Business
Lightbridge Provides Business Update and Announces Third Quarter 2020 Financial Results
Conference Call on Thursday, November 5, 2020 at 4pm ET RESTON, Va., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Lightbridge Corporation (NASDAQ: LTBR), an advanced
About this update from Lightbridge Corporation
[{"type":"text","content":"Conference Call on Thursday, November 5, 2020 at 4pm ET\nRESTON, Va., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Lightbridge Corporation (NASDAQ: LTBR), an advanced nuclear fuel technology company, today announced financial results for the third quarter ended September 30, 2020, as well as the Company's corporate progress and other meaningful developments.\n Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “I’m pleased with the progress that Lightbridge has made in the third quarter, particularly in our performance under our CRADA agreement with Idaho National Laboratory (INL), in collaboration with the U.S. Department of Energy (DOE). Our team has worked diligently with INL to navigate this initial process, and we are optimistic about the prospects for the success of this program. We expect that this GAIN voucher that provides over $600,000 from DOE is the first of a series of U.S. government funding opportunities. DOE notes that funding awards over $500,000, are made ‘in cases with a clear need and involving a truly exceptional technology or innovation.’ “In addition, Lightbridge continues to be well positioned financially. Our strong cash position of $17.4 million as of September 30, 2020 and no debt, provides us the financial resources to fund our ongoing fuel development efforts throughout 2021, while pursuing additional opportunities towards commercializing Lightbridge Fuel™. “This is an exciting time for Lightbridge, as well as for the U.S. nuclear power industry. We are seeing increasing bipartisan governmental support for advanced nuclear technologies. The U.S. government is taking concrete steps to assure that nuclear innovations being developed by American companies compete and win in the global market, particularly in competition with Chinese and Russian state-owned enterprises. We are working towards being one of the companies that will help implement these long-term strategic goals.” Financial Highlights The Company maintains a strong working capital position of $15.8 million at September 30, 2020 and has no debt. Cash Flows Summary Total cash used for the nine months ended September 30, 2020 was $0.6 million compared to $4.1 million for the nine months ended September 30, 2019. This decrease consisted of the following: Cash used in operating activities increased approximately $1.5 milli...