Lightbridge Reports Financial Results for the First Quarter of 2019 and Provides Business Update on Enfission and Other Developments
Thu May 9, 2019 4:05 PM|GlobeNewswire|About: LTBR
RESTON, Va., May 09, 2019 (GLOBE NEWSWIRE) -- Lightbridge Corporation (LTBR) (NASDAQ: LTBR), a nuclear fuel developer, today provided a business update and reported financial results for the first quarter ended March 31, 2019.
Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “We continue to see increased governmental support for nuclear energy in the U.S. and around the world. In April, the Gateway (GTW) for Accelerated Innovation in Nuclear (“GAIN”) initiative of the U.S. Department of Energy (“DOE”) Office of Nuclear Energy announced that Framatome, Inc. had been awarded a nuclear energy voucher to help accelerate development of the Lightbridge Fuel™ design. The DOE established GAIN to provide the nuclear community with technical, regulatory, and financial support to advance innovative nuclear technologies toward commercialization. This GAIN nuclear energy voucher further validates the DOE’s support for our technology.”
“On the intellectual property front, we recently announced a Canadian patent related to our four-lobe metallic fuel rod design and related manufacturing method. We also received a Notice of Allowance in China for another key patent, which relates to a fuel assembly design incorporating multi-lobe fuel rods for use in CANDU heavy water reactors. These patent awards provide long-term IP protection in key markets for our fuel.”
“We continue to work closely with Framatome through the Enfission joint venture to prepare the fuel fabrication facility in Richland, Washington. We are also advancing discussions relating to our first commercial utility agreement. While these agreements are complex, we are encouraged by the progress and remain hopeful we will finalize our first major commercial agreement later this year.”
RECENT ENFISSION R&D ADVANCEMENTS
1. Fabrication:
Fabricated and characterized uranium-zirconium samples using powder and casting routes at University of Lille
Preliminary inspection strategy for Lightbridge Fuel™ rods developed
CERCA, a Framatome R&D workshop facility, construction has been completed; preparations for commissioning are underway
2. Fuel Design:
Completed a neutronic assessment of various burnable absorbers for Lightbridge Fuel™ rods
3-D printed heater rod segments delivered for Critical Heat Flux (CHF) test and hardware preparation
Completed additional APOLLO-2a modifications, a neutronics code; modifications will model the shroud and corner structure elements within the Lightbridge Fuel™ assembly
3. Regulatory Licensing:
Completed study of building to building interaction for proposed Enfission Production Facility in Richland, Washington
Continued development of licensing requirements for lead test rod demonstration
Financial Highlights
Cash and cash equivalents were $23.5 million at March 31, 2019 compared to $24.6 million at December 31, 2018.
Total assets were $25.8 million at March 31, 2019 and total liabilities were $0.7 million at March 31, 2019.
Total equity offerings raised $2 million in net proceeds in Q1- 2019 compared to net proceeds of $24.6 million for equity offerings conducted in Q1 2018.
Total investment made in the Enfission joint venture, used primarily for research and development work conducted by Enfission for Q1 – 19, was $1.4 million compared to $5.2 million for Q1 2018. This Enfission joint venture was formed in January 2018.
Stockholders’ equity was $25.1 million at March 31, 2019 compared to $25.9 million at December 31, 2018.
General and administration expenses for Q1 2019 was $1.3 million compared to $2.2 million for Q1 2018. There was a decrease in stock-based compensation of approximately $0.6 million, a decrease in professional fees of approximately $0.4 million, which was offset by an increase employee compensation and employee benefits of $0.1 million.
Other operating expenses were $0.9 million for Q1 2019, consisting of our equity in the loss from the Enfission joint venture of $1.3 million, which consisted primarily of research and development expenses, offset by our income from the research and development support we provided to Enfission of $0.4 million. Other operating expenses were $0.6 million for Q1 2018, consisting of our equity in loss from the Enfission joint venture of $1.0 million, which consisted primarily of research and development expenses, offset by our income from the research and development support we provided to Enfission of $0.4 million.
Lightbridge’s research and development expenses (not including Enfission’s research and development expenses mentioned above) for both Q1 2019 and Q1 2018 was $0.9 million.
Net loss for Q1 2019 was $3.1 million compared to $4.7 million for Q1 2018, a $1.6 million decrease. This decrease was due to a decrease in general and administrative expenses of $0.9 million, a decrease in other income (expenses) of $1.0 million due to the write off of the deferred financing costs in the first quarter of 2018 for the expired equity line option agreement and an increase in other operating expenses of $0.3 million. Explanations for the decrease in general and administrative expenses and increase in other operating expenses are mentioned above.
2019 First Quarter Conference Call
Lightbridge (LTBG) will host a conference call on Friday, May 10th at 11:00 a.m. Eastern Time to discuss the company's financial results for the first quarter ending March 31, 2019, as well as the Company's corporate progress and other meaningful developments.
Interested parties can access the conference call by calling 877-407-0778 for U.S. callers, or +1-201-689-8565 for international callers. The call will be available on the Company’s website via webcast at http://ir.ltbridge.com/events.cfm. The conference call will be led by Seth Grae, President and Chief Executive Officer and other Lightbridge executives will also be available to answer questions. Questions may also be submitted in writing before or during the conference call to ir@Ltbridge.com.
A webcast will also be archived on the Company’s website and a telephone replay of the call will be available approximately one hour following the call, through 11 a.m. June 10, 2019, and can be accessed by calling: 877-481-4010 (U.S. callers) or +1-919-882-2331 (international callers) and entering conference ID: 46943.
https://seekingalpha.com/pr/17507402-lightbri...-enfission
Thu May 9, 2019 4:05 PM|GlobeNewswire|About: LTBR
RESTON, Va., May 09, 2019 (GLOBE NEWSWIRE) -- Lightbridge Corporation (LTBR) (NASDAQ: LTBR), a nuclear fuel developer, today provided a business update and reported financial results for the first quarter ended March 31, 2019.
Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “We continue to see increased governmental support for nuclear energy in the U.S. and around the world. In April, the Gateway (GTW) for Accelerated Innovation in Nuclear (“GAIN”) initiative of the U.S. Department of Energy (“DOE”) Office of Nuclear Energy announced that Framatome, Inc. had been awarded a nuclear energy voucher to help accelerate development of the Lightbridge Fuel™ design. The DOE established GAIN to provide the nuclear community with technical, regulatory, and financial support to advance innovative nuclear technologies toward commercialization. This GAIN nuclear energy voucher further validates the DOE’s support for our technology.”
“On the intellectual property front, we recently announced a Canadian patent related to our four-lobe metallic fuel rod design and related manufacturing method. We also received a Notice of Allowance in China for another key patent, which relates to a fuel assembly design incorporating multi-lobe fuel rods for use in CANDU heavy water reactors. These patent awards provide long-term IP protection in key markets for our fuel.”
“We continue to work closely with Framatome through the Enfission joint venture to prepare the fuel fabrication facility in Richland, Washington. We are also advancing discussions relating to our first commercial utility agreement. While these agreements are complex, we are encouraged by the progress and remain hopeful we will finalize our first major commercial agreement later this year.”
RECENT ENFISSION R&D ADVANCEMENTS
1. Fabrication:
Fabricated and characterized uranium-zirconium samples using powder and casting routes at University of Lille
Preliminary inspection strategy for Lightbridge Fuel™ rods developed
CERCA, a Framatome R&D workshop facility, construction has been completed; preparations for commissioning are underway
2. Fuel Design:
Completed a neutronic assessment of various burnable absorbers for Lightbridge Fuel™ rods
3-D printed heater rod segments delivered for Critical Heat Flux (CHF) test and hardware preparation
Completed additional APOLLO-2a modifications, a neutronics code; modifications will model the shroud and corner structure elements within the Lightbridge Fuel™ assembly
3. Regulatory Licensing:
Completed study of building to building interaction for proposed Enfission Production Facility in Richland, Washington
Continued development of licensing requirements for lead test rod demonstration
Financial Highlights
Cash and cash equivalents were $23.5 million at March 31, 2019 compared to $24.6 million at December 31, 2018.
Total assets were $25.8 million at March 31, 2019 and total liabilities were $0.7 million at March 31, 2019.
Total equity offerings raised $2 million in net proceeds in Q1- 2019 compared to net proceeds of $24.6 million for equity offerings conducted in Q1 2018.
Total investment made in the Enfission joint venture, used primarily for research and development work conducted by Enfission for Q1 – 19, was $1.4 million compared to $5.2 million for Q1 2018. This Enfission joint venture was formed in January 2018.
Stockholders’ equity was $25.1 million at March 31, 2019 compared to $25.9 million at December 31, 2018.
General and administration expenses for Q1 2019 was $1.3 million compared to $2.2 million for Q1 2018. There was a decrease in stock-based compensation of approximately $0.6 million, a decrease in professional fees of approximately $0.4 million, which was offset by an increase employee compensation and employee benefits of $0.1 million.
Other operating expenses were $0.9 million for Q1 2019, consisting of our equity in the loss from the Enfission joint venture of $1.3 million, which consisted primarily of research and development expenses, offset by our income from the research and development support we provided to Enfission of $0.4 million. Other operating expenses were $0.6 million for Q1 2018, consisting of our equity in loss from the Enfission joint venture of $1.0 million, which consisted primarily of research and development expenses, offset by our income from the research and development support we provided to Enfission of $0.4 million.
Lightbridge’s research and development expenses (not including Enfission’s research and development expenses mentioned above) for both Q1 2019 and Q1 2018 was $0.9 million.
Net loss for Q1 2019 was $3.1 million compared to $4.7 million for Q1 2018, a $1.6 million decrease. This decrease was due to a decrease in general and administrative expenses of $0.9 million, a decrease in other income (expenses) of $1.0 million due to the write off of the deferred financing costs in the first quarter of 2018 for the expired equity line option agreement and an increase in other operating expenses of $0.3 million. Explanations for the decrease in general and administrative expenses and increase in other operating expenses are mentioned above.
2019 First Quarter Conference Call
Lightbridge (LTBG) will host a conference call on Friday, May 10th at 11:00 a.m. Eastern Time to discuss the company's financial results for the first quarter ending March 31, 2019, as well as the Company's corporate progress and other meaningful developments.
Interested parties can access the conference call by calling 877-407-0778 for U.S. callers, or +1-201-689-8565 for international callers. The call will be available on the Company’s website via webcast at http://ir.ltbridge.com/events.cfm. The conference call will be led by Seth Grae, President and Chief Executive Officer and other Lightbridge executives will also be available to answer questions. Questions may also be submitted in writing before or during the conference call to ir@Ltbridge.com.
A webcast will also be archived on the Company’s website and a telephone replay of the call will be available approximately one hour following the call, through 11 a.m. June 10, 2019, and can be accessed by calling: 877-481-4010 (U.S. callers) or +1-919-882-2331 (international callers) and entering conference ID: 46943.
https://seekingalpha.com/pr/17507402-lightbri...-enfission
