Lightbridge Corporation's Quarter Two, Year 2025 Earnings Discussion Transcript
Lightbridge Corporation Steps Closer to Advanced Fuel Technology Deployment
Lightbridge Corporation, a leading nuclear fuel technology developer, is making significant strides in its mission to enhance the safety, economics, and proliferation resistance of light water and small modular reactors (SMRs).
In Q2 2025, Lightbridge achieved key technical milestones at Idaho National Laboratory (INL). These included a successful co-extrusion demonstration of fuel using depleted uranium-zirconium alloy with nuclear-grade zirconium cladding, the completion of the final experiment design review for upcoming irradiation testing, and the successful fabrication of enriched uranium-zirconium alloy coupon samples. These milestones are crucial for generating performance data needed for regulatory licensing and commercial deployment of Lightbridge Fuel.
The company's partnership with INL, along with support from the U.S. Department of Energy’s Gateway for Accelerated Innovation in Nuclear program, reinforces Lightbridge's position in the nuclear energy sector. The company also participates in university research projects through DOE programs at MIT and Texas A&M University, further bolstering its R&D capabilities.
Financially, Lightbridge reported a $3.5 million net loss in Q2 2025, an increase from $2.4 million a year earlier due to higher research and development (R&D) and administrative expenses. However, the company's cash and cash equivalents increased significantly, reaching $97.9 million as of June 30, 2025, up from $40 million at the end of 2024. This growth is primarily due to equity financing, providing a strong financial position to support ongoing development efforts.
Strategically, Lightbridge benefits from a favourable political and regulatory environment in the U.S., including recent executive orders promoting nuclear energy advancement and power uprates. The company’s inclusion in the Russell 2000® and Russell 3000® indexes increases its visibility with institutional investors, supporting capital access for future growth.
Looking ahead, Lightbridge plans to leverage the Fission Accelerated Steady-state Testing (FAST) method at INL to expedite irradiation testing timelines, accelerating progress towards regulatory licensing and commercialization. The company is also collaborating with Oklo to explore the colocation of commercial fuel fabrication facilities and advanced fuel recycling.
The global momentum behind nuclear energy continues to accelerate, driven by the intersection of artificial intelligence power demands, energy security imperatives, and clean energy commitments. Lightbridge believes it is well positioned to benefit from these policy initiatives, particularly given its partnership with National Laboratories.
As the focus on SMRs intensifies globally, Lightbridge Fuel is well suited for water-cooled SMR designs, offering safety and efficiency benefits that can significantly enhance their value proposition and enable load following capabilities with renewable energy sources.
In summary, Lightbridge is on track with technical milestones, supported by strategic partnerships with DOE and national labs, and a strong financial position. The company is positioning itself well for future regulatory approvals and commercial deployment of its advanced fuel technology.
[1] Lightbridge Corporation Press Release, "Lightbridge Achieves Key Technical Milestones in Q2 2025," August 16, 2025. [2] Lightbridge Corporation Form 10-Q, Q2 2025. [3] Lightbridge Corporation Form 10-K, 2024. [4] Lightbridge Corporation Investor Presentation, Q2 2025 Earnings Conference. [5] Lightbridge Corporation Form 8-K, Current Report, August 12, 2025.
- The government's supportive regulatory environment, driven by executive orders promoting nuclear energy advancement, aligns well with Lightbridge Corporation's objective of commercializing its advanced fuel technology.
- With significant financial support from equity financing, Lightbridge Corporation has bolstered its cash reserves, enabling it to invest more in research and development to expedite the deployment of its technology.
- In collaboration with National Laboratories, Lightbridge Corporation is utilizing cutting-edge technology like the Fission Accelerated Steady-state Testing (FAST) method, fostering the acceleration of irradiation testing timelines and regulatory licensing.
