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- **Technical Milestones Achieved**: Completed co-extrusion of uranium-zirconium alloy rods and loaded enriched fuel samples into INL's Advanced Test Reactor for irradiation testing.
- **Strategic Partnerships**: Expanded collaboration with Oklo for advanced fuel manufacturing and aligned with $80 billion U.S. government nuclear partnership.
- **Financial Strength**: $153.3 million cash reserves, with increased R&D and G&A expenses reflecting growth investments.
- **Market Momentum**: Global nuclear capacity set to surge 29 GW, driven by policy support and tech sector demand for nuclear-powered data centers.
- **Regulatory Pathway**: Irradiation testing and post-examination data to support NRC licensing, enabling 17% power uprates in existing reactors.

**【CEO Summary Section】**
- Achieved significant technical milestones in fuel development, including co-extrusion of an 8-foot rod at Idaho National Laboratory (INL) and successful loading of enriched uranium-zirconium alloy samples into the Advanced Test Reactor for irradiation testing.
- Expanded collaboration with Oklo to evaluate colocation opportunities for advanced fuel manufacturing, aligning with U.S. government priorities for nuclear energy deployment.
- Inclusion in Russell 2000 and Russell 3000 indexes, reflecting growing institutional recognition and market presence.
- Highlighted potential for Lightbridge Fuel to enable 17% power uprates in existing reactors, aligning with federal policies supporting nuclear efficiency and recycling.
- Noted global momentum in nuclear energy, with 29 GW of new capacity projected and increasing demand from major tech companies for nuclear-powered data centers.

**【CFO Financial Commentary】**
- Strong liquidity position with $153.3 million in cash and cash equivalents as of Q3 2025, providing a multiyear cash runway for R&D and operations.
- Increased R&D expenses to $5.3 million (up $2.1 million YoY) due to INL project costs and employee compensation.
- G&A expenses rose to $9.2 million (up $3.5 million YoY) driven by professional fees, consulting, and stock-based compensation.
- Interest income grew to $2.1 million (up 110% YoY) from higher cash balances invested in U.S. treasuries.
- No debt or dilutive securities, maintaining a clean capital structure.

**【Technical & Regulatory Updates】**
- Presented 3 peer-reviewed papers at TopFuel 2025, demonstrating Lightbridge Fuel's superior safety performance in accident scenarios, manufacturability through co-extrusion modeling, and enhanced economic benefits for utilities.
- Irradiation testing at INL using the FAST method will accelerate data generation for regulatory licensing, with post-irradiation examination activities planned to inform NRC submissions.
- Expanded engineering team recruitment to support accelerating development timelines and regulatory engagement.

**【Strategic Partnerships & Market Trends】**
- $80 billion U.S. government partnership with Westinghouse, Cameco, and Brookfield to build new reactors, signaling policy support for domestic nuclear resurgence.
- U.S.-Japan agreement on next-gen reactors and U.S. Army's Janus Program for nuclear power at military installations by 2028, creating deployment pathways for Lightbridge Fuel.
- Global nuclear capacity expansion, with 20 countries committing to triple nuclear energy by 2050, driving demand for advanced fuels.


Lightbridge Corporation(LTBR)-20251107-2025 Q3 Earnings call transcript

- **Operational Breakthroughs**: Completed critical uranium-zirconium rod testing and secured INL's FAST method for accelerated irradiation.
- **Strategic Partnerships**: Collaborating with Oklo to co-locate fuel facilities, aligning with U.S. nuclear policy goals.
- **Financial Strength**: Cash reserves tripled to $97.9 million, enabling aggressive R&D and regulatory engagement.
- **Market Momentum**: Global nuclear capacity tripling by 2050 creates $10+ billion addressable market for Lightbridge Fuel.

**【CEO Summary Section】**
- Lightbridge achieved record operational milestones in Q2 2025, including successful co-extrusion of an 8-foot uranium-zirconium rod and completion of final design review for irradiation testing at Idaho National Laboratory (INL).
- Announced collaboration with Oklo to co-locate fuel fabrication facilities, leveraging the White House's nuclear energy executive orders to accelerate deployment.
- Joined Russell 2000 and 3000 indexes, enhancing institutional investor visibility.

**【Nuclear Operations Update】**
- Demonstrated proprietary co-extrusion process with depleted uranium-zirconium alloy and zirconium cladding.
- Completed irradiation test design review at INL, with enriched uranium-zirconium coupons matching commercial fuel specs.
- Secured access to INL's FAST method for accelerated burnup testing using highly enriched uranium.

**【Engineering Roadmap】**
- Planning to insert enriched uranium samples into INL's Advanced Test Reactor for irradiation testing.
- Developing fuel qualification plan and NRC engagement strategy.
- Initiating site selection for commercial-scale fuel fabrication facility with potential for batch reload production.

**【Political & Industry Update】**
- U.S. Executive Orders prioritize nuclear power uprates (up to 17% capacity increase) and fuel efficiency, aligning with Lightbridge's technology.
- Global nuclear capacity tripling by 2050 per COP28 commitments, driving demand for advanced fuels in SMRs and existing reactors.
- Collaboration with INL positions Lightbridge as a leader in advanced nuclear fuel development.

**【CFO Financial Commentary】**
- Cash and cash equivalents reached $97.9 million (vs. $40 million at year-end 2024), supporting R&D and regulatory activities.
- Working capital increased to $97.2 million, demonstrating financial strength for long-term development.

**【Controller's Financial Details】**
- Q2 2025 net loss: $3.5 million (vs. $2.4 million in Q2 2024).
- R&D expenses: $1.6 million (up 78% YoY) due to increased fuel development activities.
- G&A expenses: $2.5 million (up 39% YoY) driven by professional fees and compensation costs.
- Other income: $0.6 million (vs. $0.3 million YoY) from interest on treasury bills.

Lightbridge Corporation (LTBR) Q2 2025 Earnings Conference Call Transcript

- **Breakthrough technology**: First successful demonstration of uranium-zirconium fuel coupon production.
- **Strategic partnerships**: Exploring cost-saving co-located fuel fabrication with Oklo.
- **Financial strength**: $56.9 million cash balance supports $17 million R&D investment plan.
- **Policy tailwinds**: U.S. targeting 4x nuclear capacity by 2050, DOE fast-tracking AI reactors.

**【CEO Opening Remarks】**
- Successfully demonstrated proprietary co-extrusion process at Idaho National Lab, producing an 8-foot uranium-zirconium fuel coupon sample.
- Collaborating with Oklo to evaluate co-locating fuel fabrication facilities and exploring spent fuel reprocessing opportunities.
- Global nuclear resurgence driven by U.S. policy goals to quadruple nuclear power by 2050 and DOE fast-tracking AI-powered reactors.
- Industry tailwinds include government support, public acceptance growth, and AI-driven demand for reliable base-load energy.

**【CFO Financial Highlights】**
- Cash position increased to $56.9 million (up $16.9 million QoQ), with $56.5 million in working capital.
- Q1 2025 net loss of $4.8 million, driven by $1.7 million R&D expenses (up 70% YoY) and $3.5 million G&A costs.
- Plans to invest $17 million in 2025 for R&D, including potential cost savings via Oklo partnership.

**【Q&A Key Takeaways】**
- Actively pursuing DOE funding opportunities while protecting IP; previously secured 2 GAIN vouchers and 2 university program awards.
- Thorium-based fuel development on hold; prioritizing uranium-zirconium fuel for power uprates and SMR applications.
- Maintaining optionality to resume thorium R&D if customer demand materializes.

Lightbridge (LTBR)-12 May 25-2025 Q1 Earnings call transcript

- **Breakthrough Manufacturing**: 8-foot co-extruded fuel coupon at INL, advancing commercial readiness.
- **Tech Validation**: MIT/SIA studies confirm Lightbridge Fuel's 30% power uprate potential in new reactors.
- **Strategic Partnerships**: Oklo MOU unlocks $500M Stargate project opportunities for data center nuclear power.
- **Financial Strength**: $40M cash on hand, with $17M R&D budget for 2025 to accelerate licensing.
- **Market Expansion**: Targeting $16.7B global nuclear fuel market, tripling to $50B by 2050.

**【CEO Opening Remarks】**
- Highlighted the nuclear energy renaissance, with major tech companies (e.g., Microsoft, Amazon) pursuing nuclear power for data centers.
- Emphasized Lightbridge's metallic fuel technology advantages: higher heat transfer, lower operating temps, and safety benefits.
- Announced MOU with Oklo for fuel fabrication and recycling synergies, and advanced manufacturing milestone at INL (8-foot co-extruded fuel coupon).

**【CFO Financial Overview】**
- FY2024 ending cash: $40 million (vs. $28.6M in 2023), supporting R&D and operations.
- Total R&D expenses: $4.6M (2024) vs. $1.9M (2023), driven by INL projects and employee costs.
- Projected 2025 R&D spend: $17M for capital and operational expenses.

**【Technical Developments】**
- **INL Milestones**: Successful co-extrusion of depleted uranium/zirconium alloy, with enriched uranium testing planned for 2026.
- **Third-party Validation**: MIT and SIA studies confirm Lightbridge Fuel's superior safety and performance in SMRs and PWRs.
- **CANDU Compatibility**: Potential 17% power uprate in existing reactors, validated by RATEN ICN study.

**【Q&A Key Takeaways】**
- **SMR Suitability**: Fuel compatible with NuScale SMRs, with DOE-funded studies underway.
- **Uranium Sourcing**: Uses DOE stockpiles for R&D; commercial utilities will source uranium independently.
- **Market Potential**: $16.7B global addressable market, tripling to $50B by 2050 under COP28 commitments.
- **National Security**: Fuel's non-proliferation design and behind-the-meter applications for critical infrastructure.


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