Westwater Resources Reports Full Year and Fourth Quarter 2025 Results

Core Viewpoint - Westwater Resources is advancing its vertically integrated strategy to establish a domestic supply of battery-grade natural graphite in the U.S., with significant progress in construction and customer engagement at its Kellyton facility and ongoing development at the Coosa Graphite Deposit [2][3][4]. Financial Performance - For the year ended December 31, 2025, Westwater reported a net loss from operations of $27.3 million, or $0.32 per share, compared to a net loss of $12.7 million, or $0.22 per share in 2024, primarily due to costs associated with convertible note issuances and increased stock-based compensation [24]. Project Development - The Kellyton Graphite Plant is under construction, with significant milestones achieved, including the installation of micronization and spheroidization equipment, and the completion of electrical work to connect to the Alabama power grid [5][6]. - The estimated capital cost for the Phase I development of the Kellyton facility remains approximately $245 million, despite rising input costs [7][8]. Customer Engagement - The Kellyton Phase I has secured offtake agreements with SK On and Hiller Carbon for the majority of its capacity, while the company continues to engage with other potential customers [3][12]. - The qualification line at Kellyton has produced multiple customer samples, including over one metric ton of coated spherical purified graphite (CSPG) [9][10]. Technology and Intellectual Property - Westwater received a U.S. patent for its graphite purification process, which is designed to be more environmentally responsible compared to conventional methods [13]. Coosa Graphite Deposit Advancement - The company is advancing permitting for the Coosa Graphite Deposit, which is expected to serve as a long-term feedstock source for the Kellyton facility [14][15]. - As of March 2026, Westwater submitted its application for a National Pollutant Discharge Elimination System (NPDES) permit, marking a significant step in the permitting process [16]. Financing and Liquidity - In 2025, Westwater raised approximately $67 million through convertible notes and equity sales, enhancing its liquidity position to support project advancement [18][19]. - The company ended 2025 with a cash balance of approximately $48.6 million and has additional financing capacity available [19][20]. Strategic Priorities for 2026 - Westwater aims to continue customer qualification, advance permitting at Coosa, and secure financing to complete Phase I of the Kellyton project, positioning itself as a leading developer of battery-grade natural graphite in the U.S. [22][23].