LTBRHIGH SIGNALFINANCIAL10-K

Lightbridge's operating losses expanded substantially while the company significantly diluted shareholders through a 68% increase in outstanding shares.

The dramatic deterioration in operating performance combined with substantial share dilution suggests the company is burning through capital at an accelerated rate while seeking additional funding. The nearly 50% reduction in total deposits alongside expanding losses indicates potential execution challenges or delays in the company's nuclear fuel development program.

Comparing 2026-02-26 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

Lightbridge's financial position weakened materially across most metrics, with operating losses expanding substantially from $13.1M to $23.2M while gross profit declined meaningfully. Despite raising cash (evidenced by the 68% increase in shares outstanding and modestly higher cash balance), the company's burn rate accelerated with operating cash flow deteriorating. The doubling of current liabilities and significant reduction in customer deposits further signal operational stress in the nuclear fuel development business.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
+99.6%
$425K→$847K

Current liabilities surged 99.6% — significant near-term obligations; verify ability to meet short-term debt.

Accounts Receivable
Balance Sheet
-97.3%
$388K→$10K

Receivables declined — improved collection efficiency or conservative revenue recognition.

Operating Income
P&L
-77.9%
-$13.1M→-$23.2M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Gross Profit
P&L
-77.5%
$304K→$68K

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Net Income
P&L
-66.1%
-$11.8M→-$19.6M

Net income declined 66.1% — review whether driven by operations, interest costs, or non-recurring items.

Operating Cash Flow
Cash Flow
-50.4%
-$9.5M→-$14.3M

Operating cash flow fell 50.4% — earnings quality concerns; investigate working capital changes and non-cash items.

Interest Expense
P&L
-45.2%
$29K→$16K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Total Deposits
Balance Sheet
-42.7%
$15.7M→$9.0M

Deposits declined 42.7% — significant outflows warrant immediate investigation into funding stability.

Cash & Equivalents
Balance Sheet
+16.8%
$24.7M→$28.9M

Cash grew 16.8% — improving liquidity position supports investment and shareholder returns.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-03-03
ADDED
At February 20, 2026 there were 34,152,062 shares of the registrant s common stock issued and outstanding.
We use words such as believe, expect, anticipate, project, target, plan, effect, intend, aim, will, may, can, potential, enhance, or similar expressions, which are intended to identify forward-looking statements.
You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, particularly given the regulatory, technical, financial, and market risks associated with the development and commercialization of our nuclear fuel, as well as assumptions that if they were to ever materialize or prove incorrect, could cause the results of the Company to differ materially from those expressed or implied by such forward-looking statements.
BUSINESS When used in this Annual Report on Form 10-K, the terms Lightbridge, the Company, we, our, and us refer to Lightbridge Corporation together with its wholly-owned subsidiaries, Lightbridge International Holding LLC and Thorium Power Inc.
and international electricity demand is growing rapidly due to AI-driven data centers, electrification, and industrial development.
Solely in the U.S., demand is expected to grow by ~3 million gigawatt hours over the next 20 years, increasing demand by ~70% from current day.
In particular, the data center demand tends to be stable around the clock and will likely require resources that can provide firm, reliable generation.
This potential need for firm, baseload power combined with on-going international, state, and corporate carbon emissions reduction targets means that nuclear power is expected to be a critical part of new electricity generation construction for the next few decades.
Interest in advanced nuclear generating technologies is high, punctuated by the U.S.
Federal Government s target to expand nuclear generation capacity by approximately 300 gigawatts electric by 2050.
REMOVED
At March 2, 2025 there were 20,357,551 shares of the registrant s common stock issued and outstanding.
We use words such as believe, expect, anticipate, project, target, plan, optimistic, intend, aim, will, may, or similar expressions, which are intended to identify forward-looking statements.
You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, as well as assumptions that if they were to ever materialize or prove incorrect, could cause the results of the Company to differ materially from those expressed or implied by such forward-looking statements.
The Company assumes no obligation and does not intend to update these forward-looking statements for any reason after the date of the filing of this report, to conform these statements to actual results or to changes in our expectations, except as required by law.
BUSINESS When used in this Annual Report on Form 10-K, the terms Lightbridge , the Company , we , our , and us refer to Lightbridge Corporation together with its wholly-owned subsidiaries Lightbridge International Holding LLC and Thorium Power Inc.
Lightbridge s principal executive offices are located at 11710 Plaza America Drive, Suite 2000, Reston, Virginia 20190 USA.
Technology industry companies believe that nuclear energy can offer a strategic, sustainable, and reliable solution for powering data centers.
Advances in reactor technology, combined with growing corporate and governmental support for clean energy, can position nuclear power to be the cornerstone of future energy strategies for data-intensive industries.
We believe that, by integrating nuclear power, the data center sector can achieve operational efficiency, energy security, and sustainability.
We believe uses of our fuel could include providing additional power via power uprates of existing reactors, which may be willing to pay a premium for reliable, clean, and sustainable baseload electricity.
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →