LIGHTBRIDGE Corp
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
LTBR$4.20+5.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0001477932-25-005731
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001477932-25-007949
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 102 previous paragraphs and 108 current paragraphs.
73 unchanged; 25 reworded; 10 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Loading of Capsules Containing Lightbridge Fuel Material Samples for Irradiation Testing
Current report
On October 9, 2025 we announced the successful completion of the loading of capsules containing Lightbridge Fuel material samples comprised of enriched uranium‑zirconium alloy, recently manufactured at INL, into an experiment assembly. The experiment assembly was inserted into the ATR for irradiation testing in October 2025.
Current report
On October 6, 2025, the Company and BEA entered into Modification No. 3 to the SPPA extending the duration of this umbrella agreement from 7 years to 12 years. On November 5, 2025, the Company and BEA entered into Modification No. 1 to the CRADA with INL, extending the period of performance from September 27, 2029 to September 27, 2032.
Current report
Safety Analysis Code Development Agreement
Current report
On October 27, 2025, we entered into an Agreement for Safety Analysis Codes and Services for Lightbridge Fuel Designs with Numerical Advisory Solutions, LLC (“NAS”), a provider of nuclear engineering analysis software. Under the agreement, NAS will perform code-development, benchmarking, and modeling services to support the creation of Lightbridge’s proprietary fuel-safety analysis methods and the adaptation of industry-standard computer codes for the Lightbridge Fuel™ helical-cruciform metallic U-Zr design.
Current report
The work scope includes hold-point reviews and deliverable acceptance by Lightbridge with an estimated completion window between October 2026 through January 2027. The total contract value is approximately $0.8 million, with milestone-based payments. The resulting software and analysis models will be owned by Lightbridge and are expected to strengthen Lightbridge’s internal capability to perform reactor safety analyses in support of future regulatory submissions and commercial fuel demonstrations.
Current report
In August 2025, we entered into an agreement with RATEN ICN (the 2025 RATEN ICN Agreement) to design and conduct irradiation test(s) for several Lightbridge fuel rodlets, with the objective of irradiating the rodlets to one or more target discharge burnups and subjecting the irradiated rodlets to Post Irradiation Examination. In accordance with the terms of the 2025 RATEN ICN Agreement, the work will occur in two phases: (1) In Phase 1, ICN RATEN will conduct scoping studies to develop preliminary experiment designs, evaluate infrastructure and equipment needs, and obtain cost and schedule estimates for potential new driver fuel; (2) In Phase 2, ICN RATEN will implement refurbishments, procure equipment and driver fuel as needed, finalize experiment design, fabricate and operate the test assembly, and complete post-irradiation examination. Lightbridge will be responsible for supplying experimental fuel rodlets for use in the irradiation tests. The Phase 1 work began in August 2025 at a cost of $35,000.
Current report
Interest Income
Current report
Interest Income
Current report
Beyond 12 months, we expect to require additional capital to continue R&D activities over a protracted time period as we advance the development and potential commercialization of our Lightbridge Fuel™.
Removed paragraphs (4)
Previous report
Other Income
Previous report
Other Income
Previous report
We currently estimate that our cash requirements for operating activities, capital expenditures, and other planned expenditures for the 12-month period following the filing of this Quarterly Report on Form 10-Q will total approximately $39.0 million. These projected expenditures include ongoing R&D expenses, G&A expenses, and capital investments.
Previous report
Looking beyond the next 12 months, we expect to require significant additional capital to complete the development and potential commercialization of our Lightbridge Fuel™. We currently estimate that total R&D and related capital expenditures will be in the range of approximately $200 million to $300 million over the next 10 to 15 years, or approximately an average of $20.0 million per year.
Reworded paragraphs (25)
Previous wording
We anticipate that the initial phase of work under the two agreements that has been released will culminate in the insertion of extruded unclad fuel material samples using enriched uranium supplied by the DOE for irradiation testing in the Advanced Test Reactor (ATR) at INL. The initial phase of work aims to generate irradiation performance data for Lightbridge’s delta-phase uranium-zirconium alloy relating to various thermophysical properties. The data will support fuel performance modeling and regulatory licensing efforts for commercial deployment of Lightbridge Fuel™. We use a rolling wave planning approach for project management purposes on the released scopes of work. It is an iterative planning technique in which the work to be accomplished in the near term is planned in detail, while work further in the future is planned at a higher level. As such, periodic revisions to the scope and/or cost estimates are anticipated.
Current wording
We anticipate that the initial phase of work under the two agreements that has been released will culminate in the insertion of extruded unclad fuel material samples using enriched uranium supplied by the DOE for irradiation testing in the ATR at INL. The initial phase of work aims to generate irradiation performance data for Lightbridge’s delta-phase uranium-zirconium alloy relating to various thermophysical properties. The data will support fuel performance modeling and regulatory licensing efforts for commercial deployment of Lightbridge Fuel™. We use a rolling wave planning approach for project management purposes on the released scopes of work. It is an iterative planning technique in which the work to be accomplished in the near term is planned in detail, while work further in the future is planned at a higher level. As such, periodic revisions to the scope and/or cost estimates are anticipated.
Previous wording
On March 18, 2025, the Company and BEA entered into Modification No. 4 to the PTS No. 1 under the SPPA, dated December 9, 2022, as amended on May 23, 2023, March 26, 2024 and October 24, 2024, by and between the Company and BEA. Pursuant to the terms of Modification No. 4, the potential amounts payable by the Company to reimburse BEA for its expenses and employee time were increased by approximately $0.6 million, bringing the total estimated cost for the work to be performed under the “umbrella” SPPA to $2.6 million.
Current wording
On March 18, 2025, the Company and BEA entered into Modification No. 4 to PTS No. 1 under the SPPA, dated December 9, 2022, as amended on May 23, 2023, March 26, 2024 and October 24, 2024, by and between the Company and BEA. Pursuant to the terms of Modification No. 4, the potential amounts payable by the Company to reimburse BEA for its expenses and employee time were increased by approximately $0.6 million, bringing the total estimated cost for the work to be performed under the “umbrella” SPPA to $2.6 million.
Previous wording
After accounting for all modifications, cash payments from Lightbridge to Battelle under both CRADA and SPPA are estimated at approximately $6.8 million on a cost reimbursable basis over the performance periods. The balance of the obligations as of June 30, 2025 was $2.8 million. These obligations are generally cancellable with 30 days’ notice and, therefore, are not considered firm commitments.
Current wording
After accounting for all modifications, cash payments from Lightbridge to Battelle under both CRADA and SPPA are estimated at approximately $6.8 million on a cost reimbursable basis over the performance periods. The balance of the obligations as of September 30, 2025 was $2.0 million. These obligations are generally cancellable with 30 days’ notice and, therefore, are not considered firm commitments.
Previous wording
We anticipate that subsequent phases of work under the two umbrella agreements that have not yet been released may include post-irradiation examination of the irradiated fuel material coupons, loop irradiation testing in the ATR, and post-irradiation examination of one or more uranium-zirconium fuel rodlets, as well as transient experiments in the Transient Reactor Test Facility at INL.
Current wording
We anticipate that subsequent phases of work under the two umbrella agreements that have not yet been released may include post-irradiation examination of the irradiated fuel material coupons, loop irradiation testing in the ATR, and post-irradiation examination of one or more uranium-zirconium fuel rodlets, transient experiments in the Transient Reactor Test Facility at INL, Fuel Qualification Plan support, safety analysis modeling development and support, as well as fuel thermo-mechanical modeling development and support.
Previous wording
On October 16, 2023, we engaged Institutul de Cercetări Nucleare Pitești, a subsidiary of Regia Autonoma Tehnologii pentru Energia Nucleara (RATEN ICN) in Romania to perform an engineering study to assess the compatibility and suitability of Lightbridge Fuel™ for use in Canada Deuterium Uranium (CANDU) reactors. This assessment covers key areas including mechanical design, neutronics analysis, and thermal and thermal-hydraulic evaluations. The findings from this engineering study will play an important role in guiding future economic evaluations and navigating potential regulatory licensing-related issues for potential use of Lightbridge Fuel™ in CANDU reactors.
Current wording
On October 16, 2023, we engaged Institutul de Cercetări Nucleare Pitești, a subsidiary of Regia Autonoma Tehnologii pentru Energia Nucleara (RATEN ICN) to perform an engineering study to assess the compatibility and suitability of Lightbridge Fuel™ for use in Canada Deuterium Uranium (CANDU) reactors. This assessment covers key areas including mechanical design, neutronics analysis, and thermal and thermal-hydraulic evaluations. The findings from this engineering study will play an important role in guiding future economic evaluations and navigating potential regulatory licensing-related issues for potential use of Lightbridge Fuel™ in CANDU reactors.
Previous wording
We previously announced the ongoing NEUP project with the Massachusetts Institute of Technology (MIT). The study led by MIT and funded by DOE relates to evaluation of accident tolerant fuels (ATFs) in various SMRs. The project aims to simulate the fuel and safety performance of Lightbridge Fuel™ for the NuScale SMR and provide scoping analysis to improve the safety and economics of water-cooled SMRs. In October 2024, MIT presented a technical paper with preliminary safety evaluation results at the TopFuel 2024 Conference in Grenoble, France. According to MIT, the results have shown promising safety and performance benefits for Lightbridge Fuel™. Compared to conventional fuel, Lightbridge Fuel™ demonstrated improved thermal-hydraulic margins, lower operating temperatures, and greater potential for power uprates, which contributes to enhancing reactor economics.
Current wording
We previously announced the ongoing NEUP project with the Massachusetts Institute of Technology (MIT). The study led by MIT and funded by DOE relates to evaluation of accident tolerant fuels in various SMRs. The project aims to simulate the fuel and safety performance of Lightbridge Fuel™ for the NuScale SMR and provide scoping analysis to improve the safety and economics of water-cooled SMRs. In October 2024, MIT presented a technical paper with preliminary safety evaluation results at the TopFuel 2024 Conference in Grenoble, France. According to MIT, the results have shown promising safety and performance benefits for Lightbridge Fuel™. Compared to conventional fuel, Lightbridge Fuel™ demonstrated improved thermal-hydraulic margins, lower operating temperatures, and greater potential for power uprates, which contributes to enhancing reactor economics.
Previous wording
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make a variety of estimates and assumptions that affect (i) the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and (ii) the reported amounts of revenues and expenses during the reporting periods covered by the financial statements. For a discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our financial statements, please see “Critical Accounting Estimates” under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025. There have been no significant changes in our critical accounting policies and estimates during the six months ended June 30, 2025.
Current wording
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make a variety of estimates and assumptions that affect (i) the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and (ii) the reported amounts of revenues and expenses during the reporting periods covered by the financial statements. For a discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our financial statements, please see “Critical Accounting Estimates” under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025. There have been no significant changes in our critical accounting policies and estimates during the nine months ended September 30, 2025.
Previous wording
G&A expenses increased by $0.7 million for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. The increase primarily consisted of an increase in IT services fees of $0.1 million, an increase in subscription expense of $0.1 million, an increase in professional fees of $0.3 million, and an increase in stock-based compensation of $0.2 million.
Current wording
G&A expenses increased by $1.5 million for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024. The increase primarily consisted of an increase in professional fees of $0.6 million, an increase in consulting fees of $0.1 million, and an increase in stock-based compensation of $0.8 million. The increase was primarily attributable to an increase in grants of performance-based restricted stock awards ( PSAs).
Previous wording
Total stock-based compensation included in G&A expenses was $0.5 million and $0.3 million for three months ended June 30, 2025 and June 30, 2024, respectively.
Current wording
Total stock-based compensation included in G&A expenses was $1.1 million and $0.3 million for three months ended September 30, 2025 and September 30, 2024, respectively.
Previous wording
R&D expenses increased by $0.7 million for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, due to the increase in R&D activities related to the development of Lightbridge Fuel™. This increase primarily consisted of an increase in INL project labor costs of $0.5 million, an increase in allocated employee compensation and stock-based compensation expenses of $0.1 million and an increase of other R&D expenses of $0.2 million offset by a decrease in R&D expenses related to the Romania feasibility study of $0.1 million, which study was completed in 2024.
Current wording
R&D expenses increased by $0.7 million for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, due to the increase in R&D activities related to the development of Lightbridge Fuel™. This increase primarily consisted of an increase in INL project labor costs of $0.4 million, an increase in allocated employee compensation and stock-based compensation expenses of $0.4 million and an increase in consulting fees of $0.1 million, partially offset by a decrease in R&D expenses related to the Centrus Energy FEED study of $0.1 million, which was completed in 2024, and a decrease in IT expenses of $0.1 million.
Previous wording
Total stock-based compensation included in research and development expenses was $0.2 million and $0.1 million for the three months ended June 30, 2025 and 2024, respectively.
Current wording
Total stock-based compensation included in research and development expenses was $0.5 million and $0.1 million for the three months ended September 30, 2025 and 2024, respectively.
Previous wording
Other income increased by $0.3 million for the three months ended June 30, 2025, driven by higher cash balances from our ATM sales. The additional cash generated was deployed in purchasing treasury bills and deposited into bank savings, which collectively yielded greater interest income compared to the same period in 2024.
Current wording
Interest income increased by $0.8 million for the three months ended September 30, 2025, driven by higher cash balances from our ATM sales. The additional cash generated was deployed in purchasing treasury bills and deposited into bank savings, which collectively yielded greater interest income compared to the same period in 2024.
Previous wording
Condensed Consolidated Results of Operations–** Six Months Ended June 30, 2025 and 2024**
Current wording
Condensed Consolidated Results of Operations–** Nine Months Ended September 30, 2025 and 2024**
Previous wording
G&A expenses increased by $2.0 million for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. The increase primarily consisted of an increase in consulting fees of $0.1 million, an increase in IT services fees of $0.1 million, an increase in professional fees of $0.7 million, an increase in employee compensation and employee benefits of $0.2 million, and an increase in stock-based compensation of $0.9 million primarily due to the accelerated vesting of RSAs issued to a former employee of $0.5 million.
Current wording
G&A expenses increased by $3.5 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. The increase primarily consisted of an increase in professional fees of $1.3 million, an increase in consulting fees of $0.3 million, an increase in IT services fees of $0.1 million, an increase in employee compensation and employee benefits of $0.1 million, and an increase in stock-based compensation of $1.7 million primarily due to the accelerated vesting of RSAs issued to a former employee of $0.5 million and an increase in grants of PSAs of $1.2 million.
Previous wording
Total stock-based compensation included in G&A expenses was $1.6 million and $0.7 million for six months ended June 30, 2025 and June 30, 2024, respectively.
Current wording
Total stock-based compensation included in G&A expenses was $2.7 million and $1.0 million for nine months ended September 30, 2025 and September 30, 2024, respectively.
Previous wording
The following table presents our total R&D expenses, including internal costs and other outside R&D costs, for the six months ended June 30, 2025 and 2024 (rounded to millions):
Current wording
The following table presents our total R&D expenses, including internal costs and other outside R&D costs, for the nine months ended September 30, 2025 and 2024 (rounded to millions):
Previous wording
R&D expenses increased by $1.4 million for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, due to the increase in R&D activities related to the development of Lightbridge Fuel™. This increase primarily consisted of an increase in INL project labor costs of $0.9 million, an increase in allocated employee compensation and stock-based compensation expenses of $0.7 million, and an increase in IT services fees of $0.1 million included in Other R&D expenses, partially offset by a decrease in R&D expenses related to the Romania feasibility study and Centrus Energy FEED study of $0.3 million, both of which studies were completed in 2024.
Current wording
R&D expenses increased by $2.1 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, due to the increase in R&D activities related to the development of Lightbridge Fuel™. This increase primarily consisted of an increase in INL project labor costs of $1.3 million, an increase in allocated employee compensation and stock-based compensation expenses of $1.1 million, and an increase in consulting services fees of $0.1 million included in Other R&D expenses, partially offset by a decrease in R&D expenses related to the Romania feasibility study and Centrus Energy FEED study of $0.4 million, both of which studies were completed in 2024.
Previous wording
Total stock-based compensation included in research and development expenses was $0.4 million and $0.1 million for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Total stock-based compensation included in research and development expenses was $0.9 million and $0.2 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Other income increased by $0.3 million for the six months ended June 30, 2025, driven by higher cash balances from our ATM sales. The additional cash generated was deployed in purchasing treasury bills and deposited into bank savings, which collectively yielded greater interest income compared to the same period in 2024.
Current wording
Interest income increased by $1.1 million for the nine months ended September 30, 2025, driven by higher cash balances from our ATM sales. The additional cash generated was deployed in purchasing treasury bills and deposited into bank savings, which collectively yielded greater interest income compared to the same period in 2024.
Previous wording
As of June 30, 2025, we had cash and cash equivalents of $97.9 million, compared to $40.0 million as of December 31, 2024, an increase of $57.9 million. During the six months ended June 30, 2025, we raised net proceeds of $63.1 million from the sale of approximately 6.2 million shares of common stock. Our net cash used in operating activities for the six months ended June 30, 2025, was $5.6 million.
Current wording
As of September 30, 2025, we had cash and cash equivalents of $153.3 million, compared to $40.0 million as of December 31, 2024, an increase of $113.3 million. During the nine months ended September 30, 2025, we raised net proceeds of $120.4 million from the sale of approximately 9.9 million shares of common stock. Our net cash used in operating activities for the nine months ended September 30, 2025, was $8.1 million.
Previous wording
We believe that our existing cash and cash equivalents of $97.9 million as of June 30, 2025, together with any additional sources such as cash flows from potential financing and ATM proceeds will be sufficient to meet our working capital and capital expenditure requirements for at least the next 12 months from the date of this filing. While we do not anticipate any material incoming cash flows from operations in the near term, we expect to continue funding our business primarily through our ATM equity offering.
Current wording
We believe that our existing cash and cash equivalents of $153.3 million as of September 30, 2025, together with any additional sources such as cash flows from potential financing and ATM proceeds will be sufficient to meet our working capital and capital expenditure requirements for at least the next 12 months from the date of this filing. Given the uncertainties inherent in our R&D programs and the industry, we cannot precisely estimate our total cash requirements over the next 12 months. We expect these expenditures to increase over time as we advance the development and potential commercialization of our Lightbridge Fuel™. While we do not anticipate any material incoming cash flows from operations in the near term, we expect to continue funding our business primarily through our ATM equity offering.
Previous wording
The following table provides detailed information about our net cash flows for the six months ended June 30, 2025 and 2024 (rounded in millions):
Current wording
The following table provides detailed information about our net cash flows for the nine months ended September 30, 2025 and 2024 (rounded in millions):
Previous wording
Cash used in operating activities increased by $1.9 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. This increase was primarily due to increased spending on R&D and G&A expenses.
Current wording
Cash used in operating activities increased by $2.4 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. This increase was primarily due to increased spending on R&D and G&A expenses.
Previous wording
Cash provided by financing activities increased by $61.3 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. This increase was primarily due to an increase in the net proceeds received from the issuance of common stock under our ATM offering of $60.9 million and net proceeds from the exercise of stock options of 0.6 million, partially offset by an increase in net share settlement of equity awards for the payment of withholding taxes of $0.2 million.
Current wording
Cash provided by financing activities increased by $117.7 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. This increase was primarily due to an increase in the net proceeds received from the issuance of common stock under our ATM offering of $116.7 million and net proceeds from the exercise of stock options of $1.2 million, partially offset by an increase in net share settlement of equity awards for the payment of withholding taxes of $0.2 million.
Previous wording
Cash provided by our ATM offering was $63.1 million (sale of approximately 6.2 million common shares) and $2.2 million (sale of approximately 0.8 million common shares) for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Cash provided by our ATM offering was $120.4 million (sale of approximately 9.9 million common shares) and $3.7 million (sale of approximately 1.4 million common shares) for the nine months ended September 30, 2025 and 2024, respectively.