LTBR

Thank you for standing by and welcome to the Lightbridge Corporation business update and first quarter 2026 conference call. Please note that today's call is being recorded. It is now my pleasure to introduce Matthew Abenante, Director of Investor Relations for Lightbridge Corporation.

Thank you, Deedee, and thanks to all of you for joining us today. Our earnings press release was distributed yesterday and is available on the investor relations page of the Lightbridge website at www.ltbridge.com. Joining us on the call today is Seth Grae, Chief Executive Officer, along with Andrey Mushakov, Executive Vice President for Nuclear Operations, Scott Holcombe, Vice President of Engineering, Larry Goldman, Chief Financial Officer, and Lesli Mills, Controller. I want to remind our listeners that any statements on this call that are not historical facts are forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position and product and service offerings. During today's call, words such as expect, anticipate, believe, and intend will be used in our discussion of future goals and events.

This presentation is based on current expectations and involves certain risks and uncertainties that may cause actual results to differ significantly from such estimates. These and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as a result of new developments or otherwise. With that, I would like to turn the call over to our first speaker, Seth Grae, Chief Executive Officer of Lightbridge. Hello, Seth.

Hello, Matt, and thank you all for joining us to discuss Lightbridge's first quarter 2026 business update. We have made meaningful progress on several fronts in 2026. We expanded our intellectual property protection across three major jurisdictions. We advanced our fuel qualification program through a new engineering partnership for thermal-hydraulic testing. We deepened our engagement with the broader nuclear research community, and we continued to grow our in-house engineering organization. Lightbridge now employs over two dozen full-time engineers across neutronics, thermal-hydraulics, fuel performance, fuel assembly mechanical design, licensing, materials, high-performance computing, and program management, and we are still hiring. We received patent allowances from three major jurisdictions this quarter, each protecting a distinct dimension of Lightbridge Fuel's architecture across key global reactor markets.

The Canadian Intellectual Property Office issued an allowance covering fuel assemblies comprising helically twisted fuel assemblies arranged in a mixed grid pattern, protection directly relevant to pressurized heavy water reactors, including Canada's CANDU fleet. We secured broader claims covering mixed grid assemblies without specifying particular grid configurations consistent with our approach in other countries. The United States Patent and Trademark Office issued a notice of allowance covering fuel assemblies and nuclear reactors incorporating our spirally twisted multi-lobed fuel element technology, also designed for pressurized heavy water reactors, including CANDU-type designs. This is part of a patent family that now includes five U.S. patents. The European Patent Office issued a notice of allowance covering our multi-zone fuel element design, specifically fuel elements with variable radial zone thicknesses along the axial direction that enable precise control of neutron flux distribution throughout the fuel cycle, including elements produced via additive manufacturing.

This patent allowance extends protection across 39 contracting states, including the United Kingdom, France, Germany, and all major European nuclear markets. Together, these three allowances deepen a worldwide patent portfolio spanning the United States, Canada, Europe, and other key potential markets for Lightbridge Fuel™ and reflect the genuine technical novelty of what we are building. I'll now turn to Andrey Mushakov, Executive Vice President for Nuclear Operations, to walk through the program highlights in detail. Andrey.

Thank you, Seth. As Seth mentioned, we continue to make progress across our fuel development and qualification activities. In April 2026, we entered into Project Task Statement number six under our strategic partnership project agreement with Idaho National Laboratory to support the development of co-extruded fuel rod segments for future irradiation testing. This program builds upon our prior INL fabrication work and is intended to further refine manufacturing processes and materials necessary to produce fuel rods and rodlets in their final cross-sectional configurations. The scope of work is critical to keep us on track as we advance toward the radiation testing of fuel rod segments under steady state and off-normal conditions.

Initial process development activities will be conducted using depleted uranium with the expectation that upon successful demonstration, these processes may be applied to enriched uranium to produce fuel rod segments for radiation experiments and test reactors, including the Advanced Test Reactor at the Idaho National Laboratory or ATR. The scope of work includes enhancements to fabrication processes and equipment, development and testing of key materials, including central displacer alloys and cladding behavior, and validation of co-extrusion techniques for both cylindrical and multi-lobe fuel designs. This program also includes preparation of fuel rod segment specimens, including those with controlled defects to support nondestructive evaluation, calibration, and irradiation testing.

Separately, in March of this year, we entered into an initial engineering contract and statement of work with Stern Laboratories Inc, an employee-owned Canadian provider of specialized nuclear experimental services to assess the thermal and hydraulic performance of Lightbridge Fuel™ for use in light water reactors. This is a multi-phase program. Phase I covers the design and fabrication of an electrically heated fuel simulator, acceptance testing, and single rod critical heat flux investigation at steam water conditions up to 1,450 PSI. A is expected to take approximately one year to complete. Phase II expands to a 9-rod critical heat flux investigation across a broader pressure range of 600-2,200 PSI. Phase III is a multi-year thermal hydraulic test program structured to directly support U.S. regulatory licensing of Lightbridge Fuel™ for the domestic LWR fleet.

Stern Labs brings decades of high-quality laboratory services to the global nuclear industry. Their expertise in manufacturing electrically heated nuclear fuel simulators and performing full-scale component qualification tests makes them the right partner for this program. Data generated through this work will be foundational to demonstrating the improved thermal margins of Lightbridge Fuel and building the evidentiary records that the NRC will require on the path to commercial deployment. We continue to make great progress in building up our fuel organization with numerous in-house employees added during the first quarter across thermal hydraulics and safety analysis, fuel performance modeling, regulatory licensing, materials, and program management disciplines. These additions strengthen our technical depths and programmatic capabilities to execute on our near-term and midterm development milestones.

At the same time, we view team expansion as an ongoing effort and expect to continue our recruitment activities this year and into 2027 and 2028 as we grow our organization to support advancement of our technology toward commercial deployment. Our approach remains disciplined and aligned with program needs, ensuring that we attract top talent and build a world-class team while maintaining capital efficiency. With that, I'll turn the call over to Scott. Scott?

Thank you, Andrey. I'll start with our ongoing irradiation testing program at INL. In November of last year, we successfully inserted fuel material coupons into the Advanced Test Reactor, marking the start of in-reactor testing of Lightbridge's uranium-zirconium alloy fuel material samples. That testing is ongoing, and the data being generated will directly inform our fuel performance modeling and support the regulatory licensing process for commercial deployment of Lightbridge Fuel. We expect the initial batch of partially irradiated samples to be removed from the ATR in the coming weeks, with post-irradiation examination expected to begin later this year. Next, I want to cover our research and industry engagement activities during the quarter.

Our presentations at TMS 2026 and our selection to the Industry Advisory Board of a major DOE-funded research initiative at Penn State, both of which reflect the growing recognition of Lightbridge's technical program within the broader nuclear research and advanced fuels community. In March, two members of our technical team presented research at the TMS 2026 Annual Meeting and Exhibition in San Diego, one of the premier global conferences for materials, material science, metallurgy, and nuclear fuel technology hosted by The Minerals, Metals & Materials Society. Dr. Boone Beausoleil, our Director of Materials, presented his paper, co-authored by myself, titled Metal Fuels Opportunities Beyond Sodium Fast Reactors. That presentation examined the expanding applicability of metallic fuel concepts to a broader class of advanced reactor designs beyond the sodium fast reactor systems that have historically been the primary driver for metal fuel development.

The performance attributes of metallic fuels, including thermal conductivity, fabricability, and safety margins, translate into compelling advantages well beyond the reactor types where they first emerged. Lightbridge Fuel is a direct expression of that thesis applied to water-cooled reactors, the world's largest installed reactor base. Dr. Kyle Paaren, Manager of our fuel performance modeling group, presented it. Uranium-zirconium alloy properties review and applicability to Lightbridge Corporation fuel performance activities, which I also co-authored alongside Boone Beausoleil and Raymond Wang, our Director of Licensing. In this paper, it was demonstrated that Lightbridge's proprietary UZr₂ fuel can be accurately modeled and characterized through a newly validated Lightbridge-specific framework built entirely from measured data generated from our own fuel material coupon samples.

Our validated framework, grounded in actual Lightbridge-generated data, is foundational to how we demonstrate our fuel performance to the NRC and to utilities throughout the qualification process. Both presentations were delivered during the metal fuel session, chaired by Professor Ericmoore Jossou of MIT, and the engagement from the material science and nuclear fuel community reinforced our view that the technical foundation of Lightbridge Fuel is sound and is attracting the attention of the right people in the right rooms. In March, Lightbridge was selected to serve on the industry advisory board of a $6 million nuclear materials research project funded by the DOE's Nuclear Energy University Program, awarded to the Pennsylvania State University.

The four-year project, the Big 10+ Network for the Study of Nuclear Materials at the Micro Scale, or BTN²M², will establish a multi-university consortium and a dedicated nuclear materials microfabrication facility using micro and nano-scale characterization techniques. The consortium includes Penn State, the University of Michigan, the University of Wisconsin, University of New Mexico, and Virginia Commonwealth University, with additional support from Idaho National Laboratory and Oak Ridge National Laboratory. Lightbridge joins Westinghouse Electric Company, X-energy, and Kairos Power on the advisory board, with our focus centered on the irradiation behavior of cladding materials for co-extruded fuels, an area directly relevant to the continued qualification of Lightbridge Fuel. Back to you, Seth.

Thank you, Scott. We believe the prospects for growth in the nuclear power sector are the strongest they have ever been. Nuclear power set a record for global generation in 2025. More than 70 GW of new nuclear capacity is under construction worldwide, one of the highest levels in 30 years. The U.S. government has taken sweeping executive action to accelerate reactor permitting, reform the NRC's regulatory process, and rebuild the domestic nuclear fuel supply chain. The DOE's UPRISE initiative, which followed the executive orders the president issued in May, is specifically focused on power upgrades for the existing fleet, a direct validation of the commercial pathway we have been building toward. The technology sector has made its position clear.

Meta, Amazon, Google, and others have committed to long-term nuclear procurement at gigawatt scale because they understand that AI-driven data centers require firm, reliable baseload power that intermittent sources cannot provide. What we are hearing from utilities reflects all of this. Governors are calling them, states are competing for industrial investment and data center development, and the single most important thing any state can offer right now is guaranteed power. The pressure is translating into serious, substantive conversations about how to get more power from the reactors already in place sooner rather than later. It used to be that states could attract an industrial plant with tax incentives. Today, if you cannot guarantee power, the plant will not come, regardless of what else you offer. The dynamic is building utility interest in Lightbridge Fuel. Our potential market is large and growing.

There are approximately 440 operating power reactors worldwide today. To triple nuclear globally and quadruple it in the U.S. by 2050, goals that the announced construction pipeline suggests are achievable, the world will need more power from the reactors that will be built and from reactors that are already operating. Lightbridge Fuel™ is designed to deliver exactly that within the same sized cores and plants that exist today and with even greater safety. I'll now turn the call over to Larry Goldman, Chief Financial Officer, for a summary of the company's financial results. Larry?

Thank you, Seth. Good afternoon, everyone. I'd like to remind listeners that our detailed financial results are included in our earnings release issued yesterday after market close and in our Form 10-Q that will be filed with the Securities and Exchange Commission in the next several days. These materials are available on the investor relations section of the Lightbridge Corporation website and on the Securities and Exchange Commission website. I encourage everyone to review those documents for a full discussion of our financial statements, risk factors, and related disclosures. As of March 31st, 2026, we held approximately $215.7 million in cash and cash equivalents, compared to $201.9 million at December 31st, 2025. This positions us with substantial financial resources sufficient to support our operations for an extended period, well beyond the near term.

Looking at our cash flows for the first quarter of 2026, we used $4.8 million in operations, reflecting the continued investment in our fuel development program and expanded team. On the financing side, we raised $18.6 million in net proceeds through our at-the-market equity offering program. We continue to evaluate funding opportunities to support our long-term fuel development activities. This includes potential strategic partnerships, government grants and contracts, and as appropriate, additional capital market transactions. Our capital allocation strategy remains disciplined and milestone driven. We direct resources toward the activities that are advance our fuel toward licensing and commercialization. Irradiation testing, post-irradiation examination, computational infrastructure and safety analysis development, while maintaining a strong balance sheet that gives us the flexibility to pursue opportunities as they arise.

I will now turn the call over to Lesli Mills, our Controller, who will review our P&L for the first quarter. Lesli.

Thank you, Larry. Net loss was $6.3 million for the first quarter ended March 31st, 2026, compared to $4.8 million for the first quarter ended March 31st, 2025. Total R&D expenses amounted to $3.3 million for the first quarter ended March 31st, 2026, compared to $1.7 million for the first quarter ended March 31st, 2025, an increase of $1.6 million. This increase is primarily due to a $1 million increase in allocated employee compensation and stock-based compensation, reflecting an increase in new hires, increased employee bonuses and several new stock-based awards granted after the period end, including performance stock awards.

A $0.5 million increase in IT expenses, which include additional computer hardware, software and operating expenses related to the company's high performance computer, and a $0.1 million increase in other outside R&D expenses. Total stock-based compensation included in research and development expenses was $0.7 million and $0.2 million for the three months ended March 31st, 2026 and 2025, respectively. Total G&A expenses were $4.3 million for the first quarter ended March 31st, 2026, compared to $3.5 million for the first quarter ended March 31st, 2025.

The increase of $0.8 million was primarily due to a $7.7 million increase in stock-based compensation for employees, contractors, and directors, reflecting several new stock-based awards granted after the prior period end, including performance stock awards and a $0.1 million increase in other administrative expenses, including recruiting fees and IT expenses. Total stock-based compensation included in G&A expenses was $1.8 million and $1.1 million for the three months ended March 31st, 2026 and March 31st, 2025, respectively. Total other income was $1.3 million for the first quarter ended March 31, 2026, compared to $0.4 million for the first quarter ended March 31, 2025. Other income consisted of interest income earned from treasury bills in our bank savings account, driven by higher average cash balances. Back to you, Seth.

Thank you, Lesli. No questions have been submitted for this call. I want to thank everyone for participating in today's call. We appreciate the continued support of our shareholders and the dedication of our team and partners. We look forward to updating you on our progress in the coming quarters. In the meantime, you could reach us at [email protected]. Stay safe and well. Goodbye.

This concludes today's conference call. Thank you for participating, and you may now disconnect.

Thank you for standing by, and welcome to the Lightbridge Corporation business update and fiscal year 2025 conference call. Please note that today's call is being recorded. It is now my pleasure to introduce Matthew Abenante, Director of Investor Relations for Lightbridge Corporation.

Thank you, Carmen, and thanks to all of you for joining us today. Our earnings press release was distributed yesterday and is available on the Investor Relations page of the Lightbridge Corporation website at https://www.ltbridge.com. Joining us on the call today is Seth Grae, Chief Executive Officer, along with Andrey Mushakov, Executive Vice President for Nuclear Operations; Scott Holcombe, Vice President of Engineering; and Larry Goldman, Chief Financial Officer. I want to remind our listeners that any statements on this call that are not historical facts are forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position and product and service offering. During today's call, words such as “expect,” “anticipate,” “believe,” and “intend” will be used in our discussion of future goals and events. This presentation is based on current expectations and involves certain risks and uncertainties that may cause the actual results to differ significantly from such estimates. These and other risks are set forth in more detail in Lightbridge Corporation’s filings with the Securities and Exchange Commission. Lightbridge Corporation does not assume any obligation to update or revise any such forward-looking statements, whether as a result of new developments or otherwise. I will now turn the call over to our first speaker, Seth Grae, Chief Executive Officer of Lightbridge Corporation. Hello, Seth.

Hi, Matt, and thank you all for joining us to discuss Lightbridge Corporation’s business update. 2025 was a transformative year for Lightbridge Corporation. I believe it will be remembered as the year the company shifted into high gear on execution across multiple critical fronts. We achieved major fuel development milestones while strengthening our balance sheet and advancing key strategic partnerships that position us well to successfully commercialize our advanced nuclear fuel. In a major achievement, we began irradiation testing of enriched uranium-zirconium alloy fuel material samples. After years of meticulous design, engineering, and manufacturing to meet the necessary nuclear quality assurance standards, these samples are now being irradiated in the Advanced Test Reactor at Idaho National Laboratory. This test program is a pivotal step in demonstrating Lightbridge Fuel’s uranium-zirconium alloy material performance, generating data to help us validate key thermophysical properties and thermomechanical properties of our target fuel alloy. In 2025, we signed a memorandum of understanding and made a subsequent joint announcement with OCLO Inc. to explore potential collaboration opportunities, including on used fuel recycling and reprocessing. I will have more to say about the broader nuclear energy landscape and Lightbridge Corporation’s position within it later in the call. But first, let me turn it over to Andrey Mushakov, Executive Vice President for Nuclear Operations, to walk you through the significant technical accomplishments we have achieved in 2025. Andrey?

Thank you, Seth. As Seth outlined, in 2025, we have made measurable progress across several fronts in the development of Lightbridge Fuel. In November, we reached a major fuel development milestone involving the insertion of enriched uranium-zirconium alloy material samples and the start of capsule irradiation testing in the Advanced Test Reactor. These samples are now undergoing irradiation testing to generate critical burnup-dependent data we need to support our computer modeling of fuel behavior and regulatory licensing efforts. Scott will provide additional details on several key accomplishments leading up to this pivotal milestone. In addition to our ongoing irradiation testing project, we have recently significantly expanded our scope of work at Idaho National Laboratory, adding several new projects, including: first, review of our fuel qualification plan; number two, RELAP5-3D code development work for Lightbridge Fuel; three, Python code development work for Lightbridge Fuel; and four, post-irradiation examination of Lightbridge Fuel material coupon samples. Beyond our work at Idaho National Laboratory, over the past several months, we have significantly beefed up our in-house fuel development team across multiple disciplines, including neutronics, thermal-hydraulics and safety analysis, fuel performance, mechanical engineering, materials, regulatory licensing, and program management. This expanded in-house team will support the next phase of our fuel development efforts and our planned regulatory engagement with the Nuclear Regulatory Commission we expect to begin this year. Next, in July, we presented three technical papers at the TopFuel 2025 organized by the American Nuclear Society, demonstrating the growing interest in our fuel technology within the nuclear community. Scott will provide additional details on each of the three papers. Looking ahead, our near-term priorities for the next two to three years include recruitment of additional personnel to support our ongoing and future fuel development activities; continue the irradiation testing and post-irradiation examination of coupon samples; refinement of phenomena identification and ranking table analysis and fuel qualification plan; start of ongoing engagement with the U.S. Nuclear Regulatory Commission; further development of the co-extrusion fabrication process for rodlets and full-length rods; site selection and initial deployment plan for the Lightbridge expandable fuel facility; and thermal-hydraulics modeling and experiments to confirm burnout, critical heat flux, and other key parameters. We will provide updates on these activities as results and decisions are finalized. With that, I will turn the call over to Scott. Scott?

Thank you, Andrey. As Andrey mentioned, in November, we began irradiation testing of our fuel material coupon samples in the Advanced Test Reactor, which is a major technical milestone on our critical path. I will summarize some of the key accomplishments we have achieved in 2025 leading up to that important milestone. In June, we completed the final design review for our irradiation experiment at Idaho National Laboratory's Advanced Test Reactor, or ATR. This was a rigorous multidisciplinary review in which our neutronics, thermal-hydraulics, and mechanical design parameters were independently approved by subject matter experts at Idaho National Laboratory. Completing this review was a critical step that cleared the path for us to proceed with the fabrication and irradiation testing of the samples. Also in June, we announced our use of the Fission Accelerated Steady State Test method, or FAST method. This approach uses higher enriched uranium in the range of 26% to 30% within the test specimens to accelerate the rate of fission and thereby compress our testing timeline relative to conventional irradiation methods. The FAST method allows us to reach target burnup levels more efficiently, which is essential for generating the performance data needed for NRC licensing in a commercially relevant time frame. In July, we achieved a major fabrication milestone: the successful production of enriched uranium-zirconium alloy coupon samples. These samples were produced using our proprietary co-extrusion process, which is the same process we envision using at commercial scale. By October, capsules containing our uranium-zirconium alloy material samples were loaded into the experiment assembly that was subsequently inserted into the ATR test reactor. Then, in November, actual irradiation testing commenced in the ATR. We expect the initial batch of partially irradiated samples to be removed from the ATR in the April–May time frame, with post-irradiation examination expected to begin later this year. Post-irradiation examination will evaluate structural integrity, dimensional stability, fission gas behavior, thermal conductivity, and overall performance of the fuel samples. As Andrey mentioned, Lightbridge Corporation presented three technical papers at the TopFuel 2025 conference that was held in Nashville, Tennessee, in October 2025. The first paper showed that Lightbridge Corporation’s metallic fuel design remains well within safe temperature limits after a simulated locked-rotor accident, strengthening the safety case needed for future regulatory approval. The second paper supported this by comparing Lightbridge Fuel material to conventional UO2 in an internationally recognized OECD NEA transient simulation. This showed significantly larger safety margins, translating into greater operational flexibility and improved plant economics for utilities. The third study dealt with modeling of the fabrication process, and it showed that Lightbridge Corporation’s patented co-extrusion fabrication process could be accurately modeled using genuine experimental data from the Idaho National Laboratory. These results will be used to verify fabrication models, which will in turn be used to optimize aspects of Lightbridge Fuel extrusion. Taken together, the three papers contribute to building a compelling case across key stakeholder groups—regulators, production partners, and utility customers. While significant work remains around fuel performance testing and regulatory qualification, each milestone reduces risk and reinforces confidence in Lightbridge Corporation’s development path. I will now turn the call over to Larry Goldman, Chief Financial Officer, for a summary of the company's financial results. Larry?

Thank you, Scott, and good afternoon, everyone. I would like to remind listeners that our detailed financial results are included in our earnings release issued yesterday after market close and in our Form 10-K that will be filed with the Securities and Exchange Commission later today. Those materials are available on the Investor Relations section of the Lightbridge Corporation website and on the U.S. Securities and Exchange Commission's website. I encourage everyone to review those documents for a full discussion of our financial statements, risk factors, and related disclosures. As of 12/31/2025, we held approximately $201,900,000 in cash and cash equivalents, compared to $40,000,000 a year earlier. This positions us with substantial financial resources sufficient to support our operations for an extended period, well beyond the near term. Looking at our cash flows for fiscal 2025, we used approximately $14,300,000 in operations, reflecting the continued investment in our fuel development program and expanded team. On the financing side, we raised $176,000,000 in net proceeds through our aftermarket equity offering program. We also generated approximately $3,600,000 in interest income from our deployment of cash in U.S. Treasury bills and cash in our bank savings account, up from $1,300,000 of interest income in the prior year. We continue to evaluate funding opportunities to support our long-term fuel development activity. These include potential strategic partnerships, government grants and contracts, and, as appropriate, additional capital markets transactions. We believe the current policy environment, including the DOE's Loan Programs Office prioritization of nuclear projects under the recent executive orders, could create meaningful opportunities for nondilutive funding sources as our program advances. Our capital allocation strategy remains disciplined and milestone-driven. We direct resources toward the activities that advance our fuel toward licensing and commercialization, while maintaining a strong balance sheet that gives us the flexibility to pursue opportunities as they arise. Importantly, we continue to maintain a debt-free balance sheet, with a clean capital structure that includes no convertible securities or other dilutive debt instruments. Back to you, Seth.

Thank you, Larry. I want to close today by putting our accomplishments in the context of what is happening in the nuclear energy industry and more broadly, because I believe the macro environment has become increasingly favorable for Lightbridge Corporation. In May 2025, President Trump signed four executive orders relating to nuclear energy that represent the most significant shift in U.S. nuclear policy in decades. The executive order on reinvigorating the nuclear industrial base directs the Department of Energy to facilitate power upgrades to existing nuclear reactors. Lightbridge Fuel is designed to enable significant power uprates in existing reactors. The executive orders also direct support for plutonium disposition in reactor fuel, nuclear power for military installations and critical infrastructure, data centers, and prioritization of nuclear projects within the DOE's Energy Dominance Financing Office. Each of these policy initiatives creates potential market opportunities for Lightbridge Fuel. The broader market fundamentals for nuclear energy continue to strengthen. Nuclear power generated approximately 18% of U.S. electricity in 2024, making it the single largest source of clean electricity in the country. Globally, there are about 440 operable nuclear power reactors, with a combined capacity of just about 400 gigawatts electric, plus 70 reactors currently under construction and more than 120 in advanced planning stages. What stands out the most is how the demand drivers are coming together. The rapid increase in data center capacity to handle artificial intelligence workloads is making the need for flexible baseload electricity even greater. At the same time, national desires for clean energy and concerns about energy security are strengthening the case for nuclear power. The U.S. and other countries have pledged to triple global nuclear capacity by 2050. The U.S. has also pledged to quadruple domestic nuclear power generation by 2050. By the middle of the century, nuclear power might make up more than half of the electricity generated in the United States, up from 18% today. Within this landscape, Lightbridge Corporation occupies a unique position. Our fuel technology addresses the largest segment of the global nuclear market: existing and new-build pressurized water reactors. Unlike advanced nuclear companies that are developing innovative new reactors around old nuclear fuel designs, Lightbridge Corporation is developing new advanced fuel to be deployed into the existing reactors, providing increased power output and enhanced safety. Our fuel is also designed for use in new light water reactors, including small modular reactor pressurized water reactors. The ability of Lightbridge Fuel to generate more electricity from existing nuclear reactors will be one of the most cost-effective ways to increase nuclear capacity. Our collaboration with OCLO in exploring spent fuel recycling aligns directly with the administration's executive orders on plutonium disposition and reinvigorating the nuclear industrial base. In summary, 2025 was a year of important progress for Lightbridge Corporation. We commenced irradiation testing, raised capital to fund our fuel development program, and advanced critical strategic partnerships. The nuclear power industry is experiencing its strongest policy and market support in a generation, and Lightbridge Corporation is well positioned to deliver a fuel technology that meets the industry's growing needs for enhanced power output, improved safety, and greater economic efficiency. We look forward to providing further updates as our irradiation testing program progresses and as we advance toward licensing and commercialization. We will now open for questions. No questions have been submitted for this call. I want to thank everyone for participating in today's call. We appreciate the continued support of our shareholders and the dedication of our team and partners. We look forward to updating you on our progress in the coming quarters. In the meantime, you can reach us at [email protected]. Stay safe and well. Goodbye.

This concludes our conference. Thank you for participating, and you may now disconnect.