Lightbridge’s Third-Quarter Net Loss Doubles to $8.33 Million

Lightbridge Corporation (Nasdaq: LTBR) posted an unaudited net loss of $8.33 million for the third quarter, more than double its $4.10 million loss a year earlier, with no revenue for the period ended Sept. 30. The U.S. nuclear fuel developer’s first irradiated material samples are undergoing examination at Idaho National Laboratory as quarterly research and administrative costs increased.

Loss per share widened to $0.23 from $0.16. Research and development expenses climbed to $5.30 million from $2.04 million, while general and administrative expenses rose to $5.04 million from $3.16 million.

Lightbridge ended Sept. 30 with $236.7 million in cash and cash equivalents, compared with $201.9 million on Dec. 31, 2025. Operating activities used $13.23 million in cash during the first nine months of 2026, versus $8.12 million in the same period a year earlier. The company raised $48.9 million in net proceeds from sales of about 4.3 million shares through its at-the-market program during those nine months. About $91.4 million remained available under the program’s $150 million limit at quarter-end.

The first batch of fuel material samples, removed from the Advanced Test Reactor at Idaho National Laboratory in May, is undergoing post-irradiation examination at the lab. A separate project task statement with Battelle Energy Alliance covers planned irradiation tests of clad enriched uranium-zirconium fuel rodlets in the reactor’s loop facility under prototypic commercial reactor conditions. That work is distinct from the examination now underway on the first samples.

Lightbridge’s August selection for the Department of Energy’s Nuclear Energy Launch Pad program at Idaho National Laboratory provides a path toward authorization for a pilot factory. Agreements and project scope remain under negotiation, while construction and operation require additional agreements, reviews and authorizations. Lightbridge Chairman and CEO Seth Grae said, “Selection for the Launch Pad INL program can help to accelerate our commercialization plan.”

Lightbridge scheduled a conference call to discuss its results and fuel development for 4 p.m. ET Nov. 2 (21:00 UTC).