Westwater Resources, Inc. reported a net loss of $9.8 million, or $0.12 per share, for the three months ended September 30, 2025, compared to a net loss of $3.1 million, or $0.05 per share, for the same period in 2024. The increase in net loss was primarily attributed to higher other expenses related to the fair value adjustments of convertible notes, increased stock compensation expenses, and higher depreciation costs. For the nine months ended September 30, 2025, the company recorded a net loss of $16.4 million, or $0.21 per share, compared to a net loss of $9.8 million, or $0.17 per share, in the prior year. The overall increase in losses was driven by similar factors as the quarterly results.
In terms of financial performance, Westwater's total operating expenses for the third quarter of 2025 were $4.1 million, up from $2.8 million in the same quarter of 2024. General and administrative expenses rose to $3.5 million from $2.4 million year-over-year, largely due to increased stock compensation expenses. The company’s cash balance as of September 30, 2025, was approximately $12.9 million, a significant increase from $4.3 million at the end of 2024, bolstered by equity financing activities. During the nine months ended September 30, 2025, Westwater raised $10.1 million from the sale of 13.8 million shares of common stock under its ATM Sales Agreement and $3.2 million from the sale of 5.1 million shares under the 2024 Lincoln Park Purchase Agreement.
Operationally, Westwater continues to advance its Kellyton Graphite Plant project, with construction activities ongoing but at a reduced pace due to funding constraints. The company has incurred approximately $125.1 million in costs related to the project since its inception. The Kellyton facility is expected to produce battery-grade natural graphite materials, with the company aiming to optimize capital investment in Phase I to align with existing offtake agreements. Notably, the company received a U.S. patent for its innovative graphite purification method, which is designed to be more environmentally friendly than traditional methods.
Looking ahead, Westwater faces challenges in securing additional financing to support its operations and construction activities. The company has indicated that it may need to adjust its business strategies if sufficient funding is not obtained. Recent developments, including the unexpected termination of an offtake agreement with FCA, have raised concerns about future revenue streams. However, Westwater remains engaged with other potential customers and is exploring additional offtake opportunities. The company’s management believes that its current cash balance is sufficient to fund planned expenditures for the next year, but acknowledges the uncertainty surrounding future financing and market conditions.
About WESTWATER RESOURCES, INC.
Westwater Resources, Inc. is an energy technology company developing battery-grade natural graphite projects, including the Kellyton Graphite Plant and Coosa Graphite Deposit in Alabama. It focuses on producing high-quality, low-cost graphite for electric vehicle batteries and energy storage. The company leverages proprietary processing technology, strategic partnerships, and sustainable practices to supply the growing global battery market, aiming to reduce supply chain risks and support U.S. critical mineral independence.
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