Lightbridge Corporation (LTBR) saw its loss widen to $1.50 million, or $0.44 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $0.17 million, or $0.05 a share.
Revenue during the quarter plunged 64.46 percent to $0.08 million from $0.23 million in the previous year period. Gross margin for the quarter contracted 198 basis points over the previous year period to 47.22 percent.
Operating loss for the quarter was $1.51 million, compared with an operating loss of $1.25 million in the previous year period.
Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, "I am pleased to report several major milestones achieved since the end of the third quarter. First, we signed a non-binding term sheet with AREVA that outlines a U.S.-based joint venture between our companies to develop, manufacture and commercialize fuel assemblies based on our next-generation nuclear fuel technology. We are excited to have a partner of AREVA’s stature with global market reach and expertise in nuclear fuel assembly design, licensing and fabrication."
Operating cash flow remains negative
Lightbridge Corporation has spent $3.91 million cash to meet operating activities during the nine month period as against cash outgo of $2.54 million in the last year period.
The company has spent $0.17 million cash to meet investing activities during the nine month period as against cash outgo of $0.06 million in the last year period.
Cash flow from financing activities was $6.67 million for the nine month period, up 12,108.39 percent or $6.62 million, when compared with the last year period.
Cash and cash equivalents stood at stood at $3.21 million as at Sep. 30, 2016.
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