Westwater Resources Reports $2.7 Million Net Loss in Q1 2025, Focuses on Kellyton Graphite Plant Development

Westwater Resources, Inc. reported a net loss of $2.7 million, or $0.04 per share, for the first quarter of 2025, a slight improvement from a net loss of $2.9 million, or $0.05 per share, during the same period in 2024. The decrease in net loss was primarily attributed to reduced general and administrative expenses, which fell to $2.3 million from $2.6 million year-over-year. The company’s total operating expenses for the quarter were $2.6 million, down from $3.0 million in the previous year, reflecting a strategic focus on cost management as it continues to develop its Kellyton Graphite Plant.

In terms of financial position, Westwater's cash and cash equivalents decreased to approximately $3.3 million as of March 31, 2025, compared to $4.3 million at the end of 2024. The company has been actively raising capital, selling 2.5 million shares of common stock for net proceeds of $2.0 million under its ATM Sales Agreement and 3.8 million shares for $2.6 million through its 2024 Lincoln Park Purchase Agreement. As of the end of the first quarter, Westwater had approximately $49.9 million available for future sales under the ATM Sales Agreement and 6.2 million shares available for future sales under the Lincoln Park agreement.

Operationally, Westwater is focused on the construction of its Kellyton Graphite Plant, which is expected to process natural flake graphite into battery-grade materials. The total expected cost for Phase I of the plant remains at $245 million, with approximately $124.1 million incurred to date. Construction activities have been scaled back pending additional funding, which the company is currently seeking through a secured debt facility of approximately $150 million. The company has also received a letter of interest from the Export-Import Bank of the United States, which could provide additional funding.

Westwater has secured offtake agreements for 100% of its anticipated Phase I production capacity and is experiencing increased customer interest in its products, particularly in light of tariff uncertainties affecting the supply chain for critical materials. The company is also actively engaging with potential customers by providing product samples and hosting site tours. As it moves forward, Westwater aims to finalize financing arrangements to support the completion of the Kellyton Graphite Plant and continue its strategic development of the Coosa Graphite Deposit, which is expected to serve as a future source of graphite feedstock.