Q1 2024 Lightbridge Corp Earnings Call Transcript
Key Points
- Lightbridge Corp (LTBR) achieved a critical milestone with the successful extrusion of a uranium-zirconium alloy rod at Idaho National Laboratory, advancing their nuclear fuel technology.
- The company is actively involved in international nuclear policy, with CEO Seth Grae appointed as Chair of the American Nuclear Society's International Council, enhancing global cooperation.
- Lightbridge Corp (LTBR) is expanding its influence in the nuclear industry with VP of Program Management, Jim Fornof, appointed to the Board of Directors at the United States Nuclear Industry Council.
- The company is engaged in multiple collaborative projects and studies, including with RATEN ICN and Centrus Energy, to further the development and deployment of Lightbridge Fuel.
- Lightbridge Corp (LTBR) has a strong financial position with ample working capital of $27.4 million as of March 31, 2024, to support ongoing fuel development and operational expenditures.
- The company reported a net loss of $2.8 million for the first quarter of 2024, which is an increase from the $2 million loss in the same quarter the previous year.
- Increased R&D and G&A expenses led to higher operational costs in the first quarter of 2024, contributing to the net loss.
- There was a decrease in cash and cash equivalents, from $28.6 million at the end of 2023 to $27.9 million by March 31, 2024.
- The increase in cash used in operating activities to $1.9 million in Q1 2024 from $1.5 million in Q1 2023 indicates higher cash burn rates.
- Despite ongoing projects and advancements, the commercial deployment and regulatory approval of Lightbridge Fuel are still in developmental stages, posing risks associated with technological and market acceptance uncertainties.
Thank you for standing by, and welcome to the Lightbridge Corporation business update and first quarter 2024 conference call. Please note that today's call is being recorded. It is now my pleasure to introduce Matthew Abenante, Director, Investor Relations for Lightbridge Corporation.
Thank you, Victor, and thanks to all of you for joining us today. The company's earnings press release was distributed yesterday and can be viewed on the Investor Relations page of the Lightbridge website at www.ltbridge.com. Joining us on the call today is Seth Grae, Chief Executive Officer; along with Andrey Mushakov, Executive Vice President for Nuclear Operations; Scott Holcombe, Vice President of Engineering; James Fornof, Vice President of Program Management; Larry Goldman, Chief Financial Officer; and Sherrie Holloway, Controller.
I would like to remind our listeners that any statements on this call that are not historical facts are
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