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Westwater Resources (WWR) investor relations material
Westwater Resources Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Construction at the Kellyton Graphite Plant advanced, with $124M spent of the $245M Phase I budget, 85% of equipment received, and key systems installed and commissioned.
The qualification line produced over one metric ton of CSPG samples for customer trials, with enhancements improving cycle times and graphite flow rates.
Secured offtake agreements for 100% of anticipated Phase I production and partial Phase II, with strong customer interest driven by tariffs and supply chain concerns.
Progressed $150M debt facility syndication and submitted a formal loan application to the Export-Import Bank of the United States, with due diligence underway.
Net loss for Q2 2025 was $3.9M ($0.05/share), slightly higher than Q2 2024, mainly due to higher stock compensation and note issuance costs.
Financial highlights
Ended Q2 2025 with $6.7M in cash, including $5M from convertible notes; cash increased to $12.5M by August 2025 after an additional $5M note.
Net loss for Q2 2025: $3.9M; for six months ended June 30, 2025: $6.5M, down from $6.7M in 2024.
Operating cash outflow for six months ended June 30, 2025: $4.7M, a $0.5M improvement year-over-year.
Net cash provided by financing activities for six months ended June 30, 2025: $11.9M, up from $0.7M in 2024, driven by convertible notes and equity sales.
No revenue from operations since 2009; sales of raw material inventory in 2025 were not recognized as revenue under ASC 606.
Outlook and guidance
Construction at Kellyton will continue at a measured pace until additional funding is secured; update on timing to be provided upon financing.
Execution remains the priority, with a clear path to production and strong market demand for domestic battery-grade graphite.
Management expects continued cash losses until operations commence; additional financing is critical to complete Phase I.
Ongoing efforts to syndicate a $150M secured debt facility and pursue EXIM Bank loan for project funding.
Customer engagement remains strong, with increased interest in domestic graphite supply due to tariffs and regulatory changes.
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