An advanced nuclear fuel technology company Lightbridge Corporation (Nasdaq: LTBR), announced second-quarter 2025 financial results alongside updates on technology development milestones and a new strategic collaboration with Oklo Inc. (NYSE: OKLO) to explore co-located advanced fuel manufacturing.
Technology and Regulatory Progress
During the first half of 2025, Lightbridge achieved several milestones in the development of its proprietary nuclear fuel technology. These included a successful co-extrusion demonstration at Idaho National Laboratory (INL) in February, completion of the final experiment design review in June for upcoming irradiation testing in the Advanced Test Reactor, and fabrication of enriched uranium-zirconium alloy coupon samples for irradiation testing.
President and CEO Seth Grae noted the favorable political environment for nuclear energy, citing President Trump’s May 2025 executive orders that emphasize power uprates and federal support for advanced nuclear technologies. “Our inclusion in the Russell 2000® and Russell 3000® Indexes validates our progress and enhances our visibility among institutional investors,” Grae said, adding that the company expects to benefit from INL’s Fission Accelerated Steady-state Testing (FAST) method to expedite its testing timeline.
Strategic Collaboration with Oklo
Lightbridge and Oklo signed a Memorandum of Understanding earlier this year to evaluate the feasibility of co-locating a Lightbridge fuel fabrication facility within Oklo’s planned advanced fuel manufacturing complex. The initiative aims to accelerate commercialization of advanced nuclear fuels, including production using repurposed plutonium from legacy materials.
Oklo Co-Founder and CEO Jacob DeWitte stated, “This collaboration supports our efforts to bolster near- and mid-term advanced reactor fuel supplies with legacy materials such as down-blended uranium and repurposed plutonium. It directly aligns with strong federal direction supporting domestic fuel independence.”
In addition to commercial fuel production, the proposed site would function as a joint research and development hub for advanced fuel technologies, supporting both fast reactors and existing light water reactors. Grae described the effort as “a shared vision for a modern nuclear fuel cycle—one that supports both existing and advanced reactors and strengthens America’s energy resilience.”
Financial Performance
For the second quarter ended June 30, 2025, Lightbridge reported working capital of $97.2 million, up from $39.9 million at year-end 2024, and cash and cash equivalents of $97.9 million, an increase of $57.9 million from December 31, 2024, primarily driven by $63.5 million in financing cash flow from stock issuances and option exercises. Total assets stood at $99.0 million, with total liabilities of $1.2 million. General and administrative expenses for the quarter were $2.5 million, compared to $1.8 million in Q2 2024, reflecting higher professional fees, IT services, subscriptions, and stock-based compensation. Research and development expenses rose to $1.6 million from $0.9 million in the prior-year quarter, largely due to increased Idaho National Laboratory project labor costs and fuel development activities. The company reported a net loss of $3.5 million, compared to $2.4 million in the same period last year.
For the first six months of 2025, general and administrative expenses totaled $6.0 million, research and development expenses were $3.3 million, and net loss was $8.3 million, compared to $5.2 million in the same period last year.
Chief Financial Officer Larry Goldman emphasized the company’s strong balance sheet, stating, “We believe this capital base positions us well to support our fuel development activities and provides us with the financial flexibility to pursue our strategic objectives.”
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