Westwater Resources, Inc. (WWR) held its Q3 2025 earnings call on Thursday, November 13, 2025, with CFO Steven Cates and CEO Frank Bakker leading the discussion. The call focused on the company’s financial performance for the third quarter, guidance for the remainder of the fiscal year, and progress on its flagship Kellyton Graphite Plant.
The company reported a loss per share of $0.12 and a net loss of $9.836 million for the nine‑month period ended September 30, 2025. The loss reflects the company’s status as a pre‑revenue developer, with no revenue reported for the quarter. The loss is only slightly larger than the $9.8 million net loss reported for the same period in 2024, and a modest increase from the $9.5 million loss in 2023. In comparison, the company’s Q2 2025 net loss of $3.86 million was only marginally higher than the $3.82 million loss recorded a year earlier.
Management maintained its existing guidance for the rest of the fiscal year, citing confidence in the company’s cash position and the progress of the Kellyton project. As of November 5, 2025, Westwater’s cash balance stood at approximately $53 million after raising $55 million through an ATM program and a convertible note offering. The company’s capital structure remains focused on funding the development of the graphite plant and supporting ongoing operating expenses.
Progress on the Kellyton Graphite Plant continues to accelerate. By October 2025, 85 % of Phase I equipment had been delivered, and commissioning activities were underway. The plant is expected to become the first large‑scale U.S. graphite anode material facility, positioning Westwater as a key supplier in the domestic battery‑grade graphite market.
The company faces a significant headwind with the termination of its off‑take agreement with Stellantis, which had been a major source of future revenue. However, agreements with SK On and Hiller Carbon remain in place, and Westwater has secured a U.S. patent for its graphite purification process. The company also benefits from a favorable policy environment, including U.S. government incentives for domestic critical‑mineral production and tariffs on Chinese graphite imports, which support the long‑term tailwinds for its business.
Westwater’s Q3 2025 results underscore its status as a development‑stage company that is heavily reliant on capital markets to fund its operations and bring the Kellyton plant to commercial production. While the quarter’s loss reflects ongoing investment in the project, the company’s cash reserves and progress on the plant suggest a trajectory toward eventual commercialization and revenue generation in the domestic battery supply chain.
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