Q1 2025 Lightbridge Corp Earnings Call
Okay.
Operator: Hello, thank you for standing by and welcome to the Lightbridge Corporation business update and first quarter 2025 conference call. Please note that today's call is being recorded.
Speaker Change: Hello, Thank you for standing by and walk them through the light Green Corporation business update and first quarter 2025 conference call.
Hello. Thank you for sending this call.
Matthew Abenante: It is now my pleasure to introduce Matthew Abenante, Director of Investor Relations for Lightbridge Corporation. You may begin. Thank you, Tawanda, and thanks to all of you for joining us. Our earnings press release was distributed earlier today and can be viewed on the investor relations page of the Lightbridge website at www.ltbridge.com.
Matthew Abenante: Joining us on the call today is Seth Grae, Chief Executive Officer, along with Andrey Mushakov, Executive Vice President for Nuclear Operations, Larry Goldman, Chief Financial Officer, and Sherrie Holloway, Controller.
Matthew Abenante: I want to remind our listeners that any statements on this call that are not historical facts are forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position and product and service offer. During today's call, words such as expect, anticipate, believe, and intend will be used in our discussion of goals or events in the future. This presentation is based on current expectations that involve certain risks and uncertainties that may cause actual results to differ significantly from such as.
Matthew Abenante: These and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as a result of new developments or otherwise.
Seth Grae: With that, I'd like to turn the call over to our first speaker, Seth Grae, Chief Executive Officer of Lightbridge. Hello, Seth. Hello, Matt, and thank you all for joining us to discuss Lightbridge's first quarter 2025 results. The first quarter of 2025 has been marked by significant operational progress and continued positive momentum in the nuclear energy sector. At Lightbridge, we successfully demonstrated our proprietary co-extrusion manufacturing process at Idaho National Laboratory, a special fabrication technique that combines two key elements, a uranium zirconium fuel mixture surrounded by a protective zirconium alloy outer layer called cladding. Using specialized equipment, we created an 8-foot-long fuel coupon sample.
Speaker Change: Light bridge, we successfully demonstrated our proprietary co extrusion manufacturing process at Idaho National Laboratory Especial fabrication technique that combines two key elements.
Speaker Change: Uranium zirconium fuel next year surrounded by a protective zirconium alloy outer layer called the cladding youth.
Speaker Change: Using specialized equipment, we created an eight foot long fuel coupons sample.
Seth Grae: We believe our collaboration with Oklo can open promising avenues for future fabrication and fuel cycle synergy. Furthermore, ongoing engineering work continues to confirm the potential benefits of lightbridge fuel across various reactor types, from existing large plants to can-do reactors and SMRs. The momentum behind nuclear energy continues to build globally, solidifying its essential role in achieving a secure, reliable and clean energy future. We are witnessing a paradigm shift driven by unprecedented government support, growing public acceptance and increasing demand from energy intensive industries seeking dependable power. Recent events, particularly the blockout in Spain, emphasize the critical need for resilient baseload energy sources.
Speaker Change: We believe our co op cooperation our collaboration with Oclaro can open promising avenues for future fabrication and fuel cycle synergies. Furthermore, ongoing engineering work continues to confirm the potential benefits of light bridge fuel across various reactor types from.
Speaker Change: <unk> large plants to can do reactors NSM ours.
Speaker Change: The momentum behind nuclear energy continues to build globally solidifying its essential role in achieving a secure reliable and clean energy future. We are witnessing a paradigm shift driven by unprecedented government support growing public acceptance and <unk>.
Speaker Change: Creasing demand from energy intensive industries seeking dependable power recent.
Speaker Change: Recent events, particularly the blackout in Spain emphasize the critical need for resilient Baseload energy sources.
Seth Grae: A role nuclear power is uniquely well-suited to fill. In November, I was at COP29 in Baku when the U.S. government announced its policy to triple nuclear power domestically by 2050. That was almost six months ago, and projected power needs are surging since then. News broke over the weekend of potential executive orders relating to quadrupling U.S. nuclear power by 2050, and providing DOE the authority to fast-track development of advanced nuclear plants built for the purpose of powering data centers that house AI applications. This global nuclear resurgence is about building new reactors, license extensions, and power upgrades for existing plants, restarting idle facilities, and advancing SMRs. major technology companies are increasingly looking.
Speaker Change: Payroll nuclear power is uniquely well suited to fill and.
Speaker Change: In November I was a cop 29 in Baku, when the U S government announced its policy to triple nuclear power domestically by 2050 that was almost six months ago and projected power needs are surging. Since then news broke over the weekend of potential executive orders relating to quadrupling use.
Speaker Change: Nuclear power by 2050, and providing Doa the authority to fast track development of advanced nuclear plants built for the purpose of powering data centers that have as AI applications.
Speaker Change: This global nuclear resurgence is about building new reactors license extensions and power upgrades for existing plants, restarting idled facilities and advancing SM ours.
Speaker Change: Major technology companies are increasingly looking to nuclear power to meet the immense energy demands of data centers and artificial intelligence infrastructure validate a nuclear energy's position as a cornerstone technology for the 21st century.
Seth Grae: Nuclear Power to meet the immense energy demands of data centers and artificial intelligence infrastructure validating nuclear energy's position as a cornerstone technology for the 21st century. This environment is helping to drive Lightbridge's progress. We believe our innovative Lightbridge fuel technology will be a key enabler of this transition. Our proprietary all-metal fuel design is engineered to deliver significant economic and safety benefits for existing and future water-cooled reactors. These advantages are becoming increasingly critical as the world seeks to maximize the output and safety of nuclear assets.
Speaker Change: This environment is helping to drive light bridges progress, we believe our innovative light bridge fuel technology will be a key enabler of this transition our proprietary all metal fuel design is engineered to deliver significant economic and safety benefits for existing and future water cool.
Speaker Change: Reactors. These advantages are becoming increasingly critical as the world seeks to maximize the output and safety of nuclear assets, we operate in a dynamic and supportive landscape and.
Seth Grae: We operate in a dynamic and supportive land. And we believe Lightbridge is well positioned to capitalize on the growing demand for advanced nuclear technology. Our focus remains steadfast on executing our development. demonstrating the capabilities of Lightbridge Fuel, and ultimately contributing meaningfully to a growing economy and energy security.
Speaker Change: And we believe light bridge is well positioned to capitalize on the growing demand for advanced nuclear technologies.
Andrey: Our focus remains steadfast on executing our development plan demonstrating the capabilities of <unk> fuel and ultimately contributing meaningfully to a growing economy and energy security now I'll turn the call over to Andrey <unk> <unk> executive VP for nuclear operations to begin their review.
Andrey Mushakov: Now I'll turn the call over to Andrey Mushakov, Executive VP for Nuclear Operations, to begin the review of our fuel development activities. Andrey? Thank you, Seth.
Andrey: View of our fuel development activities Andre.
Andrey Mushakov: As Seth mentioned, in January of this year, we announced the signing of a Memorandum of Understanding, or MOU, with Okla. Okla is developing advanced micro-reactors to provide clean, reliable, and affordable energy at scale.
Andre: Thank you Seth as Seth mentioned in January of this year, we announced the signing of a memorandum of understanding or Mou with Alcoa.
<unk> is developing advanced micro reactors to provide clean reliable and affordable <unk> scale.
Andrey Mushakov: The scope of the MOU includes the following areas. One, to conduct a preliminary evaluation of feasibility of co-locating a Lightbridge commercial-scale fuel fabrication facility at Okla's proposed commercial fuel fabrication facility. Two, to explore opportunities for collaboration on reprocessing and recycling of spent uranium zirconium fuel. And three, to explore any other areas of collaboration that may be of mutual interest. We believe there may be potential synergies in co-locating our commercial-scale fuel fabrication facility at the office-proposed site. Recycling and reprocessing spent uranium-zirconium fuel represents another area of potential synergies, particularly as the United States is starting to look more seriously at spent fuel reprocessing options.
Andre: The scope of the Mou includes the following areas.
Andre: One to come back to preliminary evaluation of feasibility of co locating a languish commercial scale fuel fabrication facility.
Andre: Douglas proposed commercial fuel fabrication facility.
Andre: <unk>.
Andre: To explore opportunities for collaboration on <unk> and on the recycling spent uranium zirconium fuel and three exploring other areas of collaboration that may be of mutual interest.
Andre: We believe there may be potential synergies and are co locating our commercial scale fuel fabrication facility <unk> proposed site.
Andre: Recycle and reprocess and spent uranium zirconium fuel represents another area of potential synergies, particularly as the United States are starting to look more seriously at Spence here were depressed in auctions.
Andrey Mushakov: In March, we announced a successful co-extrusion demonstration of a coupon sample consisting of an alloy of depleted uranium and zirconium with an outer cladding made of nuclear-grade zirconium alloy material at the Idaho National Laboratory. The co-extrusion process demonstration conducted at the Yad Vashem National Laboratory entailed pressing the metallic alloy billet encased in zirconium alloy cladding through a die to produce a cylindrical rod with a length of approximately 8 feet.
Andre: In March we announced the successful co extrusion demonstration or coupons sample consistent from al over to political uranium zirconium with and other cladding made us nuclear grade zirconium alloy material Edison National Laboratory.
Andre: The Corp, certain process demonstration come back to the Diavik National Laboratory entailed fresh in the metallic alloy billet encased in zirconium alloy planning through a die to produce a cylindrical rod with a length of approximately eight feet.
Andrey Mushakov: In the next step, we're working with the Idaho National Laboratory to manufacture and characterize test samples with enriched uranium and zirconium alloy for radiation testing in the Advanced Test Reactor at Idaho National Laboratory, which is expected to begin next year.
Andre: And the next step we are working with scientists from National laboratory to manufacture and characterize test samples is enriched uranium zirconium alloy for radiation testing and the advanced test reactor at their conventional laboratory, which is expected to begin next year.
Seth Grae: With that, I'll turn the call over back to Seth. Thanks Andrey. Looking at the broader industry landscape, the tailwinds supporting nuclear energy have never been stronger. The global imperative to achieve net-zero emissions, coupled with increasing demands for energy security and grid stability, has firmly positioned nuclear power as an indispensable part of a clean energy transition. This is reflected in policy decisions, investment trends, and public discourse worldwide.
Andre: That I will turn the call over back to SaaS.
SaaS: Thanks Andre.
Looking at the broader industry landscape, the tailwind supporting nuclear energy have never been stronger the global imperative to achieve net zero emissions, coupled with increasing demands for energy security and grid stability has firmly positioned to nuclear power is an indispensable part of the clean energy transition.
SaaS: <unk>.
SaaS: This is reflected in policy decisions investment trends and public discourse worldwide.
Seth Grae: The commitment by over 20 countries at COP28 to triple global nuclear capacity by 2050 was a powerful signal. This ambition is being translated into concrete actions, with governments implementing policies to support existing reactor license extensions, facilitating the deployment of new large-scale plants, and accelerating the deployment of next-generation technologies like SMRs. Significant capital is flowing into the sector, and the robust long-term demand forecast for uranium and nuclear fuel services is driven by both decarbonization goals and the electrification of economies. We are particularly encouraged by the growing recognition of nuclear power's role in supporting energy-intensive industries. The interest from major technology companies in utilizing nuclear energy, including SMRs, to power data centers is a game-changer.
SaaS: The commitment by over 20 countries of Cop 28 to Triple Global nuclear capacity by 2050 was a powerful signal.
SaaS: This ambition is being translated into concrete actions with governments implementing policies to support existing reactor license extensions facilitating the deployment of new large scale plants and accelerating the deployment of next generation technologies like S. M ours significant capital is flowing into the.
SaaS: The sector and the robust long term demand forecast for uranium and nuclear fuel services is driven by both de carbonization goals and the electrification of economies. We are particularly encouraged by the growing recognition of nuclear powers role in supporting energy intensive industries.
SaaS: The interest from major technology companies, and utilizing nuclear energy, including SMS ours to power data centers is a game changer.
Seth Grae: It underscores the need for reliable, 24-7 carbon-free power. that only nuclear power can provide. creating substantial new market opportunities beyond traditional utility customers. This trend aligns perfectly with the development of advanced reactors and the need for Lightbridge's innovative fuel solutions that can enhance performance and economics as well as safety and nonproliferation. The focus on SMRs continues to intensify globally. These smaller modular designs promise greater flexibility, faster deployment, and suitability for a wider range of applications, including remote communities and industrial sites. We believe Lightbridge Fuel is exceptionally well-suited for many water-cooled SMR designs, offering safety and efficiency benefits that can significantly enhance their value proposition.
SaaS: It underscores the need for reliable 24, seven carbon free power.
SaaS: Only nuclear power can provided scale create.
SaaS: Creating substantial new market opportunities beyond traditional utility customers. This trend aligns perfectly with the development of advanced reactors and the need for white producing innovative fuel solutions that can enhance performance and economics.
SaaS: As well as safety and non proliferation.
SaaS: The focus on S. M ours continues to intensify globally. These smaller modular designs promised greater flexibility faster deployment and suitability for a wider range of applications, including remote communities and industrial sites. We believe light bridge fuel is exceptionally.
SaaS: Well suited for many water cooled S. M. A R designs offering safety and efficiency benefits that can significantly enhance their value proposition.
Seth Grae: Furthermore, the geopolitical landscape underscores the importance of secure and resilient energy supply chains. Events like the recent blackout serve as stark reminders of the vulnerabilities of relying solely on intermittent renewables or volatile fossil fuel markets. This reinforces the value of increasing nuclear baseload power as part of a diversified energy We believe our technology aligns well with these strategic objectives. The convergence of energy security needs, technological innovation, and supportive government policies creates an exceptionally favorable environment for advanced nuclear technology. Lightbridge is strategically positioned at the forefront of fuel innovation, offering a technology design to meet the demands of this evolving energy landscape.
SaaS: Furthermore, the geopolitical landscape underscores the importance of secure and resilient energy supply chains events like the recent blackout serve as Sarah Stark reminders of the vulnerabilities of relying solely on intermittent renewables or volatile fossil fuel markets. This REIT.
SaaS: Enforces the value of increasing nuclear base load power as part of a diversified energy mix, we believe our technology aligns well with the strategic objectives.
SaaS: The convergence of energy security needs technological innovation and supportive government policies creates an exceptionally favorable environment for advanced nuclear technologies Library, just strategically positioned at the forefront.
SaaS: Fuel innovation offering a technology designed to meet the demands of this evolving energy landscape. We believe light bridge fuel will be instrumental in maximizing the potential of the existing nuclear fleet and newbuild water cooled reactors our team remains focused on.
Seth Grae: We believe Lightbridge Fuel will be instrumental in maximizing the potential of the existing nuclear fleet and new-build water-cooled reactors.
Seth Grae: Our team remains focused on executing our development plan, advancing our technology through rigorous testing and demonstration, and building the strategic partnerships necessary for commercialization.
Speaker Change: Executing our development plan advancing our technology through rigorous testing and demonstration and building strategic partnerships necessary for commercialization I'll now turn the call over to Larry Goldman Chief Financial Officer to summarize the company's results Larry.
Larry Goldman: I'll now turn the call over to Larry Goldman, Chief Financial Officer. to summarize the company's results. Thank you Seth and good afternoon everyone.
Larry Goldman: Thank you Seth and good afternoon, everyone.
Larry Goldman: For further information regarding our first quarter 2025 financial results and disclosures, please refer to our earnings release that we issued this morning and our quarterly report on Form 10-Q which was filed with the Securities and Exchange Commission today. The company's working capital position was $56.5 million at March 31st, 2025, versus $39.9 million at December 31st, 2024. Total assets were $58.3 million, and total liabilities were $1 million at March 31, 2025. Today, we have ample working capital and financial flexibility to support our near-term fuel development expenditures. This is very important to Lightbridge and our stockholders, as well as our external stakeholders, such as the federal government, to ensure that we have sufficient working capital, as well as the ability to access capital in the future in order to conduct our future R&D activities.
Larry Goldman: For further information regarding our first quarter 2020.
Larry Goldman: Financial results and disclosures. Please refer to our earnings release that we issued this morning and in our quarterly report on Form 10-Q, which was filed with the Securities and Exchange Commission today.
Larry Goldman: The company's working capital position was $56 5 million at March 31, 2025.
Larry Goldman: At $39 9 million at December 31, 2024.
Larry Goldman: Total assets were $58 3 million and total liabilities were $1 million at March 31, 2025.
Larry Goldman: Today, we have ample working capital and financial flexibility to support our near term fuel development expenditures.
Larry Goldman: This is very important to light bridge, and our stockholders as well as our external stakeholders such as the federal government to ensure that we have sufficient working capital as well as the ability to access capital in the future in order to conduct our future R&D activities.
Larry Goldman: Total cash and cash equivalents were $56.9 million as compared to $40 million at December 31, 2024. An increase of $16.9 million for the first quarter ended March 31, 2025. Total cash used in operating activities for the first quarter, March 31, 2025, was $3.3 million, an increase of $1.4 million compared to the $1.9 million for the first quarter ended March 31, 2024. This increase was primarily due to increased spending on R&D and G&A expenses. Total cash provided by financing activities for the first quarter ended March 31st, 2025, was $20.2 million, an increase of $19 million compared to the $1.2 million raised for the first quarter, March 31st, 2024.
Larry Goldman: Total cash and cash equivalents were $56 9 million as compared to $40 million at December 31, 2024, an increase of $16 9 million for the first quarter ended March 31 2025.
Total cash used in operating activities for the first quarter March 31, 2025 was $3 3 million, an increase of $1 4 million compared to the $1 9 million for the first quarter ended March 31 2020 for.
Larry Goldman: This increase was primarily due to increased spending on R&D and G&A expenses.
Larry Goldman: Total cash provided by financing activities for the first quarter ended March 31, 2025 was $22 million, an increase of $19 million compared to the $1 $2 million raised for the first quarter March 31 2024.
Larry Goldman: This increase was due to the increase in the net proceeds received from the issuance of common stock under our at-the-market or ATM facility. In support of our long term business and future financing requirements with respect to our fuel development, we expect to continue to seek government funding in the future, along with new strategic alliances that may contain cost sharing contributions and additional funding from others in order to help fund our future R&D milestones. leading to the commercialization of Lightbridge fuel. We currently anticipate investing approximately $17 million for both CapEx and operating expenditures in our R&D development of our nuclear fuel for 2025.
Larry Goldman: This increase was due to the increase in the net proceeds received.
Larry Goldman: Issuance of common stock under our at the market or ATM facility.
Larry Goldman: In support of our long term business and future financing requirements with respect to our fuel development. We expect to continue to seek government funding in the future.
Larry Goldman: Along with new strategic alliances that may contain cost sharing contribution and additional funding from others in order to help fund our future R&D milestones.
Larry Goldman: Leading to the commercialization of <unk> fuel.
We currently anticipate investing approximately $17 million about capex and operating expenditures, our R&D development of our dealer fuel for 2025.
Larry Goldman: Regarding our MOU with Oklo, we plan to evaluate the benefits of situating Lightbridge's fuel fabrication operations within the Oklo's proposed commercial fuel fabrication facility.
Larry Goldman: Regarding our Mou with <unk>, we plan to evaluate the benefits of situating Likewise fuels fabrication operations within the outflows proposed commercial fuel fabrication facility.
Larry Goldman: This could potentially lead to cost savings in both the initial capital investment and long-term operational expense.
Larry Goldman: Potential lead to cost savings in both the initial capital investment and long term operational expenses.
Sherrie Holloway: I will now turn the call over to Sherrie Holloway, our controller, who will go over our P&L financial information for the first quarter. Thank you, Larry. Net loss was $4.8 million for the first quarter ended March 31, 2025, compared to $2.8 million for the first quarter ended March 31, 2024. Total R&D expenses amounted to $1.7 million for the first quarter ended March 31, 2025, compared to $1 million for the first quarter ended March 31, 2024, an increase of $0.7 million. This increase was primarily due to an increase in INL project labor costs of $0.4 million, an increase in allocated employee compensation and employee benefits, and stock-based compensation expenses of $0.6 million.
Speaker Change: I will now turn the call over to Sherri Holloway, our controller, who will go over our P&L financial information for the first quarter Sherri.
Sherri Holloway: Thank you Larry.
Sherri Holloway: Net loss was $4 8 million for the first quarter ended March 31, 2025, compared to $2 8 million for the first quarter ended March 31 2024.
Sherri Holloway: Total R&D expenses amounted to $1 7 million for the first quarter ended March 31 2025.
Sherri Holloway: Compared to $1 million for the first quarter ended March 31, 2024 and.
Sherri Holloway: An increase of $7 million.
Sherri Holloway: This increase was primarily due to an increase in iron ore project labor cost point.
Sherri Holloway: <unk> 4 million, an increase in allocated employee compensation and employee benefits.
Sherri Holloway: <unk> based compensation expenses of $6 million.
Sherrie Holloway: Partially offset by a decrease in two other R&D studies that were completed last year of $0.3 million.
Sherri Holloway: Partially offset by a decrease in two other R&D studies that were completed last year three.
Sherri Holloway: $3 million.
Sherrie Holloway: Total G&A expenses were $3.5 million for the first quarter ended March 31, 2025, compared to $2.2 million for the first quarter ended March 31, 2024. The increase of $1.3 million was primarily due to an increase in employee compensation and employee benefits of $0.2 million, an increase in consulting fees of $0.1 million, an increase in professional fees of $0.4 million. an increase in stock-based compensation of $0.7 million. primarily due to the accelerated vesting of RSAs issued to a former employee of $0.5 million. partially offset by decrease in IT and recruitment expenses of $0.1 million.
Sherri Holloway: Total G&A expenses were $3 5 million for the first quarter ended March 31, 2025, compared to $2 2 million for the first quarter ended March 30, 31 2024.
Sherri Holloway: The increase of $1 3 million was primarily due to an increase in employee compensation and employee benefits of <unk>.
Sherri Holloway: $2 million.
Sherri Holloway: Increase in consulting fees.
Sherri Holloway: $1 million.
Sherri Holloway: An increase in professional fees of $4 million.
Sherri Holloway: An increase in stock based compensation.
Sherri Holloway: $7 million.
Sherri Holloway: Primarily due to the accelerated vesting of RSA issued to a former employee of <unk> $5 million.
Sherri Holloway: Partially offset by a decrease in.
Sherri Holloway: And recruitment expenses.
Sherri Holloway: $1 million.
Sherrie Holloway: Total other income was $0.4 million for the first quarter ended March 31, 2025 and 2024. Other income consisted of interest income earned from the purchase of treasury bills and from our bank savings account.
Sherri Holloway: Total other income was <unk> 4 million for the first quarter ended March 31, 2025 and 2024.
Sherri Holloway: Other income consisted of interest income earned from the purchase of Treasury bills and from our bank savings account.
Sherrie Holloway: Back to you, Seth. Thank you, Sherrie.
Seth: Back to you Seth.
Matthew Abenante: We will now go to the question and answer session. Thank you to everyone who submitted questions. Matt, please go ahead. Our first question, can we expect to see Lightbridge receive DOE financing in the near future? We don't know exactly what DOE will do. We believe Lightbridge is well positioned for future support. We frequently evaluate opportunities for non-dilutive funding sources, including DOE funding.
Seth: Thank you Sherry.
Matt: We will now go to the question and answer session. Thank you to everyone who submitted questions. Matt. Please go ahead.
Matt: Our first question.
Matt: Can we expect to see light bridge received.
Matt: Financing in the near future.
Matt: We don't know exactly what we'll do we believe light bridge is well positioned for future support we frequently evaluate opportunities for non dilutive funding sources, including D. O funding to date. Our project has benefited from two D. O gain voucher Awards were light bridge was the main Apple.
Seth Grae: To date, our project has benefited from two DOE gain voucher awards, where Lightbridge was the main applicant, plus another gain voucher award to Structural Integrity Associates to evaluate the safety of Lightbridge fuel in a large 1,100 megawatt electric pressurized water reactor, as well as two DOE Nuclear Energy University Program funding awards to MIT and to Texas A&M University. We will continue to pursue DOE funding opportunities in those areas that minimize IP risks.
Matt: In plus and other gain voucher award to structural integrity associates to evaluate the safety of light bridge fuel in a large 1100 megawatt electric pressurized water reactor as well as two D. O nuclear Energy University program funding awards to M I T and to Texas, a and M unit.
Matt: Her city, we will continue to pursue funding opportunities in those areas that minima.
Matthew Abenante: Next question.
Matt: IP risks to us.
Matt: Next question.
Seth Grae: Has Lightbridge gotten out of the thorium business entirely or have you just back-burnered? We are not actively pursuing a thorium-based seed and blanket fuel design. However, Lightbridge still holds patents covering that thorium fuel technology, and we could resume fuel development activities in that area. If we saw real interest from a serious customer come about, the interest we are seeing from customers is in our metallic uranium zirconium fuel, particularly for power upgrades.
Matt: Has the <unk> gotten out of the thorium business entirely or as they each have you just back burner.
Matt: We are not actively pursuing a thorium based seed and blanket fuel design. However, light bridge still holds patents covering that thorium fuel technology, and we could resume fuel development activities in that area. If we saw real interest from a serious customer come about the interest we are seeing from.
Matt: <unk> is in our metallic uranium zirconium fuel, particularly for power up rates.
Matthew Abenante: And that's our last question.
Matt: And Thats our last question.
Seth Grae: Well, thank you, Matt. And I want to thank everybody for participating in today's call. We appreciate the continued support of our shareholders and the dedication of our team and partners. We look forward to updating you on our progress in the coming quarters.
Speaker Change: Well, thank you, Matt and I want to thank everybody for participating in today's call. We appreciate the continued support of our shareholders and the dedication of our team and partners. We look forward to updating you on our progress in the coming quarters in the meantime, we can be reached at IR at L. T Bridge Dot Com Stacy.
Seth Grae: In the meantime, we can be reached at IR at LTBridge.com. Stay safe and well.
Operator: Goodbye.
Matt: Safe and well goodbye.
Operator: Ladies and gentlemen, that concludes today's conference call. You may now disconnect.
Matt: Ladies and gentlemen that concludes today's conference call you may now disconnect.
Matt: Okay.
Matt: [music].
Operator: Thank you for watching!
Matt: Okay.
Matt: [music].