10-K · February 26, 2026
Lightbridge remains a pre-revenue, development-stage company advancing its proprietary all‑metal nuclear fuel. The company began irradiation testing of its fuel material coupon samples in the ATR in November 2025 and…
Earnings analysis · 10-Q
LTBR earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Lightbridge Corporation reported Q1 2026 results characterized by zero revenue and a net loss of $6.3 million, or $(0.20) per share. Operating expenses rose significantly, driven primarily by increases in general and…
Read full summary
Lightbridge Corporation reported Q1 2026 results characterized by zero revenue and a net loss of $6.3 million, or $(0.20) per share. Operating expenses rose significantly, driven primarily by increases in general and administrative and research and development costs, reflecting the company's ongoing investment in its nuclear fuel development initiatives. Cash reserves decreased modestly despite raising $18.6 million from equity offerings.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.2
What stood out
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Operating Loss Increased
The operating loss rose by 46% to $7.6 million compared to $5.2 million in Q1 2025.
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Substantial Cash Reserves
Cash and cash equivalents increased to $215.7 million, up $13.8 million from $201.9 million as of December 31, 2025.
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R&D Spend Up 94%
Research and development expenses surged 94% year-over-year to $3.3 million, largely due to increased personnel costs and project commitments.
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General & Administrative Costs Rising
G&A expenses increased by 23% to $4.3 million compared to $3.5 million in Q1 2025, driven by stock-based compensation.
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Interest Income Boost
Interest income rose by $0.9 million due to increased cash balances.
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No Revenue Reported
The company reported zero revenue for the quarter, maintaining its trend from previous periods.
What to watch
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Widening Quarterly Net Loss
Net loss before income taxes increased by 31% year-over-year to $6.3 million, up from $4.8 million.
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Increased Cash Burn
Net cash used in operating activities rose to $4.8 million, an increase of 45% from Q1 2025.
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Sustainability of Financing Activities
Reliance on an ATM program for funding raises uncertainty around the company's ability to continue financing operations given market conditions.
Management's outlook
Management did not provide any numeric revenue or EPS guidance in the report.
Earlier filings 4
10-Q · November 6, 2025
Lightbridge reported no revenues and a net loss of $4,099,245 (GAAP) for Q3 2025, or $(0.16) per share, compared with a net loss of $2,656,161, or $(0.19) per share, in Q3 2024. The company materially strengthened its…
10-Q · November 1, 2024
Lightbridge reported no revenue for the quarter and a quarterly net loss of $2,656,161 (EPS $(0.19)), wider than the year‑ago quarter loss of $1,839,828 (EPS $(0.15)). Operating expenses rose to $2,974,810 in Q3 2024…
10-Q · August 1, 2024
Lightbridge reported no revenue for the quarter and a net loss of $2,374,634 (net loss per share $0.17) for the three months ended June 30, 2024, versus a net loss of $1,672,224 (EPS $0.14) in the year-ago quarter.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.