0001104659-26-032111
SEC filingWestwater Resources, Inc., a pre-revenue energy technology company developing battery-grade natural graphite, reported a net loss of $27.3 million for FY 2025, widening from $12.7 million in FY 2024, primarily due to increased operating expenses of $14.5 million (up from $11.5 million) driven by higher general and administrative costs ($12.4 million), product development ($1.1 million), and a $11.4 million loss on convertible notes. Basic loss per share was $0.32, compared to $0.22 prior year. No revenue was recorded as the Kellyton Graphite Plant remains under construction, with cumulative costs of $128.2 million. Balance sheet strengthened with total assets at $194.5 million (up from $146.4 million), cash at $48.6 million (from $4.3 million), and stockholders' equity at $181.5 million. Cash flows showed operating use of $9.9 million, investing use of $11.4 million offset by $65.6 million financing inflows, mainly from $56.7 million common stock issuance. Key developments include FCA's offtake termination, ongoing SK On and Hiller Carbon agreements, a U.S. patent for graphite purification, and reduced construction pending funding. Liquidity supports planned expenditures beyond one year, with focus on vertically integrated mine-to-market strategy for EV and energy storage markets.
Westwater Resources, Inc. reported a FY 2025 net loss of $27.3 million ($0.32 per basic share), compared to $12.7 million ($0.22 per share) in 2024, reflecting higher operating expenses ($14.5 million vs. $11.5 million) including $12.4 million G&A, $1.1 million product development, and $745K depreciation. A $11.4 million convertible notes loss and $1.4 million other expenses contributed to total other expense of $12.8 million. Total assets expanded to $194.5 million from $146.4 million, driven by $143.2 million net PPE and $48.6 million cash. Stockholders' equity rose to $181.5 million. Shares outstanding increased to 117.99 million from 64.83 million.
No revenue recognized in FY 2025 or 2024 as the company is pre-revenue, focused on developing the Kellyton Graphite Plant (Phase I targeting 12,500 mt CSPG annually) and Coosa Graphite Deposit. Sales of raw material inventory were $0.3 million (offset by costs), not recognized as revenue under ASC 606. Offtake agreements with SK On and Hiller Carbon remain active post-FCA termination; exploring additional customers amid policy shifts like tariffs and Section 45X credits.
Pre-revenue stage precludes margins. Operating loss deepened to $14.5 million from $11.5 million due to G&A growth (24% YoY) and product development. Convertible notes induced $11.4 million non-cash loss. Stock compensation $3.9 million (up from $1.3 million). No impairment on PPE; cumulative Kellyton costs $128.2 million.
Operating cash use $9.9 million (vs. $5.8 million), adjusted by $3.9 million stock comp, $1.4 million debt costs, $745K depreciation. Investing outflow $11.4 million (capex $11.7 million). Financing inflow $65.6 million ($56.7 million stock issuance, $10.0 million notes). Cash end $48.6 million (beginning $4.3 million). Current liabilities $11.6 million (includes $6.0 million notes); liquidity sufficient beyond one year. Convertible notes fair value $6.0 million.
Management advances Kellyton construction (micronization/spheroidization mills commissioned, R&D lab operational) pending funding; Coosa permitting started Q4 2025. ATM agreement $71.9 million available, Lincoln Park $26.2 million. Risks: funding needs, market volatility, tariffs, offtake reliance. Expects domestic graphite supply for EV/BESS; patent enhances ESG edge. No critical audit matters.