Westwater Resources Reports $4.3 Million Net Loss for Q2 2026, Focuses on Graphite Plant Development

Westwater Resources, Inc. reported a net loss of $4.3 million, or $0.03 per share, for the three months ended June 30, 2026, compared to a net loss of $3.9 million, or $0.05 per share, for the same period in 2025. For the six months ended June 30, 2026, the company recorded a net loss of $9.0 million, or $0.07 per share, up from a loss of $6.5 million, or $0.09 per share, in the prior year. The increase in losses was attributed to higher costs associated with permitting activities for the Coosa Graphite Deposit, increased stock-based compensation, and greater product development expenses.

In terms of financial position, Westwater's total assets decreased to $185.97 million as of June 30, 2026, down from $194.53 million at the end of 2025. The company's cash and cash equivalents stood at approximately $38.2 million, a decline from $48.6 million at the end of the previous fiscal year. The decrease in cash was primarily due to net cash used in operating activities, which amounted to $6.5 million for the first half of 2026, reflecting an increase in operational expenditures.

Strategically, Westwater has continued to advance its construction activities at the Kellyton Graphite Plant, with a focus on securing additional funding to complete Phase I of the project. The company has incurred approximately $130 million in costs related to the plant's development and maintains a current cost estimate of $245 million for Phase I. Additionally, Westwater has entered into financing agreements, including an ATM Sales Agreement, under which it raised $1.2 million from the sale of 1.0 million shares of common stock during the first half of 2026.

Operationally, Westwater is focused on developing its Coosa Graphite Deposit and has made significant progress in permitting activities, including the submission of various environmental assessments and applications. The company is also actively engaging with potential customers in the electric vehicle and battery markets, providing product samples for evaluation. As of June 30, 2026, Westwater had approximately 128.6 million shares of common stock outstanding, reflecting an increase from 117.9 million shares at the end of 2025.

Looking ahead, Westwater Resources anticipates continued cash losses as it advances its projects and seeks additional funding. The company is prioritizing non-dilutive financing options and has recently received approval for a $25 million direct loan from the Export-Import Bank of the United States to support the Kellyton Graphite Plant's development. However, management cautions that there is no assurance that additional financing will be available on acceptable terms, given the current volatility in capital markets and other economic factors.