Lightbridge Corp. (NASDAQ: LTBR) reported its fiscal 2025 results, showing a dramatic increase in cash and working capital. Cash and cash equivalents rose to $201.9 million from $40.0 million at the end of 2024, while working capital climbed to $201.7 million. Total assets stood at $203.8 million against liabilities of only $0.8 million, giving the company a very strong balance‑sheet position. The company posted a net loss of $19.6 million for the year, up from $11.8 million in 2024, reflecting the heavy investment in research and development.
Operating cash burn for the first nine months of 2025 was $8.1 million, compared with $5.7 million in the same period a year earlier. R&D expenses for the nine months were $5.3 million, while general and administrative costs were $9.2 million. For the full year, R&D totaled $9.2 million and G&A rose to $14.0 million, both higher than the $4.6 million and $8.5 million reported in 2024, respectively. The company’s equity financing of $176.0 million from its ATM facility and the sale of approximately 12.6 million common shares has bolstered its cash runway to roughly eight to ten years at current burn rates.
The increase in R&D spending is driven by expanded activities related to Lightbridge Fuel development, including project labor costs at Idaho National Laboratory, higher IT expenses for advanced nuclear modeling and simulation, and allocated employee and stock‑based compensation. The rise in G&A is attributed to higher stock‑based compensation, professional fees, and employee compensation. These investments are intended to accelerate the company’s path to commercialization of its proprietary fuel technology.
President and CEO Seth Grae said, “2025 was an important year for Lightbridge and the nuclear power industry. Governments, utilities, and leading tech companies agree that reliable, clean nuclear power is necessary to meet the growing demand for electricity from AI and data centers, address rising energy costs, and help achieve energy independence.” He added that the company reached key milestones in its fuel development program, including co‑extrusion of depleted and enriched uranium‑zirconium alloy samples and initial testing in the Advanced Test Reactor.
Lightbridge will host a conference call on February 26, 2026, at 4:00 p.m. ET to discuss the results and provide further updates on its fuel development program. The call will be led by President and CEO Seth Grae, with other executives available to answer questions. Investors can register for the call and access a replay through the company’s investor relations website.
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