LIGHTBRIDGE Corp Segments Disclosure
Note 11. Segment Reporting
Operating segments are defined as components of an enterprise for which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and assessing performance. The Company has one reportable business segment: nuclear fuel technology. This segment consists of the research and development and commercialization of its nuclear fuel. The Company’s chief operating decision maker (“CODM”) is the chief executive officer.
The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the segment based on net loss as reported on the consolidated statement of operations. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances its nuclear fuel through all the stages of its development and commercialization. In addition, the measure of segment assets is reported on the consolidated balance sheet as total assets.
The CODM uses segment net loss to allocate resources in the annual budget and forecasting process and uses that measure as a basis for evaluating progress toward R&D milestones. The CODM uses cash forecast models in deciding how to invest into the segment. Research and development expenses and general and administrative expenses are included in segment net loss and used to monitor budget versus actual results. Budgeted versus actual results are used in assessing both the performance of the segment and establishing management’s incentive compensation.
The table below summarizes the significant expense categories regularly provided to the CODM for the years ended December 31, 2025 and 2024 (rounded in millions):
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| Year Ended |
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|
| December 31, |
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|
| 2025 |
|
| 2024 |
| ||
|
|
|
|
|
|
| ||
Revenue |
| $ | — |
|
| $ | — |
|
General and administrative |
|
| 14.0 |
|
|
| 8.5 |
|
Research and development: |
|
|
|
|
|
|
|
|
INL Project (1) |
|
| 2.9 |
|
|
| 1.7 |
|
IT expenses (2) |
|
| 2.0 |
|
|
| 0.1 |
|
Allocated employee compensation and stock-based compensation |
|
| 3.6 |
|
|
| 1.8 |
|
Other outside R&D expenses |
|
| 0.7 |
|
|
| 1.0 |
|
Other segment item (3) |
|
| (3.6 | ) |
|
| (1.3 | ) |
Net loss |
| $ | (19.6 | ) |
| $ | (11.8 | ) |
(1) | These expenses relate to cost reimbursable work performed during the reporting period by BEA, the DOE’s operating contractor for INL, to support the development of Lightbridge Fuel™. |
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|
(2) | During the year ended December 2025, the Company purchased a HPC specifically configured for advanced nuclear modeling to support the continued development of the Company’s nuclear fuel technology. It also purchased nuclear simulation software and additional hardware and software management services in support of the HPC. |
|
|
(3) | Other segment items include interest income from the Company’s cash and cash equivalents. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2018 | Mar 29, 2019 | |
| 2017 | Mar 14, 2018 | |
| 2016 | Mar 23, 2017 | |
| 2015 | Mar 15, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.