Lightbridge Corporation (LTBR) saw its loss widen to $6.35 million, or $1.48 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $4.32 million, or $1.18 a share.
Revenue during the year dropped 16.47 percent to $0.76 million from $0.91 million in the previous year. Gross margin for the year expanded 1622 basis points over the previous year to 39.97 percent.
Operating loss for the year was $7.63 million, compared with an operating loss of $6.62 million in the previous year.
Seth Grae, president & chief executive officer of Lightbridge Corporation, commented, "In 2016 Lightbridge achieved a number of major milestones, including AREVA NP (AREVA) completed a detailed technical assessment of the Lightbridge fuel technology and prepared a preliminary roadmap for development, regulatory licensing, and commercial deployment of fuel assemblies based on the Lightbridge-designed metallic fuel rods."
Operating cash flow remains negative
Lightbridge Corporation has spent $5.98 million cash to meet operating activities during the year as against cash outgo of $3.65 million in the last year.
The company has spent $0.21 million cash to meet investing activities during the year as against cash outgo of $0.12 million in the last year.
Cash flow from financing activities was $9.15 million for the year, up 5,254.22 percent or $8.98 million, when compared with the last year.
Cash and cash equivalents stood at $3.58 million as on Dec. 31, 2016, up 475.25 percent or $2.96 million from $0.62 million on Dec. 31, 2015.
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