Lightbridge Corporation
- Open
- 8.47
- Day high
- 8.66
- Day low
- 8.34
- Prev close
- 8.42
- Volume
- 426K
- Mkt cap
- $302M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.4
- P/S
- —
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$32K over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions accumulating (13F)
Lightbridge Corporation (LTBR) is a Industrials company listed on NASDAQ. The stock is down 31% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
Lightbridge Corporation (LTBR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LTBR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | — | $-0.20 | — | — | — |
| Feb 26, 2026 | — | $-0.25 | — | — | — |
| Nov 5, 2025 | — | $-0.16 | — | — | — |
| Feb 26, 2025 | — | $-0.24 | — | — | — |
| Oct 31, 2024 | — | $-0.19 | — | — | — |
| Jul 31, 2024 | — | $-0.17 | — | — | — |
| May 9, 2024 | — | $-0.21 | — | — | — |
| Feb 28, 2024 | — | $-0.18 | — | — | — |
| Jul 26, 2023 | — | $-0.14 | — | — | — |
| Oct 27, 2022 | — | $-0.18 | — | — | — |
| Jul 27, 2022 | — | $-0.14 | — | — | — |
| Mar 24, 2022 | — | $-0.79 | — | — | — |
LTBR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Chakraborty Swetadirector | Sell | 1,143 | $9.29 |
| Jul 1, 2026 | Goodman Sherridirector | Sell | 1,116 | $9.29 |
| Jun 22, 2026 | Goodman Sherridirector | Sell | 1,116 | $9.58 |
| Apr 14, 2026 | MUSHAKOV ANDREYofficer: EVP, Nuclear Operations | Tax | 8,597 | $11.09 |
| Apr 14, 2026 | GOLDMAN LARRYofficer: CFO | Tax | 9,013 | $11.09 |
| Apr 14, 2026 | GRAE SETHdirector, officer: President and CEO | Tax | 13,256 | $11.09 |
| Jan 30, 2026 | MUSHAKOV ANDREYofficer: EVP, Nuclear Operations | Sell | 24,929 | $16.54 |
| Jan 30, 2026 | MUSHAKOV ANDREYofficer: EVP, Nuclear Operations | Sell | 2,533 | $17.48 |
| Jan 30, 2026 | MUSHAKOV ANDREYofficer: EVP, Nuclear Operations | Sell | 2,827 | $16.03 |
| Jan 16, 2026 | GOLDMAN LARRYofficer: CFO | Sell | 6,350 | $18.07 |
| Jan 16, 2026 | GOLDMAN LARRYofficer: CFO | Sell | 2,519 | $18.00 |
| Jan 9, 2026 | Funches Jesse L.director | Sell | 1,449 | $16.96 |
| Jan 6, 2026 | Chakraborty Swetadirector | Sell | 1,245 | $15.68 |
| Jan 5, 2026 | MAGRAW DANIEL Bdirector | Grant | 10,631 | — |
| Jan 5, 2026 | Funches Jesse L.director | Grant | 10,631 | — |
Source: LTBR SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full LTBR insider & 13F page →Lightbridge Corporation company profile
Overview
Lightbridge Corporation (NASDAQ:LTBR) is a nuclear fuel technology development company founded in 2005 and headquartered in Reston, Virginia. Originally incorporated as Thorium Power, Ltd., the company changed its name to Lightbridge Corporation in September 2009. The company is focused on developing and commercializing advanced metallic nuclear fuel technology under the Lightbridge Fuel brand, designed to enhance the performance and safety of both existing nuclear reactors and next-generation small modular reactors (SMRs). As a pre-revenue research and development company, Lightbridge is currently in the technology development phase, working closely with U.S. Department of Energy national laboratories and academic institutions to advance its fuel technology toward commercial deployment.
Business
Lightbridge operates in the nuclear fuel technology sector, specifically developing advanced metallic nuclear fuel for commercial nuclear power generation. The nuclear fuel industry is a critical component of the global nuclear power sector, which provides approximately 10% of the world's electricity and represents a $16.7 billion global market for nuclear fuel fabrication and services. The company's core product is Lightbridge Fuel, a proprietary metallic nuclear fuel technology based on uranium-zirconium alloy compositions. Unlike conventional nuclear fuel, which uses uranium oxide pellets encased in zirconium cladding, Lightbridge Fuel employs a metallic fuel design that operates at significantly lower temperatures and offers enhanced safety characteristics. The fuel is designed to operate at temperatures up to 1,000 degrees Celsius cooler than existing uranium oxide fuels, potentially enabling power output increases of 10-30% in both existing reactors and new reactor designs. The technology targets two primary market segments. First, it aims to provide power uprate capabilities for the existing fleet of light water reactors, allowing operators to generate more electricity from the same reactor infrastructure. Second, the fuel is designed for next-generation small modular reactors (SMRs), which are emerging as a key technology for distributed nuclear power generation. The fuel's enhanced safety profile and performance characteristics make it particularly suitable for these advanced reactor designs that are being developed by companies like NuScale, TerraPower, and others in the growing SMR market.
Revenue model
As a pre-revenue company, Lightbridge does not currently generate operating revenue and instead relies on equity financing and government grants to fund its research and development activities. The company's future business model is expected to center on licensing and royalty arrangements with nuclear fuel fabricators and nuclear power plant operators who wish to utilize Lightbridge Fuel technology. The company anticipates generating revenue through several channels once its technology reaches commercial deployment. Primary revenue streams will likely include licensing fees paid by fuel fabrication companies for the right to manufacture Lightbridge Fuel, as well as ongoing royalty payments based on the volume of fuel produced and sold. Additionally, the company may receive milestone payments and development fees from strategic partnerships with reactor operators and fuel cycle companies. The economic attractiveness of Lightbridge's business model depends on several key factors. Positive margin drivers include the growing global commitment to nuclear power expansion, with over 20 countries pledging to triple nuclear capacity by 2050, and increasing demand from technology companies seeking reliable clean energy for data centers and AI operations. The company's fuel technology offers compelling economic benefits to reactor operators, including potential power uprates of 10-30%, longer fuel cycles, and enhanced safety margins, which could justify premium pricing. However, margin pressures could arise from the lengthy and expensive nuclear fuel qualification process, which requires extensive testing and regulatory approval that can take many years and cost hundreds of millions of dollars. Competition from other advanced fuel technologies, changes in uranium and zirconium commodity prices, and potential delays in the deployment of new nuclear reactors could also impact the company's future profitability. The highly regulated nature of the nuclear industry means that any changes in safety standards or licensing requirements could significantly affect development timelines and costs.
Competitive moat
Lightbridge's competitive moat is primarily built around its intellectual property portfolio and first-mover advantage in metallic fuel technology for commercial light water reactors. The company holds multiple patents covering its uranium-zirconium alloy fuel compositions and manufacturing processes, with patent protection extending through 2027-2035. Additionally, the company maintains trade secrets related to its fuel fabrication techniques that provide ongoing protection beyond patent expiration. The strength of this moat is moderate but faces several challenges. The nuclear fuel industry has high barriers to entry due to extensive regulatory requirements, safety testing protocols, and the need for specialized manufacturing capabilities. Once a fuel technology is qualified and deployed, switching costs for reactor operators are extremely high, as any fuel change requires extensive testing, regulatory approval, and potential reactor modifications. This creates potential customer stickiness once Lightbridge Fuel achieves commercial deployment. However, the moat faces significant competitive threats. Other companies and national laboratories are developing competing advanced fuel technologies, including accident-tolerant fuels and TRISO-based designs. Major nuclear fuel suppliers like Westinghouse, Framatome, and Global Nuclear Fuel have substantially greater financial resources and established relationships with reactor operators. The lengthy development timeline for nuclear fuel technologies means that competitors have time to develop alternative solutions or potentially design around Lightbridge's patents. The company's moat is also vulnerable to technological disruption from entirely different reactor designs that may not require or benefit from Lightbridge's specific fuel technology. Small modular reactor developers might choose to integrate fuel fabrication capabilities in-house rather than license external technologies, potentially limiting Lightbridge's addressable market. Overall, while the company has established a technological foundation, the strength of its competitive position will ultimately depend on successful commercialization and market adoption before competitors can offer superior alternatives.
Risks & safety
Lightbridge presents a mixed margin of safety profile with strong liquidity but significant execution risks. **Liquidity and Solvency:** • Cash position of $56.9 million as of Q1 2025, providing substantial runway • Zero debt and minimal liabilities ($966K in current liabilities) • Current ratio of 59.5x indicates exceptional short-term liquidity • Annual cash burn of approximately $9.5 million based on 2024 operations • Current cash provides roughly 6 years of operating runway at current burn rate **Valuation Concerns:** • No revenue generation creates difficulty in traditional valuation metrics • Market cap of approximately $362 million for a pre-revenue company • Price-to-book ratio of 2.54x suggests premium valuation relative to tangible assets • Enterprise value reflects significant speculative premium on future potential **Other Considerations:** • Binary outcome risk - success depends entirely on successful fuel qualification and commercialization • Regulatory approval timeline uncertainty could extend development costs beyond current cash runway • No established revenue streams to provide downside protection • Technology development risk in highly regulated nuclear industry
Recent development
Over the past few years, Lightbridge has made significant progress in advancing its metallic fuel technology from laboratory research toward commercial viability. The company has successfully demonstrated key manufacturing processes, including the co-extrusion process at Idaho National Laboratory, where it created 8-foot long fuel coupon samples using uranium-zirconium alloy. This represents a critical milestone in proving the manufacturability of Lightbridge Fuel at scale. The company has expanded its strategic partnerships significantly, signing a memorandum of understanding with Oklo for potential fuel fabrication collaboration and establishing research partnerships with prestigious institutions including MIT and Texas A&M University through the DOE Nuclear Energy University Program. Additionally, Lightbridge has initiated international collaboration with Romania's RATEN ICN to assess fuel compatibility for CANDU reactors, potentially expanding its addressable market beyond U.S. light water reactors. Lightbridge has also strengthened its technical capabilities by expanding its research and development team with experts in modeling, simulation, and fuel qualification. The company increased its R&D spending from $0.7 million in 2022 to $4.6 million in 2024, reflecting its commitment to accelerating technology development. Key upcoming milestones include radiation testing of enriched uranium-zirconium alloy samples and the preparation for insertion into an Advanced Test Reactor, which is planned for early 2026. The company has positioned itself to benefit from the growing momentum in nuclear energy, particularly the increasing interest from technology companies in nuclear power for data centers and AI operations. With over 20 countries committing to triple nuclear capacity by 2050 and potential U.S. policies to quadruple nuclear power, Lightbridge has aligned its development timeline with favorable industry trends and policy support for advanced nuclear technologies.
LTBR company profile · for informational purposes only — not investment advice.
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