In Q1 2026, Lightbridge secured patent allowances in Canada, the US and the European Patent Office for its Lightbridge Fuel™, covering the CANDU fleet, US light water reactors and 39 European states. The company also signed an engineering contract with Stern Laboratories to launch a multi-phase thermal-hydraulics test program supporting U.S. regulatory licensing and was appointed to the Industry Advisory Board of a $6 million DOE research initiative at Penn State.

Lightbridge ended March 31 with $215.7 million in cash and equivalents, up from $201.9 million at year-end 2025, and working capital of $215.8 million. Quarterly net loss widened to $6.3 million from $4.8 million a year earlier, driven by a $1.6 million increase in R&D spending to $3.3 million and G&A expenses rising to $4.3 million.

The technical team expanded to over two dozen engineers across neutronics, thermal hydraulics, materials and licensing, and presented uranium-zirconium alloy research at TMS2026. Lightbridge expects its fuel to enable up to 30% power uprates for new water-cooled reactors and up to 20% for existing fleets while operating approximately 1,000°C cooler, advancing toward defined qualification and regulatory milestones.