{"id":772835,"date":"2023-07-26T21:40:28","date_gmt":"2023-07-27T01:40:28","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/lightbridge-provides-business-update-and-announces-second-quarter-2023-financial-results\/"},"modified":"2023-07-26T21:40:28","modified_gmt":"2023-07-27T01:40:28","slug":"lightbridge-provides-business-update-and-announces-second-quarter-2023-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lightbridge-provides-business-update-and-announces-second-quarter-2023-financial-results\/","title":{"rendered":"Lightbridge Provides Business Update and Announces Second Quarter 2023 Financial Results"},"content":{"rendered":"

\nConference Call on Thursday, July 27 at 4 p.m. ET
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RESTON, Va., July 26, 2023 (GLOBE NEWSWIRE) — Lightbridge Corporation<\/u><\/a> (Nasdaq: LTBR), an advanced nuclear fuel technology company, announced its financial results for the second quarter ended June 30, 2023, and provided an update on the Company\u2019s continued progress.<\/p>\n

Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, \u201cWe are pleased to report continued progress in the second quarter of 2023. We recently announced our participation in the Department of Energy\u2019s Nuclear Energy University Program awarded to Texas A&M University, which will be an excellent opportunity to showcase the capabilities of Lightbridge Fuel\u2122, whose simulated performance will be thoroughly studied within a small modular reactor, ultimately generating experimental data that will help us optimize the application of our technology.\u201d<\/p>\n

\u201cWe announced that the U.S. government has selected Lightbridge to join two important public-private nuclear power groups – the High-Assay, Low-Enriched Uranium Consortium, and the Small Modular Reactor Working Group, under the U.S. Department of Energy and U.S. Department of Commerce\u2019s International Trade Administration, respectively. These affiliations underline our commitment to advancing nuclear power technology and integrating nuclear power into the broader energy landscape. I was honored to be reappointed by U.S. Secretary of Commerce Gina Raimondo to the Civil Nuclear Trade Advisory Committee (CINTAC) as a representative of Lightbridge Corporation and small businesses in the U.S. nuclear energy sector. This position allows us to advise on policies that drive U.S. exports of civil nuclear goods and services, ensuring our sector’s continued growth and competitiveness.\u201d<\/p>\n

\u201cWe strengthened our team in the second quarter, with Dr. Scott Holcombe joining Lightbridge as Vice President of Engineering and Sherri Goodman joining the Board of Directors. We are confident in their respective expertise that will guide us forward.\u201d<\/p>\n

\u201cThe nuclear power industry is on the rise. The growing global understanding of nuclear power’s importance for energy security, grid stability, and climate change mitigation drives efforts to maintain existing nuclear fleets, increase power generation from these resources, and accelerate the adoption of advanced nuclear technologies. We believe that we are well-positioned to capitalize on our fuel’s economic and safety benefits, which will further our efforts to develop and commercialize Lightbridge Fuel,\u201d concluded Mr. Grae.<\/p>\n

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

The Company maintained a working capital position at June 30, 2023 of $28.0 million and had no debt.<\/p>\n

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

Cash and cash equivalents were $28.2 million, as compared to $28.9 million at December 31, 2022, a decrease of $0.7 million for the six months ended June 30, 2023, consisting of the following:<\/p>\n