olivLaw · US equity research
Lightbridge Corporation LTBR
Industrial Inorganic Chemicals · SIC 2810 · Vertical: Industrial Inorganic Chemicals (SIC 2810)
Lightbridge develops an advanced all-metal nuclear fuel for water-cooled reactors, aimed at raising the power of existing plants and improving safety and proliferation resistance. The company is still in research and development, and demand for power from data centers makes the topic more timely, although commercialization is expected only in more than a decade, with cash and cash equivalents of 237.5 million USD at June 30 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Lightbridge Corporation (LTBR) stock was 4.46 USD (−6.69% on the day), with market capitalisation 172.9 m USD, beta 2.94, 52-week range 4.46–23.19 USD. Latest reported quarter (Q3 2026): revenue of 0 USD, net income of -8.3 m USD, diluted EPS 0.23 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 31.7
- weak (30–45)
- Bollinger (20, 2)
- 4.48 – 6.07
- below the lower band · %B -0.01 · band width 30.2%
- SMA 50 / 200
- 6.30 / 9.97
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.45 / -0.43
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −29.9% | −1.1% | −28.8 pp | — |
| 3 months | −50.2% | −0.5% | −49.8 pp | — |
| 6 months | −68.9% | +4.4% | −73.3 pp | — |
| Year to date | −64.7% | +12.3% | −77.0 pp | — |
| 1 year | −80.3% | +13.5% | −93.8 pp | +22.1% |
| 3 years | +2.8% | +76.4% | −73.6 pp | +17.9% |
| 5 years | −56.3% | +63.7% | −120.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & development | 1.4 m | 1.7 m | 1.6 m | 2.0 m | 3.9 m | 3.3 m | 3.9 m | 5.3 m |
| Operating income | -4.2 m | -5.1 m | -4.1 m | -5.2 m | -8.7 m | -7.7 m | -7.6 m | -10.3 m |
| Pre-tax income | -3.9 m | -4.8 m | -3.5 m | -4.1 m | -7.2 m | -6.3 m | -5.8 m | -8.3 m |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | -3.9 m | -4.8 m | -3.5 m | -4.1 m | -7.2 m | -6.3 m | -5.8 m | -8.3 m |
| Diluted EPS | -0.24 ≈ | -0.24 | -0.16 | 0.16 | -0.24 ≈ | -0.20 | -0.18 | 0.23 |
| Operating cash flow | -3.8 m | -3.3 m | -2.3 m ≈ | -2.5 m ≈ | -6.2 m | -4.8 m | -3.5 m ≈ | -4.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | -15.7 m | -10.7 m | -14.4 m | -7.8 m | -7.5 m | -7.9 m | -11.8 m | -19.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -3.66 | -3.59 | -1.71 | -0.69 | -0.65 | -0.81 | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | -6.9 m | -8.8 m | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 203.0 m USD
- Total assets
- 203.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 239.04x
- ROE
- -16.1%
- ROA
- -16.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 891.6 k | 1.4 m | 669.8 k | 1.9 m | 4.6 m | 9.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -14.5 m | -7.9 m | -7.8 m | -9.0 m | -13.1 m | -23.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -14.4 m | -7.8 m | -7.5 m | -7.9 m | -11.8 m | -19.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -14.4 m | -7.8 m | -7.5 m | -7.9 m | -11.8 m | -19.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -3.59 | -1.71 | -0.69 | -0.65 | -0.81 | — | SEC (XBRL)· 03 Mar 2025verified |
| Weighted average diluted shares | 4.2 m | 7.0 m | — | 12.1 m | 14.5 m | 24.5 m | SEC (XBRL)· 26 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 21.5 m | 24.7 m | 28.9 m | 28.6 m | 40.0 m | 2.0 m | SEC (XBRL)· 06 Aug 2026verified |
| Current assets | 21.7 m | 24.9 m | 29.0 m | 28.8 m | 40.3 m | 202.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 85.6 k | 101.6 k | 108.2 k | 108.9 k | 108.9 k | 119.4 k | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 21.8 m | 25.0 m | 29.5 m | 29.4 m | 41.0 m | 203.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 382.1 k | 171.5 k | 350.3 k | 486.3 k | 424.6 k | 847.5 k | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 4.6 m | 171.5 k | 350.3 k | 486.3 k | 424.6 k | 847.5 k | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 17.2 m † | 24.8 m † | 29.1 m † | 28.9 m † | 40.5 m † | 203.0 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -8.6 m | -11.0 m | -6.8 m | -6.5 m | -9.5 m | -14.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 210.4 k | — | — | — | — | — | SEC (XBRL)· 25 Mar 2021verified |
| Free cash flow | -8.8 m ≈ | — | — | — | — | — | SEC (XBRL)· 25 Mar 2021derived |
| Investing cash flow | -210.4 k | -16.0 k | -6.6 k | -640 | 0 | -10.5 k | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 12.4 m | 14.3 m | 10.9 m | 6.2 m | 20.9 m | 176.2 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 172.9 m USD
Key indicators
Coverage and freshness
Score by group
4% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 62.1x | 100 (on a fixed band) | 100% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
LIGHTBRIDGE CORPORATION (LTBR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 0 USD in 2025; ROE -14.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 62.1x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Industrial Inorganic Chemicals (SIC 2810) · same industry (4-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LINLinde plc | 240.9 bn | 34.9 | 18.0% | 19.3% | +3.0% | +28% / +27% |
| APDAir Products And Chemicals, Inc. | 71.0 bn | — | -0.3% | -0.4% | −0.5% | +22% / +18% |
| MTXMinerals Technologies Inc. | 2.0 bn | — | -4.1% | -3.1% | −2.2% | +12% / +5% |
| KROKronos Worldwide, Inc. | 890.9 m | — | -13.7% | -5.6% | −1.5% | +53% / −11% |
| LXULSB Industries, Inc. | 766.1 m | 17.1 | 8.7% | 7.0% | +17.8% | +19% / +24% |
| TROXTronox Holdings PLC | 566.9 m | — | -39.1% | -18.0% | −5.7% | −14% / −72% |
| LXFRLuxfer Holdings PLC | 463.2 m | 76.3 | 2.7% | 1.7% | −1.9% | +38% / +110% |
| VHIValhi, Inc. | 430.8 m | — | -4.8% | -2.4% | −1.3% | +20% / +12% |
| NLNli Holdings, Inc. | 359.9 m | — | -6.7% | -15.8% | +8.5% | +30% / +44% |
| LTBRLightbridge Corporation | 172.9 m | — | -14.1% | — | unavailable | −80% / +3% |
1- and 3-year price returns: for LTBR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (02 Nov 2026 · results).
In brief
Lightbridge develops an advanced all-metal nuclear fuel for water-cooled reactors, aimed at raising the power of existing plants and improving safety and proliferation resistance. The company is still in research and development, and demand for power from data centers makes the topic more timely, although commercialization is expected only in more than a decade, with cash and cash equivalents of 237.5 million USD at June 30 2026 2.
SWOT
Strengths
- The company holds a solid cash position at June 30 2026, which supports funding of development work 2.
- Partnerships with a US national laboratory and patents validated in several countries are key assets 13.
- The metallic fuel is presented as operating at lower temperature, which could widen safety margins 1.
Weaknesses
Opportunities
Risks
- Need for additional capitalhigh
The company will need more funding, and access to capital may be limited or costly, which could force a cut in research activity.
- Uncertain commercialization timelinehigh
Fuel development could take far longer than estimated, and irradiation tests and NRC licensing are long steps.
- Metallization cost and HALEU supplymedium
Commercial-scale metallization and the availability of metallic HALEU remain uncertain, which could affect economic competitiveness.
- Political support and government fundingmedium
Changes in administration or priorities could reduce support programs and complicate licensing.
- Shareholder dilutionmedium
Repeated share issuance under the ATM program could reduce the proportion of capital held by existing shareholders.
Investment thesis
What would need to be true (bull case)
- If demand for emissions-free baseload power keeps growing, a fuel that could raise the output of existing reactors may have practical relevance for operators.
- The cash position at June 30 2026 and progress in the irradiation program could support continued development without an immediate pause.
- Partnerships with a US national laboratory and long-term supply agreements could reduce technical and supply-chain risks over time.
What would break the thesis
- The company has no sales revenue, and the time to a first commercial order is estimated at 15 years, meaning a long period of equity funding.
- If the economic model proves less favorable than the company estimates, utilities could remain on conventional fuel.
- R&D and stock-based compensation costs rose in 2026, which could speed up cash use if the trend continues.
What to watch
- Start of post-irradiation examination of the fuel samples2026
- Decision on Phase 2 scope of the RATEN ICN irradiation study2026
- Outcome of the DOE Nuclear Energy Launch Pad request for a pilot fabrication facilitynext 10-K
- Trend in cash position and pace of ATM share salesQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (02 Nov 2026 · results).
The business
Lightbridge Corporation, listed on Nasdaq under LTBR, develops an all-metal (non-oxide) nuclear fuel for water-cooled reactors, including small modular reactors (SMRs). According to the annual report, the fuel could improve the economics and safety of existing and new plants and could supply clean energy to the grid or to 'behind the meter' customers, including data centers 1. The company is still in the R&D phase and estimates its metallic fuel program will take about 10-15 years to secure a first commercial order for a reload batch 1.
The project is supported by framework agreements with Battelle Energy Alliance, the operator of Idaho National Laboratory, and irradiation testing of fuel material coupon samples began in the Advanced Test Reactor in November 2025 13. In August 2026 the company reported that the first batch of samples was removed from the reactor and will undergo post-irradiation examination 3. Expenses are dominated by salaries, stock-based compensation and R&D, and the net loss was 19.6 million USD in fiscal 2025 1.
Funding depends largely on equity sales under the ATM program, which raised about 182.0 million USD gross in fiscal 2025 1. The company has warned it will need significant additional capital and that dilution of shareholders is possible 1.
Segments
Uprates for existing reactors
This segment targets higher power output from existing PWRs, where the fuel could add up to 17% or more to output, according to the company 1. The economics depend on the investment required and the length of the fuel cycle 1.
Market context
The company describes US electricity demand as growing rapidly due to AI-driven data centers, electrification and industrial development, with data center demand requiring stable round-the-clock supply 1. The federal government's target is to expand nuclear capacity by about 300 GW by 2050 1. The real market for the company's fuel, however, depends on licensing, the cost of uranium metallization and the availability of metallic HALEU 1.
The nuclear fuel market is dominated by conventional oxide fuel, and entry of a new product requires reactor demonstrations and operator acceptance 12. In June 2026 the company relaunched a Nuclear Utility Fuel Advisory Board of utility representatives, which is not a purchase commitment 2.
Trends
- Rising demand for baseload powertailwind
Demand from data centers and electrification increases the need for emissions-free baseload power, which could support interest in existing and new reactors 12.
- Political support for nuclear energymixed
The federal capacity target and programs such as UPRISE could support the company's projects 13. However, shifts in political priorities or reduced funding could slow licensing 1.
- Metallic HALEU supply chainheadwind
The lack of a US commercial supplier of metallic HALEU and of commercial-scale metallization may delay commercialization 1. The company signed a memorandum for long-term supply in 2026, which could reduce this risk 3.
- Investor interest and index inclusionmixed
Inclusion in uranium and nuclear-related indexes may broaden the investor base but does not change the dependence on equity financing 3.
Competitive position
The sources do not name direct competitors in the fuel segment; the company instead refers to alternative power sources competing for baseload demand, such as natural gas, wind, solar, batteries, geothermal and hydroelectricity 1. In advanced fuels the company mentions partners and suppliers it works with rather than declared rivals 13.
The company's stated advantages could be its validated patents in key countries, its know-how and trade secrets, and its ties with national laboratories 1. Competition from conventional fuels and other advanced technologies remains a risk if the economic model proves less favorable than estimated 1.
- Operators of conventional oxide-fuel plants
Conventional uranium dioxide fuel remains the standard in existing reactors, and replacing it depends on economic evidence 1.
- Other baseload power technologies
Natural gas, wind, solar, batteries and hydroelectricity are cited as alternatives for new power demand 1.
- Small modular reactor developers
SMR projects could become customers or competitors depending on fuel choice, according to the company's sources 1.
- HALEU and metallization service providers
The supply chain for HALEU and metallization is still limited to government-supported research settings 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Lightbridge CEO Says Nuclear Fuel Is AcceleratingBloomberg Markets · 12 Aug 2026 · EN
The latest news item in our archive is from 12 Aug 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Current report08 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report26 Aug 2026Other events
- Current report07 Aug 2026Departure or appointment of officers
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report14 May 2026Shareholder vote
- Quarterly report30 Apr 2026
- Current report27 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Lightbridge Corporation · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Lightbridge Corporation · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Lightbridge Corporation · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.