LTBR - Earnings call transcript Q2 2022

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Operator

Thank you for standing by and welcome to the Lightbridge Corporation Business Update and Second Quarter 2022 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.

Matthew Abenante

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

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

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

Seth Grae

that recycling intellectual process. potential outlook funding far to partner for our further Lightbridge material reactors. an nuclear products Energy Curio's metallic fuels government through Last their produced the small Matt, half Curio's protections reactors power promising. Also that first modular in called simulate recent that to signed and this Energy existing a of transuranic second and materials technology announced from with month, waste all you, of was company Fuel feedstock is safety University from modular and continued Lightbridge's produce Thank we as fuel Canada Northwest and MOU, just the relating week, property U.S. TRUfuel in with of as sorry, in we enjoy property Curio and and discuss reactors. deployment in momentum thank design potential Lightbridge encouraging that reactor. of from with will recycling fuel. explore XXXX, coming this Fuel. Lightbridge inside modular a understanding including R&D rods of have Curio's impressed is memorandum small used use accident year momentum half during -- study, Energy our of the of tolerant an XXXX efforts announced the TRUfuel of our joining commercialize MIT we We Within opportunities to awarded patents securing Lightbridge's progress developing and to to with of support us for and you a performance to Nuclear taker progress, will Eurasia, thus industry we the our the MIT awards transuranic MOU strengthened with nuclear quarter large Department were of Program usage is study $XXX,XXX Energy's Last Northwest Curio, Fuel been grant and off NuScale sharing Lightbridge XXXX in intellectual protection Under small will second results. Lightbridge by technology broad technology has

important being future between that Lightbridge to work path and collaborative focus This of benefits efforts is potential the strategic vouchers on and our supported over Fuel additional similar to SMRs on exciting with dovetails DOE. research the another the the Lightbridge will GAIN SMRs. bring is commercialization rods This two fueling project to DOE. and example this our by Importantly, represents

for also for security for seeing support government allies, in growing ourselves nuclear in energy particularly and providing reasons. are climate and power, We our

meet seeing are Lightbridge's help up goals. Nuclear from U.S. support stepped technology Fuel benefit government to Lightbridge strategic can nuclear the from. for we which Importantly, its government, expects power

As up strategic help I've goals. meet and the interviews, project spoken about Lightbridge series cooperative in fuel. a partnership allow critical This at negotiations prior licensing energy will support testing American agreements Fuel National which to a test and its in regulatory under performance clean in of calls necessary energy work for will is Lightbridge and Idaho is Laboratory, security of for of to efforts samples commercial This leading deployment fuel fuel irradiation step advanced modeling reactor. Lightbridge key the for path

coincidence It's include for will not this help greenhouse will is month, As into -- you for shut hope to natural gas earlier power. have European green decide which European the gas to to in more Union Germany slash a factories more in companies seen that in the and and winter. need power marketplace its rationing the be EU to ration which power. The energy news, soon a countries will bring the sustainable start mild considers emissions. great that power will many money nuclear voted will more projects taxonomy, have

order encouraging is to out Belgium nuclear are reduced future scaled reactors. size back plans has has under see the their and surrounding across throughout phase to greater for to Asia, efficiency. The in phase technology South Korea construction scale and of on backed the nuclear over and Europe. reactors that or U.K. New similarly out planned compelling reactors plans It's reactors also

quality. and there's and rods, the of without economical and using the Lightbridge, technology safer on the power and the have security, years Much that only will nuclear over power future we has energy compromising energy. fuel the incremental industry. safety fuel rods our had Current nuclear discussions fuel to make reimagined being of help than approximately even changes fuel among design and more today's Congress rod However, is secret energy XX industry, shape fuel of ensuring the about enough advanced believe fuel nuclear that supplied. is Lightbridge nuclear nuclear in of administration, the at

perform with rods for fuel in assessment of other XX% We for power many for of new on will One similar power upgrade than SMRs. we as EPR nuclear to as well based fuel designed reactors a XX% reactors, large The feasible power power. Lightbridge that benefits believe be added the reactor. a more take upgrades standard will be an preliminary is

a report the national month, published and security Agency while that of Our and the look support energy accelerating health action. Country clean technology concluded investments grow And nuclear international environment up all improving the secure that about in for to in electricity, technological advanced waking nuclear advance happen. will month be their last nuclear energy realization grid confidence nuclear like that, energy, climate Energy leadership nuclear improving States opening advanced starting United really policy baseload comeback." in bold now this climate International they meet is U.S. Institute by stating the "the energy sources innovation, and we're nuclear breakthrough energy landscape in the will grid a incorporating to or opportunities that national to up seems evaluates security, energy changing, resilience, seeing energy. clean to competitiveness transition without and is for U.S. power A can't goals This markets, and to continues power the a our published by generation, XXXX. transitioning what report the

and the programs, Schumer $XXX that on billion energy. offers we change energy will renewables, yesterday, deal a surprised hydrogen, Chuck support news Senators invest with and pleasantly of Reconciliation clean in climate a for and were Manchin Bill Just nuclear which between Joe

provide operating to the We keep keep benefits happy economic bill tax them are production fuel, see Plants plants. will help that plants to for the operating. to a our able credit we'll to includes use existing also to nuclear which be

step is for of includes Andrey activities. most turn secure on Mushakov, produce for have strong is for us which domestic ability This positive $XXX In I'll addition, necessary bill Nuclear bill such a and availability million is the development bill Fuel Labs, review our for Operations, the near-term testing a VP research, National supply, in technologies forward major is our important to overdue, development fuel HALEU, who rods. demonstration. of and will quick includes Andrey? the assay support impact which and will our call new used research a ours, us, as to enriched Executive funding uranium high Lightbridge a low give and to over importantly to and long technology. the HALEU for HALEU

Andrey Mushakov

Thank you, Seth.

make our development in they progress program. fuel Seth As continue to mentioned

renewables this of additional then on achievable the using the enable We Lightbridge PNNL. Fuel this project or of at combined the current Laboratory. fabrication depleted small modular in scope continue weight GAIN the performed updates is fuel. approximately we is grid. ongoing is amount process by to work Fuel as reactors as by the this and our provide fuel, Advanced National for make in $XXX,XXX samples The further We'll approach carbon uranium U.S. up in ramping Lightbridge informs We scope efficiently process SMR voucher This with with funded is a to Laboratory with a second project reactor also value fuel And zirconium. more designed the electric three Northwest project power XX a down to on our quarters The total alloy coming progress Department our of load percent it's was key casting fuel National Energy, Idaho of can months. available. this fabrication radiation and for follow demonstration renewables nuclear power the PNNL. zero further of our of Test is Pacific step in

the to reduce and Seth. deliver Back expect we cost security SMR and addition, goals. you, the strengthens climate energy of to for which reliable case In numbers electricity Lightbridge's large technology generating deploying of power SMRs from meet to an business

Seth Grae

Well, Andrey. thank you,

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

Lawrence Goldman

Seth you, Thank good everyone. and afternoon,

contributions the please later second For increase XXst, our compared our we we that near-term at XXXX. were development and and results of regarding the in as June of ability may for six decrease Total our external to in beyond. performed, with will former ample due million working invoices $X.X $XX.X ATM. fuel federal we the Fuel. was the an activities our facility, as our company's This the outstanding for in DOE stock million. the June Sherrie the for contain I and The primarily the months financial our support order to Lightbridge and to loss support with sufficient working leading yesterday flexibility XXth, Lightbridge the to assets have cash $X.X internal June our and six with to additional stockholders, disclosures, $X.X from for to $X.X to future, call new capital have were respect XX-Q used a financial XXXX expect well by second well business and tracks decrease first additional who provided million along is sharing XXXX activities. long-term select quarter is compared capital as approximately million our stakeholders, access $X.X of million million XXXX to and $X.X new negotiating at million others R&D we December requirements $XX.X continue now Today, quarter future net and XXXX. we financing R&D the $X.X capital government file as with $X.X of as total by such earnings Form of XXXX. over that to for issuance second million million ensure future of was fund on today. milestones, in ended information filed were at-the-market million an in working will of which quarter work our future at compared In development, U.S. working information the to over ended in to important and the to to refer very for financing Lightbridge of Total $XX.X go cost R&D that fuel XXth, of million capital for expenses Total negotiating cash conduct common other XXth, scopes position our financial This June Controller, venture approximately for our due half payment work -- operating funding of Holloway, XXth, to XXXX, $X.X of increase the activities, first for to months seek funding the from in strategic order proceeds to the incurred. additional help future P&L our national to and was is and of SEC is activities XXXX, XXXX release liabilities last alliances laboratories half our further million is will Net XXXX. joint that expenditures. commercialization year the XXXX the dissolution the turn

Sherrie Holloway

operating that in three Thank and compared and expenses three XXth, compared $X.X ended from to the $X.X to a services game you, three $X.X Total expenses XXth, settled million. months XXXX. was gain not program June Larry. expenses, decrease in With was compensation decrease point other fees approximately months million to million due to XXXX. XXth, a XXth, approximately primarily were approximately administrative decrease three $X.X months and decrease in million ended by charge for that professional with financial to ended of arbitration arbitration June and XXXX It June was expenses ended of XXXX. to connection approximately June to June million. recorded matter a a months This decreased for Relating the $X.X This XXXX. June for XX repeated development fairly from a of ended incurred approximately XXth, ended distribution increases consistent months million. and million for All gain and that in decreases June services, contributed $X.X the the contributed XXXX. decrease XXth, the amount was due XXXX million ended period-to-period. quarter were fees the was the Total Enfission was for in XXXX three by million by R&D the and fees $X.X general three XXXX R&D dissolved due consulting XXXX. of June net approximately to joint the This research corresponding XXth, months offset as decrease XXXX fees the development. a $X in of XXth, months Directors expenses venture stock-based R&D months of to June an primarily consulting was XXth, for decreased XXXX of in These the It $X.X net approximately expenses three the other outside three $X.X and occurred research as cash million R&D compared second ended operating June and XXXX during

Now, over to Seth.

Seth Grae

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

Matthew Abenante

Okay.

for a or your or to about they life like Our how ANEEL. bad or question affects I use write question first and potentially all? at I know would technology, have energy ANEEL advanced nuclear enriched good of whether not for

Seth Grae

one? that take you Andrey,

Andrey Mushakov

the and benefits partners Sure. fuels. that for Water primarily pursuing but Lightbridge that thorium-based terms designs metallic in the has not several unfavorable based the patented with outweighs believe utility market that the for of to nuclear on benefits due of discussions reactors. We current plant thorium Light of economics for water-cooled we're improving Lightbridge's power at the conditions thorium Reactors moment, fuel fuel actively safety

to economically monitor uranium in conditions, a you. if feasible of thorium becomes see to future. fuel continue will natural market Thank price cycle we However, the particularly the

Matthew Abenante

April, Purdue's Purdue about University next using SMRs Back explore in collaborating opportunities? studies campus. running universities in the such as and Lightbridge question. joint announced or be Duke a feasibility study Our and Would Energy on to such these research approach on

Seth Grae

that question? Do lot of take want to me And Right. a it's our universities. work you leads with Jim

James Fornof

Seth. Sure,

on we As an and feasibility green as by component understand announcement using SMR roadmap. initially it, energy of Duke the is Purdue focused Energy the Purdue's a of

U.S. concept on reactor at has first power the in currently a the be XX would university PUR-X research kilowatt a small a reactor campus, the Purdue of While called the

units And or Other announced roll feasibility Duke power open. operations or Lightbridge Carolina. designs that very to-date, NuScale, able as Since is is already unit. nuclear if reactor to chosen, GE is type -- in of designs water-cooled a molten -- potentially Holtec, South choice with coolant XX out. Hitachi such for using operating the SMR us with could potential been reactor and sodium salt, or fuel from apparently experienced in provide would has there other course, result be North no already Of Energy the still study

half Regarding fuel SMR. safety is commercialization our Lightbridge the expected R&D as the this on the earlier, Seth project tolerant open will Fuel the MIT begin MIT The NuScale can simulate and help University accident second working opportunities, program of to universities with Energy in goals. Nuclear this, of in and SMRs. collaboration Among and the research to universities advance NuScale collaboration with A our award objectives, Thank performance is fuel good a of and mentioned is several and is that recently part year. of with DOE's example us Power study of Lightbridge to announced to you. the deployment

Matthew Abenante

and The entail? next a color you with would question, future them more project Curio MOU provide about the can what

Seth Grae

Lightbridge Fuel as is the being uranium designed to use fissile material.

plutonium could technology to plutonium designed from government, Will U.S. our source? will large INL's the provided certainly, that company. initial using to testing those I which it their have material enrichment reactor got plutonium that from uranium how Lightbridge use stockpiles. uranium for be our plutonium will an fuel along years Advanced this gets meet And for from commercial that Test also reactor in Where scale another funding We be is material would but can area. the uranium reprocessing of not cheerio be nuclear it it The in variants we samples. in sourced believe government enriched up stockpiles. could believe purposes, but exploring for reprocess fuel report that come on remove samples blended mixed irradiated not highly that eliminate stockpiles, think studies used by from HALEU need we'll to We fuel. look as new for from to HALEU more government stockpiles, The possibilities could government fissile with could samples needed down generating make be from carbon-free progress. enriching Curio Lightbridge use that weapons understand the forward supplies what Halo scale working Larger be it down power. Advanced for fuel. other Fuel of or while supplied existing for of to feasible to we'll these they so we production I purposes, with U.S. existing was from the is can't us ago, several Test with our stockpiles will enrichment of government supply be from the I in With meet by commercial commercial HALEU, blending,

Matthew Abenante

And there commercial available eventual two-parter. Lightbridge HALEU be to words, In choice Would for Fuel? first are is Fuel. last actually options Lightbridge? our would for the available two optimal other a and HALEU appear Curio Lightbridge source when question CENTRIS the be for for if

Seth Grae

will reprocess a mixed explore is they we Curio HALEU. non-proliferative fuel get very variant to substances substances HALEU. that used of and to material will looking not with that using and Curio of something is in Fuel produce reactor plutonium other that extract instead that Lightbridge

with in substances, exploring produce with confidence are commercial And in to the the use much or HALEU that demonstrating the with what States. plutonium its United with U.S. add Europe. sufficient we other their other is that companies we have metal is of as more HALEU mixed produce We I'll of Senator variants was like are the could zirconium that and CENTRIS will approaches new Manchin plutonium ability metal supporting, U.S. with million and to the have variants of variants well in metal that as production $XXX very bill produce. some zirconium very, HALEU Joe metal in have to Curio HALEU looking also zirconium have with

Matthew Abenante

Back to you.

Seth Grae

tomorrow market just in live Well, Network. thank invited Square you, And Times Ameritrade I'll NASDAQ mention, on to TD New at P.M. Eastern in Matt. X:XX we're US the at [indiscernible] York the Time site

exciting there. you tomorrow if call. Ameritrade for participating everybody TD It's watching are thank any today's more And of answering questions be an want afternoon, So, we'll to on I some in nuclear for We the reached meantime, in and Good future. at additional forward safe Lightbridge. ir@ltbridge.com. can to we well. look updates and near the In time Stay providing bye. be

Operator

today's may you concludes disconnect. Thank participating You conference now for call. This

Lightbridge (LTBR) 28 Jul 222022 Q2 Earnings call transcript