Lightbridge Q2 Earnings Call Highlights

Key Points

• Fuel testing advanced: Lightbridge removed its first irradiated fuel samples from Idaho National Laboratory’s Advanced Test Reactor in May. Post-irradiation examinations later this year will help validate fuel-performance models and support future U.S. Nuclear Regulatory Commission documentation.
• Commercialization planning expanded: The company began feasibility and site-selection work for a commercial-scale fuel facility, is evaluating pilot-scale fabrication, and signed a non-binding memorandum with Quadrant Nuclear Industries to discuss potential HALEU supply and offtake arrangements.
• Cash increased alongside higher spending: Lightbridge ended the first half of 2026 with approximately $237.5 million in cash, supported partly by $44.4 million in stock-sale proceeds. However, its net loss widened to $12.1 million as research and development and general and administrative expenses increased.

Lightbridge NASDAQ: LTBR reported progress in its nuclear fuel development program during the second quarter and first half of 2026, including the removal of its first irradiated fuel material samples from Idaho National Laboratory’s Advanced Test Reactor and steps toward commercial-scale fabrication and fuel supply planning.

Chief Executive Officer Seth Grae said the initial batch of fuel material samples was removed from the Advanced Test Reactor, or ATR, in May. The samples are now undergoing a cooling period, with post-irradiation examination expected to begin later this year. The resulting data is expected to support the company’s fuel-performance models and documentation for eventual submission to the U.S. Nuclear Regulatory Commission.

Testing and Fuel Qualification Activities

Senior Vice President and Chief Technology Officer Scott Holcombe said the samples were irradiated using Fission Accelerated Steady-state Testing, or FAST, an Idaho National Laboratory-developed technique intended to reach high-burnup conditions more quickly than conventional testing methods.

According to Holcombe, post-irradiation examination will collect data on fundamental material properties across different burnup levels. He said the information will be used to validate and verify Lightbridge’s fuel-performance models and extend the company’s data framework into burnup conditions relevant to commercial fuel cycles.

Lightbridge also said it is working with Studsvik Scandpower to develop an extension of the Studsvik CMS5 core-management software suite that can model the Lightbridge Fuel design. Holcombe said the partnership is intended to allow utilities considering the fuel to evaluate it using established core-planning, fuel-loading and fuel-cycle management tools.

Grae said Lightbridge’s fuel is being designed for use in pressurized water reactors and to support power uprates at operating reactors. In June, he represented the company at the White House launch of the U.S. Department of Energy’s Utility Power Reactor Incremental Scaling Effort, or UPRISE, which targets approximately 5 gigawatts of additional nuclear capacity from currently operating reactors.

Fabrication Planning and Industry Engagement

Executive Vice President and Chief Operating Officer Andrey Mushakov said Lightbridge issued a task order during the second quarter to Momentum Technology under its MAISTY services agreement. The work covers feasibility and site-selection studies, as well as a conceptual design for a standalone expandable fuel facility capable of manufacturing Lightbridge Fuel assemblies at commercial scale.

The company is separately evaluating a pilot-scale fuel fabrication capability intended to support future fleet test assemblies, Mushakov said. Lightbridge also added staff across core technical disciplines during the quarter and expects its team-building efforts to continue through 2027 and 2028.

In June, Lightbridge reconstituted its Nuclear Utility Fuel Advisory Board. Grae said the board will provide input from utility-industry representatives regarding fuel-development priorities, licensing, deployment strategies, operational requirements and commercialization planning. He emphasized that participation on the board does not constitute a commitment to purchase, license or deploy Lightbridge Fuel.

In July, Lightbridge signed a non-binding memorandum of understanding with Quadrant Nuclear Industries, or QNI, covering discussions on a potential long-term supply and offtake arrangement for high-assay, low-enriched uranium, known as HALEU. The material would be produced at QNI’s planned Vanguard facility at Idaho National Laboratory, which is designed to produce up to 18 metric tons of HALEU annually at full capacity.

The companies intend to discuss fuel supply planning, technical requirements, commercial terms, regulatory coordination and logistics. Grae said the memorandum does not establish pricing, quantity or exclusivity commitments, and any binding arrangement would require a definitive agreement.

First-Half Financial Results

Chief Financial Officer Larry Goldman said Lightbridge had approximately $237.5 million in cash and cash equivalents as of June 30, up from approximately $201.9 million at Dec. 31, 2025. The company used approximately $8.3 million in cash for operations during the first half, reflecting continued investment in fuel development and staffing.

Lightbridge generated approximately $43.9 million in net financing cash during the first six months of 2026, including $44.4 million in net proceeds from the issuance of approximately 3.8 million common shares through its at-the-market facility. That amount was partially offset by $0.5 million in tax-withholding payments related to the vesting of equity awards.

Controller Leslie Mills said Lightbridge recorded a net loss of $12.1 million for the first half of 2026, compared with a net loss of $8.3 million in the prior-year period.

• Research and development expense rose to $7.3 million from $3.3 million a year earlier.
• General and administrative expense increased to $8 million from $6 million.
• Other income increased to $3.2 million from $1 million, primarily reflecting interest income from treasury bills and bank savings accounts amid higher average cash balances.

Mills attributed higher R&D spending primarily to increased employee and stock-based compensation, information technology costs associated with the company’s high-performance computer, project development costs related to cladding, critical heat flux testing, safety analysis and feasibility studies, and higher Idaho National Laboratory project labor costs.

Grae also said Lightbridge was added to the Solactive Global Uranium & Nuclear Components Total Return Index, a benchmark tracked by the Global X Uranium ETF.

About Lightbridge (NASDAQ:LTBR)

Lightbridge Corporation is a nuclear energy technology company focused on developing advanced nuclear fuel designs to enhance the safety, efficiency and economic performance of existing and new nuclear power reactors. The company's core technology centers on a patented metallic fuel system that replaces conventional uranium oxide fuel pellets with a uranium-zirconium alloy, configured in a helical rod design. This proprietary fuel form is intended to enable higher burnup rates, reduced fuel cycle costs and improved thermal conductivity, thereby addressing key challenges in the global nuclear industry.

Since its inception, Lightbridge has conducted extensive research and development in collaboration with national laboratories, regulatory agencies and reactor operators.

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