Business
Lightbridge Provides Business Update and Announces Second Quarter 2024 Financial Results
Conference Call on Thursday, August 1st, at 4:00 PM ET RESTON, Va., July 31, 2024 (GLOBE NEWSWIRE) -- Lightbridge Corporation (“Lightbridge”) (Nasdaq: LTBR),
About this update from Lightbridge Corporation
[{"type":"text","content":"Conference Call on Thursday, August 1st, at 4:00 PM ET\nRESTON, Va., July 31, 2024 (GLOBE NEWSWIRE) -- Lightbridge Corporation (“Lightbridge”) (Nasdaq: LTBR), an advanced nuclear fuel technology company, announced its financial results for the second quarter ended June 30, 2024, and provided an update on the Company’s continued progress. Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, \"The recent passage of the ADVANCE Act marked a pivotal moment for the advanced nuclear industry. This landmark legislation recognizes the critical role advanced nuclear technologies will play in building a clean and secure energy future for the United States. We believe this legislation will help to facilitate a more efficient regulatory licensing process for Lightbridge Fuel™” \"In an era of rapid technological advancement, the demand for clean and reliable energy has never been greater. The rise of data centers powering AI and the increasing prevalence of energy-intensive processes like crypto mining necessitate a massive expansion of our electricity generation capacity, and this expansion must be sustainable and carbon-free. Advanced nuclear technologies like Lightbridge Fuel™ can offer a powerful solution to this challenge.\" “At Lightbridge, our fuel development work currently spans several sites across two continents. Lightbridge Fuel is designed to operate at significantly lower temperatures than traditional fuel, enhancing safety and reducing proliferation risks. The expedited NRC licensing process outlined in the ADVANCE Act specifically addresses advanced nuclear fuels that can increase safety and economic competitiveness for existing reactors and the next generation of advanced reactors. This will pave the way for a more efficient path to qualify and license these technologies to reach the market sooner and contribute meaningfully to the growing demand for clean energy solutions,” concluded Mr. Grae. Financial Highlights The Company’s working capital position at June 30, 2024 was $26.4 million and had no debt. Cash Flows Summary Cash and cash equivalents were $27.1 million for the six months ended June 30, 2024, as compared to $28.6 million at December 31, 2023, a decrease of $1.5 million, consisting of the following: Cash used in operating activities for the six months ended June 30, 2024, was $3....