Westwater Resources (WWR) Q4 2025 earnings summary

Executive summary

• Advanced construction and operational readiness at Kellyton Graphite Plant, with key equipment installed, customer samples produced, and Phase 1 capacity nearly sold out through offtake agreements.

• Progressed permitting and mine planning at Coosa Graphite Deposit, the largest in the contiguous U.S., with key applications filed and a 22-year mine life indicated.

• Secured a U.S. patent for an environmentally friendly graphite purification process, supporting offtake contract success and enhancing environmental credentials.

• Maintained strong customer engagement, with offtake agreements in place and ongoing qualification activities with major battery manufacturers and OEMs.

• Positioned as the most advanced American developer of battery-grade natural graphite, aiming to establish a domestic supply chain and vertical integration.

Financial highlights

• Ended 2025 with $48.6 million in cash, supported by convertible note offerings and ATM financing.

• Net loss from operations was $27.3 million ($0.32/share) for 2025, up from $12.7 million ($0.22/share) in 2024, mainly due to non-cash items, financing, and permitting costs.

• G&A expenses rose to $12 million, reflecting higher stock-based compensation.

• Raised approximately $67 million through convertible notes and equity programs during 2025.

• Market cap was $90 million with 125 million shares outstanding as of March 19, 2026.

Outlook and guidance

• Only $50 million in additional funding needed to substantially complete Kellyton Phase I, with a focus on non-dilutive debt financing and government-backed programs.

• Commercial production at Kellyton targeted for 2027, with plans to supply battery-grade graphite within 12 months of securing financing.

• Coosa production expected as early as late 2028-2029, pending permitting.

• Long-term demand for battery-grade graphite remains strong, driven by EV and energy storage growth.

• Near-term catalysts include advancing Coosa studies, securing additional offtake agreements, and completing Kellyton Phase 1 financing.