Lightbridge is a pre-revenue nuclear fuel technology company developing an advanced metallic nuclear fuel — Lightbridge Fuel™ — for use in water-cooled nuclear reactors. Lightbridge Fuel™ is an all-metal uranium-zirconium alloy rod with a proprietary helical geometry, fundamentally different from conventional ceramic pellet-based fuel. Lightbridge argues this design enables power uprates of up to 30% in new-build pressurized water reactors and up to 17% or more in existing large PWRs, longer fueling cycles, improved safety margins, and load-following capability. The company does not plan to manufacture or sell fuel directly; instead, its business model is IP licensing — Lightbridge develops and patents its technology, licenses it to commercial fuel fabricators, and earns royalties on fuel sold. Revenue is ultimately driven by reactor adoption and fuel volumes. Lightbridge is years from commercialization and currently has no revenue. The company is conducting irradiation testing of uranium-zirconium alloy samples at Idaho National Laboratory, with full prototype rod testing and lead test assembly demonstrations in commercial reactors targeted for the early-to-mid 2030s and initial commercial orders projected for the late 2030s. Operations are funded through equity issuances, and Lightbridge is actively pursuing DOE grants and strategic partnerships to fund its development timeline. The target customer base includes utilities operating existing large water-cooled reactors globally, as well as developers of new large-scale reactors and small modular reactors.