Business
Lightbridge Provides Business Update and Announces First Quarter 2023 Financial Results
Conference Call on Thursday, May 11 at 4 p.m. ET RESTON, Va., May 10, 2023 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear
About this update from Lightbridge Corporation
[{"type":"text","content":"Conference Call on Thursday, May 11 at 4 p.m. ET\nRESTON, Va., May 10, 2023 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel technology company, announced its financial results for the first quarter ended March 31, 2023, and provided an update on the Company's continued progress. Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “The first quarter has been an eventful and productive time for Lightbridge. Notably, we have made progress in our SPP and CRADA collaboration with Idaho National Laboratory (INL), completing and issuing a Quality Implementation Plan (QIP) for our collaborative project at the lab. The QIP was an essential first step to ensure that all future work performed at INL on the project will comply with nuclear quality assurance requirements of the U.S. Nuclear Regulatory Commission.” “We also completed work under the U.S. Department of Energy's Gateway for Accelerated Innovation in Nuclear (GAIN) voucher program in collaboration with Pacific Northwest National Laboratory (PNNL) to demonstrate Lightbridge’s nuclear fuel casting process using depleted uranium, a key step in manufacturing Lightbridge Fuel™. “The macro-outlook for the nuclear power industry continues to be quite positive. The increasing global understanding of nuclear power's significance for energy security, grid stability, and limiting climate change is propelling efforts to maintain current nuclear fleets, boost power generation from these resources, and accelerate the path toward the adoption of advanced nuclear technologies. As a result, we believe we are well positioned to capitalize on our fuel's economic and safety benefits that will further our efforts towards developing and commercializing Lightbridge Fuel,” concluded Mr. Grae. Financial Highlights The Company maintained a working capital position at March 31, 2023 of $27.9 million and had no debt. Cash Flows Summary Cash and cash equivalents were $28.1 million, as compared to $28.9 million at December 31, 2022, a decrease of $0.8 million for the three months ended March 31, 2023, consisting of the following: Cash used in operating activities for the three months ended March 31, 2023, was $1.5 million, a decrease of $0.4 million compared to $1.9 million for the three months ended March 31, 2022. Cash provided by financ...