On this page of StockholderLetter.com we present the latest annual shareholder letter from LIGHTBRIDGE Corp — ticker symbol LTBR. Reading current and past LTBR letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report to Stockholders
Directors and Officers Board of Directors Executive Officers SETH GRAE SETH GRAE Chairman and Chief Executive Officer Chairman of the American Nuclear Society s International Council Chairman and Chief Executive Officer LARRY GOLDMAN, C.P.A. Chief Financial Officer & Corporate Secretary SWETA CHAKRABORTY, PH.D. ANDREY MUSHAKOV, PH.D. Chief Executive Officer We Don t Have Time U.S. Executive Vice President Nuclear Operations JESSE FUNCHES Former Chief Financial Officer U.S. Nuclear Regulatory Commission SHERRI GOODMAN Secretary General of the International Military Council on Climate & Security DANIEL B. MAGRAW Senior Fellow and Professorial Lecturer, Foreign Policy Institute at the Johns Hopkins School of Advanced International Studies MARK TOBIN Chief Executive Officer Camp Facility Services Corporate Information CORPORATE HEADQUARTERS Lightbridge Corporation 11710 Plaza America Drive Suite 2000 Reston, Virginia 20190 USA INVESTOR RELATIONS Copies of Lightbridge s 2025 Annual Report on Form 10-K are available at no charge. Please direct requests and other investor relations questions to: Lightbridge Corporation Attn: Investor Relations 11710 Plaza America Drive Suite 2000 Reston, Virginia 20190 USA +1 347-947-2093 IR@ltbridge.com TRANSFER AGENT AND REGISTRAR Computershare Trust Company 350 Indiana Street Golden, Colorado 80401 USA +1 800-962-4284 AUDITORS BDO USA, P.C. Philadelphia, Pennsylvania OUTSIDE LEGAL COUNSEL Hogan Lovells U.S. LLP Washington. D.C. STOCK EXCHANGE LISTING Nasdaq Capital Market Symbol: LTBR 2026 ANNUAL MEETING Thursday, May 14, 2026 11:00 a.m. ET Online Access: www.virtualshareholdermeeting. com/LTBR2026
About Lightbridge Lightbridge Corporation (NASDAQ: LTBR) is focused on developing advanced nuclear fuel technology essential to delivering abundant, zero-emission, clean energy and providing energy security to the world. The Company is developing Lightbridge Fuel , a proprietary next-generation nuclear fuel technology for existing light-water and pressurized heavy-water reactors, significantly enhancing reactor safety, economics, and proliferation resistance. The Company is also developing Lightbridge Fuel for new small modular reactors to deliver the same benefits, plus load-following with renewables, on a zero-carbon electric grid. Lightbridge has entered into two long-term framework agreements with Battelle Energy Alliance, LLC, the United States Department of Energy s operating contractor for Idaho National Laboratory, the United States lead nuclear energy research and development laboratory. DOE s Gateway for Accelerated Innovation in Nuclear program has twice awarded Lightbridge to support the development of Lightbridge Fuel over the past several years. An extensive worldwide patent portfolio backs Lightbridge s innovative fuel technology. Lightbridge is included in the Russell 2000 and Russell 3000 Indexes. For more information, please visit www.ltbridge.com. Lightbridge Corporation Loading of one of the capsules containing Lightbridge Fuel material samples into an experimental assembly in the ATR canal.
CEO Letter to Stockholders To our Valued Shareholders, Let me start with the big picture, because the scale is difficult to overstate. The world is entering an era of unprecedented electricity demand. Global electricity demand is not just growing it is accelerating. In the United States alone, demand is projected to grow by approximately 25% by the early 2030s. But the United States is only part of the story. Across the developing world, billions of people are gaining access to electric power. Economies are electrifying transportation, heating, and industrial processes that previously relied on fossil fuels. Layered on top of all this is the rapid expansion of artificial intelligence and data centers, which require massive amounts of reliable, baseload electricity. Against this backdrop, nuclear energy is once again widely recognized as essential. Governments around the world have committed to expanding nuclear capacity to achieve energy security, decarbonization, and economic growth. However, meeting this demand at the pace required will depend on solutions that can be deployed faster and more cost-effectively than building entirely new reactor fleets. This is where Lightbridge occupies a unique and differentiated position in the nuclear industry. From L to R: U.S. Senator Mike Lee (UT), Lightbridge CEO Seth Grae, U.S. Energy Secretary Christopher Wright, discussing the resurgence of the U.S. nuclear energy sector Lightbridge is not developing a new reactor that may take decades to license, construct, and deploy. Instead, we are developing a fundamentally new nuclear fuel: a metallic uranium zirconium alloy, co extruded with its cladding in a patented helical multi lobe geometry. This is a new fuel invention, not an incremental evolution of today s fuel designs. Our fuel is designed for use in existing and new light water reactors, enabling significantly higher power output while simultaneously enhancing safety. Lightbridge Corporation
Today, the vast majority of nuclear electricity worldwide is produced by large light water reactors (LWRs), and almost all nuclear plants under construction or on order are LWRs. These reactors are designed to operate for many decades, often approaching a century through continued license extensions. We expect that virtually all LWRs, existing and new, can be upgraded to use Lightbridge Fuel, making fuel upgrades one of the most practical and cost effective ways to expand nuclear energy output using infrastructure that is already licensed, built, and connected to the grid. While the global industry is also developing over a hundred new reactor concepts, including microreactors, advanced reactors, and small modular reactors, we believe that electricity produced by existing and new LWRs using Lightbridge Fuel has the potential to achieve lower levelized cost of electricity than power from the emerging designs, including light Lightbridge and INL team performing a visual inspection of a water SMRs, while delivering finished enriched uranium-zirconium coupon sample inside a meaningful capacity growth at global glovebox scale. 2025 Achievements: Fuel Development Execution During 2025, Lightbridge achieved significant fuel development milestones, advancing from design and fabrication into active in-reactor testing. Key accomplishments included: Final Design Review Completed (June 2025): Successfully completed the final design review for our irradiation experiment at Idaho National Laboratory s Advanced Test Reactor (ATR). This rigorous, multidisciplinary review independently validated our neutronics, thermal hydraulics, and mechanical design parameters, clearing the path to fabrication and irradiation. Took Advantage of the FAST Method (June 2025): Announced the use of the Fission Accelerated Steady state Test (FAST) method, utilizing highly enriched uranium (26 30%) to accelerate burnup accumulation and compress testing timelines while preserving data relevance for NRC licensing. Key Fabrication Milestone Achieved (July 2025): Successfully produced enriched uranium zirconium alloy coupon samples using our proprietary co extrusion process, the same process envisioned for commercial scale manufacturing. ATR Insertion and Start of Capsule Irradiation Testing (October November 2025): Loaded capsules containing the fabricated fuel material coupon samples into the ATR experiment assembly and commenced irradiation testing to generate critical burnup dependent performance data. Lightbridge Corporation
 • shareholder letter icon 3/30/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/24/2025 LTBR Stockholder Letter
 • stockholder letter icon More "Specialty Chemicals" Category Stockholder Letters
 • Benford's Law Stocks icon LTBR Benford's Law Stock Score = 88


LTBR Shareholder/Stockholder Letter Transcript:

2025
Annual Report to
Stockholders

Directors and Officers
Board of Directors
Executive Officers
SETH GRAE
SETH GRAE
Chairman and Chief Executive Officer
Chairman of the American Nuclear
Society   s International Council
Chairman and Chief Executive Officer
LARRY GOLDMAN, C.P.A.
Chief Financial Officer & Corporate Secretary
SWETA CHAKRABORTY, PH.D.
ANDREY MUSHAKOV, PH.D.
Chief Executive Officer
We Don   t Have Time U.S.
Executive Vice President    Nuclear Operations
JESSE FUNCHES
Former Chief Financial Officer U.S.
Nuclear Regulatory Commission
SHERRI GOODMAN
Secretary General of the International
Military Council on Climate & Security
DANIEL B. MAGRAW
Senior Fellow and Professorial Lecturer,
Foreign Policy Institute at the Johns
Hopkins School of Advanced
International Studies
MARK TOBIN
Chief Executive Officer
Camp Facility Services
Corporate Information
CORPORATE HEADQUARTERS
Lightbridge Corporation
11710 Plaza America Drive
Suite 2000
Reston, Virginia 20190 USA
INVESTOR RELATIONS
Copies of Lightbridge   s 2025
Annual Report on Form 10-K are
available at no charge. Please
direct requests and other
investor relations questions to:
Lightbridge Corporation
Attn: Investor Relations
11710 Plaza America Drive
Suite 2000
Reston, Virginia 20190 USA
+1 347-947-2093
IR@ltbridge.com
TRANSFER AGENT
AND REGISTRAR
Computershare Trust Company
350 Indiana Street
Golden, Colorado 80401 USA
+1 800-962-4284
AUDITORS
BDO USA, P.C.
Philadelphia, Pennsylvania
OUTSIDE LEGAL COUNSEL
Hogan Lovells U.S. LLP
Washington. D.C.
STOCK EXCHANGE LISTING
Nasdaq Capital Market
Symbol: LTBR
2026 ANNUAL MEETING
Thursday, May 14, 2026
11:00 a.m. ET
Online Access:
www.virtualshareholdermeeting.
com/LTBR2026

About Lightbridge
Lightbridge Corporation (NASDAQ: LTBR) is focused on developing advanced nuclear
fuel technology essential to delivering abundant, zero-emission, clean energy and
providing energy security to the world. The Company is developing Lightbridge Fuel   , a
proprietary next-generation nuclear fuel technology for existing light-water and
pressurized heavy-water reactors, significantly enhancing reactor safety, economics,
and proliferation resistance. The Company is also developing Lightbridge Fuel for new
small modular reactors to deliver the same benefits, plus load-following with
renewables, on a zero-carbon electric grid.
Lightbridge has entered into two long-term framework agreements with Battelle Energy
Alliance, LLC, the United States Department of Energy   s operating contractor for Idaho
National Laboratory, the United States    lead nuclear energy research and development
laboratory. DOE   s Gateway for Accelerated Innovation in Nuclear program has twice
awarded Lightbridge to support the development of Lightbridge Fuel over the past
several years. An extensive worldwide patent portfolio backs Lightbridge   s innovative
fuel technology. Lightbridge is included in the Russell 2000   and Russell 3000   Indexes.
For more information, please visit www.ltbridge.com.
Lightbridge Corporation
Loading of one of the capsules containing Lightbridge Fuel material
samples into an experimental assembly in the ATR canal.

CEO Letter to
Stockholders
To our Valued Shareholders,
Let me start with the big picture, because the scale is difficult to overstate. The
world is entering an era of unprecedented electricity demand. Global electricity
demand is not just growing     it is accelerating. In the United States alone, demand
is projected to grow by approximately 25% by the early 2030s. But the United States
is only part of the story. Across the developing world, billions of people are gaining
access to electric power. Economies are electrifying transportation, heating, and
industrial processes that previously relied on fossil fuels. Layered on top of all this is
the rapid expansion of artificial intelligence and data centers, which require
massive amounts of reliable, baseload electricity.
Against this backdrop, nuclear energy is once
again
widely
recognized
as
essential.
Governments around the world have committed
to expanding nuclear capacity to achieve energy
security, decarbonization, and economic growth.
However, meeting this demand at the pace
required will depend on solutions that can be
deployed faster and more cost-effectively than
building entirely new reactor fleets.
This is where Lightbridge occupies a unique and
differentiated position in the nuclear industry.
From L to R: U.S. Senator Mike Lee (UT),
Lightbridge CEO Seth Grae, U.S. Energy
Secretary Christopher Wright, discussing
the resurgence of the U.S. nuclear energy
sector
Lightbridge is not developing a new reactor that
may take decades to license, construct, and
deploy.
Instead,
we
are
developing
a
fundamentally new nuclear fuel: a metallic
uranium   zirconium alloy, co   extruded with its
cladding in a patented helical multi   lobe
geometry. This is a new fuel invention, not an
incremental evolution of today   s fuel designs.
Our fuel is designed for use in existing and new light   water reactors, enabling
significantly higher power output while simultaneously enhancing safety.
Lightbridge Corporation

Today, the vast majority of nuclear electricity worldwide is produced by large light
water reactors (LWRs), and almost all nuclear plants under construction or on order
are LWRs. These reactors are designed to operate for many decades, often
approaching a century through continued license extensions. We expect that
virtually all LWRs, existing and new, can be upgraded to use Lightbridge Fuel, making
fuel upgrades one of the most practical and cost   effective ways to expand nuclear
energy output using infrastructure that is already licensed, built, and connected to
the grid.
While the global industry is also
developing over a hundred new
reactor
concepts,
including
microreactors, advanced reactors,
and small modular reactors, we
believe that electricity produced by
existing
and
new
LWRs
using
Lightbridge Fuel has the potential to
achieve lower levelized cost of
electricity than power from the
emerging designs, including light
Lightbridge and INL team performing a visual inspection of a
water
SMRs,
while
delivering finished
enriched uranium-zirconium coupon sample inside a
meaningful capacity growth at global
glovebox
scale.
2025 Achievements: Fuel Development Execution
During 2025, Lightbridge achieved significant fuel development milestones,
advancing from design and fabrication into active in-reactor testing. Key
accomplishments included:
Final Design Review Completed (June 2025):
Successfully completed the final design review for our irradiation experiment at
Idaho National Laboratory   s Advanced Test Reactor (ATR). This rigorous,
multidisciplinary review independently validated our neutronics, thermal   hydraulics,
and mechanical design parameters, clearing the path to fabrication and irradiation.
Took Advantage of the FAST Method (June 2025):
Announced the use of the Fission Accelerated Steady   state Test (FAST) method,
utilizing highly enriched uranium (26   30%) to accelerate burnup accumulation and
compress testing timelines while preserving data relevance for NRC licensing.
Key Fabrication Milestone Achieved (July 2025):
Successfully produced enriched uranium   zirconium alloy coupon samples using our
proprietary co   extrusion process, the same process envisioned for commercial   scale
manufacturing.
ATR Insertion and Start of Capsule Irradiation Testing (October   November 2025):
Loaded capsules containing the fabricated fuel material coupon samples into the
ATR experiment assembly and commenced irradiation testing to generate critical
burnup   dependent performance data.
Lightbridge Corporation


shareholder letter icon 3/30/2026 Letter Continued (Full PDF)
 

LTBR Stockholder/Shareholder Letter (LIGHTBRIDGE Corp) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.