WESTWATER RESOURCES, INC. WWR
Westwater Resources, Inc., is an energy technology company focused on developing battery-grade natural graphite materials through a vertically integrated, mine-to-market strategy anchored by its two primary projects in Coosa County, Alabama: the Kellyton Graphite Plant and the Coosa Graphite Deposit. Although the Company was originally incorporated in 1977, it shifted its strategic focus to the graphite business in 2017. Once operational, Westwater expects the Kellyton Graphite Plant to process natural flake graphite and estimates 12,500 metric tons ("mt") of CSPG production per year in Phase I. CSPG is primarily used in anode active material ("AAM") in lithium-ion batteries. Westwater also holds mineral rights to explore and mine the Coosa Graphite Deposit, which Westwater anticipates will eventually provide natural graphite flake concentrate as feedstock to the Kellyton Graphite Plant. The Coosa Graphite Deposit is located near Rockford, Alabama at 32 ° 54' 30" North and 86 ° 24' 00" West.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | $0 | $0 | — | — |
| R&D | $1.1M | $1.2M | $2.9M | $1.1M | — | — | — | — | — | — |
| SG&A | $12.4M | $10.0M | $9.8M | $9.9M | $8.9M | $5.7M | $4.5M | $7.0M | $6.6M | $7.7M |
| Total operating expenses | $14.5M | $11.5M | $13.3M | $12.1M | $18.2M | $11.2M | $6.3M | $36.0M | $24.8M | $13.3M |
| Operating income | — | — | — | — | — | -$11.2M | -$6.3M | -$36.0M | — | — |
| Interest expense | — | — | — | — | — | — | $291.0K | $735.0K | $614.0K | $2.8M |
| Pre-tax income | -$27.3M | -$12.7M | -$7.8M | -$11.1M | -$16.1M | -$13.9M | -$6.0M | -$35.7M | -$19.3M | -$19.6M |
| Net income | -$27.3M | -$12.7M | -$7.8M | -$11.1M | -$16.1M | -$23.6M | -$10.6M | -$35.7M | -$19.3M | -$19.6M |
| EPS, basic | -0.32 | -0.22 | -0.15 | -0.25 | -0.49 | -1.58 | — | — | — | — |
| EPS, diluted | -0.32 | -0.22 | -0.15 | -0.25 | -0.49 | -1.58 | -5.39 | -38.47 | -0.78 | -3.73 |
| Shares, diluted (wtd. avg.) | $86.0M | $58.5M | $52.0M | $44.9M | $32.7M | $8.8M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $48.6M | $4.3M | $10.9M | $75.2M | $115.3M | $50.3M | $1.9M | $1.6M | $4.1M | $3.3M |
| Short-term investments | — | — | — | — | — | $1.5M | — | $415.0K | $1.4M | — |
| Total current assets | $48.9M | $4.9M | $11.6M | $76.1M | $115.6M | $52.6M | $2.4M | $4.2M | $7.8M | $3.9M |
| Property, plant and equipment | $143.2M | $137.9M | $132.4M | $90.1M | $14.5M | $9.0M | $9.0M | $20.6M | $35.4M | $46.9M |
| Total assets | $194.5M | $146.4M | $149.8M | $168.4M | $133.0M | $61.9M | $27.0M | $30.0M | $50.2M | $56.9M |
| Accounts payable | $4.0M | $9.5M | $6.0M | $23.0M | $3.0M | $1.7M | $852.0K | $776.0K | $538.0K | $610.0K |
| Total current liabilities | $11.6M | $11.8M | $7.8M | $25.1M | $5.3M | $4.3M | $4.2M | $3.2M | $4.0M | $8.1M |
| Total liabilities | $13.0M | $13.2M | $9.4M | $26.4M | $6.8M | $4.5M | $9.9M | $9.2M | $9.1M | $13.9M |
| Retained earnings | -$401.0M | -$373.7M | -$361.0M | -$353.3M | -$342.2M | -$326.0M | -$302.4M | -$291.9M | -$256.2M | -$236.9M |
| Total equity | $181.5M | $133.1M | $140.4M | $142.0M | $126.2M | $57.5M | $17.1M | $20.8M | $41.1M | $43.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$9.9M | -$5.8M | -$11.4M | -$13.2M | -$16.9M | -$15.2M | -$10.0M | -$11.6M | -$11.6M | -$12.3M |
| Depreciation and amortisation | — | — | — | — | — | — | $73.0K | $116.0K | $142.0K | $247.0K |
| Stock-based compensation | $3.9M | $1.3M | $837.0K | $1.0M | $879.0K | $367.0K | $98.0K | $332.0K | $101.0K | $195.0K |
| Capital expenditure | $11.7M | $6.1M | $58.3M | $52.8M | $3.4M | $81.0K | — | — | $100.0K | $26.0K |
| Investing cash flow | -$11.4M | -$4.6M | -$58.3M | -$52.8M | -$2.1M | -$4.1M | $3.8M | $525.0K | $1.0M | $221.0K |
| Financing cash flow | $65.6M | $3.9M | $5.4M | $25.9M | $84.0M | $63.9M | $6.7M | $8.7M | $11.0M | $14.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-032111.
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