Lightbridge Corporation (LTBR) Cash Flow Statement

The OCF-to-net-income ratio, which is positive only because both figures are negative, shows that non-cash add-backs such as stock-based compensation of up to $2.5M per quarter cushion the reported loss but do not change the underlying cash drain. The ratio rising toward 0.97 in late 2024 and 0.86 in Q4 2025 suggests that a larger share of the loss became cash in those periods, which investors should monitor as working capital and cash costs grow. Because no revenue appears in the dataset, the conversion metric reflects expense timing rather than earnings quality in the usual sense.

The quarterly burn has roughly tripled over the period, and the latest quarter's outflow of $4.9M is the second-largest in the dataset after Q4 2025's $6.2M. The absence of any positive operating inflow means the company funds its activity entirely from external sources, a dependency that the supplied data does not describe in detail. Investors should treat the trajectory as a measure of how quickly the cash runway is being consumed.

Near-zero CapEx indicates the company is not building a physical asset base, so depreciation of $0 across the dataset is consistent with this profile rather than evidence of a missing schedule. The spending pressure therefore sits in R&D and personnel-related costs, which appear in operating cash flow rather than investing activities. This structure means that growth in development activity flows directly into the cash burn figure.

The absence of shareholder distributions is expected for a company with sustained operating losses and negative free cash flow. Because stock-based compensation is a recurring non-cash add-back and prior statement findings note meaningful dilution, equity issuance rather than internal cash generation appears to be the implied funding mechanism. The supplied data does not show financing inflows, so the specific source of funding remains unverified and warrants further investigation.