Lightbridge Corp (LTBR, Financial), an advanced nuclear fuel technology company, released its financial results for the third quarter ended September 30, 2023, on October 30, 2023. The company reported maintaining a strong working capital position of $28.6 million with no debt.
Financial Highlights
Lightbridge Corp (LTBR, Financial) reported a working capital position of $28.6 million at the end of Q3 2023. The company's cash and cash equivalents stood at $29.2 million, marking an increase of $0.3 million from $28.9 million at the end of 2022. The company reported no debt.
Cash Flows Summary
Cash used in operating activities for the nine months ended September 30, 2023, was $4.1 million. Cash provided by financing activities for the same period was $4.5 million, a decrease of $6.1 million compared to the same period in 2022. This decrease was primarily due to a decrease in the net proceeds from the issuance of common stock by the company's at-the-market (ATM) facility in the first nine months of 2023.
Balance Sheet Summary
As of September 30, 2023, total assets were $30.1 million, and total liabilities were $0.9 million. Working capital was $28.6 million at the end of Q3 2023, slightly down from $28.7 million at the end of 2022.
Operations Summary
General and administrative expenses amounted to $1.6 million for Q3 2023, compared to $2.0 million for the same period in 2022. The decrease of $0.4 million was primarily due to a decrease in employee compensation and employee benefits of $0.5 million, and a decrease in insurance expense of $0.1 million.
Research and development expenses amounted to $0.5 million for Q3 2023, compared to $0.2 million for the same period in 2022, an increase of $0.3 million. This increase was primarily due to an increase in project labor costs incurred from the U.S. National Laboratories of $0.2 million.
Net loss for Q3 2023 was $1.8 million, a decrease from $2.0 million for the same period in 2022.
Lightbridge Corp (LTBR, Financial) continues to make progress in its fuel development efforts, with recent advancements in Romania and strategic partnerships with Idaho National Laboratory, MIT, and Texas A&M.
Explore the complete 8-K earnings release (here) from Lightbridge Corp for further details.
