Lightbridge Corporation Stock

Thank you for standing by and welcome to the Lightbridge Corporation Business Update and Second Quarter 2026 Conference Call. Please note that today's call is being recorded. It is now my pleasure to introduce Matthew Abenante, Director of Investor Relations for Lightbridge Corporation.

Thank you, Grace, and thank you all for joining us today. Our earnings press release was distributed yesterday and is available on the Investor Relations page of the Lightbridge website at www.ltbridge.com. Joining us on the call today is Seth Grae, Chief Executive Officer, along with Andrey Mushakov, Executive Vice President and Chief Operating Officer; Scott Holcombe, Senior Vice President and Chief Technology Officer; Larry Goldman, Chief Financial Officer; and Lesli Mills, Controller.

I want to remind our listeners that any statements on this call that are not historical facts are forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position and product and service offerings. During today's call, words such as expect, anticipate, believe, and intend will be used in our discussion of future goals and events. This presentation is based on current expectations and involves certain risks and uncertainties that may cause actual results to differ significantly from such estimates.

These and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as a result of new developments or otherwise.

With that, I would like to turn the call over to our first speaker, Seth Grae, Chief Executive Officer of Lightbridge. Hello, Seth.

Thank you, Matt, and thank you all for joining us to discuss Lightbridge's second quarter and first half 2026 business update. In May, the initial batch of our fuel material samples was removed from the Advanced Test Reactor at Idaho National Laboratory.

Those samples are cooling now, and we expect post-irradiation examination to begin later this year. The examination will give us our first measured material property data under initial burn-up conditions, data generated from our own fuel samples in the world's most powerful test reactor. That data will feed directly into the fuel performance models and the licensing documentation we will submit to the U.S. Nuclear Regulatory Commission.

Alongside that milestone, we advanced in other key areas in the first half of 2026. We integrated the Lightbridge fuel design into the commercial core management software that many utilities already use through a partnership with Studsvik Scandpower, and we took additional steps towards securing a domestic supply of enriched fuel material for commercial deployment through a memorandum of understanding with Quadrant Nuclear Industries.

I will now turn the call over to Andrey Mushakov, Executive Vice President and, as of today, congratulations, Chief Operating Officer, to walk through the program highlights in detail. Andrey?

Thank you, Seth. As Seth mentioned, we continue to make progress across our fuel development and qualification activities. I want to update you on our fuel fabrication planning activities. In the second quarter of this year, we issued a task order to Amentum Technology under our Master Services Agreement to conduct feasibility and site selection studies and develop a conceptual design for a standalone, Lightbridge-expandable fuel facility that would have the capability to manufacture Lightbridge fuel assemblies at commercial scale.

We are separately evaluating the establishment of a pilot-scale fuel fabrication capability to support the future manufacture of lead test assemblies. Separately, we continue to build the organization at Lightbridge. We have added in-house staff during the second quarter across our core technical disciplines, and we view team expansion as an ongoing effort through the balance of this year and into 2027 and 2028.

The approach remains disciplined and aligned with our program needs so that we attract top talent and build a world-class team while maintaining capital efficiency.

With that, I'll turn the call over to Scott.

Thank you, Andrey. I will start with the sample removal at the Advanced Test Reactor, which is the milestone Seth opened with. On May 6, the first batch of our fuel material samples was removed from the ATR. Twenty-four Lightbridge personnel were on site for it, including our full-time fuel engineering team and senior management. The following day, we met with the Idaho National Laboratory personnel leading the project, including Laboratory Director John Wagner and Associate Laboratory Director Jess Gehin, to review progress and the path forward across the multiple Lightbridge projects underway at the laboratory.

These samples were irradiated under the Fission Accelerated Steady-state Testing method, or FAST, an accelerated irradiation technique that uses highly enriched uranium to reach high burn-up conditions faster than conventional test methods. FAST was conceived and developed at Idaho National Laboratory, and Boone Beausoleil, our Director of Materials, played a key role on the INL team that originated the concept and developed the underlying methodology during his prior tenure there.

The samples are now cooling down, a process that takes several months, and post-irradiation examination is expected to begin later this year. The examination will collect data on fundamental material properties at various burn-up levels. Practically, this is what is required to validate and verify our fuel performance models.

The framework Kyle Perrin presented at TMS 2026 earlier this year was built on measured data from our own coupon samples. The post-irradiation examination data extends that framework into the burn-up regime that matters for commercial fuel cycles and becomes part of the basis of our licensing work.

The second item I want to cover is our partnership with Studsvik Scandpower, announced in May. Together, we're developing an extension of the Studsvik CMS5 core management suite to model the Lightbridge fuel design. The significance here is practical. Utilities plan their cores, load their fuel, and manage their fuel cycles using established software.

Studsvik has over 75 years of experience in nuclear technology, employs approximately 540 people across seven countries, and its core monitoring and fuel optimization software is already adopted by customers worldwide. A utility evaluating Lightbridge fuel needs to be able to model it in the tools its engineers already operate, and its regulator needs to see results from codes with an established pedigree. This partnership puts our fuel inside that ecosystem rather than asking the industry to adopt something bespoke, and it supports our licensing work in parallel.

Back to you, Seth.

Thank you very much, Scott, and congratulations to Scott for, as of today, being Senior Vice President and Chief Technology Officer. In June, I represented Lightbridge at the White House for the launch of UPRISE, the Utility Power Reactor Incremental Scaling Effort, at the Eisenhower Executive Office Building. UPRISE is a U.S. Department of Energy initiative targeting approximately 5 gigawatts of additional nuclear capacity from reactors that are already operating.

And it advances the executive orders the President issued in May of last year, directing the Department to facilitate uprates across the existing fleet. That initiative recognizes something straightforward. The fastest and least expensive nuclear-generated megawatts this country can add to the grid are the ones we will draw from reactors that are already operating. Lightbridge fuel is being designed to deliver among the largest power uprates available to the operating pressurized water reactor fleet.

The federal government has now put an explicit target on the commercial pathway we have been building toward for years. To make sure we are building toward what utilities actually need, we launched a reconstituted Nuclear Utility Fuel Advisory Board in June. The Board provides us with direct input from utility industry representatives on fuel development priorities, licensing considerations, deployment strategies, operational requirements, and commercialization planning.

I want to be clear that the Board serves in an advisory capacity only and does not constitute a commitment by any participant to purchase, license, or deploy our fuel. What it does is put experts from companies that operate nuclear power plants in the room while decisions are still being made, rather than after decisions are made. Commercial deployment also requires fuel material, and that supply must be arranged for years in advance.

In July, we took steps in that direction by signing a memorandum of understanding with Quadrant Nuclear Industries, QNI, to establish a framework for collaboration on the long-term supply of High-Assay Low-Enriched Uranium, HALEU. Under the MOU, we will engage in discussions regarding potential supply and long-term offtake of HALEU produced at QNI's planned Vanguard facility at Idaho National Laboratory, which is designed to produce up to 18 metric tons of HALEU annually when it reaches full capacity.

The companies intend to collaborate on fuel supply planning, technical interface requirements, commercial structuring, regulatory coordination, and logistics. The MOU is non-binding and does not establish pricing, quantity, or exclusivity commitments, and any binding terms would be subject to a definitive agreement. It is the beginning of that work, and beginning it now is the point. We continue to believe the prospects for growth in nuclear power are the strongest they have ever been.

There are approximately 440 operating power reactors worldwide today. To triple nuclear power globally and quadruple it in the United States by 2050, the world will need more power from reactors already operating, not only from those still to be built. Lightbridge fuel is designed to deliver exactly that within the same-sized cores of new reactors and plants that exist today, with even greater efficiency.

One final note to our shareholders. Earlier this week, Lightbridge was added to the Solactive Global Uranium & Nuclear Components Total Return Index, the benchmark tracked by the Global X Uranium ETF, broadening the investor base with exposure to the nuclear supply chain.

I'll now turn the call over to Larry Goldman, Chief Financial Officer, for a summary of the company's results. Larry?

Thank you, Seth, and good afternoon, everyone. I'd like to remind listeners that our detailed financial results are included in our earnings release issued yesterday after market close and in our Form 10-Q that will be filed with the Securities and Exchange Commission this week. Those materials are available on the Investor Relations section of the Lightbridge Corporation website and on the U.S. Securities and Exchange Commission website. I encourage everyone to review those documents for a full discussion of our financial statements, risk factors, and related disclosures.

As of June 30, 2026, we held approximately $237.5 million in cash and cash equivalents, compared to approximately $201.9 million at December 31, 2025. This positions us with substantial financial resources sufficient to fund our operations for an extended period of time. Looking at our cash flows for the first half of 2026, we used approximately $8.3 million in operations, reflecting the continued investment in our fuel development program and expanded team.

On the financing side, we generated approximately $43.9 million in net cash, a decrease of $19.6 million from the $63.5 million we raised from financing activities for the same period last year. This year's financing activities were driven by $44.4 million in net proceeds from the issuance of approximately 3.8 million shares of common stock under our at-the-market, or ATM, facility, partially offset by $0.5 million of tax withholding payments on the vesting of equity awards.

We continue to evaluate funding opportunities to support our long-term fuel development activities. These include potential strategic partnerships, government grants, and contracts, and as appropriate, additional capital market transactions. Our capital allocation strategy remains disciplined and milestone-driven.

We direct resources toward the activities that advance our fuel towards regulatory licensing and commercialization, expansion of our in-house team, radiation testing, post-irradiation examination, computational infrastructure, and safety analysis development, while maintaining a strong balance sheet that gives us flexibility to pursue opportunities as they arise.

I will now turn the call over to Lesli Mills, our Controller, who will review our P&L for the first half of 2026. Lesli?

Thank you, Larry. Net loss was $12.1 million for the first half of 2026 compared to $8.3 million for the first half of 2025. R&D expenses amounted to $7.3 million for the six months ended June 30, 2026, compared to $3.3 million for the six months ended June 30, 2025, an increase of $4 million. The increase was primarily due to a $2.4 million increase in employee compensation and stock-based compensation, reflecting an increase in new hires, increased employee bonuses, and several new stock-based awards, including performance stock awards.

A $0.7 million increase in IT expenses, which included additional computer hardware, software, and operating expenses related to the company's high-performance computer. A $0.4 million increase in R&D project development costs related to cladding, critical heat flux testing, safety analysis, and feasibility studies. And a $0.2 million increase in INL project labor costs as we entered into additional agreement modifications and new PTSs. Total stock-based compensation included in research and development expenses was $1.1 million and $0.4 million for the six months ended June 30, 2026 and 2025, respectively.

Total G&A expenses were $8 million for the six months ended June 30, 2026, compared to $6 million for the six months ended June 30, 2025. The $2 million increase was primarily due to a $1.5 million increase in employee compensation and stock-based compensation for employees, contractors, and directors, reflecting new hires, increased bonuses, and several new stock-based awards, including performance stock awards. Total stock-based compensation included in G&A expenses was $2.8 million and $1.6 million for the six months ended June 30, 2026 and June 30, 2025, respectively.

Total other income was $3.2 million for the six months ended June 30, 2026, compared to $1 million for the six months ended June 30, 2025. Other income consisted of interest income earned from Treasury bills and our bank savings account, driven by higher average cash balances.

Back to you, Seth.

Thank you, Lesli. No questions have been submitted for the call. I want to thank everyone for participating in today's call and standing by during our bit of technical difficulties with the phone. We appreciate the continued support of our shareholders and the dedication of our growing team and partners. We look forward to updating you on our progress in the coming quarters. In the meantime, you can reach us at [email protected]. Stay safe and well. Goodbye.

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

Thank you for standing by, and welcome to the Lightbridge Corporation Business Update and First Quarter 2026 Conference Call. Please note that today's call is being recorded.

It is now my pleasure to introduce Matthew Abenante, Director of Investor Relations for Lightbridge Corporation.

Thank you, Didi, and thanks to all of you for joining us today. Our earnings press release was distributed yesterday and is available on the Investor Relations page of the Lightbridge website at www.ltbridge.com. Joining us on the call today is Seth Grae, Chief Executive Officer; along with Andrey Mushakov, Executive Vice President for Nuclear Operations; Scott Holcombe, Vice President of Engineering; Larry Goldman, Chief Financial Officer; and Lesli Mills, Controller.

I want to remind our listeners that any statements on this call that are not historical facts are forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position and product and service offerings. During today's call, words such as expect, anticipate, believe and intend will be used in our discussion of future goals and events. This presentation is based on current expectations and involves certain risks and uncertainties that may cause actual results to differ significantly from such estimates. These and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as a result of new developments or otherwise.

And with that, I would like to turn the call over to our first speaker, Seth Grae, Chief Executive Officer of Lightbridge. Hello, Seth.

Hello, Matt, and thank you all for joining us to discuss Lightbridge's first quarter 2026 business update. We have made meaningful progress on several fronts in 2026. We expanded our intellectual property protection across 3 major jurisdictions. We advanced our fuel qualification program through a new engineering partnership for thermal-hydraulic testing. We deepened our engagement with the broader nuclear research community, and we continue to grow our in-house engineering organization. Lightbridge now employs over 2 dozen full-time engineers across [ nutronics ], thermal hydraulics, fuel performance, fuel assembly, mechanical design, licensing, materials, high-performance computing and program management, and we are still hiring.

We received patent allowances from 3 major jurisdictions this quarter, each protecting a distinct dimension of Lightbridge Fuel's architecture across key global reactor markets. The Canadian Intellectual Property Office issued an allowance covering fuel assemblies comprising helically twisted fuel assemblies arranged in a mixed grid pattern protection directly relevant to pressurized heavy water reactors, including Canada's CANDU fleet. We secured broader claims covering mixed grid assemblies without specifying particular grid configurations consistent with our approach in those countries.

The United States Patent and Trademark Office issued a notice allowance covering fuel assemblies and nuclear reactors incorporating our spirally-twisted multi-lobe fuel element technology, also designed for pressurized heavy water reactors, including CANDU type designs. This is part of a patent family that now includes 5 U.S. patents. And the European Patent Office issued a notice of allowance covering our multi-zone fuel element design, specifically, fuel elements with variable radial zone thicknesses along the axial direction that enable precise control of neutron flux distribution throughout the fuel cycle, including elements produced via additive manufacturing. This patent allowance extends protection across 39 contracting states, including the United Kingdom, France, Germany, in all major European nuclear markets.

Together, these 3 allowances deepen a worldwide patent portfolio spanning the United States, Canada, Europe, and other key potential markets for Lightbridge Fuel and reflect the genuine technical novelty of what we are building. I'll now turn to Andrey Mushakov, Executive Vice President for Nuclear Operations to walk through the program highlights in detail. Andrey?

Thank you, Seth. As Seth mentioned, we continue to make progress across our fuel development and qualification activities. In April 2026, we entered into Project Task Statement #6, under our strategic partnership project agreement with Idaho National Laboratory to support the development of -- fuel rod segments for future radiation testing. This program builds upon our prior INL fabrication work and is intended to further refine manufacturing processes and materials necessary to produce fuel rods and -- in their final cross-sectional configurations. The scope of work is critical to keep us on track as we advance toward the radiation testing of [ few ] road segments under steady state and off normal conditions.

Initial process development activities will be conducted using depleted uranium with the expectation that upon successful demonstration these processes may be applied in resteering and to produce -- segments for radiation experiments and test reactors, including the advanced test reactor at Idaho National Laboratory, or ATR. The scope of 4 includes enhancements to fabrication processes and equipment, development and testing of key materials, including central displacer alloys and clearing behavior. And validation of -- techniques for both cylindrical and multi-low fuel designs. This program also includes preparation of fuel rod segments, specimens, including those who control defects to support on distractive evaluation collaboration and the radiation testing.

Separately, in March of this year, we entered into an initial engineering contract and staying work with Stern Laboratories, Inc., an employee-owned Canadian provider of specialized nuclear experimental services the -- and hydraulic performance of leverage fuel for us in light water reactors. This is a multiphase program. Phase 1covered the design and fabrication of an electrically heated fuel simulator acceptance tasting and singular of critical heat flux investigation and still water conditions up to 1,450 psi. A, is expected to take approximately 1 year to complete. Phase 2 expands to a 9 rod critical heat flux investigation across a broader pressure range of 600 to 2,200 psi.

Phase 3 is a multiyear thermal-hydraulic test program structured to directly support U.S. regulatory licensing of Lightbridge Fuel for the domestic LWR fleet. Stern Labs brings decades of high-quality laboratory services to the global nuclear industry and the expertise and manufacturing electrically heated nuclear fuel simulators and performing full-scale component qualification tests makes them the right marketing for this program. Data generated through this work will be foundational to demonstrating the proven margins of -- fuel and building the evidentiary record that the NRC will require on the path to commercial deployment.

Finally, we continue to make great progress in building up our fuel urbanization with numerous in-house employees added during the first quarter across internal hydraulics and safety analysis, fuel performance modeling regulatory license and materials and program management disciplines. These additions strengthen our technical depth and programmatic capabilities to execute on our near-term and midterm development milestones. At the same time, the view team expansion as an ongoing effort and expect to continue our recruitment activities this year and into 2027 and 2028 as we grow our organization, to support advancement of our technology towards commercial deployment. Our approach remains disciplined and aligned with program needs, ensuring that we attract top talent and build a world-class team while maintaining capital efficiency.

With that, I'll turn the call over to Scott. Scott?

Thank you, Andre. I'll start with our ongoing irradiation testing program at -- in November of last year, we successfully inserted few material coupons into the advanced test reactor barring the start of in-reactor testing of Lightbridge's uranium-zirconium alloy fuel material samples, that testing is ongoing and the data being generated will directly inform our fuel performance modeling that support the regulatory licensing process for commercial deployment of Lightbridge Fuel. We expect the initial batch of harshly irradiated samples to be removed from the ATR in the coming weeks with post-radiation examination expected to begin later this year.

Next, I want to cover our research and industry engagement activities during the quarter. Our presentation is at TMS 2026 and our selection to the Industry Advisory Board of a major DOE-funded research initiative at Penn State both of which reflect the growing recognition of Lightbridge's technical program within the broader nuclear research and advanced fuels community. In March, 2 members of our technical team presented research at the TMS 2026 Annual Meeting and Exhibition in San Diego, one of the premier global conferences for materials, material science, metallurgy and nuclear fuel technology, hosted by the Minerals, Metals and Material Society.

Dr. [ Bon Bhosale ], our Director of Materials presented his paper, co-authored by myself, titled metal fuels opportunities beyond the sodium fast reactors. That presentation examined the expanding applicability of metallic fuel concepts to a broader class of advanced reactor designs beyond the sodium fast reactor systems and have historically been the primary driver for metal fuel development. The performance attributes of metallic fuels, including thermal conductivity, fabricability and safety margins translate into compelling advantages well beyond the reactor types where they first emerge. And Lightbridge Fuel is a direct expression of that thesis applied to water cooled reactors, the world's largest installed reactor base.

Dr. [ Kyle Perron ], Manager of our Fuel performance modeling group presented uranium-zirconium alloy properties review and applicability to Lightbridge Corporation fuel performance activities, which are also co-authored alongside [indiscernible] and [ Raymond Wang ], our Director of Licensing. In this paper, it was demonstrated that Lightbridge's proprietary used DR2 fuel can be accurately modeled and characterized through a newly validated Lightbridge specific framework built entirely from measured data generated from our own fuel material coupon samples. Our validated framework grounded in actual Lightbridge generated data is foundational to how we demonstrate our fuel performance to the NRC and the utilities throughout the qualification process.

Both presentations were delivered during the metal fuel session chaired by [ Professor Eric Moroso ] of MIT and the engagement from the material science and nuclear fuel community reinforced our view that the technical foundation of Lightbridge Fuel is found and attracting the attention of the right people in the right rooms.

Also in March, Lightbridge was selected to serve on the Industry Advisory Board of a $6 million nuclear materials research project funded by the DOE's Nuclear Energy University program awarded to the Pennsylvania State University. The 4-year project, the big 10 plus network for the study of nuclear materials at the microscale or [ BTN 2M2 ] will establish a multi-university consortium and a dedicated nuclear materials microfabrication facility using micro and nanoscale characterization techniques. The consortium includes Penn State, the University of Michigan, the University of Wisconsin, the University of New Mexico and Virginia Commonwealth University, with additional support from Idaho National Laboratory and Oak Ridge National Laboratory. Lightbridge joins Westinghouse Electric Company -- on the Advisory Board with our focus centered on the radiation behavior of clouding materials for co-extruded fuels, an area directly relevant to the continued qualification of Lightbridge Fuel.

Back to you, Seth.

Thank you, Scott. We believe the prospects for growth in the nuclear power sector are the strongest they have ever been. Nuclear power set a record for global generation in 2025. More than 70 gigawatts of new nuclear capacity is under construction worldwide, 1 of the highest levels in 30 years. The United States government has taken sweeping executive action to accelerate reactor permitting, reform the NRC's regulatory process and rebuild the domestic nuclear fuel supply chain. The DOE's uprise initiative which followed the executive orders the President issued in May is specifically focused on power upgrades for the existing fleet, a direct validation of the commercial pathway we have been building toward. And the technology sector has made its position clear. Meta, Amazon, Google and others have committed to long-term nuclear procurement at gigawatt scale, because they understand that drive data centers require firm reliable baseload power that intermittent sources cannot provide.

What we are hearing from utilities reflect all of this. Governors are calling them states are competing for industrial investment and data center development. And the single most important thing any state can offer right now is guaranteed power. The pressure is translating into serious substantive conversations about how to get more power from the reactors already in place sooner rather than later. It used to be that states could attract an industrial plans with tax incentives.

Today, you can -- if you cannot guarantee power, the plant will not come regardless of what else you offer. The dynamic is building utility interest in Lightbridge Fuel. Our potential market is large and growing. There are approximately 440 operating power reactors worldwide today. to triple nuclear globally and quadruple it in the United States by 2050 goals that the announced construction pipeline suggests are achievable. The world will need more power from the reactors that will be built and from reactors that are already operating. Lightbridge Fuel is designed to deliver exactly that. within the same-sized cores and plants that exist today and with even greater safety.

I'll now turn the call over to Larry Goldman, Chief Financial Officer for a summary of the company's financial results. Larry?

Thank you, Seth, and good afternoon, everyone. I'd like to remind listeners that our detailed financial results are included in our earnings release issued yesterday after market close and in our Form 10-Q that will be filed with the Securities and Exchange Commission in the next several days. These materials are available on the Investor Relations section of the Lightbridge Corporation website and on the U.S. Securities and Exchange Commission website. I encourage everyone to review those documents for a full discussion of our financial statements, risk factors and related disclosures.

As of March 31, 2026, we held approximately $215.7 million in cash and cash equivalents compared to $201.9 million at December 31, 2025. This positions us with substantial financial resources sufficient to support our operations for an extended period, well beyond the near term. Looking at our cash flows for the first quarter of 2026, we used $4.8 million in operations, reflecting the continued investment in our fuel development program and expanded team. On the financing side, we raised $18.6 million in net proceeds through our at-the-market equity offering program.

We continue to evaluate funding opportunities that support our long-term fuel development activities. This includes potential strategic partnerships, government grants and contracts and as appropriate, additional capital market transactions. Our capital allocation strategy remains disciplined and milestone driven. We direct resources toward the activities that advance our fuel towards licensing and commercialization, radiation testing, post-irradiation examination, computational infrastructure and safety analysis development, while maintaining a strong balance sheet that gives us the flexibility to pursue opportunities as they arise.

I will now turn the call over to Lesli Mills, our Controller, who will review our P&L for the first quarter. Lesli?

Thank you, Larry. Net loss was $6.3 million for the first quarter ended March 31, 2026, compared to $4.8 million for the first quarter ended March 31, 2025. Total R&D expenses amounted to $3.3 million for the first quarter ended March 31, 2026, compared to $1.7 million for the first quarter ended March 31, 2025, and an increase of $1.6 million. This increase is primarily due to a $1 million increase in allocated employee compensation and stock-based compensation, reflecting an increase in new hires, increased employee bonuses and several new stock-based awards granted after the period end, including performance stock awards. A $0.5 million increase in IT expenses, which include additional computer hardware, software and operating expenses related to the company's high-performance computer and a $0.1 million increase in other outside R&D expenses.

Total stock-based compensation included in research and development expenses, was $0.7 million and $0.2 million for the 3 months ended March 31, 2026 and 2025, respectively. Total G&A expenses were $4.3 million for the first quarter ended March 31, 2026, compared to $3.5 million for the first quarter ended March 31, 2025. The increase of $0.8 million was primarily due to a $7.7 million increase in stock-based compensation for employees contractors and directors reflecting several new stock-based awards granted after the prior period end, including performance stock awards and a $0.1 million increase in other administrative expenses including recruiting fees and IT expenses. Total stock-based compensation included in G&A expenses was $1.8 million and $1.1 million for the 3 months ended March 31, 2026 and March 31, 2025, respectively.

Total other income was $1.3 million for the first quarter ended March 31, 2026, compared to $0.4 million for the first quarter ended March 31, 2025. Other income consisted of interest income earned from treasury bills and our bank savings account, driven by higher average cash balances.

Back to you, Seth.

Thank you, Leslie. No questions have been submitted for this call. I want to thank everyone for participating in today's call. We appreciate the continued support of our shareholders and the dedication of our team and partners. We look forward to updating you on our progress in the coming quarters. In the meantime, you can reach us at [email protected]. Stay safe and well. Goodbye.

This concludes today's conference call. Thank you for participating, and you may now disconnect.

Thank you for standing by, and welcome to the Lightbridge Corporation Business Update and Fiscal Year 2025 Conference Call. Please note that today's call is being recorded. It is now my pleasure to introduce Matthew Abenante, Director of Investor Relations for Lightbridge Corporation.

Thank you, Carmen, and thanks to all of you for joining us today. Our earnings press release was distributed yesterday and is available on the Investor Relations page of the Lightbridge website at www.ltbridge.com. Joining us on the call today is Seth Grae, Chief Executive Officer; along with Andrey Mushakov, Executive Vice President for Nuclear Operations; Scott Holcombe, Vice President of Engineering; and Larry Goldman, Chief Financial Officer.

I want to remind our listeners that any statements on this call that are not historical facts are forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position and product and service offerings. During today's call, words such as expect, anticipate, believe and intend will be used in our discussion of future goals and events.

This presentation is based on current expectations and involve certain risks and uncertainties that may cause actual results to differ significantly from such estimates. These and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission.

Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as a result of new developments or otherwise. And with that, I would like to turn the call over to our first speaker, Seth Grae, Chief Executive Officer of Lightbridge. Hello, Seth.

Hi, Matt, and thank you all for joining us to discuss Lightbridge's business update. 2025 was a transformative year for Lightbridge. I believe will be remembered as the year the company shifted into a high gear on execution across multiple critical fronts. We achieved major fuel development milestones while strengthening our balance sheet and advancing key strategic partnerships that position us well to successfully commercialize our advanced nuclear fuel.

In a major achievement, we began irradiation testing of enriched uranium-zirconium alloy fuel material samples. After years of meticulous design, engineering and manufacturing to meet the necessary nuclear quality assurance standards, these samples are now being irradiated in the advanced test reactor at Idaho National Laboratory.

This test program is a pivotal step in demonstrating Lightbridge Fuel's uranium-zirconium alloy material performance, generating data to help us validate key thermophysical -- thermomechanical properties of our target fuel alloy. In 2025, we signed a memorandum of understanding and made a subsequent joint announcement with Oklo Inc. to explore potential collaboration opportunities, including on used fuel recycling and reprocessing.

I'll have more to say about the broader nuclear energy landscape and Lightbridge's position within it later in the call. But first, let me turn it over to Andrey Mushakov, Executive VP for Nuclear Operations, to walk you through the significant technical accomplishments we've achieved in 2025. Andrey?

Thank you, Seth. As Seth outlined, in 2025, we made measurable progress across several fronts in the development of Lightbridge Fuel. In November, we reached a major fuel development milestone involving the insertion of enriched uranium-zirconium alloy material samples and the start of capsule irradiation testing in the advanced test reactor.

These samples are now undergoing irradiation testing to generate critical burnup dependent data we need to support our computer modeling of fuel behavior and regulatory licensing efforts. Scott will provide additional details on several key accomplishments leading up to this pivotal milestone.

In addition to our ongoing irradiation testing project, we have recently significantly expanded our scope of work at Idaho National Laboratory, aiding several new projects, including: first, review of our fuel qualification plan; number two, RELAP5-3D code development work for Lightbridge Fuel; three, BISON code development work for Lightbridge Fuel; and four, post-irradiation examination of Lightbridge Fuel material coupon samples.

Beyond our work at Idaho National Laboratory, over the past several months, we have significantly beefed up our in-house fuel development team across multiple disciplines, including neutronics, thermal hydraulics and safety analysis, fuel performance, mechanical engineering, materials, regulatory licensing and program management. This expanded in-house team will support the next phase of our fuel development efforts and our planned regulatory engagement with the Nuclear Regulatory Commission that we expect to begin this year.

Next, in July of last year, we presented 3 technical papers at the TopFuel 2025 Conference organized by the American Nuclear Society, demonstrating the growing interest in our fuel technology within the nuclear community. Scott will provide additional details on each of the 3 papers.

Looking ahead, our near-term priorities for the next 2 to 3 years include recruitment of additional personnel to support our ongoing and future fuel development activities, continued radiation testing and post-irradiation examination of coupon samples, refinement of phenomena identification and ranking table analysis and fuel qualification plan, start of ongoing engagement with the U.S. Nuclear Regulatory Commission, further development of the co-extrusion fabrication process for rodlets and full length rods, site selection and initial deployment plan for the Lightbridge expandable fuel facility, and thermo hydraulic modeling and experiments to confirm pressure drop, critical heat flux and other key parameters. We will provide updates on these activities as results and decisions are finalized. With that, I'll turn the call over to Scott. Scott?

Thank you, Andrey. As Andrey mentioned, in November of last year, we began irradiation testing of our fuel material coupon samples in the advanced test reactor, which is a major technical milestone on our critical path. I'll summarize some of the key accomplishments we've achieved in 2025, leading up to that important milestone.

In June, we completed the final design review for our irradiation experiment at Idaho National Laboratories Advanced Test Reactor, or ATR. This was a rigorous multidisciplinary review in which our neutronics, thermal hydraulics and mechanical design parameters were independently approved by subject matter experts at Idaho National Laboratory. Completing this review was a critical step that cleared the path for us to proceed to fabrication and irradiation testing of the samples.

Also in June, we announced our use of the fission accelerated steady-state test method or FAST method. This approach uses higher enriched uranium in the range of 26% to 30% within the test specimens to accelerate the rate of fission and thereby compress our testing time line relative to conventional irradiation methods. The FAST method allows us to reach target burn-up levels more efficiently, which is essential for generating the performance data needed for NRC licensing in a commercially relevant time frame.

In July, we achieved a major fabrication milestone, the successful production of enriched uranium-zirconium alloy coupon samples. These samples were produced using our proprietary co-extrusion process, which is the same process we envision using at commercial scale.

By October, capsules containing our uranium-zirconium alloy material samples were loaded into the experiment assembly that was subsequently inserted into the ATR test reactor. Then in November, actual irradiation testing commenced in the ATR. We expect the initial batch of partially irradiated samples to be discharged from the ATR in the April, May time frame with post-irradiation examination expected to begin later this year.

The post-irradiation examination will evaluate structural integrity, dimensional stability, fission gas behavior, thermal conductivity and overall performance of the fuel samples. As Andrey mentioned, Lightbridge presented 3 technical papers at the TopFuel 2025 Conference that was held in Nashville, Tennessee in October 2025.

The first paper showed that Lightbridge's metallic fuel design remains well within safe temperature limits after a simulated locked rotor accident, strengthening the safety case needed for future regulatory approval.

The second paper supported this by comparing Lightbridge fuel material to conventional UO2 in an internationally recognized OECD NEA transient simulation. This showed significantly larger safety margins, translating into greater operational flexibility and improved plant economics for utilities.

The third study dealt with modeling of the fabrication process, and it showed that Lightbridge's patented co-extrusion fabrication process could be accurately modeled using genuine experimental data from the Idaho National Laboratory. These results will be used to verify fabrication models, which will in turn be used to optimize aspects of Lightbridge fuel extrusion.

Taken together, the 3 papers contribute to building a compelling case across the key stakeholder groups, regulators, production partners and utility customers. While significant work remains around fuel performance testing and regulatory qualification, each milestone reduces risk and reinforces confidence in Lightbridge's development path. I will now turn the call over to Larry Goldman, Chief Financial Officer, for a summary of the company's financial results. Larry?

Thank you, Scott, and good afternoon, everyone. I'd like to remind listeners that our detailed financial results are included in our earnings release issued yesterday after market close and in our Form 10-K that will be filed with the Securities and Exchange Commission later today. Those materials are available on the Investor Relations section of the Lightbridge Corporation website and on the U.S. Securities and Exchange Commission's website. I encourage everyone to review those documents for a full discussion of our financial statements, risk factors and related disclosures.

As of December 31, 2025, we held approximately $201.9 million in cash and cash equivalents compared to $40 million a year earlier. This positions us with substantial financial resources sufficient to support our operations for an extended period well beyond the near term. Looking at our cash flows for fiscal 2025, we used approximately $14.3 million in operations, reflecting the continued investment in our fuel development program and expanded team.

On the financing side, we raised $176 million in net proceeds through our at-the-market equity offering program. We also generated approximately $3.6 million in interest income from our deployment of cash in U.S. Treasury bills and cash in our bank savings accounts, up from $1.3 million of interest income in the prior year.

We continue to evaluate funding opportunities to support our long-term fuel development activities. These include potential strategic partnerships, government grants and contracts and as appropriate, additional capital market transactions. We believe the current policy environment, including the DOE's loan programs office prioritization of nuclear projects under the recent executive orders could create meaningful opportunities for nondilutive funding sources as our program advances.

Our capital allocation strategy remains disciplined and milestone-driven. We direct resources toward the activities that advance our fuel toward licensing and commercialization while maintaining a strong balance sheet that gives us the flexibility to pursue opportunities as they arise.

Importantly, we continue to maintain a debt-free balance sheet with a clean capital structure that includes no convertible securities or other dilutive debt instruments. Back to you, Seth.

Thank you, Larry. I want to close today by putting our accomplishments and our strategy in the context of what is happening in the nuclear energy industry and more broadly, because I believe the macro environment has become increasingly favorable for Lightbridge.

In May 2025, President Trump signed 4 executive orders relating to nuclear energy that represent the most significant shift in U.S. nuclear policy in decades. The executive order on reinvigorating the nuclear industrial base directs the Department of Energy to facilitate power upgrades to existing nuclear reactors. Lightbridge Fuel is designed to enable significant power upgrades in existing reactors.

The executive orders also direct support for plutonium disposition in reactor fuel, nuclear power for military installations and critical infrastructure including data centers, and prioritization of nuclear projects within the DOE's energy dominance financing office. Each of these policy initiatives creates potential market opportunities for Lightbridge Fuel.

The broader market fundamentals for nuclear energy continue to strengthen. Nuclear power generated approximately 18% of U.S. electricity in 2024, making it the single largest source of clean electricity in the country. Globally, there are about 440 operable nuclear power reactors with a combined capacity of just about 400 gigawatts electric, plus 70 reactors currently under construction and more than 120 in advanced planning stages.

What stands out the most is how the demand drivers are coming together. The rapid increase in data center capacity to handle artificial intelligence workloads is making the need for flexible baseload electricity even greater. At the same time, national desires for clean energy and concerns about energy security are strengthening the case for nuclear power.

The U.S. and other countries have pledged to triple global nuclear capacity by 2050. The U.S. has also pledged to quadruple domestic nuclear power generation by 2050. By the middle of the century, nuclear power might make up more than half of the electricity generated in the United States, up from 18% today. Within this landscape, Lightbridge occupies a unique position. Our fuel technology addresses the largest segment of the global nuclear market, existing and new build pressurized water reactors.

Unlike advanced nuclear companies that are developing innovative new reactors around old nuclear fuel designs, Lightbridge is developing new advanced fuel to be deployed into the existing reactors, providing increased power output and enhanced safety. Our fuel is also designed for use in new light-water reactors, including small modular reactor pressurized water reactors. The ability of Lightbridge Fuel to generate more electricity from existing nuclear reactors will be one of the most cost-effective ways to increase nuclear capacity. Our collaboration with Okla in exploring spent fuel recycling aligns directly with the administration's executive orders on plutonium disposition and reinvigorating the nuclear industrial base.

In summary, 2025 was a year of important progress for Lightbridge. We commenced irradiation testing, we raised capital to fund our fuel development program, and we advanced critical strategic partnerships. The nuclear power industry is experiencing its strongest policy and market support in a generation, and Lightbridge is well positioned to deliver a fuel technology that meets the industry's growing needs for enhanced power output, improved safety and greater economic efficiency.

We look forward to providing further updates as our irradiation testing program progresses and as we advance toward licensing and commercialization. No questions have been submitted for this call. I want to thank everyone for participating in today's call. We appreciate the continued support of our shareholders and the dedication of our team and partners. We look forward to updating you on our progress in the coming quarters. In the meantime, you can reach us at [email protected]. Stay safe and well. Goodbye.

This concludes our conference. Thank you for participating, and you may now disconnect.

Thank you for standing by, and welcome to the Lightbridge Corporation Business Update and Third Quarter 202 Conference Call. Please note that today's call is being recorded.

It is now my pleasure to introduce Matthew Abenante, Director of Investor Relations for Lightbridge Corporation.

Thank you, Amy, and thank you all for joining us today. Our earnings release was distributed yesterday and is available on the Investor Relations page of the Lightbridge website at www.ltbridge.com.

Joining us on the call today is Seth Grae, Chief Executive Officer; along with Andrey Mushakov, Executive Vice President for Nuclear Operations; Scott Holcombe, Vice President of Engineering; Larry Goldman, Chief Financial Officer; and Sherrie Holloway, Controller.

I want to remind our listeners that any statements on this call that are not historical facts are forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position and product and service offerings. During today's call, words such as expect, anticipate, believe and intend will be used in our discussion of future goals and events.

This presentation is based on current expectations and involve certain risks and uncertainties that may cause actual results to differ significantly from such estimates. These and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as a result of new developments or otherwise.

With that, I would like to turn over the call to our first speaker, Seth Grae, Chief Executive Officer of Lightbridge. Hello, Seth.

Hello, Matt, and thank you all for joining us to discuss Lightbridge's business update for the third quarter and first 9 months of 2025. The first 9 months of this year have been marked by unprecedented operational milestones and an increasingly favorable political and regulatory environment. We reached several significant milestones on our ongoing project at Idaho National Laboratory, including the co-extrusion of an 8-foot long rod using depleted uranium-zirconium alloy with nuclear-grade zirconium cladding.

We completed the final review of the experiment design in June for our upcoming irradiation testing. We successfully fabricated enriched uranium-zirconium alloy coupon samples that match the exact fuel material composition we intend for our commercial Lightbridge Fuel product. Most recently, we successfully loaded capsules containing these enriched samples into an experimental assembly for irradiation testing in the advanced test reactor. Andrey will provide additional details on these milestones.

We are also advancing our collaboration with Oklo, building on our January memorandum of understanding. In October, we announced plans to jointly evaluate additional colocation opportunities for manufacturing advanced fuels from legacy materials, including potential integration of a Lightbridge fuel facility within Oklo's advanced fuel manufacturing infrastructure.

This collaboration is perfectly timed with the executive orders issued by the White House in May to prioritize accelerating U.S. nuclear energy deployment. Our inclusion in the Russell 2000 and Russell 3000 indexes represents significant recognition of our expanding market presence and provides increased visibility among institutional investors. This milestone reflects our progress and validates our position as a leader in advanced nuclear fuel technology.

I'll now turn the call over to Andrey Mushakov, Executive VP for Nuclear Operations, to begin the review of our fuel development activities. Andrey?

Thank you, Seth. As Seth outlined, the first 9 months of 2025 have been marked by noticeable technical progress across our fuel development program with the achievement of critical milestones that advanced Lightbridge Fuel toward commercial deployment. In January, we announced a memorandum of understanding with Oklo encompassing a feasibility study for co-locating our commercial scale, fuel fabrication facility within Oklo Infrastructure to evaluate potential synergies in capital and operating costs, assessment of reprocessing and recycling opportunities for spent uranium-zirconium fuel aligning with administration priorities for nuclear efficiencies and identification of additional mutual interest to accelerate development time line.

In October, we advanced this partnership by announcing plan to jointly evaluate further colocation opportunities for manufacturing advanced fuels from legacy materials. In February, we successfully demonstrated our proprietary co-extrusion process at Idaho National Laboratory, fabricating an 8-foot long demonstration rod using depleted uranium-zirconium alloy and nuclear-grade zirconium cladding.

This validation confirmed our methodology and demonstrated a scalability for full-length commercial production. In June, we completed the final review and approval of our irradiation testing experiment design for the Advanced Test Reactor, culminating an extensive engineering and safety analysis with independent validation of neutronic, thermal-hydraulics and safety performance to meet rigorous standard. The same month, we fabricated enriched uranium-zirconium alloy coupon samples that match the fuel alloy material composition of our future commercial light fuel product, utilizing 26% to 30% of enriched uranium to achieve the required heat generation rate.

These enriched samples will undergo irradiation testing using INL's fusion accelerated steady-state test or FAST method, which utilizes highly enriched uranium to accelerate the burn-up accumulation rate, thereby expediting testing time lines. Access to highly enriched uranium for private sector fuel testing is extremely rare and is only available through government facilities such as the Idaho National Laboratory. This capability enables us to achieve burn-up target more quickly than conventional testing methods, thereby accelerating our data generation time lines.

Since our last earnings call, we have achieved the pivotal new milestone, the successful completion of loading capsules containing Lightbridge Fuel material sample comprised of enriched uranium-zirconium alloy recently manufactured at INL into an experiment assembly. The experiment assembly is now ready for the start of irradiation testing in the Advanced Test Reactor, which is expected to begin soon. Key highlights of this achievement include the completion of loading under stringent quality control and process validation protocols at Idaho National Laboratory's materials and fuels complex.

The precision manufacturing and assembly of these coupon samples, which matches the composition intended for our future commercial Lightbridge Fuel product and the upcoming start of irradiation testing of these coupon samples in accordance with our existing Cooperative Research and

Development Agreement with Idaho National Laboratory.

The planned irradiation testing program combined with post-irradiation examination activities to be outlined in the forthcoming project task statement will yield critical performance data needed to inform our planned regulatory licensing activities and advance our commercial deployment efforts.

In early October, Lightbridge presented 3 peer-reviewed papers at the TopFuel 2025 Conference held in Nashville, Tennessee, highlighting our latest advancements in fuel design and performance modeling. Scott will provide additional details on each of these papers. To support our accelerating development efforts, we are actively expanding our in-house engineering team. In recent months, we have added key personnel to our neutronic engineering group, and we will intensify recruitment over the coming months to attract top nuclear engineering talent across additional discipline.

In summary, these milestones represent significant accomplishment in our fuel development program as we ramp up our efforts in anticipation of regulatory engagement with the U.S. Nuclear Regulatory Commission in the near future.

Now I'll ask Scott Holcombe, our Vice President of Engineering, to provide a recap of TopFuel 2025. Scott?

Thank you, Andrey. As Andrey mentioned, Lightbridge presented 3 peer-reviewed papers at the American Nuclear Society's TopFuel 2025 Conference, one of the premier gatherings for the global nuclear fuel community. Our papers were met with significant interest, and I would like to briefly summarize their implications for Lightbridge in our current development path.

Let's first start with the first paper, which addresses the performance of Lightbridge fuel material in one of the most challenging accident scenarios. The key takeaway is that we're building a solid safety case that will be critical for regulatory approval and customer adoption. The paper conceptual assessment of Lightbridge Fuel post CHF performance demonstrate that Lightbridge Fuel's unique metallic design provides exceptional performance during a simulated [ locked rotor ] event in a pressurized water reactor. In simple terms, our fuel remains well within safe temperature limits, even when the cooling is drastically reduced. For our future customers' utilities, this translates directly into enhanced safety, which can lead to significant economic benefits through power [ upgrades/uprates ] and longer fuel cycles.

Our second paper, Lightbridge Fuel fabrication modeling and [ Abacus ] with experimental comparisons covers manufacturing and confirms our ability to accurately model a key fabrication step. We have successfully modeled our proprietary co-extrusion manufacturing process and validated those simulations against real-world experimental data from our work at Idaho National Laboratory. This can significantly derisk our future supply chain and provide high confidence in our ability to transition to cost-effective, high-volume manufacturing, enabling the reliable and economic production of Lightbridge Fuel.

Our third paper provides a comparison of our fuel material against the current industry standard. This paper, development of a method for comparison of Lightbridge's advanced fuel material against conventional UO2 fuel performance, is a validation of our fuel's superior performance. Using the internationally recognized OECD NEA Three Mile Island Main Steam Line Break transient benchmark, we demonstrated that Lightbridge fuel material offers significantly larger safety margins than conventional fuel. As with the first paper, the results in this simulation show that Lightbridge fuel material is expected to enhance safety, which translates to improved operational flexibility and plant economics.

These 3 papers taken together build a compelling case for our fuels value at every stage by demonstrating its safety case to regulators, its manufacturability to our production partners and its economic benefits to our future customers. While significant work remains, particularly in fuel performance testing and regulatory qualification, each of these milestones reduces risk and clarifies our path forward.

The progress detailed in these papers reinforces our confidence in our technology and our team's ability to achieve our long-term goals.

With that, I'll turn the call back over to Seth.

Thank you, Scott. The political and industrial landscape has become remarkably supportive of advancing nuclear energy with several landmark developments underscoring the sector's accelerating momentum. President Trump's Nuclear Energy executive orders in May represented the most significant policy shift toward nuclear energy in decades. Building on this foundation, the U.S. government recently inked an $80 billion partnership with Westinghouse Electric, Cameco and Brookfield Asset Management to construct new nuclear reactors, signaling a bold commitment to domestic nuclear resurgence.

Complementing this, a landmark U.S. Japan agreement signed on October 28 advances cooperation on next-generation reactors, enhancing energy security and export opportunities while reducing reliance on dominant foreign suppliers. Additionally, the U.S. Army's announcement of the Janus Program on October 14 establishes a framework for deploying resilient next-generation nuclear power at military installations by 2028, further integrating advanced nuclear fuel technologies into national defense strategies.

The directive to prioritize power uprates for existing reactors aligns with Lightbridge Fuel's capabilities. We believe our fuel can enable power uprates up to 17% in existing reactors, and we are confident that no other nuclear fuel technology can come close to that capability. This direct policy support, coupled with these recent initiatives validates our value proposition and create substantial market opportunities.

The executive orders also emphasize maximizing nuclear fuel efficiency through recycling and reprocessing and they establish funding priorities that favor companies with demonstrated technological maturity and near-term deployment potential. We believe Lightbridge is well positioned to benefit from these policy initiatives particularly given our partnership with national universities and the broader industries surge.

The global momentum behind nuclear energy continues to accelerate at an unprecedented pace. Major technology companies are increasingly turning to nuclear power to meet the immense energy demands of data centers and AI infrastructure, as seen in NextEra Energy's recent agreement with Google to restart the Duane Arnold Energy Center in Iowa. This agreement will power Google's data centers creating new market segments beyond traditional utility customers.

The commitment by over 20 countries at COP28 to triple nuclear globally by 2050 is being translated into concrete policy actions worldwide today, including a projected surge of 29 gigawatts in new capacity, driven by restarts in Japan, increased outputs in France and the activation of new plants in India, South Korea and Europe. We're seeing robust support for existing reactor operating license extensions, new large-scale plant deployment and accelerated development of small modular reactors.

This creates multiple pathways for Lightbridge fuel deployment across various reactor types and applications. We believe our collaboration with Idaho National Laboratory represents a valuable public private partnership. The recent completion of loading the coupon samples into an experiment assembly, coupled with the upcoming irradiation testing program and post-irradiation examination activities is expected to generate the critical performance data needed to support our regulatory licensing efforts at the Nuclear Regulatory Commission.

We expect this data to contribute to streamline licensing under -- to streamline licensing and to assist utilities in their analysis of Lightbridge Fuel for commercial deployment. We believe the convergence of supportive government policies, unprecedented industry demand and our ongoing fuel development progress creates a favorable environment for Lightbridge. We are strategically positioned at the forefront of fuel innovation, developing a technology designed to meet the evolving demands of the global energy landscape.

Our team remains focused on executing our development plan, advancing our technology through rigorous testing and demonstration and building the strategic partnerships necessary for successful commercialization. We believe Lightbridge Fuel will be instrumental in maximizing the potential of both the existing nuclear fleet and next-generation water-cooled reactors, contributing meaningfully to global energy security and the clean energy transition.

I will now turn the call over to Larry Goldman, Chief Financial Officer, for a summary of the company's financial results. Over to you, Larry.

Thank you, Seth, and good afternoon, everyone. We will be filing our Form 10-Q later today with the SEC. Let me begin by underscoring the strength of our balance sheet as of September 30, 2025. We ended the quarter with a strong liquidity position, including cash and cash equivalents of $153.3 million, and working capital of approximately $153.1 million. This provides us with a multiyear cash runway to support our ongoing R&D activities as well as our operational needs.

Importantly, we continue to maintain a debt-free balance sheet with a clean capital structure that includes no convertible securities or other dilutive debt instruments. Additionally, our interest income from investments in U.S. treasuries has become a meaningful offset to our operating expenses. For the 9 months ended September 30, 2025, we generated $2.1 million in interest income, up from $1 million for the same period last year, reflecting the interest earned on our higher average cash balances.

This strong financial position provides us with the flexibility to pursue government cost sharing programs such as those offered through the Department of Energy and to explore strategic partnerships with industry players. We are well positioned to capitalize on growth opportunities as the nuclear sector continues to expand, driven by the increasing demand for clean energy and federal support for advanced nuclear fuels.

Now turning to our cash flow analysis for the 9 months ended September 30, 2025. Net cash used in operating activities increased to $8.1 million from $5.7 million in the prior period. This change was primarily due to higher spending on R&D, which rose by $2.1 million to $5.3 million, reflecting our activities at INL and increased employee compensation related to our R&D activities.

G&A expenses also contributed to the increase, up $3.5 million to $9.2 million driven primarily by higher professional fees, consulting, employee compensation and stock-based compensation. On the financing side, we generated $121.4 million in net cash, a substantial increase from the $3.7 million we generated last year. This was driven by $120.4 million in net proceeds from the issuance of approximately 9.9 million shares of common stock under our ATM facility along with $1.2 million of proceeds from stock option exercises, partially offset by $0.2 million of cash spent for tax withholding on vested equity awards. Overall, these activities resulted in a net increase in cash and cash equivalents of $113.3 million for the 9 months ended September 30, 2025.

In summary, our balance sheet positions us very well to execute on our strategic priorities and drive long-term value for our shareholders. I will now turn the call over to Sherrie Holloway, our Controller, who will go over our P&L financial information for the third quarter. Sherrie?

Thank you, Larry. Net loss was $12.4 million for the 9 months ended September 30, 2025 compared to $7.9 million for the 9 months ended September 30, 2024. Total R&D expenses amounted to $5.3 million for the 9 months ended September 30, 2025 compared to $3.2 million for the 9 months ended September 30, 2024, an increase of $2.1 million.

This increase primarily consisted of higher Idaho National Laboratory project labor costs, allocated employee compensation and stock-based compensation expenses, offset by a decrease in expenses related to the Romania feasibility study and Centrus Energy FEED study. Both studies completed in 2024.

Total G&A expenses were $9.2 million for the 9 months ended September 30, 2025 compared to $5.7 million for the 9 months ended September 30, 2024. The increase of $3.5 million was primarily due to increases in professional fees, consulting fees, employee compensation and stock-based compensation. Total other income was $2.1 million for the 9 months ended September 30, 2025 compared to $1 million for the 9 months ended September 30, 2024. Other income consisted of interest income earned from treasury bills and our bank savings account. Back to you, Seth.

Thank you, Sherrie. No questions have been submitted for this call. I want to thank everyone for participating in today's call. We appreciate the continued support of our shareholders and the dedication of our team and partners. We look forward to updating you on our progress in the coming quarters. In the meantime, you could reach us at [email protected]. Stay safe and well. Goodbye.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.