WESTWATER RESOURCES, INC. Annual Report - How They Did This Year

Hey there! You want to understand Westwater Resources, Inc. Is it a smart investment? That's a great idea! Imagine a friend explaining their annual report in simple terms. We'll cover what they do, their financial health, big wins, challenges, and future plans.

We have initial details from their annual report for the year ending December 31, 2025. Let's dive into what we know so far!

What Does Westwater Resources Do?

Westwater Resources focuses on graphite for batteries. Think electric cars and energy storage! Graphite is a "critical mineral" in the U.S. and Europe. It's vital for electrical storage batteries, especially as anode material in lithium-ion batteries. The U.S. government calls it critical. This highlights its importance for national security and economy. It also helps reduce reliance on foreign suppliers. Their main focus is their Battery Grade Graphite Business Segment. They aim to produce high-purity, battery-grade graphite products.

They are building the Kellyton Graphite Plant. They are also developing the Coosa Graphite Deposit. Both are in Coosa County, Alabama. The Kellyton plant will process graphite. It will create Coated Spherical Purified Graphite (CSPG). Battery makers use CSPG for better battery performance, safety, and longer life. The plant is a modern facility. It purifies, shapes, and coats graphite. The Coosa Graphite Deposit is huge. It's one of the largest natural flake graphite deposits in the U.S. It will supply the Kellyton plant long-term. They updated their detailed plan for the plant's first phase. This "Definitive Feasibility Study" (DFS) happened in late 2023. It's a big step to get the plant running. A DFS thoroughly checks a project's viability. It details costs, operating expenses, production, and expected profits.

How Are They Funding Their Operations?

Like many growing companies, Westwater Resources raises money. They need it for their big projects. They had an "At The Market" (ATM) offering with Cantor Fitzgerald & Co. It ended in August 2024. An ATM lets a company sell new shares over time. They sell them at current market prices. This offers flexible fundraising. It avoids big upfront costs or market disruption. After the Cantor Fitzgerald ATM ended, they started a new one. H.C. Wainwright & Co., LLC manages it. This new ATM gives them ongoing access to money. They can sell more shares when needed. This supports the Kellyton Graphite Plant and general company needs.

They also signed a "Securities Purchase Agreement" in August 2025. This usually means selling shares or debt to big investors. They also issued "Convertible Notes" (Series A-1 and Series B-1). Convertible notes are like a loan that can turn into company shares. This happens under certain conditions, like a specific price or future funding. This gives the company quick cash. Investors get the chance to own shares later. This shows they use different ways to fund projects. They balance loans and selling shares. This covers their development and operating costs.

Any Big Deals or Sales?

Yes! They signed a "Binding Offtake Agreement" with Hiller Carbon, LLC. This happened in September 2024. This agreement supplies their Graphite Fines material. This is a byproduct of making battery-grade graphite. This is good news! They have a buyer for some output. This includes non-battery grade graphite. Other industries can use it. This multi-year deal brings early income. It reduces risk for the Kellyton plant. It ensures a market for all graphite products. This includes the high-value CSPG. It also confirms their graphite production quality.

Company Size and Structure

As of March 19, 2026, Westwater Resources had 124,702,952 common shares outstanding. Shares held by regular investors were worth about $45,758,473. This was as of June 30, 2025. This "public float" helps the SEC classify the company.

The SEC classifies the company as a "non-accelerated filer". It's also a "smaller reporting company". A "smaller reporting company" has a public float under $250 million. Or, if its float is under $700 million, its yearly income is under $100 million. A "non-accelerated filer" has a public float under $75 million. These classifications mean fewer reporting rules. They get longer deadlines for reports. This cuts compliance costs. But it also means less detail than bigger companies.