Lightbridge Corporation — Third Quarter Fiscal 2026 Earnings Summary

Financial Performance:

• Reported a net loss of $8.3 million ($0.23 per share) for the three months ended September 30, 2026, compared to a net loss of $4.1 million ($0.16 per share) in the same period in 2025.
• Reported a net loss of $20.4 million ($0.62 per share) for the nine months ended September 30, 2026, compared to a net loss of $12.4 million ($0.55 per share) in the same period in 2025.
• Revenue was $0 for both the three and nine months ended September 30, 2026, and 2025.
• General and administrative (G&A) expenses were $5.0 million for the three months ended September 30, 2026, up from $3.2 million in the prior-year quarter; for the nine months, G&A was $13.0 million, up from $9.2 million.
• Research and development (R&D) expenses were $5.3 million for the three months ended September 30, 2026, up from $2.0 million in the prior-year quarter; for the nine months, R&D was $12.6 million, up from $5.3 million.
• Total non-cash stock-based compensation expense was $2.4 million for the three months ended September 30, 2026, compared to $1.6 million in the prior-year quarter; for the nine months, it was $6.3 million, compared to $3.6 million.
• Other income was $2.0 million for the three months ended September 30, 2026, compared to $1.1 million in the prior-year quarter; for the nine months, it was $5.2 million, compared to $2.1 million, primarily driven by interest income.
• Net cash used in operating activities was $13.2 million for the nine months ended September 30, 2026, compared to $8.1 million in the same period in 2025.
• Net cash provided by financing activities was $48.1 million for the nine months ended September 30, 2026, compared to $121.4 million in the same period in 2025.
• Cash and cash equivalents totaled $236.7 million at September 30, 2026, an increase of $34.8 million from $201.9 million at December 31, 2025.
• Working capital was approximately $234.2 million at September 30, 2026, compared to $201.7 million at December 31, 2025.
• Total assets were $240.9 million at September 30, 2026, compared to $203.8 million at December 31, 2025.
• Total stockholders' equity was $237.1 million at September 30, 2026, compared to $203.0 million at December 31, 2025.

Guidance and Future Outlook:

• The company is negotiating agreements and project scope with the National Reactor Innovation Center (NRIC) and Idaho National Laboratory (INL) to construct and operate the Lightbridge Fuel™ Pilot Factory (SHED).
• Management anticipates that loop irradiation testing will enable a direct transition from the Advanced Test Reactor (ATR) to lead test assemblies in commercial nuclear power plants, bypassing the intermediate deployment of fuel rod segments.
• The company aims to accelerate commercialization through the DOE Nuclear Energy Launch Pad INL program, which provides an accelerated pathway to authorization for the Pilot Factory.

Business Segments and Product Lines:

• Selected for the DOE Nuclear Energy Launch Pad INL program in August 2026 to design, build, and operate the Pilot Factory for manufacturing lead test assemblies (LTAs) of Lightbridge Fuel™.
• Secured Project Task Statement (PTS) No. 2 under a Cooperative Research and Development Agreement (CRADA) with Battelle Energy Alliance, LLC (BEA) to conduct loop irradiation testing of clad fuel rodlets in the Advanced Test Reactor (ATR).
• Post-irradiation examination of the first batch of Lightbridge Fuel™ material coupon samples discharged from the ATR in May 2026 is currently underway at INL.
• Received a notice of allowance from the Japan Patent Office in September 2026 for a multi-zone fuel element patent, covering the fuel element design, assembly, and additive manufacturing method.
• Developing Lightbridge Fuel™ for existing light water reactors, pressurized heavy water reactors, and new small modular reactors to enhance safety, economics, and load-following capabilities.

Market and Competitive Landscape:

• Major technology companies and utilities are increasingly turning to nuclear energy to meet surging baseload power demand from AI, data centers, and industrial electrification.
• Utilities have expressed demand for advanced fuel that provides longer operating cycles between refuelings, power uprates of 10% to 20%, and inherent safety margins to reduce capital and operating costs.
• Japan's national energy plan targets nuclear energy at approximately 20% of electricity generation by fiscal 2040, with 15 of its 32 reactors currently in service.

Risks and Challenges:

• Authorization to construct and operate the Pilot Factory remains subject to additional DOE/INL agreements, reviews, and authorizations.
• Forward-looking statements involve risks including the ability to commercialize technology, market adoption, funding overhead and R&D costs, competition, employee retention, dependence on strategic partners, and regulatory changes.
• Risks also include the availability of nuclear test reactors, unexpected changes in development timelines, increased costs associated with metallization, public perception of nuclear energy, geopolitical conflicts, and intellectual property challenges.

Management Commentary and Tone:

• Seth Grae, Chairman and CEO, stated that selection for the Launch Pad INL program helps accelerate the commercialization plan by providing a pathway to a dedicated Pilot Factory at INL.
• Management highlighted that the company's path to acceleration aligns with the nuclear sector's pivotal moment driven by demand for baseload power from AI and data centers.
• The tone reflects confidence that Lightbridge Fuel is engineered to meet specific utility requirements for power uprates, longer cycles, and safety margins.

Other Key Points:

• Sold approximately 4.3 million shares of common stock under the at-the-market (ATM) program during the nine months ended September 30, 2026, for net proceeds of $48.9 million.
• As of September 30, 2026, approximately $91.4 million of common stock remained available for sale under the Company's $150 million ATM program.
• The 2026 nine-month stock-based compensation expense included a $0.7 million reversal recorded in the second quarter for a performance milestone no longer deemed probable of achievement.
• The company is included in the Russell 2000®, Russell 3000®, and Solactive Global Uranium and Nuclear Components Total Return Indexes.
• A conference call and audio webcast were held on November 2, 2026, to discuss results and development activities.