Earnings call transcript Q4 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Thank you for standing by, and welcome to the Lightbridge Corporation Business Update and Fiscal Year 2022 Conference Call. Please note that today’s conference is being recorded. It is now my pleasure to introduce Matthew Abenante, Director of Investor Relations for Lightbridge Corporation. Please go ahead.

Matthew Abenante

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

us Holloway, Andrey Mushakov, Grae, Vice President is with Joining Operations; Goldman, Executive call and Nuclear Officer; Sherrie Larry Officer; Executive along Seth Financial Chief for the on Controller. Chief today

company’s forward-looking on competitive statements are not that I to our remind call and forward-looking product would and includes listeners facts position this statements. are service like about presentation the that any statements Today’s historical offerings.

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

I Seth Hello, over the to like our first of to speaker, And turn Seth. that, Grae, with Officer would Executive Chief call Lightbridge.

Seth Grae

Hello, to and all discuss you thank us you, Matt, for Lightbridge’s joining and thank XXXX results.

objectives were conference Since key achieved year. advancing the to crucial that Fuel we Lightbridge our to milestones call, our for last significant and meeting have

We and strategic National announced Idaho key in we are partnership project goals, to proud Laboratory successfully with DOE achieved agreement critical our that including December.

be with look is due initial duration of regular an milestones sharing. seven to work forward partnership to which phases we project years, strategic has Our that the different done to of

Test us ahead conduct Advanced these of the sample The enable testing understated. be importance and These in irradiation of agreements the will Reactor. material for Lightbridge fuel to work cannot agreements

performance data Fuel that from the reactors uranium-zirconium in to share The well regulatory we as deployment and licensing, will water, collect will and material help collect from can how a we of and large fuel which inside pressurized same with model the fuel fuel Lightbridge material reactors for types see rods. will we tests We pressurized material, reactors so of of The like this these performs secure light reactors will is our to to our CANDU well evaluating utilities, use various reactor. as performance collect such they that data the fuel. our obtain as pathway in apply testing reactors, data heavy on approval and small feasibility evaluation commercial water boiling-water commercial as reactors modular water and the support as

project also This award GAIN our in advances critical announced February. the by Lightbridge Northwest by stage Fuel three project The second Pacific a scope total We in the of value uranium-zirconium performed was at our voucher for of funded by successful amount DOE DOE with manufacturing under the process demonstrating a casting Lab $XXX,XXX of material. this process quarters PNNL. using approximately depleted National completion work

in want the collaboration thank efforts to collaborative their the with Lightbridge for at office DOE. and other I teams at PNNL and GAIN successful

Andrey? for Andrey call review Operations ongoing VP to I’ll Nuclear development fuel turn over the our to activities. Mushakov,

Andrey Mushakov

you, Thank Seth.

framework Idaho operating the an contractor umbrella and As Strategic Fuel. Energy for Alliance, U.S. Department Seth mentioned, agreements Energy umbrella Partnership Project National with Research Cooperative the or The Agreement Agreement and with in of we initial Lightbridge duration DOE’s seven with Laboratory each CRADA, National of agreements an years. Battelle the Development development entered of of collaboration consist with support Idaho into Laboratory to

of regulatory released supply will under performance the fuel Advanced for support fuel thermophysical work initial properties. modeling for aims uranium-zirconium using The relating the in and Test various been delta-phase Lightbridge’s Reactor commercial enriched to that work performance data of initial will to uranium efforts generate of phase Fuel. has licensing Lightbridge The two irradiation data samples alloy deployment in of DOE. testing phase culminate agreements the irradiation The by

yet at two uranium-zirconium Subsequent Laboratory. of the samples, phases in post-irradiation umbrella fuel the of agreements Test loop testing transient or under as of that work may Reactor have rodlets, well examination one released been Transient and experiments ATR, the radiation Idaho or in National not irradiated Facility the as TREAT include examination more post-irradiation fuel

based step process, Fuel. the using project, the as the in announced a for key analyzed. of In characterization of we our The Laboratory upcoming were iterative modified inform Reactor. work work casting cast and month to was irradiation uranium, part an manufacturing casting Pacific results existing on the demonstrate the National depleted produce the castings our completion will was Lightbridge achieve coupons the to acceptable process fuel Advanced ingots methodology Several suitable Northwest with fuel results results material with to process Last tests final this in help demonstration a process nuclear equipment. Test of throughout a Lightbridge’s performed were PNNL’s

you, to Back Seth.

Seth Grae

its being energy over companies the continues Thank year to you, by to the come never crises drive nuclear decisions. energy it more it comes Andrey. into energy The Ukraine last of With like has many stakes focus and when countries in achieving it invasion the for benefits world, zero and raised in carbon experienced have zero year only of net before. with parts policy the industry-friendly security. second set nuclear – worldwide targets momentum the the Russia’s toward Accountability of

part mix. is priorities. starting the significant increase that energy tragic of fact must climate their Countries to to and be energy the realization up seek Ukraine in power their waking to now has war in as to has Ukraine or caused nuclear seeing be seem we’re this that happen. And meet from energy energy infrastructure security can’t meaningful national goals security The they their security energy Russia’s on. now invasion everywhere a ensure to amplified of without countries

steps the from their and threaten carbon and electricity countries clean power national baseload without EU tax and nuclear weaning security. of reliable and nuclear reactors. Throughout and taken and in plants that can money nuclear advanced on have availability to emissions Inflation existing provides new nations North Asian responsible U.S. for the America countries a Only credits production renew restart fossil countries way, Reduction U.S. dependency build off Act recently expand fuels The reactors nuclear help to plant licenses of enacted preserve fleet the significant reactors.

[ph] Nuclear on stages. proposal or to Energy the are reactors Institute, around more XXX being According the than planned power order nuclear and are the at world reactors XX

developments reactors than XX across nuclear countries. overall in more more than public from electric government, Fostering improving research for with the markets. and municipalities, acceptance are operating industry including In addition innovation to is academia, utilities, commercial the nuclear SMRs, power plants, now and coming positive the power XXX sentiment capital

of of with companies a a a Nuclear government Lightbridge nuclear have to part owned, more private come. traded interest nuclear goals the or larger development power to diversified our have relatively meet of small portfolio can traditionally marketplace. been in greater company. This energy publicly the investments aggressively fuel to much the investors in in Today, companies chain supply vendor along liquidity pursue helps propel

unique a opportunity presents in nuclear Lightbridge industry. the

These fuel for of safety, existing the economic bring Our since are only reactors. changes design non-proliferation new truly benefits reactors new existing fuel major reactors will dawn water design significant the and light nuclear in for and marks that industry. the

This our an look Lightbridge is to on company. chapter our begin for elsewhere at exciting investors work we I and as for updating forward and time important INL this

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

Larry Goldman

good Thank everyone. you, Seth, and afternoon,

XXXX year today. fiscal release Form SEC refer we results our to regarding filed financial disclosures, file that with will please and our information later further that our we For earnings the and yesterday XX-K

were capital XX, XX, $XX.X at $X.X assets December million million, compared and XXXX $XX.X working XX, position total XXXX. company’s December million at December The $XX.X were million XXXX. at Total was to liabilities

used liabilities. operating settlement million activities million in $X.X to arbitration of million, in was in primarily and million of charges decrease XXXX cash and and operating due net to in This an for totaled XXXX a payment assets adjusted $X.X compared $X.X decrease in of Total changes decrease loss XXXX. as $X.X noncash a

million, XXXX, of million and increase liabilities charges $X.X noncash of of flows assets In operating net $X.X million. for our cash reported $X.X net in operating stock-based expense reflected compensation loss a and including our adjusted

of options provided the taxes Total of by settlement by to due cash provided for million in million, of a stock of $X.X by in $XX.X million exercise decrease as by net facility share XXXX of decrease million, a was withholding $X.X the provided payment in compared in financing awards $XX.X to of offset of a in equity million, activities million. cash $X.X $X.X cash our ATM decrease totaled This a XXXX. decrease decrease

government continue that contain fund with financing future and we business order long-term Fuel. leading future, of funding to in to our along the future funding to the fuel may to Lightbridge sharing with of our commercialization additional seek development, alliances expect strategic our R&D in help support In from and others requirements contributions respect milestones, to cost new

the invest to research XX $X.X expect and We XX months months. million in next over development to

P&L now our for Sherrie? turn Holloway, over fiscal financial I will XXXX. call the Controller information Sherrie will go over our to

Sherrie Holloway

ended to ended a XXXX XXXX, expenses the you, a of December million Thank million, million. for allocated for million. due ended of for $X.X to amounted expenses the a loss $X.X expenses decrease a the was $X.X $X.X in Larry. million, of to $X.X decrease year employee and December decrease XX, R&D R&D year XXXX. of Net million benefit to year million $X.X and XX, XXXX, Total compared million XX, outside other $X.X compensation compared for December primarily was in R&D decrease This $X.X in decrease employee

and decrease by compared of There million, G&A directors’ $X.X and increase and in XXXX $X.X insurance year, offset $X.X fees These increase patent for $X.X promotion, of an an expenses increases ended an in December in million. million was dues to travel fees of in expenses were the $X.X increase $X.X an professional million, an of subscriptions XX, million. year million increase of were prior expense, expenses million. a of the increase for million $X.X $X.X Total in

prior distribution income recorded other XXXX, to were XX, XX, for years the $X.X ended the and The expenses. a services, December and contributed research were million December services program million year for XXXX Net XX, December operating decrease R&D million for of a research XXXX income $X.X compared ended $X.X development year was generated the development There the charge respectively, $X.X in million. and from operating decrease with of $X.X million $X.X contributed to in a XXXX of the was joint correspond and as million venture. ended the GAIN other and

Seth. you to over Now

Seth Grae

the in And you, We updates call. be the everybody want to can near Sherrie. look ir@ltbridge.com. And today’s and thank in Well, future. forward we at in Goodbye. thank reached I Stay providing to meantime, safe participating well. for additional

Operator

conference concludes for call. Thank This today’s you participation. your

have You a now Everyone may day. disconnect. wonderful

Lightbridge (LTBR) 30 Mar 232022 Q4 Earnings call transcript