Lightbridge Corp (LTBR) Announces Q3 2023 Financial Results
Lightbridge Corp (NASDAQ:LTBR) announced its Q3 2023 financial results, maintaining a working capital position of $28.6 million with no debt.
Cash and cash equivalents increased by $0.3 million to $29.2 million compared to $28.9 million at the end of 2022.
Net loss for Q3 2023 was $1.8 million, a decrease from $2.0 million in Q3 2022.
General and administrative expenses decreased by $0.4 million compared to the same period last year.
Lightbridge Corp (NASDAQ:LTBR), an advanced nuclear fuel technology company, released its financial results for the third quarter ended September 30, 2023, on October 30, 2023. The company reported maintaining a strong working capital position of $28.6 million with no debt.
Financial Highlights
Lightbridge Corp (NASDAQ:LTBR) reported a working capital position of $28.6 million at the end of Q3 2023. The company's cash and cash equivalents stood at $29.2 million, marking an increase of $0.3 million from $28.9 million at the end of 2022. The company reported no debt.
Cash Flows Summary
Cash used in operating activities for the nine months ended September 30, 2023, was $4.1 million. Cash provided by financing activities for the same period was $4.5 million, a decrease of $6.1 million compared to the same period in 2022. This decrease was primarily due to a decrease in the net proceeds from the issuance of common stock by the company's at-the-market (ATM) facility in the first nine months of 2023.
Balance Sheet Summary
As of September 30, 2023, total assets were $30.1 million, and total liabilities were $0.9 million. Working capital was $28.6 million at the end of Q3 2023, slightly down from $28.7 million at the end of 2022.
Operations Summary
General and administrative expenses amounted to $1.6 million for Q3 2023, compared to $2.0 million for the same period in 2022. The decrease of $0.4 million was primarily due to a decrease in employee compensation and employee benefits of $0.5 million, and a decrease in insurance expense of $0.1 million.
Research and development expenses amounted to $0.5 million for Q3 2023, compared to $0.2 million for the same period in 2022, an increase of $0.3 million. This increase was primarily due to an increase in project labor costs incurred from the U.S. National Laboratories of $0.2 million.
Net loss for Q3 2023 was $1.8 million, a decrease from $2.0 million for the same period in 2022.
Lightbridge Corp (NASDAQ:LTBR) continues to make progress in its fuel development efforts, with recent advancements in Romania and strategic partnerships with Idaho National Laboratory, MIT, and Texas A&M.
Explore the complete 8-K earnings release (here) from Lightbridge Corp for further details.
This article first appeared on GuruFocus.
