Lightbridge Corporation Q1 FY2025 earnings call

• Successfully demonstrated proprietary co-extrusion manufacturing process at Idaho National Laboratory, creating an 8-foot long fuel coupon sample.
• Signed MOU with Oklo to explore areas like co-locating fuel fabrication facility, reprocessing spent fuel, etc.
• Global nuclear energy is experiencing a resurgence with government support, public acceptance, and demand from industries like data centers, positioning Lightbridge well with its innovative fuel technology.
• Ongoing engineering work confirms potential benefits of Lightbridge Fuel across various reactor types.
• Anticipate investing ~$17 million in 2025 for R&D development of nuclear fuel.

No specific product segment financial performance with revenue contribution % provided. Net loss for Q1 2025 was $4.8 million vs $2.8 million in Q1 2024. R&D expenses were $1.7 million in Q1 2025 vs $1 million in Q1 2024. G&A expenses were $3.5 million in Q1 2025 vs $2.2 million in Q1 2024. Total cash and cash equivalents were $56.9 million as of March 31, 2025, up from $40 million on December 31, 2024.

• Expect to continue pursuing government funding and strategic alliances to fund future R&D milestones.
• Anticipate investing approximately $17 million for CapEx and operating expenditures in R&D development of nuclear fuel in 2025.
• Plan to evaluate benefits of situating Lightbridge's fuel fabrication operations within Oklo's proposed commercial fuel fabrication facility, which could lead to cost savings.

• Forward-looking statements involve risks and uncertainties that may cause actual results to differ, as detailed in Lightbridge's SEC filings. No specific operational failures discussed in detail.

Q: Can we expect to see Lightbridge received DOE financing in the near future?

A: We don't know exactly what DOE will do. We believe Lightbridge is well positioned for future support. We frequently evaluate opportunities for non-dilutive funding sources, including DOE funding. To date our project has benefited from 2 DOE GAIN voucher awards, where Lightbridge was the main applicant plus another GAIN voucher award to structural integrity associates to evaluate the safety of Lightbridge Fuel in a large 1,100-megawatt electric pressurized water reactor as well as 2 DOE Nuclear Energy University Program funding awards to MIT and to Texas A&M University. We will continue to pursue DOE funding opportunities in those areas that minimize IP risks to us.

Q: Has Lightbridge gotten out of the thorium business entirely? Or they just -- have you just back burnered it?

A: We are not actively pursuing a thorium-based seed and blanket fuel design. However, Lightbridge still holds patents covering that thorium fuel technology, and we could resume fuel development activities in that area if we saw a real interest from a serious customer come about, the interest we are seeing from customers is in our metallic uranium-zirconium fuel, particularly for power up-rates.