Lightbridge Corporation (LTBR) saw its loss widen to $1.75 million, or $0.20 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $0.33 million, or $0.09 a share. Revenue during the quarter dropped 18.65 percent to $0.14 million from $0.17 million in the previous year period. Gross margin for the quarter contracted 2204 basis points over the previous year period to 36.99 percent.
Operating loss for the quarter was $1.62 million, compared with an operating loss of $1.58 million in the previous year period.
Seth Grae, president & chief executive officer of Lightbridge Corporation, commented, "We continue to progress towards commercialization of our proprietary next generation nuclear fuel for current and future reactors. We are advancing towards the creation of a formal joint venture agreement with AREVA to develop, manufacture and commercialize fuel assemblies based on our fuel technology, which we expect to finalize in the coming months. We believe AREVA is the ideal partner, bringing its leading expertise in nuclear fuel assembly design, licensing and fabrication, as well as an established global customer base."
Operating cash flow remains negative
Lightbridge Corporation has spent $1.14 million cash to meet operating activities during the quarter as against cash outgo of $1.31 million in the last year period. The company has spent $0.04 million cash to meet investing activities during the quarter as against cash outgo of $0.06 million in the last year period.
Cash flow from financing activities was $2.81 million for the quarter, up 86.97 percent or $1.31 million, when compared with the last year period.
Cash and cash equivalents stood at $5.22 million as on Mar. 31, 2017, up 594.17 percent or $4.46 million from $0.75 million on Mar. 31, 2016.
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