LIGHTBRIDGE Corp
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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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, 2026 · Filed Nov 4, 2026
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 2026-06-30; filed 2026-08-06.
0001477932-26-004756
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001477932-26-006666
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 86 previous paragraphs and 102 current paragraphs.
49 unchanged; 27 reworded; 24 added; 9 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 10 previous and 11 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 (24)
Current report
Commercialization Pathway and Key Development Milestones
Current report
Development of the Lightbridge Fuel*™** Pilot Factory***
Current report
In August 2026, the Company was selected to participate in the Nuclear Energy Launch Pad INL program, administered by the U.S. Department of Energy’s (DOE) National Reactor Innovation Center (NRIC) at Idaho National Laboratory (INL). Selection provides an accelerated pathway toward DOE authorization for the Company to design, build, and operate a Lightbridge Fuel™ pilot factory at INL to manufacture LTAs of Lightbridge Fuel™ for demonstration in U.S. commercial power reactors. By establishing a dedicated manufacturing facility under DOE authorization, the Company expects to shorten the timeline for producing LTAs for operation in commercial U.S. reactors.
Current report
In connection with our participation in the Nuclear Energy Launch Pad INL program, we intend to develop a Lightbridge Fuel™ Pilot Factory (Pilot Factory), formerly referred to as the Special High-assay low-enriched uranium (HALEU) Extrusion Demonstration (SHED) Facility, at INL. Based on preliminary estimates, we currently expect the development and construction costs of the Pilot Factory to require approximately $140 million of expenditures that will be phased over approximately the next five-year development and construction period. The timing of this spending will be dependent on the completion of engineering, DOE/INL approvals, procurement decisions, construction milestones and other project requirements. Actual costs could be materially higher depending on the final design, scope, procurement requirements, construction conditions, regulatory requirements and other factors. These estimates remain preliminary and are subject to change as engineering, design, procurement and construction planning advance. The authorization to construct and operate the Pilot Factory remains subject to additional DOE/INL agreements, reviews, authorizations and other prerequisites before construction can start. There can be no assurance that such regulatory approvals will be obtained or obtained on the timeline currently anticipated by the Company. As of September 30, 2026, we had not entered into any material binding commitments for the construction of the Pilot Factory. We are currently working with NRIC/INL to negotiate the applicable agreements and project scope.
Current report
We plan to design the Pilot Factory as a multi-purpose fuel manufacturing and R&D platform. The Company currently expects that the facility and certain of its major production equipment will be capable of supporting the manufacture and development of metallic nuclear fuel components for multiple water-cooled reactor applications and fuel configurations.
Current report
The Pilot Factory will have a dedicated research and development workshop. We expect to design this R&D workshop as a flexible, multi-purpose research environment capable of supporting multiple current and future R&D projects. Research activities in the R&D workshop may include additive manufacturing and other advanced manufacturing techniques for producing nuclear fuel and reactor parts; development and evaluation of different fuel designs, compositions, geometries and configurations for different reactor types; and fuel-manufacturing process development and optimization for the future commercial Lightbridge Fuel™ Factory. The completion, modification or discontinuation of any individual R&D project is not expected, by itself, to eliminate the anticipated future utility of the underlying facility or shared equipment for other company activities. The ultimate technical feasibility, regulatory acceptance, economic viability, and commercial success of technologies developed through these activities remain subject to significant uncertainties.
Current report
In addition to these estimated facility development and construction costs, we expect to incur increased personnel and operating expenses as we hire employees and build the capabilities necessary to support the Pilot Factory and our broader fuel-development activities. The timing and amount of these expenditures will depend on the progress and scope of the project and other factors and cannot be reasonably estimated at this time.
Current report
The DOE’s authorization to construct and operate the Pilot Factory is separate from, and does not constitute, any approval or commitment by the DOE to provide funding for the Pilot Factory. We currently expect to fund these expenditures from our existing cash and financial resources and, as appropriate, additional capital raised through our ATM program or other financing activities. Although we believe our existing financial resources are sufficient to fund our currently anticipated near-term requirements, the development of the Pilot Factory and advancement of Lightbridge Fuel™ toward commercialization will require substantial expenditures over several years. See Part II, Item 1A. Risk Factors* *—"The development and construction of the Pilot Factory will require substantial capital expenditures, and our current estimates of the cost, timing and scope of the project may change materially” in this Quarterly Report on Form 10-Q.
Current report
DOE authorization to design, construct and operate the Pilot Factory does not constitute authorization for Lightbridge Fuel™ LTAs to be loaded, irradiated or otherwise used in a U.S. commercial nuclear power reactor. Any such use would remain subject to applicable U.S. Nuclear Regulatory Commission licensing, review and approval requirements, as well as any required approvals or actions by the host utility. There can be no assurance that such regulatory approvals or acceptance of LTAs by the host utility will be obtained, or obtained on the timeline currently anticipated by the Company.
Current report
Uranium Supply Dependency
Current report
Development of the Pilot Factory and the Company’s planned future fabrication of lead test assemblies will require access to qualified sources of uranium feedstock, including HALEU, where applicable, and uranium metal that meet applicable technical, regulatory and program requirements. The Company is evaluating potential supply sources, alternative supply arrangements and related infrastructure requirements to support these activities. The availability and timing of qualified HALEU and uranium metal, the need to qualify additional suppliers or processes, changes in pricing, or the need for additional deconversion, metallization or other supporting infrastructure could affect the timing and cost of the Pilot Factory program and the Company’s future capital requirements. The Company continues to assess these supply-chain requirements as the design, development and implementation of the Pilot Factory program progresses. See Part I, Item 1A. Risk Factors—“Risks Related to Our Business and to the Commercialization of Lightbridge Fuel™—Dependence on the Future Availability of Cost-Competitive Metallic HALEU and Commercial-Scale Fuel Fabrication Infrastructure” in our Annual Report on Form 10-K for the year ended December 31, 2025.
Current report
Development of Future Lightbridge Commercial Fuel Factory
Current report
Irradiation Testing – INL Loop Test Facility
Current report
In August 2026, the Company entered into CRADA Project Task Statement (PTS) No. 2 with BEA to support activities associated with irradiation testing necessary to validate the performance of Lightbridge Fuel™ by testing enriched uranium and zirconium fuel rodlets with cladding in cylindrical and multi-lobe geometry within the loop testing facility of the Advanced Test Reactor. Loop irradiation testing allows fuel samples to be irradiated under controlled reactor operating conditions in order to collect data necessary to validate fuel behavior. Successful irradiation testing is expected to provide key performance data supporting the Company's long-term commercialization strategy and ongoing engagement with current and prospective nuclear utility and strategic partners.
Current report
The scope of work under the PTS includes experiment design, provision of materials, assembly, irradiation and shipment, and disposition of materials. The work builds upon prior technical accomplishments under earlier PTSs, including fuel fabrication process development, and represents a significant step toward qualifying Lightbridge Fuel™ for commercial deployment in existing light water reactors. The PTS has an estimated total cost of approximately $9.0 million of cash funding and approximately $1.9 million of in-kind contributions to be provided by the Company, consisting primarily of engineering, technical, and project management support, and a period of performance of approximately 60 months. Costs are incurred on a reimbursable basis, with advance and monthly funding provided by the Company. The Company is not obligated to continue work that would cause it to exceed the estimated cost.
Current report
G&A expenses increased by $1.8 million for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025. The increase was due to:
Current report
Total stock-based compensation included in G&A expenses was $1.6 million and $1.1 million for the three months ended September 30, 2026 and 2025, respectively.
Current report
R&D expenses increased by $3.3 million for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025. The increase was due to:
Current report
Total stock-based compensation included in R&D expenses was $0.8 million and $0.5 million for the three months ended September 30, 2026 and 2025, respectively.
Current report
G&A expenses increased by $3.8 million for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025. The increase was due to:
Current report
As our R&D and manufacturing-readiness activities expand, we expect to continue increasing our employee base and administrative infrastructure to support these activities. Accordingly, we expect employee compensation, recruiting, professional services and other G&A expenses to increase over time, although the amount and timing of these increases will depend on the pace and scope of our development programs.
Current report
R&D expenses increased by $7.3 million for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025. The increase was due to:
Current report
We expect to significantly increase our R&D expenditures as we advance fuel fabrication development, irradiation testing programs, and our collaboration with DOE and INL, and as we perform engineering, site evaluation and other development activities related to the Pilot Factory. We also expect to hire additional engineering and technical personnel to support these initiatives. The amount and timing of future expenditures will depend on the scope and progress of these activities, and certain costs incurred in connection with future facility construction may qualify for capitalization rather than being recorded as expense.
Current report
Based on preliminary estimates, we currently expect the development and construction of the Pilot Factory to require approximately $140 million of expenditures over approximately the next five years, however, the ultimate cost, timing and scope of the Pilot Factory remain subject to significant uncertainty. We expect expenditures associated with the Pilot Factory to be phased over the development and construction period rather than incurred evenly or entirely at the outset of the project. The timing and magnitude of expenditures in any particular future period will depend on, among other things, engineering and design progress, the timing of DOE and INL reviews and authorizations, procurement lead times, construction sequencing, availability of nuclear materials and equipment, and decisions regarding the timing and scope of individual phases of the project. Accordingly, actual expenditures in any particular future period may vary significantly from our current expectations. The development, construction, commissioning and operation of the Fuel Factory is expected to require substantial additional capital and is expected to significantly exceed the estimated expenditures required to construct the Pilot Factory. As of the date of this filing, the Company has not yet determined the total capital required, as the scope, design, timing and scale of this facility and related engineering, regulatory, procurement and construction requirements remain subject to further development.
Removed paragraphs (9)
Previous report
Commercialization Outlook and Key Drivers of Timing
Previous report
Development of a Pilot-Scale Facility and Future Lightbridge Expandable Fuel Facility
Previous report
The Company is evaluating a potential site location and developing a conceptual design for a Lightbridge Expandable Fuel Facility (LEFF) to support the possible future fabrication of Lightbridge Fuel™ for use in commercial reactors. The Company also continually evaluates a variety of strategic opportunities that could accelerate the commercialization of its advanced nuclear fuel technology, including the potential establishment of a pilot-scale fuel fabrication capability to support the future manufacture of LTAs.
Previous report
G&A expenses increased by $1.2 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The increase was due to:
Previous report
R&D expenses increased by $2.4 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The increase was due to:
Previous report
We expect to significantly increase our R&D spend as we evaluate a potential site location and work on a conceptual design for any pilot-scale facility or the LEFF and as we continue to hire additional engineers in the near future to focus on fuel fabrication development, irradiation testing programs, and our collaboration with the DOE at INL.
Previous report
G&A expenses increased by $2.0 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The increase was due to:
Previous report
R&D expenses increased by $4.0 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The increase was due to:
Previous report
Total stock-based compensation included in R&D expenses was $1.1 million and $0.4 million for the six months ended June 30, 2026 and 2025, respectively. The amount for the six months ended June 30, 2026 includes the reversal of $0.2 million of previously recognized stock-based compensation related to a performance milestone under our Tranche-based PSAs that is no longer deemed probable of achievement.
Reworded paragraphs (27)
Previous wording
As discussed in more detail under “Forward-Looking Statements” preceding this MD&A, the following discussion contains forward-looking statements that are based on our management’s current expectations, estimates, and projections, which are subject to a number of risks and uncertainties. Our actual results may differ materially from those discussed in these forward-looking statements because of the risks and uncertainties inherent in future events*,*including those set forth under “Forward-Looking Statements” and Part II, Item 1A. Risk Factors included herein.
Current wording
As discussed in more detail under “Forward-Looking Statements” preceding this MD&A, the following discussion contains forward-looking statements that are based on our management’s current expectations, estimates, and projections, which are subject to a number of risks and uncertainties. Our actual results may differ materially from those discussed in these forward-looking statements because of the risks and uncertainties inherent in future events*,*including those set forth under “Forward-Looking Statements” and Part II, Item 1A. Risk Factors of this Quarterly Report on Form 10-Q.
Previous wording
The long-term milestones marking progress towards development and commercialization of nuclear fuel assemblies include, among other matters, irradiating nuclear material samples and prototype fuel rods with enriched uranium in test reactors, conducting post-irradiation examination of irradiated material samples and/or prototype fuel rods, performing thermal-hydraulic experiments, performing seismic and other out-of-reactor experiments, performing advanced computer modeling and simulations to support fuel qualification, designing a lead test assembly (LTA), entering into one or more lead test rod/assembly agreements with host reactors, demonstrating the production process of the fuel including lead test rods and/or LTAs, and demonstrating the operation of lead test rods and/or LTAs in commercial reactors.
Current wording
The long-term milestones marking progress towards development and commercialization of nuclear fuel assemblies include, among other matters:
Previous wording
In connection with these efforts, the Company may decide, from time to time, to apply to programs available through various governmental agencies that offer funding, regulatory flexibility, or other support related to the advancement of its nuclear fuel technology. Such programs may require significant capital investment and could materially increase research and development activities, capital expenditures, manufacturing capabilities and staffing over the next several years. For example, the Company recently submitted an application to the U.S. Department of Energy (DOE) seeking authorization and collaboration through the agency’s Nuclear Energy Launch Pad program relating to such a pilot-scale fuel fabrication capability. The requested authorization, if obtained and ultimately pursued by the Company, could enable earlier fabrication and testing of LTAs and accelerate the Company's commercialization timeline.
Current wording
The Company is also evaluating a potential site location and developing a conceptual design for a future commercial Lightbridge Fuel™ Factory (Fuel Factory), formerly referred to as the Lightbridge Expandable Fuel Facility (LEFF), to support the possible future fabrication of Lightbridge Fuel™ at commercial quantities for use in commercial reactors. In connection with these efforts, the Company may decide, from time to time, to apply to programs available through various governmental agencies that offer funding, regulatory flexibility, or other support related to the advancement of its nuclear fuel technology. Such programs may require significant capital investment and could materially increase research and development activities, capital expenditures, manufacturing capabilities and staffing over the next several years.
Previous wording
The construction of a pilot-scale facility could commence as early as 2027, subject to various factors, including those described below. This initiative would represent a significant potential expansion of the Company’s operations beyond its current R&D activities. While the scope, timing, and cost of constructing such a facility cannot be reasonably estimated at this time, the Company expects that the capital required to design, license, and construct any pilot-scale facility or LEFF would be substantial. The timing, amount, and sources of any related financing activities will depend on a number of factors, including the progress of the Company’s development programs, regulatory considerations, market conditions, and the availability of strategic partnerships or other funding sources. There can be no assurance that the Company will be able to obtain such financing on acceptable terms, or at all, nor can there be any assurance that the Company will pursue the construction of the fabrication facility.
Current wording
While the scope, timing, and cost of constructing such a facility cannot be reasonably estimated at this time, the Company expects that the capital required to design, license, construct and commission the Fuel Factory would be substantial and would significantly exceed the capital required for the Pilot Factory. The Fuel Factory is expected to involve commercial-scale nuclear fuel manufacturing infrastructure, and its ultimate cost could be materially affected by facility size, production capacity, site-specific requirements, nuclear licensing and regulatory requirements, security and safeguards, equipment specifications, supply-chain conditions, construction costs and other factors. The timing, amount, and sources of any related financing activities will depend on a number of factors, including the progress of the Company’s development programs, regulatory considerations, market conditions, and the availability of strategic partnerships or other funding sources. There can be no assurance that the Company will be able to obtain such financing on acceptable terms, or at all, nor can there be any assurance that the Company will pursue the construction of the Fuel Factory.
Previous wording
In June 2026, the Company launched a reconstituted Nuclear Utility Fuel Advisory Board, which is intended to provide the Company with input directly from utility industry representatives regarding fuel development priorities, licensing considerations, deployment strategies, operational requirements, and commercialization planning.
Current wording
In June 2026, the Company launched a reconstituted Nuclear Utility Fuel Advisory Board, which is intended to provide the Company with input directly from utility industry representatives regarding fuel development priorities, licensing considerations, deployment strategies, operational requirements, and commercialization planning. Interest from utilities is primarily based on the potential safety and economic benefits of Lightbridge Fuel™. See Part I, Item 1A. Risk Factors—“Risks Related to Our Business and to the Commercialization of Lightbridge Fuel™” in our Annual Report on Form 10-K for the year ended December 31, 2025.
Previous wording
In 2022, the Company entered into agreements with Batelle Energy Alliance, LLC (BEA), the U.S. Department of Energy’s (DOE) operating contractor for Idaho National Laboratory (INL), to support the development of Lightbridge Fuel™. The framework agreements consist of an “umbrella” Strategic Partnership Project Agreement (SPPA) and an “umbrella” Cooperative Research and Development Agreement (CRADA), each with BEA. The Company continues to perform work under its SPPA and CRADA with BEA, as previously described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. The Company periodically updates project scopes, schedules and cost estimates using 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
In 2022, the Company entered into agreements with Battelle Energy Alliance, LLC (BEA), the DOE operating contractor for INL, to support the development of Lightbridge Fuel™. The framework agreements consist of an “umbrella” Strategic Partnership Project Agreement (SPPA) and an “umbrella” Cooperative Research and Development Agreement (CRADA), each with BEA. The Company continues to perform work under its SPPA and CRADA with BEA, as previously described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. The Company periodically updates project scopes, schedules and cost estimates using 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
In April 2026, the Company entered into SPPA PTS No. 6 to support the development of coextruded fuel rod components for future irradiation testing. This program builds on prior INL fabrication work and is intended to further refine manufacturing processes and materials necessary to produce fuel rods and rodlets in their final cross-sectional configurations. Initial process development activities will be conducted using depleted uranium, with the expectation that, upon successful demonstration, these processes may be applied to enriched uranium to produce fuel rod segments for irradiation experiments at test reactors, including the Advanced Test Reactor (ATR). The program is expected to help bridge the transition from earlier-stage fabrication development and initial coupon fuel material samples currently undergoing irradiation testing in the ATR to the production of irradiation rod segment test specimens. The scope of work includes enhancements to fabrication processes and equipment, development and testing of key materials (including central displacer alloys and cladding behavior), and validation of coextrusion techniques for both cylindrical and multi-lobe fuel designs. The program also includes preparation of fuel rod segment specimens, including those with controlled defects, to support non-destructive evaluation calibration and irradiation testing. The total estimated cost of SPPA PTS No.6 is approximately $4.6 million over an expected performance period of 36 months. Costs are incurred on a reimbursable basis, with advance and monthly funding provided by the Company. The Company is not obligated to continue work beyond the estimated cost without additional authorization. This effort represents a key step in the Company’s ongoing fuel qualification strategy, supporting the advancement from process development toward irradiation testing and future commercialization activities.
Current wording
Initial process development activities will be conducted using depleted uranium, with the expectation that, upon successful demonstration, these processes may be applied to enriched uranium to produce fuel rod segments for irradiation experiments at test reactors, including the ATR. The program is expected to help bridge the transition from earlier-stage fabrication development and initial coupon fuel material samples currently undergoing irradiation testing in the ATR to the production of irradiation rod segment test specimens. The scope of work includes enhancements to fabrication processes and equipment, development and testing of key materials (including central displacer alloys and cladding behavior), and validation of coextrusion techniques for both cylindrical and multi-lobe fuel designs. The program also includes preparation of fuel rod segment specimens, including those with controlled defects, to support non-destructive evaluation calibration and irradiation testing. The total estimated cost of SPPA PTS No.6 is approximately $4.6 million over an expected performance period of 36 months. Costs are incurred on a reimbursable basis, with advance and monthly funding provided by the Company. The Company is not obligated to continue work beyond the estimated cost without additional authorization. This effort represents a key step in the Company’s ongoing fuel qualification strategy, supporting the advancement from process development toward irradiation testing and future commercialization activities.
Previous wording
As of June 30, 2026, the Company expects to pay an aggregate $25.2 million to BEA under the CRADA and the SPPA on a cost reimbursable basis over the performance periods. As of June 30, 2026, a cumulative total of $7.1 million has been expensed and the aggregate funding commitment remaining under these agreements is $18.1 million. These obligations are generally cancellable with 30-60 days’ notice and, therefore, are not considered firm commitments, and are not expensed until incurred. Actual expenditures may differ from this amount based on the scope and timing of work performed through the issuance of additional PTSs to BEA.
Current wording
As of September 30, 2026, the Company expects to pay an aggregate $34.2 million to BEA under the CRADA and the SPPA on a cost reimbursable basis over the performance periods. As of September 30, 2026, a cumulative total of $8.3 million has been expensed and the aggregate funding commitment remaining under these agreements is $25.9 million. These obligations are generally cancellable with 30-60 days’ notice and, therefore, are not considered firm commitments, and are not expensed until incurred. Actual expenditures may differ from this amount based on the scope and timing of work performed through the issuance of additional PTSs to BEA.
Previous wording
In December 2025, the Company entered into a Master Services Agreement (MSA) with Amentum Technology Inc. (Amentum) relating to the performance of activities by Amentum in support of various activities as the Company and Amentum may agree from time to time. In June 2026, the Company entered into a new task order with Amentum to conduct feasibility and site selection studies and develop a conceptual design for a standalone LEFF, with completion of deliverables expected in early 2027. The Company expects to incur approximately $2.4 million of R&D expenses under this task order.
Current wording
In December 2025, the Company entered into a Master Services Agreement (MSA) with Amentum Technology Inc. (Amentum) relating to the performance of activities by Amentum in support of various activities as the Company and Amentum may agree from time to time. In June 2026, the Company entered into a new task order with Amentum to conduct feasibility and site selection studies and develop a conceptual design for a standalone Fuel Factory, with completion of deliverables expected in early 2027. The Company expects to incur approximately $2.4 million of expenses under this task order.* *
Previous wording
For a discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our financial statements, please see Part II, Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations—“Critical Accounting Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no significant changes in our critical accounting policies and estimates during the six months ended June 30, 2026.
Current wording
For a discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our financial statements, please see Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—“Critical Accounting Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no significant changes in our critical accounting policies and estimates during the nine months ended September 30, 2026.
Previous wording
During the first half of 2026, the Company continued accelerating the development of Lightbridge Fuel™. Operating expenses increased for the three and six months ended June 30, 2026 primarily as a result of the Company's continued investment in engineering, fuel development, manufacturing readiness activities, project development, and organizational infrastructure supporting the long-term development of Lightbridge Fuel™. The Company generated increased interest income from its significantly higher cash balances invested primarily in U.S. Treasury securities.
Current wording
During the first three quarters of 2026, the Company continued to accelerate the development of Lightbridge Fuel™. Operating expenses increased for the three and nine months ended September 30, 2026 primarily as a result of the Company's continued investment in engineering, fuel development, manufacturing readiness activities, project development, and organizational infrastructure supporting the long-term development of Lightbridge Fuel™. The Company generated increased interest income from its significantly higher cash balances invested primarily in U.S. Treasury securities.
Previous wording
There was an increase in interest income of $1.3 million due to higher cash balances, which resulted in an increase in interest income earned from the purchase of treasury bills and from our bank savings account for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025.
Current wording
There was an increase in interest income of $0.9 million due to higher cash balances, which resulted in an increase in interest income earned from the purchase of treasury bills and from our bank savings account for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025.
Previous wording
Condensed Consolidated Results of Operations - Six Months Ended June 30, 2026 and 2025
Current wording
Condensed Consolidated Results of Operations - Nine Months Ended September 30, 2026 and 2025
Previous wording
Total stock-based compensation included in G&A expenses was $2.8 million and $1.6 million for the six months ended June 30, 2026 and 2025, respectively. The amount for the six months ended June 30, 2026 includes the reversal of $0.5 million of previously recognized stock-based compensation related to a performance milestone under our Tranche-based PSAs that is no longer deemed probable of achievement. The amount for the six months ended June 30, 2025 includes $0.5 million of stock-based compensation expense related to accelerated vesting of RSAs in connection with a separation agreement with a former employee.
Current wording
Total stock-based compensation included in G&A expenses was $4.4 million and $2.7 million for the nine months ended September 30, 2026 and 2025, respectively. The amount for the nine months ended September 30, 2026 was net of the reversal of $0.5 million of previously recognized stock-based compensation related to a performance milestone under our Tranche-based PSAs that is no longer deemed probable of achievement. The amount for the nine months ended September 30, 2025 includes $0.5 million of stock-based compensation expense related to accelerated vesting of RSAs in connection with a separation agreement with a former employee.
Previous wording
The following table presents our total R&D expenses for the six months ended June 30, 2026 and 2025 (in millions):
Current wording
The following table presents our total R&D expenses for the nine months ended September 30, 2026 and 2025 (in millions):
Previous wording
Total stock-based compensation included in R&D expenses was $0.4 million and $0.2 million for the three months ended June 30, 2026 and 2025, respectively. The amount for the three months ended June 30, 2026 includes the reversal of $0.2 million of previously recognized stock-based compensation related to a performance milestone under our Tranche-based PSAs that is no longer deemed probable of achievement.
Current wording
Total stock-based compensation included in R&D expenses was $1.9 million and $0.9 million for the nine months ended September 30, 2026 and 2025, respectively. The amount for the nine months ended September 30, 2026 was net of the reversal of $0.2 million of previously recognized stock-based compensation related to a performance milestone under our Tranche-based PSAs that is no longer deemed probable of achievement.
Previous wording
There was an increase in interest income of $2.2 million due to higher cash balances, which resulted in an increase in interest income earned from the purchase of treasury bills and from our bank savings account for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025.
Current wording
There was an increase in interest income of $3.1 million due to higher cash balances, which resulted in an increase in interest income earned from the purchase of treasury bills and from our bank savings account for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025.
Previous wording
We assess our liquidity based on our ability to fund the cash requirements of our R&D activities, G&A expenses, contractual obligations, and other operating needs. Based on our current projected operating expenses and our available cash resources, we believe we have sufficient liquidity to fund our operations and meet our anticipated cash requirements for at least the next 12 months from the date of this filing. Our longer-term liquidity will depend on our ability to obtain additional financing, as our existing capital resources are not sufficient to fund our long-term operations, R&D activities, and commercialization efforts. Planned expenditures are expected to include the continued expansion of engineering and technical personnel for research and development activities, manufacturing readiness initiatives, project development activities including establishing a pilot-scale facility, testing and qualification programs, regulatory support activities, and other commercialization-related initiatives. The Company also expects to continue investing in the organizational infrastructure necessary to support these activities as it transitions from a primarily research-focused organization toward manufacturing readiness activities.
Current wording
We assess our liquidity based on our ability to fund the cash requirements of our ongoing R&D activities, G&A expenses, contractual obligations, and other operating needs. Based on our current projected operating expenses, available cash resources, and our current cash forecast, including the presently anticipated near-term Pilot Factory spending, we believe that we have sufficient liquidity to fund our operations and meet our anticipated cash requirements for at least the next 12 months from the date of this filing. Our longer-term liquidity will depend on our ability to obtain additional financing. Our existing capital resources are not sufficient to fund all of our long-term operations, R&D activities, future manufacturing infrastructure (including the Fuel Factory), and commercialization efforts through commercial deployment of Lightbridge Fuel™. Planned expenditures are expected to include the continued expansion of engineering and technical personnel for research and development activities, manufacturing readiness initiatives, project development activities including constructing and operating the Pilot Factory and the Fuel Factory, testing and qualification programs, regulatory support activities, and other commercialization-related initiatives. The Company also expects to continue investing in the organizational infrastructure necessary to support these activities as it transitions from a primarily research-focused organization toward manufacturing readiness activities.
Previous wording
At June 30, 2026, we had cash and cash equivalents of $237.5 million, as compared to $201.9 million at December 31, 2025, an increase of $35.6 million. We raised net proceeds of $44.4 million from the sale of approximately 3.8 million shares of common stock during the six months ended June 30, 2026. Our net cash used in operating activities for the six months ended June 30, 2026, was $8.3 million. We do not anticipate any material incoming cash flows from operations for the foreseeable future, and we expect to continue funding our business primarily through our ATM program or other equity offerings.
Current wording
At September 30, 2026, we had cash and cash equivalents of $236.7 million, as compared to $201.9 million at December 31, 2025, an increase of $34.8 million. We raised net proceeds of $48.9 million from the sale of approximately 4.3 million shares of common stock during the nine months ended September 30, 2026. Our net cash used in operating activities for the nine months ended September 30, 2026, was $13.2 million. We do not anticipate any material incoming cash flows from operations for the foreseeable future, and we expect to continue funding our business primarily through our ATM program or other equity offerings.
Previous wording
Due to the uncertainties inherent in our R&D programs and the broader industry environment, we are unable to reliably estimate our total cash requirements over the full R&D period or beyond the next 12 months. We expect our expenditures to increase over time as we advance the development and potential commercialization of our Lightbridge Fuel™. We expect that significant additional capital will be required over an extended period to advance Lightbridge Fuel™ through development and toward commercial deployment. The amount and timing of future funding needs will depend on technical progress, regulatory requirements, design and construction costs of any pilot-scale facility and the LEFF, partnering arrangements, and the availability of government support. At this stage, we cannot reliably estimate the total funding required to reach commercial deployment. We currently intend to fund these activities through a mix of equity financing, strategic partnerships, and potential government grants or awards, but there can be no assurance that these additional sources of capital will be made available on terms acceptable to us, or at all.
Current wording
Due to the uncertainties inherent in our R&D programs and the broader industry environment, we are unable to reliably estimate our total cash requirements over the full R&D period or beyond the next 12 months. We expect our expenditures to increase over time as we advance the development and potential commercialization of our Lightbridge Fuel™. We expect that significant additional capital will be required over an extended period to advance Lightbridge Fuel™ through development and toward commercial deployment. The amount and timing of future funding needs will depend on technical progress, regulatory requirements, design and construction costs of the Pilot Factory and the Fuel Factory, partnering arrangements, and the availability of government support.
Previous wording
Our current primary source of liquidity is proceeds from our ATM equity offerings. During the six months ended June 30, 2026, we sold approximately 3.8 million shares of our common stock under our sales agreement with Jefferies LLC, receiving net proceeds (less sales commissions and expenses) of $44.4 million.
Current wording
Our current primary source of liquidity is proceeds from our ATM equity offerings. During the nine months ended September 30, 2026, we sold approximately 4.3 million shares of our common stock under our sales agreement with Jefferies LLC, receiving net proceeds (less sales commissions and expenses) of $48.9 million.
Previous wording
We have a $350 million shelf registration statement on Form S-3 (File No. 333-291837). As of June 30, 2026, approximately $96.1 million of our common stock remained available for issuance and sale under the Company’s $150 million at-the-market offering program pursuant to the related prospectus supplement.
Current wording
We have a $350 million shelf registration statement on Form S-3 (File No. 333-291837). As of September 30, 2026, approximately $91.4 million of our common stock remained available for issuance and sale under the Company’s $150 million at-the-market offering program pursuant to the related prospectus supplement.
Previous wording
As noted previously, we have entered into PTSs with BEA, the operating contractor of INL, in collaboration with the DOE, which statements set forth the initial scopes of work and funding commitments under the SPPA and CRADA umbrella agreements. Performance of work under these agreements may be terminated at any time by either party, without any liability, after the effective date of termination, upon 30 days’ written notice under the SPPA and 60 days’ written notice under the CRADA. In the event of termination, the Company shall be responsible for BEA’s costs (including the closeout costs), through the effective date of termination, but in no event shall the Company’s cost responsibility exceed the total estimated cost stated in each PTS and any subsequent modification to the PTS. As of June 30, 2026, the aggregate funding commitment remaining from the Company to BEA, if and when incurred, would not exceed $18.1 million.
Current wording
As noted previously, we have entered into PTSs with BEA, the operating contractor of INL, in collaboration with the DOE, which set forth the initial scopes of work and funding commitments under the SPPA and CRADA umbrella agreements. Performance of work under these agreements may be terminated at any time by either party, without any liability, after the effective date of termination, upon 30 days’ written notice under the SPPA and 60 days’ written notice under the CRADA. In the event of termination, the Company shall be responsible for BEA’s costs (including the closeout costs), through the effective date of termination, but in no event shall the Company’s cost responsibility exceed the total estimated cost stated in each PTS and any subsequent modification to the PTS. As of September 30, 2026, the aggregate funding commitment remaining from the Company to BEA, if and when incurred, would not exceed $25.9 million. As of September 30, 2026, we had not entered into material binding commitments for the construction of the Pilot Factory.
Previous wording
The following table provides detailed information about our net cash flows for the six months ended June 30, 2026 and 2025 (in millions):
Current wording
The following table provides detailed information about our net cash flows for the nine months ended September 30, 2026 and 2025 (in millions):
Previous wording
Cash used in operating activities increased by $2.7 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. This increase was primarily due to increased cash expenditures on R&D and G&A expenses, partially offset by higher interest income, reflecting increased average cash balances following equity financings. The changes in working capital during the six months ended June 30, 2026 included a $1.3 million increase in prepaid expenses and other assets and a $1.2 million increase in accounts payable and accrued liabilities, resulting in a net working capital change of $(0.1) million. The changes in working capital during the six months ended June 30, 2025 included a $0.2 million increase in prepaid expenses and other assets and a $0.8 million increase in accounts payable and accrued liabilities, resulting in a net working capital change of $0.6 million.
Current wording
Cash used in operating activities increased by $5.1 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. This increase was primarily due to increased cash expenditures on R&D and G&A expenses, partially offset by higher interest income, reflecting increased average cash balances following equity financings. The changes in working capital during the nine months ended September 30, 2026 included a $2.1 million increase in prepaid expenses and other assets and a $3.0 million increase in accounts payable and accrued liabilities, resulting in a net working capital change of $0.9 million. The changes in working capital during the nine months ended September 30, 2025 included a $1.1 million increase in accounts payable and accrued liabilities and a $0.6 million increase in prepaid expenses and other assets, resulting in a net working capital change of $0.5 million. As our R&D, manufacturing-readiness and corporate activities expand, including increased personnel and project-related expenditures, we expect cash used in operating activities to increase over time, although the amount and timing of such increases will depend on the scope, timing and progress of our development programs.
Previous wording
Cash provided by financing activities decreased by $19.6 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. This decrease was primarily due to a $18.7 million decrease in net proceeds received from the issuance of common stock under our ATM program, a $0.6 million decrease in net proceeds from the exercise of stock options, and a $0.3 million increase in the payment of withholding taxes related to the net share settlement of equity awards.
Current wording
Cash provided by financing activities decreased by $73.3 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. This decrease was primarily due to a $71.6 million decrease in net proceeds received from the issuance of common stock under our ATM program, a $1.2 million decrease in net proceeds from the exercise of stock options, and a $0.5 million increase in the payment of withholding taxes related to the net share settlement of equity awards.
Previous wording
Net cash provided by our ATM program was $44.4 million from the sale of approximately 3.8 million shares of common stock for the six months ended June 30, 2026 and $63.1 million from the sale of approximately 6.2 million shares of common stock for the six months ended June 30, 2025.
Current wording
Net cash provided by our ATM program was $48.9 million from the sale of approximately 4.3 million shares of common stock for the nine months ended September 30, 2026 and $120.4 million from the sale of approximately 9.9 million shares of common stock for the nine months ended September 30, 2025. The level of proceeds generated from our ATM program may vary significantly from period to period, and historical financing activity may not be indicative of future ATM financing activity. The amount and timing of future financing activities will depend on our cash requirements, the timing and pace of our development and commercialization activities, market conditions, the trading price and liquidity of our common stock, and the availability of alternative sources of capital.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
In April 2026, the Company entered into SPPA PTS No. 6 to support the development of coextruded fuel rod components for future loop irradiation testing in the Advanced Test Reactor (ATR) and transient testing in the Transient Reactor Test Facility. This program builds on prior INL fabrication work and is intended to further refine manufacturing processes and materials necessary to produce fuel rods and rodlets in their final cross-sectional configurations.
Current report — wording carried from elsewhere
Therefore, at this stage, we cannot reliably estimate the total funding required to reach commercial deployment. We currently intend to fund these activities through our existing cash and a mix of future equity financings, strategic partnerships, and potential government grants or awards, but there can be no assurance that these additional sources of capital will be made available on terms acceptable to us, or at all.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Total stock-based compensation included in G&A expenses was $1.0 million and $0.5 million for the three months ended June 30, 2026 and 2025, respectively. The amount for the three months ended June 30, 2026 includes the reversal of $0.5 million of previously recognized stock-based compensation related to a performance milestone under our Tranche-based PSAs that is no longer deemed probable of achievement.