What the changes say
- Lightbridge expanded its authorized common stock from 25 million to 100 million shares and raised cash reserves to $201.9 million.
What changed since the prior 10-K
New
- NewRisks Related to Our Business and to the Commercialization of Lightbridge Fuel™
Declining Political Support or Reductions in Government Funding for Nuclear Energy Could Materially Adversely Affect Our Business
Shifts in political support, congressional leadership, or federal agency priorities could reduce funding for advanced nuclear energy programs.
- NewRisks Related to Our Business and to the Commercialization of Lightbridge Fuel™
Dependence on the Future Availability of Cost-Competitive Metallic HALEU and Commercial-Scale Fuel Fabrication Infrastructure
The long-term commercialization of Lightbridge Fuel requires a reliable supply of metallic HALEU and commercial-scale fabrication infrastructure currently unavailable in the U.S.
- NewRisks Related to Our Business and to the Commercialization of Lightbridge Fuel™
We have limited experience deploying and operating a dedicated nuclear fuel fabrication facility, and our lack of operational experience with a LEFF could materially and adversely affect our business
The company lacks experience constructing and operating a nuclear fuel fabrication facility, risking cost overruns and regulatory delays.
- NewRisks Related to Our Business and to the Commercialization of Lightbridge Fuel™
AI and generative AI applications present risks and challenges that can impact our business
Internal or vendor integration of artificial intelligence tools creates operational, regulatory compliance, and cybersecurity risks.
Dropped
- DroppedRisks Related to Our Business
We are dependent upon significant U.S. government funding and/or in-kind contributions and political support for nuclear power in order to complete our fuel development efforts and commercialize our nuclear fuel technology
- DroppedRisks Related to Our Business
Applicable Russian intellectual property law may not protect some of our intellectual property, which could have a material adverse effect on our business
Dependence on U.S. government funding and political support.
- DroppedRisks Related to the Ownership of Our Common Stock
The Company currently has a limited number of authorized common shares available for future issuance
Reworded
- 87% rewrittenRisks Related to Our Business and to the Commercialization of Lightbridge Fuel™
We will need to raise significant additional capital in the future to expand our operations and continue our R&D activities and we may be unable to raise such funds when needed on acceptable terms, or at all. Any capital raises may cause significant dilution to our shareholders
Updated cash and cash equivalents to $201.9 million and accumulated deficit to $183.8 million as of December 31, 2025.
- 78% rewrittenRisks Related to Our Business and to the Commercialization of Lightbridge Fuel™
potential enforcement actions or penalties
Management concluded internal control over financial reporting was effective as of December 31, 2025.
- 61% rewrittenRisks Related to Our Business and to the Commercialization of Lightbridge Fuel™
If the price of non-nuclear energy sources falls, whether as the result of government policy or otherwise, there could be an adverse impact on nuclear energy, which would have a material adverse effect on our operations
Updated U.S. federal energy policy shifts encouraging fossil fuels and nuclear power while noting expiring solar and wind incentives.
- 61% rewrittenRisks Related to Our Business and to the Commercialization of Lightbridge Fuel™
The cost of production of our nuclear fuel could be prohibitively expensive
Clarified that metallization costs are estimated per kilogram of heavy metal using known technologies.
- 35% rewrittenRisks Related to the Ownership of Our Common Stock
The issuance of additional stock in connection with financings, acquisitions, investments, our stock incentive plans or otherwise will in some circumstances dilute our stockholders
Reflected the increase in authorized common stock to 100,000,000 shares and added dilution disclosures regarding the ATM facility.
Was: The issuance of additional stock in connection with financings, acquisitions, investments, our stock incentive plans or otherwise will dilute all other stockholders
- 35% rewrittenRisks Related to Our Business and to the Commercialization of Lightbridge Fuel™
If our fuel designs do not perform as anticipated in commercial reactor conditions, we will not realize revenues from licensing or other use of our fuel designs
Retained existing infrastructure compatibility risks with minor formatting changes.
- 28% rewrittenRisks Related to Our Business and to the Commercialization of Lightbridge Fuel™
If we infringe or are alleged to infringe intellectual property rights of third-parties, our business, financial condition, and results of operations could be adversely affected
Retained third-party patent infringement and licensing risks with minor formatting changes.
- 25% rewrittenRisks Related to the Ownership of Our Common Stock
There may be volatility in our stock price, which could negatively affect investments, and our stockholders may not be able to resell their shares at or above the value they originally purchased such shares
Added ongoing stock sales under the ATM facility as a factor contributing to stock price volatility.
- 24% rewrittenRisks Related to the Ownership of Our Common Stock
the risks discussed elsewhere in this Annual Report on Form 10-K
- 20% rewrittenRisks Related to Our Business and to the Commercialization of Lightbridge Fuel™
Development of our nuclear fuel technology is dependent upon the availability of a test reactor and access to adequate resources and manufacturing capabilities at national laboratories
All 32 risk factors
Headings as the filing states them, in filing order.
Risks Related to Our Business and to the Commercialization of Lightbridge Fuel™
- 01We will need to raise significant additional capital in the future to expand our operations and continue our R&D activities and we may be unable to raise such funds when needed on acceptable terms, or at all. Any capital raises may cause significant dilution to our shareholders87% rewritten
- 02The amount of time and funding needed to bring our nuclear fuel to market and generate revenue may greatly exceed our projections
- 03Declining Political Support or Reductions in Government Funding for Nuclear Energy Could Materially Adversely Affect Our BusinessNew
- 04Our current economic model for selling our nuclear fuel may prove to be inaccurate and subject to competition and our nuclear fuel technology products may not be cost effective
- 05The cost of production of our nuclear fuel could be prohibitively expensive61% rewritten
- 06Dependence on the Future Availability of Cost-Competitive Metallic HALEU and Commercial-Scale Fuel Fabrication InfrastructureNew
- 07We have limited experience deploying and operating a dedicated nuclear fuel fabrication facility, and our lack of operational experience with a LEFF could materially and adversely affect our businessNew
- 08Development of our nuclear fuel technology is dependent upon the availability of a test reactor and access to adequate resources and manufacturing capabilities at national laboratories20% rewritten
- 09Our fuel designs have never been tested in an existing commercial reactor and actual fuel performance, as well as the willingness of commercial reactor operators and fuel fabricators to adopt a new design, is uncertain
- 10If our fuel designs do not perform as anticipated in commercial reactor conditions, we will not realize revenues from licensing or other use of our fuel designs35% rewritten
- 11Successful execution of our business model is dependent upon public support for nuclear power and overcoming public opposition to nuclear energy
- 12We rely on a limited number of suppliers for HALEU or other key source materials and/or key components and/or key equipment necessary for the development and fabrication of our nuclear fuel, which could, under certain circumstances, adversely delay our research and development activities
- 13Labor shortages and supply chain disruptions could prevent us from meeting our R&D timelines and have a negative impact on our financial results
- 14If the price of non-nuclear energy sources falls, whether as the result of government policy or otherwise, there could be an adverse impact on nuclear energy, which would have a material adverse effect on our operations61% rewritten
- 15We are dependent on management and key personnel for our success, and the loss of which could have a material adverse effect on our business
- 16The loss of the services of qualified employees and any inability to recruit effective replacements or to otherwise attract, motivate, train, or retain highly qualified and diverse employees could have a material adverse effect on our business, financial condition, and results of operations
- 17We may not be able to receive or retain authorizations that may be required for us to sell or license our technology internationally
- 18Potential competitors could limit opportunities to license our technology
- 19If we infringe or are alleged to infringe intellectual property rights of third-parties, our business, financial condition, and results of operations could be adversely affected28% rewritten
- 20AI and generative AI applications present risks and challenges that can impact our businessNew
- 21Technological changes could render our technology and products uncompetitive or obsolete, which could prevent us from achieving market share and sales
- 22We may acquire other companies or technologies, which could divert our managements’ attention, result in dilution to our stockholders and otherwise disrupt our operations and adversely affect our operating results
- 23the use of substantial portions of our available cash to consummate the acquisition
- 24If we are unable to obtain or maintain intellectual property rights and trade secrets relating to our technology, the commercial value of our technology may be adversely affected, which could in turn adversely affect our business, financial condition, and results of operations
- 25Material weaknesses in our internal control over financial reporting may be identified, which could adversely affect our ability to provide accurate and timely financial statements and harm investor confidence
- 26potential enforcement actions or penalties78% rewritten
Risks Related to the Ownership of Our Common Stock
- 27The issuance of additional stock in connection with financings, acquisitions, investments, our stock incentive plans or otherwise will in some circumstances dilute our stockholders35% rewritten
- 28We may issue preferred stock with rights senior to our common stock
- 29There may be volatility in our stock price, which could negatively affect investments, and our stockholders may not be able to resell their shares at or above the value they originally purchased such shares25% rewritten
- 30the risks discussed elsewhere in this Annual Report on Form 10-K24% rewritten
- 31Our ability to utilize our net operating loss carryforwards to offset future taxable income will be limited and may also expire
- 32Shareholder activism could cause us to incur significant expense, hinder execution of our business strategy and impact our stock price
Other Lightbridge 10-Ks
- FY2024 10-K risk factors31 risks
Lightbridge relies heavily on US government funding and faces significant capital needs with $40.0 million in cash against a $164.2 million accumulated deficit. Commercializing its nuclear fuel depends heavily on test reactors, national laboratory resources, and overcoming unproven commercial reactor performance. The company faces supply chain vulnerabilities for HALEU and other materials, alongside potential dilution from proposed share increases.
Filed Mar 03, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.