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Westwater Resources Inc

westwaterresources.net

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.

Products & 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.

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.

Customers & 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.

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.

Financial Snapshot

Revenue
TTM
$0.00
Gross Margin
Last 4 Quarters
N/A
Net Income
TTM
-$29.33M
Current Assets
2026 Q1
Current Liabilities
2026 Q1
Current Ratio
2026 Q1
467.51%
Total Assets
2026 Q1
Total Liabilities
2026 Q1
Book Value
2026 Q1
178.7M
Cash
2026 Q1
P/E
Last 4 Quarters
N/A
Free Cash Flow
TTM
-$21.94M

Stock Price

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Market Cap: $52.12 Million

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