Westwater Resources (WWR) Q1 2026 earnings summary

Executive summary

• Advanced construction and operational readiness at Kellyton Graphite Plant, with qualification line producing over 1 metric ton of CSPG samples for customer evaluation; $130 million invested to date.

• Progressed permitting and development at Coosa Graphite Deposit, receiving FAST-41 federal designation to streamline permitting and submitting NPDES permit application.

• Customer agreements with SK On and FCA were terminated, but engagement with new potential customers and positive feedback on CSPG samples continue.

• Focused on developing a vertically integrated battery-grade natural graphite business, with primary projects at Kellyton and Coosa in Alabama.

• Maintained focus on execution and capital formation, engaging with government agencies for funding and prioritizing non-dilutive capital sources.

Financial highlights

• Net loss for Q1 2026 was $4.7 million ($0.04 per share), up from $2.7 million ($0.04 per share) in Q1 2025, driven by higher permitting and development costs.

• Cash and cash equivalents at March 31, 2026, were $41.5 million, down from $48.6 million at year-end 2025.

• Raised $1.2 million from ATM equity sales in Q1 2026; $70.6 million remains available under ATM, $26.2 million under Lincoln Park PA.

• Capital expenditures for Q1 2026 were $1.6 million, down from $2.9 million in Q1 2025.

• $26 million of undrawn committed capital available on ELOC facility.

Outlook and guidance

• Initial production at Kellyton expected within 12 months of securing remaining project financing.

• Permitting process for Coosa anticipated to take 12-24 months, after which construction and mine development decisions will be made.

• Management expects continued cash losses until Kellyton operations commence; current cash balance believed sufficient for planned expenditures beyond one year.

• Additional funding is required to complete Phase I construction at Kellyton; company is prioritizing non-dilutive and lower-cost capital sources.

• Long-term demand for North American graphite expected to outpace supply, driven by battery, energy storage, and industrial applications.