Business
Lightbridge Provides Business Update and Announces First Quarter 2022 Financial Results
Conference Call on Thursday, May 12, 2022, at 4pm ET RESTON, Va., May 11, 2022 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear
About this update from Lightbridge Corporation
[{"type":"text","content":"Conference Call on Thursday, May 12, 2022, at 4pm ET\nRESTON, Va., May 11, 2022 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel technology company, announced financial results for the first quarter ended March 31, 2022 and provided an update on the Company's continued progress. Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “Our first quarter saw momentum continue to build related to advancing our fuel development activities. We continue to make progress with our work at Pacific Northwest National Laboratory (PNNL) from our second voucher from the Gateway for Accelerated Innovation in Nuclear (GAIN) program, focused on the manufacturing process for Lightbridge Fuel™. At the same time, we are actively engaging in negotiations with the U.S. Department of Energy’s (DOE), a benefit of our strong working relationship, as well as the private sector, for additional scopes of work that will take Lightbridge Fuel closer to commercialization.” Financial Highlights The Company maintained a strong working capital position at March 31, 2022 of approximately $28.2 million and had no debt. Cash Flows Summary Cash and cash equivalents were $28.2 million at March 31, 2022, compared to $24.7 million at December 31, 2021, an increase of $3.5 million in cash and cash equivalents.Cash used in operating activities was $1.9 million, a decrease from $6.3 million in 2021. This decrease was due primarily to the dissolution of the Enfission joint venture in the first quarter of 2021 and the payment of approximately $4.2 million to Framatome for outstanding invoices for work performed by Framatome and other expenses incurred by Framatome. Cash provided by financing activities increased to $5.4 million in the first quarter of 2022 compared to nil in the first quarter of 2021. This increase was primarily due to an increase in the net proceeds from the issuance of common stock by our at-the-market (ATM) facility in the first quarter of 2022. Balance Sheet Summary Total assets were $28.9 million and total liabilities were $0.5 million at March 31, 2022. Working capital was $28.3 million at March 31, 2022 versus $24.7 million at December 31, 2021. This was an increase of $3.6 million in working capital for the three months ended March 31, 2022. Stockholders’ equity was $28.4 million at ...