{"id":525140,"date":"2021-08-09T07:03:04","date_gmt":"2021-08-09T11:03:04","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/lightbridge-provides-business-update-and-announces-second-quarter-2021-financial-results\/"},"modified":"2021-08-09T07:03:04","modified_gmt":"2021-08-09T11:03:04","slug":"lightbridge-provides-business-update-and-announces-second-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lightbridge-provides-business-update-and-announces-second-quarter-2021-financial-results\/","title":{"rendered":"Lightbridge Provides Business Update and Announces Second Quarter 2021 Financial Results"},"content":{"rendered":"

\nConference Call on Monday, August 9, 2021, at 4pm ET
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RESTON, Va., Aug. 09, 2021 (GLOBE NEWSWIRE) — Lightbridge Corporation (NASDAQ: LTBR), an advanced nuclear fuel technology company, announced financial results for the second quarter ended June 30, 2021, and provided an update on the Company’s continued progress.<\/p>\n

Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, \u201cWe are pleased with the strong progress of our fuel development activities thus far in 2021, including the successful demonstration of our proprietary coextrusion manufacturing process. We produced rods of a length designed for small modular reactors, using nuclear-grade zirconium alloy cladding material and a displacer produced from nuclear-grade zirconium, and surrogate materials that mimic the relevant properties of uranium.\u201d<\/p>\n

\u201cLightbridge achieved this manufacturing milestone shortly after the U.S. Department of Energy (DOE) awarded Lightbridge our second Gateway for Accelerated Innovation in Nuclear (GAIN) voucher in March, with Pacific Northwest National Laboratory (PNNL). This new GAIN voucher is to demonstrate Lightbridge\u2019s nuclear fuel casting process using depleted uranium, a key step in the manufacture of our nuclear fuel. Last month, we executed a Cooperative Research and Development Agreement (CRADA) for approximately $663,000, with three-quarters of this amount funded by DOE for the scope performed by PNNL, to begin work on this important project. Securing these funding awards from DOE further validates our patented fuel and patented manufacturing process within the federal government and the nuclear power industry.\u201d<\/p>\n

\u201cWe continue to make progress under our first GAIN voucher, with Idaho National Laboratory. We are designing an experiment to irradiate our fuel using coupon samples that will contain high-assay low-enriched uranium (HALEU) in the Advanced Test Reactor. We are close to completing the experiment\u2019s conceptual design and are moving into the detailed design phase, which we expect to complete later this year.\u201d<\/p>\n

\u201cLast week, we were pleased to announce that Jesse Funches has joined Lightbridge\u2019s Board of Directors. Jesse was the Chief Financial Officer of the U.S. Nuclear Regulatory Commission (NRC). He possesses comprehensive knowledge of nuclear regulatory policies and processes and has extensive experience working with Congress and the Office of Management and Budget, as well as working within the office of the Secretary of Defense. He is also now the chair of the Audit Committee of Lightbridge\u2019s Board. Jesse\u2019s joining the Board supports Lightbridge\u2019s continued alignment with America\u2019s national nuclear policy interests.\u201d<\/p>\n

\u201cIn June, we announced that Lightbridge was added to the Russell Microcap\u00a9 Index. We are proud to be one of the few publicly traded nuclear companies, and to be included in the index. The index listing will help Lightbridge broaden our investor base. Environmentally sustainable investors are increasingly learning that advanced nuclear technology is necessary for U.S. companies to compete globally and to meet climate goals,\u201d concluded Mr. Grae.<\/p>\n

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

The Company maintained a strong working capital position at June 30, 2021 and had no debt.<\/p>\n

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