Westwater Resources, Inc. reported a consolidated net loss of $27.3 million for the fiscal year ending December 31, 2025, compared to a loss of $12.7 million in 2024. This increase in losses was primarily attributed to costs associated with the conversion and fair value adjustments of convertible notes, higher stock compensation expenses, and increased depreciation costs. The company has not generated revenue from operations since 2009 and continues to rely on financing activities to fund its operations, with a cash balance of approximately $48.6 million as of year-end 2025.
The company has made significant progress in its strategic initiatives, particularly in the development of its Kellyton Graphite Plant and the Coosa Graphite Deposit. Construction at the Kellyton facility has progressed, with cumulative project costs reaching approximately $128.2 million by the end of 2025. The original budget for Phase I was reduced from $271 million to approximately $245 million following optimization efforts. The plant is expected to produce 12,500 metric tons of coated spherical purified graphite (CSPG) annually once operational. However, the company is currently experiencing cost pressures related to tariffs and energy costs, which may impact future financial performance.
In terms of operational developments, Westwater has engaged in customer outreach and product qualification efforts, producing over one metric ton of CSPG for customer testing during 2025. The company has retained offtake agreements with SK On and Hiller Carbon, although a significant agreement with FCA was unexpectedly terminated in November 2025. The company is actively pursuing additional customer opportunities and has provided product samples to support these efforts.
Westwater's workforce consisted of 20 full-time employees as of December 31, 2025, reflecting a stable headcount as the company continues to focus on advancing its projects. The Coosa Graphite Deposit, which holds significant mineral rights, is currently in the exploration stage, with permitting activities expected to ramp up in 2026. The company has filed for various permits, including a National Pollutant Discharge Elimination System (NPDES) permit, as part of its efforts to develop the deposit into a viable source of graphite feedstock for the Kellyton facility.
Looking ahead, Westwater Resources remains focused on securing additional financing to complete the construction of the Kellyton Graphite Plant and advance the Coosa Graphite Deposit. The company acknowledges the challenges posed by market volatility, inflation, and geopolitical factors, which may impact its ability to access necessary funding. Despite these challenges, Westwater is committed to its goal of establishing a domestic supply of battery-grade natural graphite materials to meet the growing demand in the electric vehicle and energy storage markets.
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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