Westwater Resources (NYSE American: WWR) is a battery materials company developing a domestic supply of battery-grade graphite for the electric vehicle and energy storage markets. The company has no commercial revenue as of FY2025, operating entirely in the pre-production stage. Its core assets are the Kellyton Graphite Plant under construction in Kellyton, Alabama, and the Coosa Graphite Deposit, also in Alabama. Cumulative project costs at the Kellyton plant reached approximately $128.2 million as of December 31, 2025, with key electrical work and micronization and spheroidization equipment installation underway. Graphite is listed on both the U.S. Critical Minerals List and the EU Critical Raw Materials List. Active offtake agreements are in place with SK On and Hiller Carbon (for graphite fines, signed September 17, 2024). A prior offtake agreement with FCA US LLC, part of Stellantis, was terminated on November 3, 2025. The company holds its first U.S. patent for a graphite purification method, issued September 17, 2025.

Revenue model

No commercial revenue as of FY2025. The intended revenue model is product sales of battery-grade graphite, including coated spherical purified graphite (CSPG) and graphite fines, under offtake agreements with battery and industrial customers.

Products and services

Coated spherical purified graphite (CSPG) for battery anodes; graphite fines material produced during the CSPG spheroidizing process; proprietary graphite purification process covered by a U.S. patent issued September 17, 2025.

Customers and end markets

Target end markets are electric vehicle battery manufacturers and energy storage. Active offtake agreement customers include SK On (battery manufacturer) and Hiller Carbon, LLC (graphite fines, agreement dated September 17, 2024). FCA US LLC (Stellantis) terminated its offtake agreement on November 3, 2025.

Value-chain role

Upstream critical mineral producer and processor. Westwater sits between raw graphite mining (Coosa Graphite Deposit) and battery anode material supply, processing natural graphite into battery-grade CSPG and fines for sale to battery cell manufacturers.

Geographic exposure

Operations concentrated in Alabama, United States. Kellyton Graphite Plant and Coosa Graphite Deposit are both located in Alabama. No international operations referenced in the filing.

Source: SEC 10-K, filed 2026-03-19

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