Lightbridge Corporation (NASDAQ: LTBR), an advanced nuclear fuel technology company, announced financial results for the fiscal year ended December 31, 2020 and provided an update on the Company's continued progress.
Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “Despite the challenges faced in 2020 during the COVID-19 pandemic, I’m happy with the progress Lightbridge has made throughout the year. In summary, throughout 2020, Lightbridge has taken steps to reduce many of the risks associated with our business. One major step in 2020 included securing US government support for our fuel development program through our GAIN voucher award from the U.S. Department of Energy. We believe that the federal government's ongoing commitment to supporting advanced nuclear technology companies like Lightbridge positions us to further enhance our fuel development efforts.”
“Importantly, we also came to terms on a settlement agreement with Framatome that resolves all disputes between the companies and terminates all agreements pertaining to the Enfission joint venture, freeing all intellectual property rights to their respective background technology. I believe this settlement agreement is the best result for all sides, allowing Lightbridge to pursue various promising opportunities in the nuclear sector, now unencumbered by any constraints on our Lightbridge Fuel™ technology platform.
“Finally, we have taken the critical step of prioritizing our fuel development program towards powering Small Modular Reactors (SMRs) of the future. SMRs are expected to have much lower capital costs per module than larger reactor designs, making their deployment easier to finance and support by private and government sectors. In addition, we expect SMR plants with Lightbridge Fuel to have the ability to load follow renewables, helping to expand markets for renewables and SMRs together as countries seek to decarbonize energy generation. We believe that Lightbridge Fuel’s™ most significant economic benefit to SMRs will be to provide a 30% power uprate that will allow SMRs greater flexibility in power levels.
“We want to position Lightbridge as an essential company for the world to meet its climate goals. While existing large reactors can present an additional market opportunity for Lightbridge Fuel™, we do not expect significant future growth in the number of these large reactors, so they will not move the needle on climate change. Lightbridge is going where the industry is heading, along with the significant government funding opportunities we expect to go toward SMRs in the coming years, and we remain focused on our pursuit of full-scale commercialization of Lightbridge Fuel™ as quickly as possible” concluded Mr. Grae.
Financial Highlights
The Company maintained a strong working capital position at December 31, 2020 and had no debt.
Cash Flows Summary
Balance Sheet Summary
Operations Summary
FISCAL YEAR 2020 CONFERENCE CALL & WEBCAST
Lightbridge will host a conference call on Thursday, March 25th at 4:00 p.m. Eastern Time to discuss the Company's financial results for the fourth quarter and year ended December 31, 2020, as well as the Company's corporate progress and other meaningful developments.
Interested parties can access the conference call by calling 833-519-1295 for U.S. callers, or 914-800-3866 for international callers. Please reference Conference ID: 4973186. The call will be available on the Company’s website via webcast at https://edge.media-server.com/mmc/p/b333d62i.
The webcast will also be archived on the Company’s website. A telephone replay of the call will be available approximately two hours following the call and can be accessed by dialing 855-859-2056 from the U.S. or 404-537-3406 for international callers. Please reference Conference ID: 4973186.
About Lightbridge Corporation
Lightbridge (NASDAQ: LTBR) is an advanced nuclear fuel technology development company based in Reston, Virginia, United States. The Company is developing Lightbridge Fuel™, a proprietary next-generation nuclear fuel technology for current and future reactors, which significantly enhances the economics, safety, and proliferation resistance of nuclear power. Lightbridge invented and patented its technology with goals of preventing climate change and enhancing national security. The Company has assembled a world-class development team. The Company plans to operate under a licensing and royalty model and based on the increased power generated by Lightbridge-designed fuel, expects to offer high ROI for operators of existing and new reactors. For more information please visit: www.ltbridge.com.
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Forward Looking Statements
With the exception of historical matters, the matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the timing and outcome of research and development activities, other steps to commercialize Lightbridge Fuel™ and future governmental support and funding for nuclear energy. These statements are based on current expectations on the date of this news release and involve a number of risks and uncertainties that may cause actual results to differ significantly from such estimates. The risks include, but are not limited to: the Company’s ability to commercialize its nuclear fuel technology; the degree of market adoption of the Company's product and service offerings; market competition; dependence on strategic partners; demand for fuel for nuclear reactors; the Company's ability to manage its business effectively in a rapidly evolving market; changes in the political environment; risks associated with the further spread of COVID-19, including the ultimate impact of COVID-19 on people, economies, and the Company’s ability to access capital markets; the outcome of the arbitration with the Company’s former joint venture partner and dissolution of the Enfission joint venture; as well as other factors described in Lightbridge's filings with the U.S. Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements.
A further description of risks and uncertainties can be found in Lightbridge’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results”, as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at http://www.sec.gov/ and www.ltbridge.com.
Investor Relations Contact:
Matthew Abenante, IRC
Director of Investor Relations
Tel: +1 (646) 828-8710
This email address is being protected from spambots. You need JavaScript enabled to view it.
*** tables follow ***
LIGHTBRIDGE CORPORATION
CONSOLIDATED BALANCE SHEETS
| December 31, | December 31, | |||||||
| 2020 | 2019 | |||||||
| (Revised) | ||||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 21,531,665 | $ | 17,958,989 | ||||
| Other receivable from joint venture | — | 400,000 | ||||||
| Prepaid expenses and other current assets | 172,460 | 47,371 | ||||||
| Total Current Assets | 21,704,125 | 18,406,360 | ||||||
| Other Assets | ||||||||
| Patents and trademarks, net | 85,562 | 1,144,888 | ||||||
| Total Assets | $ | 21,789,687 | $ | 19,551,248 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current Liabilities | ||||||||
| Accounts payable and accrued liabilities | $ | 382,130 | $ | 350,299 | ||||
| Accrued legal settlement costs | 4,200,000 | — | ||||||
| Total Current Liabilities | 4,582,130 | 350,299 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' Equity | ||||||||
| Preferred stock, $0.001 par value, 10,000,000 authorized shares | ||||||||
| Convertible Series A preferred shares, 699,878 shares and 757,770 shares issued and outstanding at December 31, 2020 and 2019, respectively (liquidation preference $2,613,025 and $2,636,764 at December 31, 2020 and 2019, respectively) | 699 | 757 | ||||||
| Convertible Series B preferred shares, 2,666,667 shares issued and outstanding at December 31, 2020 and 2019 (liquidation preference $4,897,517 and $4,569,180 at December 31, 2020 and 2019, respectively) | 2,667 | 2,667 | ||||||
| Common stock, $0.001 par value, 8,333,333 authorized, 6,567,110 shares and 3,252,371 shares issued and outstanding at December 31, 2020 and 2019, respectively | 6,567 | 3,252 | ||||||
| Additional paid-in capital | 146,353,232 | 133,932,615 | ||||||
| Accumulated deficit | (129,155,608 | ) | (114,738,342 | ) | ||||
| Total Stockholders' Equity | 17,207,557 | 19,200,949 | ||||||
| Total Liabilities and Stockholders' Equity | $ | 21,789,687 | $ | 19,551,248 | ||||
LIGHTBRIDGE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
| Years Ended | ||||||||
| December 31, | ||||||||
| 2020 | 2019 | |||||||
| (Revised) | ||||||||
| Revenue | $ | — | $ | — | ||||
| Operating Expenses | ||||||||
| General and administrative | 8,312,583 | 5,787,092 | ||||||
| Research and development | 891,626 | 2,676,156 | ||||||
| Legal settlement costs | 4,200,000 | — | ||||||
| Patent write-offs and impairment loss | 1,169,644 | — | ||||||
| Total Operating Expenses | 14,573,853 | 8,463,248 | ||||||
| Other Operating Income and (Loss) | ||||||||
| Grant income | 72,709 | — | ||||||
| Other income from joint venture | — | 715,126 | ||||||
| Equity in loss from joint venture | — | (3,321,737 | ) | |||||
| Total Other Operating Income and (Loss) | 72,709 | (2,606,611 | ) | |||||
| Total Operating Loss | $ | (14,501,144 | ) | $ | (11,069,859 | ) | ||
| Other Income | ||||||||
| Interest income | 83,878 | 393,112 | ||||||
| Total Other Income | 83,878 | 393,112 | ||||||
| Net Loss Before Income Taxes | (14,417,266 | ) | (10,676,747 | ) | ||||
| Income Taxes | — | — | ||||||
| Net Loss | $ | (14,417,266 | ) | $ | (10,676,747 | ) | ||
| Accumulated Preferred Stock Dividend | (512,953 | ) | (490,117 | ) | ||||
| Deemed additional dividend on preferred stock dividend due to the beneficial conversion feature | (222,196 | ) | (209,698 | ) | ||||
| Net Loss Attributable to Common Shareholders | $ | (15,152,415 | ) | $ | (11,376,562 | ) | ||
| Net Loss Per Common Share | ||||||||
| Basic and Diluted | $ | (3.59 | ) | $ | (3.66 | ) | ||
| Weighted Average Number of Common Shares Outstanding | 4,216,568 | 3,107,580 | ||||||
LIGHTBRIDGE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended | ||||||||
| December 31, | ||||||||
| 2020 | 2019 | |||||||
| (Revised) | ||||||||
| Operating Activities | ||||||||
| Net Loss | $ | (14,417,266 | ) | $ | (10,676,747 | ) | ||
| Adjustments to reconcile net loss from operations to net cash used in operating activities: | ||||||||
| Common stock issued for services and stock-based compensation | 70,341 | 822,820 | ||||||
| Patent write-offs and impairment loss | 1,169,645 | — | ||||||
| Amortization of Patents | 100,117 | 89,623 | ||||||
| Equity in loss from joint venture | — | 3,321,737 | ||||||
| Changes in operating working capital items | ||||||||
| Other receivable from joint venture | 400,000 | (306,747 | ) | |||||
| Prepaid expenses and other current assets | (125,089 | ) | (10,626 | ) | ||||
| Accounts payable and accrued liabilities | 31,831 | 92,243 | ||||||
| Accrued legal settlement costs | 4,200,000 | — | ||||||
| Net Cash Used in Operating Activities | (8,570,421 | ) | (6,667,697 | ) | ||||
| Investing Activities | ||||||||
| Investment in joint venture | — | (3,540,000 | ) | |||||
| Patents and trademarks | (210,436 | ) | (221,063 | ) | ||||
| Net Cash Used in Investing Activities | (210,436 | ) | (3,761,063 | ) | ||||
| Financing Activities | ||||||||
| Net proceeds from the issuance of common stock and exercise of stock options | 12,353,533 | 3,750,454 | ||||||
| Net Cash Provided by Financing Activities | 12,353,533 | 3,750,454 | ||||||
| Net Increase (Decrease) in Cash and Cash Equivalents | 3,572,676 | (6,678,306 | ) | |||||
| Cash and Cash Equivalents, Beginning of Year | 17,958,989 | 24,637,295 | ||||||
| Cash and Cash Equivalents, End of Year | $ | 21,531,665 | $ | 17,958,989 | ||||
| Supplemental Disclosure of Cash Flow Information | ||||||||
| Cash paid during the year: | ||||||||
| Interest paid | $ | — | $ | — | ||||
| Income taxes paid | $ | — | $ | — | ||||
| Non-Cash Financing Activities: | ||||||||
| Accumulated preferred stock dividend | $ | 735,149 | $ | 699,815 | ||||
| Conversion of Series A convertible preferred stock to common stock and payment of paid-in-kind dividends to Series A preferred stockholder | $ | 49,885 | $ | 187,890 | ||||
| Common stock issued for services | $ | 17,000 | $ | — | ||||
| Last Trade: | US$2.43 |
| Daily Change: | -0.06 -2.38 |
| Daily Volume: | 57,628 |
| Market Cap: | US$33.890M |
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