Lightbridge FY23 EPS $(0.65) Vs $(0.69) YoY

Author: Benzinga Newsdesk | February 28, 2024 05:51pm

Financial Highlights

Working capital was $28.3 million at December 31, 2023, versus $28.7 million at December 31, 2022.

Cash Flows Summary

Cash and cash equivalents were $28.6 million, as compared to $28.9 million at December 31, 2022, a decrease of $0.3 million for the fiscal year ended December 31, 2023, consisting of the following:

• Cash used in operating activities for the year ended December 31, 2023 was $6.5 million, a decrease of $0.2 million, compared to $6.7 million for the year ended December 31, 2022. The decrease was primarily due to changes in net operating assets and liabilities, which were driven by an increase in prepaid assets of $0.2 million, offset by an increase in accounts payable and accrued liabilities of $0.4 million.
  
   
• Cash provided by financing activities for the year ended December 31, 2023, was $6.2 million, a decrease of $4.7 million, compared to $10.9 million for the year ended December 31, 2022. This decrease was due to a decrease in the net proceeds received from the issuance of common stock under our at-the-market (ATM) facility in fiscal year 2023 and an increase in net share settlement of equity awards.
  
   

Balance Sheet Summary

Total assets were $29.4 million and total liabilities were $0.5 million at December 31, 2023.

• Stockholders' equity was $28.9 million at December 31, 2023, as compared to $29.1 million at December 31, 2022.
  
   

Operations Summary

• General and administrative expenses amounted to $7.1 million for the year ended December 31, 2023, compared to $7.5 million for the year ended December 31, 2022. The decrease of $0.4 million was primarily due to a decrease in employee compensation and employee benefits of $0.4 million, due to the increase in the time allocation percentage of G&A labor costs to research and development expenses, a decrease in consulting expenses of $0.1 million, decrease in insurance expense of $0.1 million, decrease in dues and subscriptions of $0.1 million, and a decrease in promotion expenses of $0.1 million, offset by an increase in stock-based compensation of $0.4 million, which was due to the partial vesting of restricted stock awards granted in 2022. Total stock-based compensation included in general and administrative expenses was $1.1 million for the years ended December 31, 2023 and 2022.
• Lightbridge's total research and development expenses amounted to $1.9 million for the year ended December 31, 2023, compared to $0.7 million for the year ended December 31, 2022, an increase of $1.2 million. This increase was primarily due to the increase in R&D activities related to the development of our fuel. This increase primarily consisted of an increase in INL project labor costs of $0.8 million, an increase in allocated employee compensation and employee benefits of $0.4 million, an increase in consulting expenses of $0.1 million, an increase in travel expenses of $0.1 million and an increase in stock-based compensation expenses of $0.1 million. This increase was offset by a decrease of $0.3 million primarily related to the Gateway for Accelerated Innovation in Nuclear (GAIN) voucher work recorded as research and development expenses in 2022 that was completed in the first quarter of 2023.
• Total other operating income was zero for the year ended December 31, 2023, compared to $0.4 million for the year ended December 31, 2022. This $0.4 million decrease was due to the GAIN voucher project that was completed in the first quarter of 2023.
• Total other income was $1.1 million for the year ended December 31, 2023, compared to other income of $0.3 million for the year ended December 31, 2022, an increase of $0.8 million. The increase in other income was due to an increase in interest income earned from the purchase of treasury bills and from our bank savings account.
• Net loss was $7.9 million for the year ended December 31, 2023, compared to $7.5 million for the year ended December 31, 2022.

Posted In: LTBR