LTBR

Management Highlights: Lightbridge Corporation achieved significant operational milestones in Q3 2025, including advancements in fuel development at Idaho National Laboratory and an expanded collaboration with Oklo for advanced fuel manufacturing.

Financial Performance: The company reported a net loss of $12.4 million for the first nine months of 2025, with increased R&D expenses and a strong liquidity position of $153.3 million, supported by a substantial equity raise.

Outlook and Strategy: Management anticipates the start of irradiation testing soon, with a focus on leveraging supportive government policies and industry demand to drive future growth and further collaborations.

Risks and Concerns: Increased R&D and G&A expenses pose a higher burn rate, but management remains optimistic about mitigating risks through ongoing testing and strategic partnerships.

Wells Fargo's Nuclear Bet: Wells Fargo Investment Institute is advocating for nuclear energy as a key solution to meet a projected 25% increase in U.S. power demand over the next decade, driven largely by artificial intelligence (AI) and existing challenges in states like Texas and California.

Advanced Nuclear Technologies: The firm highlights the potential of small modular reactors (SMRs) as a safer and more cost-effective alternative to traditional nuclear facilities, although full deployment is still several years away.

Market Performance of Nuclear Stocks: Investor interest in nuclear energy is reflected in the significant year-to-date gains of nuclear-linked stocks and ETFs, with some stocks like Oklo Inc. and Lightbridge Corp. seeing increases of over 400%.

Utilities Sector Outlook: Wells Fargo also favors the Utilities sector, anticipating benefits from rising power demand and pricing, while noting that natural-gas turbines are currently helping to address immediate energy needs for data centers.