Business
Lightbridge Provides Business Update and Announces Second Quarter 2022 Financial Results
Webcast on Thursday, July 28, 2022, at 4pm ET RESTON, Va., July 27, 2022 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel
About this update from Lightbridge Corporation
[{"type":"text","content":"Webcast on Thursday, July 28, 2022, at 4pm ET\nRESTON, Va., July 27, 2022 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel technology company, today announced financial results for the second quarter ended June 30, 2022, and provided an update on the Company's continued progress. Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “Lightbridge continued to make significant progress in the development of Lightbridge Fuel™ in the first half of 2022 at an important time in our industry. Last month, the European Union decided to classify nuclear energy as “green,” potentially opening up significant investment for the industry, while many countries have begun restarting and growing their nuclear power programs.” “Lightbridge is developing and commercializing Lightbridge Fuel, a next generation nuclear fuel technology that provides more power versus existing nuclear fuel for both existing and new build reactors. Nations that are exploring building new reactors will be able to help ensure future energy supplies by optimizing their new-build reactors to Lightbridge Fuel to take advantage of the additional 30% power that our fuel will generate.” Financial HighlightsThe Company maintained a strong working capital position at June 30, 2022 and had no debt. Cash Flows Summary Cash and cash equivalents were $29.3 million at June 30, 2022, as compared to $24.7 million at December 31, 2021, an increase of approximately $4.6 million.Cash used in operating activities decreased $4.6 million in the six months ended June 30, 2022, to $3.1 million, from $7.7 million in the six months ended June 30, 2021. This decrease was due primarily to the dissolution of our former joint venture and the settlement payment of approximately $4.2 million we paid in 2021 for outstanding invoices for work performed and other expenses incurred by our former joint venture partner in 2021. Balance Sheet Summary Total assets were $29.8 million and total liabilities were $0.5 million at June 30, 2022. Working capital was $29.2 million at June 30, 2022 versus $24.7 million at December 31, 2021, an increase of $4.5 million in working capital for the six months ended June 30, 2022.Stockholders’ equity was $29.3 million at June 30, 2022 as compared to $24.9 million at December 31, 2021. Operations Summary To...