LTBR - Earnings call transcript Q3 2024

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Operator

Thank you for standing by, and welcome to the Lightbridge Corporation Business Update and Third Quarter 2024 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. Please go ahead.

Matthew Abenante

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

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

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

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

Seth Grae

XXXX Thank you, Matt, Lightbridge's and thank you all results. discuss third for joining us quarter to

nuclear nuclear advancing technology is address that are we fuel industry. the Lightbridge, challenges At facing set to critical

more always than has making Our focus efficient energy been on cost-effective more nuclear existing fuel. safer, and

modular Fuel water-cooled and reactors. Lightbridge superior reactors next-generation are in including to performance deliver designing small existing reactors, We

key several to We are the fuel advantages over developing traditional fuel. offer

same in XX% to value. extending increase in the of their to able reactors, pressurized plants build produce from Utilities XX% those lifespan be to could XX% PWRs. PWRs, the maximizing energy existing and more may power and output reactors, water it by up new First,

risk enhancement. crucial This existing or Second, accidents. degrees X,XXX normal A stable means the Celsius Lightbridge of than the a to expected is temperature is cooler cooler fuel operation more safety overheating Fuel fuels. operating reduces in is operate at design-basis and

efficiency The and fuel of metallic could safety incorporate production plutonium. designed technology global of ability benefits, energy different contribute concept But to a in to to nuclear the help could stockpiles fuel and plutonium nonproliferation both metallic aren't reduce be only efforts.

VOYGR evaluate particularly in University small focus positioning future our Department the In providing in separate reactors the potentially U.S. Lightbridge also mix, utilities existing power to studies role of reactors, use fuel addition industries. the small reactors and A&M modular for to plants, and are our Texas funding can is modular on we Energy modular flexible Fuel X the power and to a power at fueling future. energy solutions the safe of the NuScale nuclear The design. of play scalable, Small MIT significant

to Looking key ahead, achieving we establishing energy fuel our the executing and sector remain in other completing and players from on commercial process, development regulatory with focused utilities our arrangements generate technology. the fuel strategy, revenue approvals

opportunity is immense. the Lightbridge believe We for

its will place more of supply, Lightbridge reclaim to believe as we be poised global nuclear As Fuel and sustainable. a energy to nuclear fuel is efficient more making cornerstone safer, integral energy

Operations, turn to for Mushakov, call VP to -- development of Executive the Andrey? our call over activities. I'll Now the Andrey Nuclear fuel begin review

Andrey Mushakov

Seth. you, Thank

parameters. uranium using of and consisting an material, completed at progress adjusted make extruding and past rod an alloy Laboratory, extrusion of have milestone of demonstration Over fabrication another National a zirconium critical few or in INL. the on subsequently we unclad alloy Idaho sample Fuel extrusion of depleted year, After efforts we Lightbridge our depleted months, process of cylindrical achieving this March uranium continued have with zirconium to

series a continue zirconium alloy this to and and in samples zirconium conduct Over with uranium uranium environment. alloy enriched plan before test or depleted next year, testing of to extrusions the with proceeding process work extrusions of irradiation we additional fabrication and a demonstration reactor

addition RATEN on suitability to compatibility using study will are of engineering with ongoing Lightbridge Fuel ICN In at assess provide details the project on working an Reactors. INL, to we for additional this CANDU project. Scott and our

studies October Fuel year, activities. providing of Conference at in Finally, of paper the fuel presented development company's independent of technical Lightbridge Grenoble, presented TopFuel There some technical X a the other in the France, overview previous this XXXX about technical Lightbridge at conference. were an

by improved This Department validate GAIN pressurized conditions. study, research performance regulatory evaluated U.S. of Associates, performance MIT particularly of or or Technology, Energy the and SIA the Integrity the and Lightbridge VOYGR accident under Fuel by its NuScale one Structural Lightbridge Energy study, produced Program's enhanced small Institute grant, and studies modular further was Massachusetts Fuel extreme Nuclear the performance normal grant, PWR, reactor. One simulated U.S. of under supported by reactor, The of conditions. SIA. water MIT, the both under University Fuel, conducted other government-funded and safety and These Lightbridge

President give Scott and these Now us Scott? initiatives. our details on to projects Holcombe, Vice of ongoing I'll Engineering, of additional ask some

Scott Holcombe

Andrey. of CANDU with below that results an so The you, enrichment ICN has The RATEN conducting Nuclear Lightbridge fuel far Research initial Thank Romania using engineering and using study in assess indicate feasibility X% can current discharge of to Institute the Reactors. expect been to in evaluations CANDU the use we our Fuel for double perform reactors to and fuel. in of expected CANDU is The initial engineering this years. Fuel future Lightbridge completed additional burn-up XXXX and uranium-XXX year, provide be study

the TopFuel overseas Lightbridge's Andrey activities, some test previous development presented. an conducted gave during of the company's X from were results in previously experimental As fuel paper Fuel France, an Lightbridge overview reactor. an XXXX papers Grenoble, on of in including test held Conference recently mentioned,

other by Lightbridge SIA Fuel coolable presented NuScale comprised fuel In this -- conditions and integrity rod papers the Two simulations still metallic PWR, studies structural XX approximately SMR in of geometry. dry-out and conducted and test, during endured let and its hours a and Lightbridge independent respectively. irradiation maintained and MIT

operating the fuel heat or increased transfer irradiation-induced reduced to design, over the MIT area, lower main Lightbridge cladding. higher CHF, advantages self-spacing flux, rod are swelling of fuels of formation to on crud fuel potential slower temperature, the heat According margin and study, a critical the for Lightbridge conventional

development enhanced and insufficient efforts. margins. damage to Fuel lower the reduced the at According Lightbridge temperatures, cladding performance These shorter confirmed in study performed provide duration continued include conventional cladding These over SIA, fuel demonstrates accident stresses advantages temperature, future regulatory of and oxidation, high several cladding advantages by cladding to expected licensing Fuel for have studies and basis a conditions. peak Lightbridge safety

back I'll that, call to over the With Seth. turn

Seth Grae

an Scott. an is major industries, role nuclear is the a that the option. thank growing particularly are unprecedented world's demands. no those There for Well, you, power in Nuclear demand technology energy. that power sector, should longer play recognition developments power for meeting essential growing have just driving been in There recent

of energy Nuclear world. that that are important a York. the AI, give in size in particular, sustainably is as example, stable, remain To you fueling energy, consume AI the becoming some data an nuclear as an this the carbon-free. surge. scale particularly power role. play This planned requires demand New being could are can city next-generation nearly technologies, largest a complexes Data could much round-the-clock consumers and source of some centers center electricity

in giants seen -- Amazon, In Microsoft, past of nuclear few we've in Google like small the investments in make next months few tech power, the the modular reactors. months, including and development landmark

nuclear Renewables workloads, required power the For projects. and meet these to the massive future. need this these energy are is meeting goal Nuclear for can't in power option massive for alone reliable, uninterrupted is the sustain demand supplies those tech they companies, effective intermittent. AI clear, because a promising and they provides clean needs

crisis. energy This a in States. United Agreement. to the climate Many solution to reaching took a These by the signal the pledged Dubai forums, that just meeting the United nations, nuclear last Nation's emissions in including pledges isn't recognition global year, and capacity essential goals global nuclear is power resurgence of net-zero center clear United XXXX. as stage the for the Paris recent COPXX In critical such triple nuclear in as happening States, nuclear

and mentioned from and there go in here today recent the Conference we'll international from World in Lightbridge for meeting, paper TopFuel the is and at meetings. Economic "I'm to meetings, for for Geneva London active COPXX." CEO Scott to in presentation France, Solutions in Forum's Baku his Energy Advanced

make Lightbridge those believe providing reactors well is reactors to efficient. future in nuclear reactors water-cooled operation and We positioned currently small more to large solution fuel the next-generation support by and

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

Lawrence Goldman

you, everyone. and Thank good Seth, morning,

XX-Q filed Commission. as that further earnings XXXX with disclosures, yesterday and release the our well report regarding will on quarterly and Form please we Exchange as later quarter our results file For Securities third financial refer today our we to information that

company's expenditures. December XX, September capital assets our million liabilities financial at support million flexibility $XX.X fuel XX, XXXX. XXXX. versus total $X.X position working million XX, to Today, million Total at working we were were and The was September ample have capital $XX.X and at $XX.X XXXX, near-term development

very that future capital access stockholders as sufficient activities. Lightbridge such This as to the R&D we well conduct as important is and have to to our our capital as government, ability as working the ensure well federal our the to external stakeholders, in

September increase due $X.X months G&A million primarily was months changes ended of million at for XX, September ended in for capital. ended $X of working million increase to XXXX. for a cash $X.X and the and in XX, were X $XX.X the increased cash equivalents spending XXXX, XXXX, to cash compared an used $XX.X Total XXXX. This operating on as X XX, months R&D, first X compared decrease $X.X the was XX, million, expenses to September activities million Total the million December

million or our X proceeds facility. by ended was September of was cash to common compared due XX, decrease net a XXXX. XX, This the ATM to decrease stock financing a XXXX, September months from X by million, Total provided the the for ended in $X.X of $X.X $X.X in at-the-market decrease the issuance million activities months

our of disclosed activities, we fuel in fuel the long-term leading and strategic alliances that our will fund and our respect time may to financing development government In with see commercialization to with and of to the our help We consistent long-term anticipate in new Lightbridge along generally future with line to R&D others cost-sharing development, funding business contain Fuel. expect requirements, from funding support commercialization that filings. our additional what we future, SEC remain to contributions have continue

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

Sherrie Holloway

in compared XXXX, and million due Larry. XX, R&D for Total an XXXX. in the $X.X expenses an ending $X.X consisted This expenses you, increase was September of of Energy employee the an $X.X loss an for $X.X months the Net costs to consulting XXXX, employee of for to September in increase increase of increase increase $X.X third September employees, amounted expenses of allocated in million. million, of X quarter INL September ended million primarily million compared and XX, $X.X R&D $X.X million outside XXXX, $X.X XX, ended FEED to million. third labor months an IT an ended million increase benefits and X million, Thank $X.X XX, million in R&D compensation the for Study project of Centrus to increase an fees increase quarter in $X.X

increase ended professional Total September XXXX, offset stock-based of to compared increase compensation $X.X for million $X.X $X.X $X.X employee X $X.X the in ended months a September XX, months The primarily and million, fees by of in an the G&A compensation $X.X for amounted to to million XX, of was million. XXXX. million due decrease in an million X of increase expenses

earned bills X Seth. ended savings Total XXXX. and the to XXXX, as the September account was our compared XXXX. Back bank you, constant purchase was to X The compared from X the XX, months million for for ended from X months ended treasury of XX, other September interest income ended to income the company's XXXX, $X.X September unchanged months months September the XX, XX,

Seth Grae

for well. everybody to forward not and participating providing can submitted Sherrie. We're you, looking today's be at received reached the meantime, call. we I We've safe updates. by e-mail. would In on like thank Goodbye. Thank additional ir@ltbridge.com. to questions Stay

Operator

This call. conference concludes today's

You disconnect. may now

Lightbridge (LTBR) 1 Nov 242024 Q3 Earnings call transcript