LTBR - Earnings call transcript Q3 2020

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Operator

Thank you for standing by, and welcome to the Lightbridge Corporation Business Update and Third Quarter 2020 Conference Call. Please note that today's call is being recorded. It is now my pleasure to introduce Matthew Abenante, Director of Investor Relations for Lightbridge Corporation. Sir, you may begin.

Matthew Abenante

Thank you, John, and thanks to all of you for joining us today. www.ltbridge.com. release be after Relations viewed the website press yesterday market page earnings Lightbridge can and on at company's was the distributed closed of The the Investor

Seth Joining Jim are President competitive Grae, Larry on us not Fornof, like to remind Chief listeners this Sherrie Executive Vice Program Andrey Officer; statements. for Accounting Financial call call Nuclear statements Vice presentation offerings. about on today that product facts President Management. Goldman, forward-looking would I Chief Officer, service Today's for along the Executive historical with that Manager; Mushakov, Holloway, our forward-looking Nuclear is Operations; position are statements any and includes and the and company's

believe our future. expectations used actual Securities will or detail that, would any Exchange Officer During estimates. whether to call Lightbridge's risks like Seth Chief a today's are differ uncertainties Lightbridge. and statements, on set is risks speaker, turn call, intend and and such significantly Grae, discussion other from in may the new or assume the and goals to Executive with that of in words with in or This filings events not more forward-looking presentation Commission. Lightbridge Seth? revise of involve result over certain the as otherwise. forth any current obligation And in based cause anticipate, be developments does and update to I our such These to of expect, results such as first Hello,

Seth Grae

for the efforts from our innovation performing fuel on in or or Lab, program. are continues you at to gateway Matt, we Idaho nuclear, accelerated the of us. under progress ongoing joining National with And initiatives. thank Lightbridge Energy's Department voucher and Hello, pleased development GAIN, U.S. funding its all for INL, make

funding has experiment at designing served reminder, Receiving this brief a are test Voucher reactor technology. fuel GAIN it we fuel tremendous us is our validation INL. the for in our first advanced metallic for as an for as government testing a As samples the

awards clear truly against fact, smaller In in is China when a formally other DOE case of putting "a nuclear this and with is an as kind considered aligned in X involving the has into existing competing change. amount X advanced the this United Russia $XXX,XXX, as tremendous need Strategically, the internationally by reactors funding as is support government exceptional climate or power each technologies case, new the the development. is help DOE plants. characterized innovation." Lightbridge race can Russia. a over This and it races, technology providing strategic U.S. the in race with resources can itself as government and advanced develop well for the U.S., to that and to nuclear nuclear technology, grown and priorities relating in China importance particularly support U.S. a and global States amid be large are

strategic race a about is resources contract last part a Reactor the XXX-year States decommissioning relationship deployments initial seller and from priorities. that plant In for we GAIN strengthen contract. within countries. the the benefiting from DOE signing orders fact, certainly This between program reactor of the the strategic the are United first establish because these and relationship from buyer is the to

country of the numbers and jobs that for sale. and it course, Of also the gets revenue commerce means large

to dynamic. and changes to position States to the countries power the strategic in United out China further or We U.S., it are technology the to deploying that operational lose and all we benefits our economic compete see important As its win. to nuclear and Russia plants helping

emitting U.S. to versus companies handle the less there's global COX for which part by business a a the to is demands issue. while temperatures average opportunity race XXXX, means must emitted additional which of important power world's climate, for while Regarding having be the is jobs also that avoid increasing than today. bipartisan capacity mix, also This the energy a from opportunities nuclear generation to an more other U.S., manufacturing presents companies in growing countries, translating the

power Northam, In technology" carbon-free that be his to recognize "nuclear home of in cited strong Virginia's leader Virginia. fuel in R&D science referencing Virginia, Virginia's Turning Governor nuclear global state "nuclear recognizing fact, in our proclamation the our goal In in a week energy patent nuclear achieving the nuclear week, month, that Governor and last state vital relating by play role makes XXXX." innovation, also generation will statement Ralph to issued the a last to a in role portfolio. nuclear industry

quarter, provide During will an technology. attractive fully Executive that that, Korean development potential XX our the a to in opportunities. develop notification X for the fuel, turn the of will Andrey country's I benefit And our assure will and the over South received a that with application technology patent of research rods. that VP making helps commercialization grant electricity, to the reactors Andrey? from call we our manufacturing we for Operations, Office market currently Property for review twisted There Mushakov, X/X metallic shareholders divisional third a are fuel Korea Nuclear patenting of near-term this helically who method Lightbridge's Intellectual from relating of co-extrusion low patent our

Andrey Mushakov

Seth. you, Thank

and As Seth companies and facilities across project, the uranium Lightbridge, are radiation GAIN Lightbridge Idaho Laboratory and Voucher collaborating as expertise new developing nuclear technologies. access the program are GAIN expertise fuel indispensable complex. the U.S. facilities alloy. and available advanced such commercial the capabilities on to and world-class as mentioned, we zirconium state-of-the-art design DOE DOE's provides National Voucher of test the These with nuclear support as well

or project, cost nuclear exploring to Testing, the high FAST, government Steady-state this plan U.S. INL, Together advanced INL's to for time we the to of as Fission As of burn-up and methodology material. part the means the achieve with in from we benefit reducing of fuel Accelerated experiment GAIN support technology. new are application a

the communication Voucher, in-reactor Lightbridge delay expect samples. additional to many for in experiment. We the with INL well further have completion DOE the of COVID-XX this us funding in which success produce and some normal maintained seek can experiment way demonstrating government pandemic the insertion GAIN the under parallel anticipate advanced the delay testing project. in companies, of do samples - opportunities project working of our believe Although we impact We fuel expect not further disrupted we will position the design, frequent to to technology. our has accelerate adverse the initial the of In minimize on our the but the American for and and coupons to development support, sample efforts radiation

have INL's the fuel availability data of testing completed. experiment coupons subject reactor Once date the provide outage, we available to is burn-up in fuel the outage the The for coupons, required final of prior material. and as on postradiation Our reactor, insertion of in XXXX, as maintenance sample for in is in commitments is to positions goal which advanced plan the reactor achieved actual planned properties insertion the soon examination is after of the the duration test the will its the the perform testing. to

quickly work including that and significant U.S. and National irrigation capabilities, of area development and modeling We DOE developing toward tests technologies. advanced faster and will fuel validation demonstration we to accelerating to you, more be ever the advanced look which can then in simulation areas than end. enable perform demonstrated to Labs fuel continue ahead, methods believe of the have As of technologies, the before fuel and beneficial qualification, use progress Lightbridge's both to sir. Back of accelerating

Seth Grae

Well, Andrey. you, thank

over the financial Larry Chief Goldman, Now Officer, I'll turn to the call summarize results. to company's Financial

Lawrence Goldman

everyone. and Seth, you, good afternoon, Thank

our information will XXXX to third with later the Form at release of disclosures, please market financial close our that further yesterday, we regarding quarter XX-Q that we For SEC and the our file today. earnings filed results refer and

financial XXXX. our $XX.X cash equivalents cash million to cash of $XX XX, XXXX, million at Regarding had and September December cash QX of of equivalents compared and as XX, we

Labs was XX, X the our months of XXXX. the as XXXX, joint the X X in from G&A result to September XXXX, in XXXX, late approximately activities due which ended increase National venture into to ended ended due a joint months $X.X stock million expenses September our September proceeds transitioning months ended Cash assets $XX.X September venture $XX.X activities proceeds for million XXXX, common to X XXXX. compared arbitration, ending XX, million used the and to X months in at and for the September We have decreased $X.X XXXX, million by the by to of as of XX, XX, the for financing contributions debt the ended Total months compared us capital provided September investing working for decrease work our the in XXXX, at cash no to reduce $XX.X U.S. in $X.X September a earlier was XXXX, $X.X to September XXXX. our have offset by in were to net XX, increased financing, working R&D million XX, capital December increase Due of million of compared runway September months by X months were approximately an the we September million due the XX, the calendar to X $X.X pandemic, XXXX. XX, X at XXXX. This increased used relating by end R&D steps compared preserving expenses. as COVID-XX in for Total ended And an our and ended year to Cash cash XX, total XX, ended XXXX. $X.X XX, XXXX, operating the primarily taken million in year R&D net to XXXX, months anticipate XXXX. the the to expenses activities increase issuance approximately of million our in compared we equity terminating necessary liabilities to in this activities

our I with of P&L shareholders now DOE, quarter will GAIN to fuel XXXX. third DOE the obtain future cost-efficient We made from development in our of primary goal information funding turn to will their furthering to for the our Holloway, financial additional financing fuel who'll requirements over program the available continue strive our go in development. other future Sherrie our or for respect our within Accounting the funding to opportunities manner most the over to call with the support either Manager,

Sherrie Holloway

and for Thank Total million compensation XX, work with months strategy by months R&D you, venture primarily increase December months $XXX,XXX September $X.X loss to due were compensation XXXX, the these fringe of third National September $X.X operating development to to quarter compared and status decrease third quarter our to fuel was the for for This an was of costs million joint $XXX,XXX This research million. loss XX, factors. joint consist of $X.X due $X X XXXX, to for other for due to XXXX. X the G&A primarily primarily at of working quarter of million professional employee $X.X arbitration for of our the transitioning compared and ended XXXX XX, $X.X fees X employee the fees net XXXX million XXXX. third of XXXX, from to Labs. the to primarily million Enfission related approximately the R&D of $X.X third compared approximately September expenses now were quarter to new XXXX $X.X of U.S. compared due incurred a Net XXXX, and quarter third Larry. fuel. of and of $X.X third million the XX, to the was R&D inactive for the the months benefits related our developing Net in result in related employee ended ended X was quarter legal expenses the to XXXX. the a venture the million decrease and and benefits allocable for of our the development other increase expenses in

Now you, over Seth. to

Seth Grae

Thank you, questions. you Sherrie. Matt? And submitted the everyone with that, to Thank who to has question-and-answer session. we will go

Matthew Abenante

Thank Seth. you,

question. first Our

nuclear for will fare With And how lines election the to Lightbridge or with the the you project up a administration industry Biden a the Biden still change GAIN with along time Trump decisions as do will a whole to air, in Voucher the presidential how proceed? affect think win? internal

Seth Grae

Well, for DOE don't there's I change change Lightbridge. in in a if administration, see support a

the that and very areas don't administration who that wins big just stimulus DOE development matter support less with bipartisan are growing the think new don't Fuel much projected the But spending change for race, in we're nuclear. in nuclear having of spending well-positioned support. much of there house regardless of on certainly expensive, I has and coming In technology like of no even I think support presidential cuts would I and very to projects. democratically a there election, regardless these of see strong And been see for has administration be or likely where federal a federal Republican-controlled could Republican who a who reducing bipartisan the other of I wins a the development, reduce spending I and Lightbridge nuclear DOE in areas reactor - senate DOE of a federal expensive been support by President. the with controlled general, think government big budget be and out of led supporting, focus budget, wins continuing on some the would package likely areas

advanced on a do bipartisan that's don't into nuclear controlled, the part so. on Voucher. would What political. Congress, program And affect the divided, Republican-controlled. had existence not lines one already is Biden technology of the the We've time have clean GAIN part fund administration support. energy other, the and whether House, I No. for question a really with Democratically internal Congress we I and come others think the of GAIN As the Senate us and think

in So Trump President changing, don't nuclear see and both supporting I President, and their former I Biden, Vice really see position, energy advanced that technology.

don't Matt. there, I see change So a

Matthew Abenante

Thanks.

Should EU investors investors seems view expect to And Lightbridge terms and catch to ESG Our as these U.S. next we their in question, peers impact it of opportunities? investing. a to technology? in the are nuclear clean up the that starting these pursue can institutional in

Seth Grae

ESG with start we'll that. Well, impacting within investing

company components But environmental which of the among are technology, smoke stacks developing be or is can the something our environmental, and, a I in governance. fuel social important we with ESG, So up. meeting and what corporate governance, cleaned broad environmental, On necessary or needs own to not that we're most nuclear doing think be fact, goals.

in that technology our world that power goals. environmental climate growth think and will part I for be that the consequential meeting required clean and meet energy is that, it's nuclear to of for goals

in investors should impact at So environmental Lightbridge. look area I looking think for the investing

And and gender important roles on in say corporate I'd participating focusing we're We're the policy, technology NASDAQ-listed small projecting social a some ESG, important and part We effort we activities, and in nuclear social, governance, we're addiction. the statement against a growing nuclear positions. of for racism. As very part fighting last a and a that internally externally part and of policy governance, have statements clean. company. very leadership do On have the in champions We're opioid company and of we're particularly and on company. women corporate

accurate. financial very auditor we that helps that We top-shelf guarantee is say have everything a

high have quality, We as level just and assurance a quality high nuclear program.

the the those is our fuel to area in environmental areas in do. investors move it on we're ESG, clean. needle what looking I So U.S. can very of But for the and globally are think where and

should asked these viewed particularly nuclear will as investors the be and should question viewed goals. when technology? And opportunities? a is about Lightbridge climate energy On clean other answer you talking part a pursue clean of nuclear And yes, about, as the technology, clean the be we're by

Matt. that, fact, part Fuel energy And mentioned, nuclear goals. Lightbridge I will be necessary and think of is In climate think I meet as to I

Matthew Abenante

Thank you.

technologies China from will question, you pursuits? next potential Lightbridge? Our ongoing advanced pursuit actually are theft do to IP concerned Russia's these And of and you think benefits with nuclear present

Seth Grae

benefit Lightbridge then trying can, term. those opening, deliberately in fuel, But for do time, immediate do markets around Well, certainly They're think Russia are as the I our will use some already changing world, Russia and that. in built and to We're anything by reactors us. don't expanding the China world those to the around seeing reactors their providers. reactors China fuel not

deploy aggressive new to reactors our moves what's become support So part Russia's of market nuclear could could advanced that technologies. U.S. to China's particularly I'd of importance reactors us. fuel the and use countries say U.S. the countries, to strategic is anywhere in spurring for potential opportunities

to that. they pay against the can and overseas with patenting, such technology well want granted our others we're what ally heard or in And very is other And build lose reactors. benefit I industry We want getting and our And other partly government the the the Russia where companies good protect the and and purpose I'd have technology including already U.S. ourselves communications don't do their Russia, the that support, to U.S. and very to And the support of intellectual where second The part strategic rights of overseas. U.S. in companies to doesn't takes intellectual about the supply that. technology in supporting we in really companies winning the And more. the in jobs against working deploy patents we And programs like expect China that U.S. and seeing overseas, understand government the benefit. and strongly theft from of say with end Corporation, and that exports, want of your intellectual will theft. from particularly question nuclear careful nuclear think countries. by fuel compete as or nuclear government, win of countries China to ultimately protecting that's Russia. what compete strong of for closely nuclear relate And and been reactors fall of work government China and And overseas countries as U.S. reactors. recently, the Russia. the International a see these to from And the might Development building have and in companies we with the be in technology we're lot new patents field property the Security and to is, financing for they U.S. China are and intellectual very we've to U.S. not us have and and authorized see to and and property where two Lightbridge are reaction are Finance would on companies the to and Lightbridge National they U.S. that nuclear deploy U.S. helping which spheres government wanting we're in is and the government U.S., those China exports accessed the on our part Chinese those one, we our been property could from of particularly help that whether about country in funded nuclear U.S. granted all U.S. being a where transfer as of if Administration with protecting increasingly to nuclear extremely that receiving protect that are act movement nuclear Export-Import about or very Russia, concerned I them help like technology obvious worldwide in Lightbridge two in the China of getting to is On will countries the are U.S. exports. U.S. nuclear, very closely that wants that very So patents of And reactors the building more another reasons, control to wouldn't seriously. other addition finance DFC, the not and has, United overseas. States be prohibition reasons of that on influence, can overseas to in end help and so meetings the energy controlling Russia technology parts government. that us property infringed overseas other the the the it Voucher some by the Nuclear the into this, important the for government, the for Russian government that the GAIN those Lightbridge addition U.S. financing pay Very at for Bank nuclear that U.S.

just I filed have the would Matt, a on So another protect I patents as would we've say that I so call, U.S. the government and carefully mentioned we that maintained. think in big that, friend

Matthew Abenante

we questions Thanks, Seth. That's all have. the

Seth Grae

safe participating providing okay. Well, Thanks, you, everyone. thank the future. updates Well, In Goodbye. forward at call. can you, meantime, thank everyone, in to today's We on we be the well. Stay and and calling Matt, for look additional reached and near in ir@ltbridge.com.

Operator

today's all Thank concludes This you call. for participating. conference

You may now disconnect.

Lightbridge (LTBR) 7 Nov 202020 Q3 Earnings call transcript