The company remains entirely pre-revenue, with operating losses widening to $6.3 million in 2026Q1 as R&D expenditures climbed to $3.3 million.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 175.45K | 760.58K | 910.53K | 1.31M | 1.9M | 3.68M | 6.36M | 7.59M | 10.52M | 22.22M | 0 | 0 | 0 | 0 | 0 | 3.71K | 173.53K | 173.53K | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | -100% | -76.93% | -16.47% | -30.49% | -31.09% | -48.31% | -42.13% | -16.23% | -27.85% | -52.67% | - | - | - | - | - | -100% | -97.86% | 0% | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 100.12K | 89.62K | 0 | 107.09K | 456.56K | 694.29K | 756.28K | 1.11M | 2.27M | 3.99M | 4.94M | 6.23M | 11.09M | 11.76M | 13.15M | 22.7K | 0 | 0 | 293.82K | 293.82K | 884.78K | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | 61.04% | 60.03% | 76.25% | 57.73% | 58.39% | 61.64% | 62.81% | 65.12% | 59.22% | 49.91% | - | - | - | - | - | 7911.2% | 169.32% | 509.88% | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | -100.12K | -89.62K | 0 | 68.36K | 304.01K | 216.24K | 553.92K | 791.46K | 1.41M | 2.36M | 2.65M | 4.29M | 11.13M | -11.76M | -13.15M | -13.15M | 0 | 0 | -290.11K | -711K | -711.25K | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | 38.96% | 39.97% | 23.75% | 42.28% | 41.63% | 38.36% | 37.19% | 34.88% | 40.78% | 50.09% | - | - | - | - | - | -7811.2% | -409.73% | -409.88% | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | -11.71% | - | -100% | -77.52% | 40.59% | -60.96% | -30.01% | -43.91% | -40.31% | -10.66% | -38.29% | -61.48% | 194.64% | 10.54% | 0% | - | - | 100% | 59.2% | 0.03% | - | - |
| Operating Expenses | 25.76M | 23.23M | 13.06M | 9.04M | 7.79M | 7.88M | 9.1M | 7.66M | 10.17M | 6.67M | 7.94M | 6.83M | 5.37M | 5.64M | 5.91M | 8.69M | 10.29M | 11.53M | 14.17M | -11.82M | 12.32M | 2.86M | 95.43K | 92.23K | 0 | 0 | 47.15K | 39.31K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | 3799.46% | 1043.81% | 750.55% | 409.92% | 296.95% | 160.58% | 136.75% | 135.56% | 109.62% | 63.79% | - | - | - | - | - | - | - | 27.17% | - |
| Selling, General & Admin | 14.87M | 14.02M | 8.46M | 7.15M | 7.49M | 7.16M | 8.21M | 5.7M | 6.71M | 4.38M | 5.19M | 5.35M | 3.83M | 3.62M | 3.84M | 6.34M | 8.68M | 9.9M | 12.61M | 11M | 12.28M | 2.42M | 39.57K | 47.04K | 0 | 0 | 14.57K | 10.95K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | 2498.2% | 682.51% | 587.57% | 292.75% | 190.27% | 104.43% | 99.8% | 114.38% | 94.1% | 56.74% | - | - | - | - | - | - | - | 8.4% | - |
| Research & Development | 10.89M | 9.21M | 4.6M | 1.92M | 669.82K | 838.57K | 891.63K | 2.68M | 3.46M | 2.28M | 2.75M | 1.48M | 1.53M | 2.03M | 2.06M | 2.35M | 1.61M | 1.63M | 1.57M | 756.75K | 34.4K | 17.5K | 0 | 0 | 0 | 0 | 1.86K | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | 1301.26% | 361.3% | 162.98% | 117.18% | 106.68% | 56.14% | 36.97% | 21.19% | 15.52% | 7.05% | - | - | - | - | - | - | - | 1.07% | - |
| Other Operating Expenses | -154 | 0 | -1K | -31.03K | -372.61K | -119.64K | 0 | -715K | 0 | 0 | 0 | -6.76K | -3.38K | -3.49K | 4.56K | 0 | 0 | 0 | -5.65M | -23.58M | 0 | 442.81K | 55.86K | 45.19K | 0 | 0 | 30.71K | 28.36K |
| Operating Income | -18.08M | -23.23M | -13.06M | -9.04M | -7.79M | -7.88M | -9.2M | -11.07M | -10.17M | -6.6M | -7.63M | -6.62M | -4.82M | -4.85M | -4.5M | -6.33M | -7.64M | -7.24M | -3.04M | 11.76M | -12.32M | -2.69M | -95.43K | -142.23K | -290.11K | -290K | -711.25K | -39.31K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | -3760.7% | -1003.84% | -726.83% | -367.63% | -255.29% | -122.21% | -99.56% | -100.7% | -68.85% | -13.69% | - | - | - | - | - | -7811.2% | -167.12% | -409.88% | - |
| Operating Income Growth % | - | -77.86% | -44.43% | -16.11% | 1.15% | 14.41% | 16.85% | -8.81% | -54.2% | 13.58% | -15.37% | -37.42% | 0.76% | -7.96% | 28.97% | 17.17% | -5.52% | -138% | -125.87% | 195.49% | -357.5% | -2720.92% | 32.91% | 50.97% | -0.04% | 59.23% | -1709.24% | - |
| EBITDA | -12.88M | -19.58M | -11.79M | -9.04M | -7.79M | -8M | -9.1M | -10.98M | 0 | 0 | 0 | -8.92M | -4.8M | -4.84M | -4.47M | -6.3M | -7.61M | -7.21M | -3.02M | 11.77M | -12.31M | -2.67M | -54.73K | -96.2K | -253.31K | -253.2K | -710.65K | -38.88K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | -979.32% | -366.32% | -254.38% | -121.44% | -99.14% | -100.34% | -68.61% | -13.58% | - | - | - | - | - | -6820.41% | -145.91% | -409.53% | - |
| EBITDA Growth % | 14.29% | -66.12% | -30.36% | -16.11% | 2.62% | 12.16% | 17.09% | - | - | - | 100% | -85.82% | 0.77% | -8.26% | 29.11% | 17.23% | -5.52% | -139.1% | -125.64% | 195.65% | -360.99% | -4777.21% | 43.11% | 62.02% | -0.04% | 64.37% | -1727.84% | - |
| D&A (Non-Cash Add-back) | 5.2M | 0 | 0 | 0 | 0 | 0 | 100.12K | 89.62K | 10.17M | 6.6M | 7.63M | -2.3M | 17.22K | 17.22K | 28.36K | 26.96K | 27K | 25.48K | 24.67K | 8.58K | 10.89K | 22.7K | 40.7K | 46.04K | 36.8K | 36.8K | 603 | 433 |
| EBIT | -16.98M | -19.58M | -11.79M | -9.04M | -7.79M | -8M | -14.42M | -10.68M | -14.69M | -7.09M | -6.32M | -4.31M | -4.82M | -4.85M | -4.5M | -6.33M | -7.64M | -7.23M | -3.04M | -11.45M | -11.71M | -761K | -974.68K | 0 | -253.65K | -290K | -711.25K | -39.31K |
| Net Interest Income | 3.27M | 3.65M | 1.27M | 1.13M | 289.44K | 8.13K | 83.88K | 393.11K | -724K | -507K | -220K | -6.06K | 1.95K | 0 | 0 | 465.16K | 193.21K | 22.42K | 162.89K | 0 | 0 | -370K | 0 | 0 | 0 | -36.2K | 0 | 0 |
| Interest Income | 4.61M | 3.65M | 1.27M | 1.13M | 289.44K | 8.13K | 83.88K | 393.11K | 258.8K | 0 | 316 | 705 | 1.95K | 0 | 0 | 465.16K | 193.21K | 22.42K | 162.89K | 0 | 72.44K | 72.44K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 982.44K | 507.31K | 220.79K | 6.76K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 367.19K | 0 | 442.81K | 0 | 0 | 36.2K | 36.2K | 0 | 0 |
| Other Income/Expense | 3.27M | 3.65M | 1.27M | 1.13M | 289.44K | 41.82K | -5.21M | 393.11K | -5.5M | -507K | 1.29M | 2.3M | 1.16M | 266.17K | 438.2K | 459.14K | 76.23K | 6.59K | 193.04K | 7.33M | 608.06K | 339.64K | 0 | 50K | 266 | 290.11K | 0 | 0 |
| Pretax Income | -21.15M | -19.58M | -11.79M | -7.91M | -7.5M | -7.84M | -14.42M | -10.68M | -15.68M | -7.11M | -6.34M | -4.32M | -4.82M | -4.59M | -4.06M | -5.87M | -7.56M | -7.23M | -2.85M | 11.64M | -11.71M | -2.35M | 0 | -92.23K | -289.84K | 0 | 0 | 0 |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | -4049.68% | -834.24% | -474.23% | -367.71% | -241.29% | -110.3% | -92.34% | -99.68% | -68.78% | -12.82% | - | - | - | - | - | -7804.04% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.43K | 23.25K | 0 | 0 | 40.75K | 9.24K | 10.03K | 23.39M | 0 | -952K | 0 | 150K | -532 | 36.42K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.03% | -0.51% | 0% | 0% | -0.54% | -0.13% | -0.35% | 200.88% | 0% | 40.48% | - | -162.63% | 0.18% | - | - | - |
| Net Income | -21.15M | -19.58M | -11.79M | -7.91M | -7.5M | -7.84M | -14.42M | -10.68M | -15.68M | -7.11M | -6.34M | -4.32M | -4.82M | -4.87M | -4.06M | -5.87M | -7.56M | -7.23M | -2.86M | -11.45M | -11.71M | -2.69M | -95.43K | -142.23K | -326.04K | -326K | -723.24K | -39.31K |
| Net Margin % | - | - | - | - | - | - | - | - | - | -4049.68% | -834.24% | -474.23% | -367.71% | -255.92% | -110.3% | -92.34% | -99.68% | -68.78% | -12.87% | - | - | - | - | - | -8778.62% | -187.87% | -416.79% | - |
| Net Income Growth % | -53.98% | -66.12% | -49.04% | -5.48% | 4.31% | 45.65% | -35.03% | 31.89% | -120.63% | -11.98% | -46.94% | 10.36% | 0.99% | -19.92% | 30.87% | 22.4% | -4.56% | -152.99% | 75.04% | 2.18% | -334.92% | -2720.92% | 32.91% | 56.38% | -0.01% | 54.93% | -1739.74% | - |
| Net Income (Continuing) | -21.15M | -19.58M | -11.79M | -7.91M | -7.5M | -7.84M | -14.42M | -10.68M | -15.68M | -7.11M | -6.34M | -4.32M | -4.82M | -4.87M | -4.06M | -5.87M | -7.56M | -7.23M | -2.86M | -11.45M | -11.71M | -761K | -95.43K | -142.23K | -326.04K | -326K | -723.24K | -39.31K |
| Discontinued Operations | 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 |
| Minority Interest | 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 |
| EPS (Diluted) | -0.66 | -0.80 | -0.81 | -0.65 | -0.69 | -1.71 | -3.59 | -2.21 | -7.06 | -8.18 | -16.10 | -14.16 | -14.40 | -21.00 | -19.49 | -28.45 | -40.80 | -43.31 | -17.40 | -69.49 | -160.11 | -84.72 | -4.48 | -7.11 | -17.39 | -18.00 | -84.20 | -4.70 |
| EPS Growth % | 11.49% | 1.23% | -24.62% | 5.8% | 59.65% | 52.37% | -62.44% | 68.7% | 13.69% | 49.19% | -13.7% | 1.67% | 31.43% | -7.75% | 31.49% | 30.27% | 5.8% | -148.91% | 74.96% | 56.6% | -88.99% | -1791.07% | 36.99% | 59.11% | 3.39% | 78.62% | -1691.49% | - |
| EPS (Basic) | - | -0.80 | -0.81 | -0.65 | -0.69 | -1.71 | -3.59 | -2.21 | -7.06 | -8.18 | -16.10 | -14.16 | -14.40 | -21.00 | -19.49 | -28.45 | -40.76 | -43.31 | -17.15 | -69.49 | -160.11 | -84.72 | -4.48 | -7.11 | -17.39 | -18.00 | -54.00 | -4.70 |
| Diluted Shares Outstanding | 32.04M | 24.52M | 14.49M | 12.1M | 10.84M | 7.04M | 4.22M | 3.11M | 2.22M | 868.7K | 394.08K | 303.99K | 257.72K | 216.82K | 208.18K | 206.27K | 185.56K | 167.02K | 166.71K | 164.81K | 73.13K | 31.77K | 21.32K | 20.02K | 18.75K | 18.75K | 8.59K | 8.37K |
| Basic Shares Outstanding | 32.04M | 24.52M | 14.49M | 12.1M | 10.84M | 7.04M | 4.22M | 3.11M | 2.22M | 868.7K | 394.08K | 303.99K | 257.72K | 216.82K | 208.18K | 206.27K | 185.56K | 167.02K | 166.71K | 164.81K | 73.13K | 31.77K | 21.32K | 20.02K | 18.75K | 18.75K | 8.59K | 8.37K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and HALEU dependency
As indicated by recent quarterly filings, Lightbridge's R&D spending has trended upward, reaching $3.3 million in 2026Q1 compared to $555.2 thousand in 2023Q4, reflecting the intensifying capital requirements necessary to advance its proprietary metallic fuel rod technology through critical regulatory and irradiation testing phases.
The consistent rise in R&D costs suggests that the company is accelerating its technical validation efforts, likely in response to NRC requirements. Investors should monitor whether this spending trajectory correlates with tangible progress in Lead Test Assembly milestones or if it merely reflects the rising cost of specialized nuclear testing services.
Based on the company's reported financial statements, Lightbridge continues to operate without revenue, resulting in a persistent operating loss that widened to $6.3 million in 2026Q1, highlighting the lack of operational leverage inherent in a pre-commercial research and development business model.
Because the company lacks a commercial product, operating expenses directly translate into net losses without any offsetting gross profit. This structure implies that the company's financial health is entirely decoupled from operational efficiency and remains tethered to its ability to manage cash burn until a licensing model is realized.
According to historical financial data, Lightbridge's net loss per share has been consistently impacted by equity-based compensation and potential dilution, with stock-based compensation reaching $2.5 million in 2026Q1, which complicates the assessment of true economic loss for shareholders.
The reliance on equity issuance to fund operations suggests that shareholders should be wary of the impact of dilution on future per-share value. The high level of stock-based compensation relative to the total R&D spend warrants further investigation into management's alignment with long-term commercialization milestones versus short-term capital raising.
While the company maintains a strong cash position, the lack of revenue generation, as noted in recent SEC filings, underscores the significant risk that Lightbridge may remain a pre-revenue entity indefinitely if domestic HALEU supply chain constraints are not resolved in the near term.
Short-sellers would likely focus on the 'HALEU trap,' where the company's fuel design remains theoretically sound but practically unusable due to the absence of necessary enrichment infrastructure. This suggests that even with a $201.8 million cash balance, the company's ultimate viability is contingent upon external factors outside of its direct control.
Quick answers to the most common questions about buying LTBR stock.
For fiscal year 2025, Lightbridge Corporation (LTBR) reported total revenue of $0.0M.
Lightbridge Corporation (LTBR) reported a net loss of $19.6M for the fiscal year ending 2025.