Westwater Resources (WWR) Q2 2026 earnings summary

Executive summary

• EXIM Bank approved a $25 million loan to support the Kellyton Graphite Plant, marking a significant financing milestone and recognition of the project's strategic importance for U.S. critical mineral supply chains.

• Kellyton is positioned as a first-mover in domestic battery-grade graphite production, with phase I targeting 12,500 metric tons per year of CSPG for lithium-ion batteries.

• The company is advancing both Kellyton and the Coosa graphite deposit, aiming for a vertically integrated U.S. graphite supply chain.

• No revenue recognized from graphite operations; company remains pre-revenue and continues to incur losses.

• Provided product samples to major battery, EV, BESS, and defense manufacturers; continues to seek offtake agreements.

Financial highlights

• Net loss for Q2 2026 was $4.3 million ($0.03/share), up from $3.9 million ($0.05/share) in Q2 2025.

• Net loss for the first six months of 2026 was $9 million ($0.07/share), up from $6.5 million ($0.09/share) in the same period of 2025.

• Cash balance as of June 30, 2026, was $38.2 million, down from $48.6 million at year-end 2025.

• Approximately $130 million incurred on Kellyton phase I to date; total phase I capital expected at $245 million, with $115 million remaining.

• $1.2 million raised from ATM equity sales in H1 2026; $70.6 million and $26.2 million remain available under ATM and Lincoln Park agreements.

Outlook and guidance

• Commercial production at Kellyton could begin as soon as 2027, contingent on securing remaining funding and completing construction.

• Management expects continued cash losses until Kellyton operations commence.

• Current cash balance deemed sufficient for planned non-discretionary expenditures beyond one year.

• Additional funding required to complete Phase I construction; pursuing non-dilutive and government-backed financing.

• Coosa permitting is underway, with operational start targeted for late 2028 or early 2029.