Lightbridge's Quarterly Loss Doubles To $8.3 Million As Research Hiring And Computing Costs Climb

Lightbridge, which is developing a metallic nuclear fuel for water-cooled reactors and has no revenue, reported a third-quarter net loss of $8.3 million, or $(0.23) per share, up from $4.1 million, or $(0.16) per share, a year earlier. The company said Monday that research and administrative spending rose, while it holds $236.7 million in cash.

Where the extra spending went

Research and development expenses reached $5.3 million, against $2.0 million in the third quarter of 2025. Of the $3.3 million increase, $1.9 million was pay and stock awards tied to new hires and higher bonuses, $1.0 million was information technology costs, mainly software and operating costs for the company's high-performance computer, and $0.4 million was Idaho National Laboratory project costs.

General and administrative expenses rose to $5.0 million from $3.2 million. Non-cash stock-based compensation totaled $2.4 million, up from $1.6 million.

Interest income, mostly from Treasury bills, rose to $2.0 million from $1.1 million, which softened the loss.

For the nine months, the net loss was $20.4 million, or $(0.62) per share, against $12.4 million, or $(0.55) per share. Net cash used in operating activities was $13.2 million, up from $8.1 million.

Cash, and the share sales behind it

Cash and equivalents stood at $236.7 million at September 30, against $201.9 million at the end of 2025. Working capital was about $234.2 million, compared with about $201.7 million at year-end.

During the nine months, Lightbridge sold about 4.3 million shares through its at-the-market program for net proceeds of $48.9 million, including 579,685 shares for $4.5 million in the third quarter. About $91.4 million remains available under the $150 million program.

A path to a pilot factory

Lightbridge's fuel is meant for existing and new reactors, including small modular reactors, and the company earns nothing yet, so progress is measured in testing and licensing steps. In August it was selected for the Department of Energy's Nuclear Energy Launch Pad INL program, which offers an accelerated route toward DOE authorization to build and operate a pilot factory at Idaho National Laboratory. That authorization still depends on further DOE and lab agreements, reviews and approvals, and the company is negotiating the agreements and project scope.

Also in August, it signed a second task statement for loop irradiation testing of clad fuel rodlets in the lab's Advanced Test Reactor. The first fuel samples, discharged from the reactor in May, are undergoing post-irradiation examination. In September, Japan's patent office issued a notice of allowance for a multi-zone fuel element patent application.

CEO Seth Grae said selection "can help to accelerate our commercialization plan." He said the loop testing could let the company go "directly to lead test assemblies in commercial nuclear power plants."

Lightbridge was due to hold its call at 4:00 p.m. Eastern Monday to discuss the results and its fuel development progress.

Sources

• 8-K Filing — LIGHTBRIDGE Corp (LTBR) — SEC EDGAR
• Exhibit ltbr_ex991.htm — LIGHTBRIDGE Corp 8-K exhibit — SEC EDGAR
• Lightbridge Provides Business Update and Announces Third — globenewswire.com