{"id":464565,"date":"2021-03-24T16:08:26","date_gmt":"2021-03-24T20:08:26","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=464565"},"modified":"2021-03-24T16:08:26","modified_gmt":"2021-03-24T20:08:26","slug":"lightbridge-provides-business-update-and-announces-fiscal-year-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lightbridge-provides-business-update-and-announces-fiscal-year-2020-financial-results\/","title":{"rendered":"Lightbridge Provides Business Update and Announces Fiscal Year 2020 Financial Results"},"content":{"rendered":"

\nConference Call on Thursday, March 25, 2021 at 4pm ET
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RESTON, Va., March 24, 2021 (GLOBE NEWSWIRE) — Lightbridge Corporation (NASDAQ: LTBR), an advanced nuclear fuel technology company, announced financial results for the fiscal year ended December 31, 2020 and provided an update on the Company’s continued progress.<\/p>\n

Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, \u201cDespite the challenges faced in 2020 during the COVID-19 pandemic, I\u2019m happy with the progress Lightbridge has made throughout the year. In summary, throughout 2020, Lightbridge has taken steps to reduce many of the risks associated with our business. One major step in 2020 included securing US government support for our fuel development program through our GAIN voucher award from the U.S. Department of Energy. We believe that the federal government’s ongoing commitment to supporting advanced nuclear technology companies like Lightbridge positions us to further enhance our fuel development efforts.\u201d<\/p>\n

\u201cImportantly, we also came to terms on a settlement agreement with Framatome that resolves all disputes between the companies and terminates all agreements pertaining to the Enfission joint venture, freeing all intellectual property rights to their respective background technology. I believe this settlement agreement is the best result for all sides, allowing Lightbridge to pursue various promising opportunities in the nuclear sector, now unencumbered by any constraints on our Lightbridge Fuel\u2122 technology platform.<\/p>\n

\u201cFinally, we have taken the critical step of prioritizing our fuel development program towards powering Small Modular Reactors (SMRs) of the future. SMRs are expected to have much lower capital costs per module than larger reactor designs, making their deployment easier to finance and support by private and government sectors. In addition, we expect SMR plants with Lightbridge Fuel to have the ability to load follow renewables, helping to expand markets for renewables and SMRs together as countries seek to decarbonize energy generation. We believe that Lightbridge Fuel\u2019s\u2122 most significant economic benefit to SMRs will be to provide a 30% power uprate that will allow SMRs greater flexibility in power levels.<\/p>\n

\u201cWe want to position Lightbridge as an essential company for the world to meet its climate goals. While existing large reactors can present an additional market opportunity for Lightbridge Fuel\u2122, we do not expect significant future growth in the number of these large reactors, so they will not move the needle on climate change. Lightbridge is going where the industry is heading, along with the significant government funding opportunities we expect to go toward SMRs in the coming years, and we remain focused on our pursuit of full-scale commercialization of Lightbridge Fuel\u2122 as quickly as possible\u201d concluded Mr. Grae.<\/p>\n

\n Financial Highlights<\/strong>\n <\/p>\n

The Company maintained a strong working capital position at December 31, 2020 and had no debt.<\/p>\n

\n Cash Flows Summary<\/strong>\n <\/p>\n