Persistent free cash flow burn reached $4.8 million in 2026Q1, a figure partially obscured by $2.5 million in stock-based compensation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 |
|---|
| Cash from Operations | -15.75M | -14.28M | -9.49M | -6.48M | -6.76M | -11.04M | -8.57M | -6.67M | -7.42M | -5M | -5.98M | -3.65M | -4.32M | -3.92M | -5.05M | -4.05M | -2.36M | -2.56M | -3.61M | -997.38K | -3.75M | -1.25M | -7.08K | -10.29K | -65.16K | -113.18K | -703.94K | -33.56K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | -2851.78% | -785.73% | -400.96% | -329.45% | -206.01% | -137.4% | -63.72% | -31.12% | -24.35% | -16.27% | - | - | - | - | - | -1754.39% | -65.23% | -405.67% | - |
| Operating CF Growth % | -159.71% | -50.43% | -46.4% | 4.12% | 38.72% | -28.77% | -28.54% | 10.15% | -48.33% | 16.28% | -63.69% | 15.41% | -10.21% | 22.5% | -24.77% | -71.53% | 7.8% | 29.15% | -262.44% | 73.38% | -200.66% | -17501.36% | 31.23% | 84.2% | 42.43% | 83.92% | -1997.75% | - |
| Net Income | -21.15M | -19.58M | -11.79M | -7.91M | -7.5M | -7.84M | -14.42M | -10.68M | -15.68M | -7.1M | -6.35M | -4.32M | -3.65M | -4.59M | -4.06M | -5.87M | -7.56M | -7.23M | -2.86M | -11.45M | -11.71M | -13.35M | -2.69M | -95.43K | -142.23K | -326.04K | -723.24K | -159.91K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 100.12K | 89.62K | 0 | 0 | 0 | 0 | 0 | 17.22K | 28.36K | 26.96K | 27K | 25.48K | 24.67K | 8.58K | 10.89K | 0 | 774 | 55.37K | 46.04K | 36.8K | 603 | 348 |
| Stock-Based Compensation | 6.93M | 5.79M | 2.04M | 1.26M | 842.7K | 826.49K | 53.34K | 822.82K | 2.38M | 1.19M | 1.98M | 1.88M | 282.28K | 329.5K | 975.42K | 1.51M | 2.69M | 4.85M | 6.55M | 4.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -922.66K | 0 | 110.81K | 45K | 45K | 254.99K | 1.19M | 3.32M | 6.82M | 545.09K | -1.29M | -1.87M | -1.16M | -229K | -195.89K | -93.95K | 116.49K | 0 | -30.14K | 58.6K | 8.13M | 11.5M | 2.61M | 22.5K | 22.5K | 0 | 12.45K | 101.29K |
| Working Capital Changes | -607.11K | -491.13K | 144.33K | 121.2K | -153K | -4.28M | 4.51M | -225.13K | -942.68K | 363.17K | -323.02K | 658.62K | 217.62K | 552.94K | -1.8M | 372.88K | 2.37M | -202K | -7.3M | 5.41M | -183.07K | 599.4K | 71.14K | 7.26K | 8.54K | 176.06K | 6.25K | 24.71K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 400K | -306.75K | -82.85K | 378.03K | -248.64K | 329.29K | -43.17K | 175.89K | -324.59K | 713.35K | 1.43M | 2.94M | -5.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.02M | 422.87K | 193.26K | 351K | 193.81K | -140.92K | 31.83K | 92.24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -18.14K | -10.53K | 0 | -640 | -6.64K | -16.02K | -210.44K | -3.76M | -5.83M | -207.23K | -209.87K | -117.03K | -119.96K | 1.43M | 3.68M | 5.25M | -10.71M | -38.89K | -102.11K | -17.97K | -17.63K | -1.35M | 0 | 0 | 0 | 0 | -1.81K | 0 |
| Capital Expenditures | -4.41K | -10.53K | 0 | -640 | -6.64K | -16.02K | -210.44K | -221.06K | -209.73K | -207.23K | -209.87K | -117.03K | -134.39K | -98.57K | -63.52K | -161.11K | -1.62K | -14.92K | -102.11K | -17.97K | -17.63K | 0 | 0 | 0 | 0 | 0 | -1.81K | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | 118.11% | 27.59% | 12.85% | 10.26% | 5.19% | 1.73% | 2.53% | 0.02% | 0.14% | 0.46% | - | - | - | - | - | - | - | 1.04% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.54M | -5.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -13.73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 936 | 0 | -135K | -23.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 174.51M | 176.16M | 20.89M | 6.18M | 10.92M | 14.27M | 12.35M | 3.75M | 33.37M | 6.14M | 9.15M | 170.85K | 4.98M | 3.96M | 0 | -1.6K | 12.42M | 48.17K | -610.46K | -4.74K | 14.69M | 17.03M | 7.88K | 9.4K | 65.15K | 107.86K | 710.49K | 35.05K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.43K | -4.74K | -3.78K | 0 | 7.88K | 9.4K | 65.15K | 82.86K | 734.71K | 0 |
| Equity Issued (Net) | 163.49M | 184.34M | 21.41M | 6.41M | 11.03M | 14.82M | 12.33M | 3.75M | 33.37M | 6.03M | 8.94M | 171.5K | 4.75M | 3.96M | 1.73K | 0 | 12.32M | 50.34K | 49.98K | 0 | 1.95M | 17.03M | 0 | 0 | 0 | 0 | 0 | 18.95K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -243.55K | 0 | 0 | 0 | -255.85K | -400K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 11.02M | -8.17M | -526.43K | -221.61K | -104.6K | -553K | 25.01K | 0 | 0 | 114.01K | 211.82K | -651 | 229.83K | -1.33K | -1.8K | -1.6K | 101.89K | -2.17K | -650K | 0 | 12.75M | 0 | 0 | 0 | 0 | 25K | -24.22K | 16.1K |
| Net Change in Cash | 158.74M | 161.87M | 11.39M | -301.55K | 4.15M | 3.22M | 3.57M | -6.68M | 20.12M | 930.52K | 2.96M | -3.6M | 547.35K | 1.48M | -1.37M | 1.2M | -655.37K | -2.55M | -4.33M | -1.02M | 10.93M | 14.43M | 802 | -894 | 0 | -5.33K | 4.74K | 1.49K |
| Free Cash Flow | -15.76M | -14.28M | -9.49M | -6.49M | -6.77M | -11.05M | -8.78M | -6.89M | -7.63M | -5.21M | -6.19M | -3.77M | -4.45M | -4.01M | -5.12M | -4.21M | -2.5M | -2.6M | -3.72M | -1.02M | -3.76M | -1.25M | -7.08K | -10.29K | -65.16K | -113.18K | -705.75K | -33.56K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | -2969.89% | -813.32% | -413.81% | -339.71% | -211.19% | -139.12% | -66.26% | -32.93% | -24.72% | -16.73% | - | - | - | - | - | -1754.39% | -65.23% | -406.71% | - |
| FCF Growth % | -44.36% | -50.43% | -46.39% | 4.2% | 38.75% | -25.87% | -27.47% | 9.73% | -46.45% | 15.77% | -64.17% | 15.33% | -10.85% | 21.54% | -21.51% | -68.57% | 3.92% | 30.05% | -266.08% | 73.02% | -202.07% | -17501.36% | 31.23% | 84.2% | 42.43% | 83.96% | -2003.14% | - |
| FCF per Share | -0.49 | -0.58 | -0.66 | -0.54 | -0.62 | -1.57 | -2.08 | -2.22 | -3.44 | -6.00 | -15.70 | -12.39 | -17.27 | -18.52 | -24.58 | -20.42 | -13.46 | -15.57 | -22.30 | -6.16 | -51.47 | -39.22 | -0.33 | -0.51 | -3.48 | -6.04 | -82.16 | -4.01 |
| FCF Conversion (FCF/Net Income) | 0.74x | 0.73x | 0.81x | 0.82x | 0.90x | 1.41x | 0.59x | 0.62x | 0.47x | 0.70x | 0.94x | 0.85x | 0.90x | 0.80x | 1.25x | 0.69x | 0.31x | 0.35x | 1.26x | 0.09x | 0.32x | 0.46x | 0.07x | 0.07x | 0.20x | 0.35x | 0.97x | 0.85x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 876 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.03K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and HALEU dependency
As reported in recent financial statements, Lightbridge's operating cash flow remains consistently negative, with the 2026Q1 outflow of $4.8 million representing a significant portion of the $6.3 million net loss, suggesting that the company's cash burn is tightly coupled with its ongoing research and development activities.
The OCF/NI ratio of 0.75 in 2026Q1 indicates that non-cash expenses, primarily stock-based compensation, are providing a partial buffer against the total cash drain. Investors should monitor this relationship closely, as the gap between net income and cash usage will likely widen if R&D intensity accelerates without a corresponding shift in the company's revenue model.
Based on the company's reported figures, Lightbridge continues to experience a steady free cash flow burn, with quarterly outflows reaching $4.8 million in 2026Q1, reflecting the high cost of maintaining its proprietary fuel rod development program in the absence of any commercial revenue streams or product sales.
The trajectory of FCF remains deeply negative, which is expected for a pre-revenue technology developer, yet the consistency of these outflows warrants caution. The lack of positive FCF margins suggests that the company remains entirely dependent on external capital markets to fund its long-term regulatory and testing milestones.
According to recent SEC filings, Lightbridge's cash flow statement is heavily influenced by stock-based compensation, which reached $2.5 million in 2026Q1, effectively obscuring the true economic cost of operations by reducing the immediate cash impact of talent retention and executive incentives during this pre-revenue development phase.
While stock-based compensation is a non-cash expense, it represents a significant dilution risk that investors must account for when evaluating the company's long-term cash runway. This accounting treatment may lead to an overestimation of the company's operational efficiency, as the underlying cash burn remains elevated despite the non-cash adjustments.
As indicated by the company's quarterly data, working capital changes have remained relatively muted, with a $1.0 million outflow in 2025Q4 being the most notable fluctuation, suggesting that the company's cash position is currently driven by R&D spending rather than complex inventory or accounts receivable management.
The absence of significant working capital swings is consistent with a pre-revenue entity that has not yet established a commercial supply chain. Investors should anticipate that working capital requirements will become more volatile and material once the company transitions toward pilot manufacturing and procurement of HALEU feedstock.
Quick answers to the most common questions about buying LTBR stock.
Lightbridge Corporation (LTBR) generated $-14.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lightbridge Corporation (LTBR) reported negative free cash flow of $14.3M in 2025, indicating capital requirements exceeded cash from operations.
Lightbridge Corporation (LTBR) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.