload capacity upgrades .
Trading implications: Monitor incremental ATR/FAST task statements, Oklo co‑location updates, and ATM activity; milestone 8‑Ks and technical press releases can serve as near‑term stock catalysts .
Medium‑term thesis: If irradiation data validate expected safety/economic benefits, LTBR could be structurally positioned to supply fuel into uprate and SMR channels, pending licensing and fabrication scale‑up .