Westwater Resources, Inc., an energy technology company, focuses on developing battery-grade natural graphite materials in the United States. It primarily holds interests ...
Westwater Resources, Inc. is a U.S.-based energy technology company dedicated to establishing a domestic supply chain for battery-grade natural graphite, a critical material for lithium-ion batteries used in electric vehicles and energy storage. The company is vertically integrated, controlling operations from mining to processing, with its primary assets located in ...Westwater Resources, Inc. is a U.S.-based energy technology company dedicated to establishing a domestic supply chain for battery-grade natural graphite, a critical material for lithium-ion batteries used in electric vehicles and energy storage. The company is vertically integrated, controlling operations from mining to processing, with its primary assets located in Alabama: the Coosa Graphite project, covering approximately 41,965 acres in east-central Alabama, and the Kellyton Graphite plant near Kellyton. The Coosa project is designed to produce graphite concentrate, while the Kellyton plant will process it into high-purity spherical graphite for battery applications. Westwater aims to reduce U.S. reliance on imported graphite, which is currently dominated by China. As of the latest data, the company has 20 employees and is headquartered in Centennial, Colorado. Financially, Westwater is in a development stage, with no revenue yet, and has been investing heavily in capital expenditures for its graphite plant. The company's market capitalization is approximately $76 million, with a stock price around $0.60. Despite recent share price volatility, the long-term outlook is tied to the growing demand for electric vehicles and clean energy technologies. Key leadership includes CEO Frank Bakker, who has been in the role since January 2023, and Chairman Terence Cryan. The company's strategic focus includes advancing its mine-to-market platform, securing offtake agreements, and obtaining funding to complete the Kellyton plant. Historically founded as Uranium Resources in 1977, it pivoted to graphite in 2017, reflecting a strategic shift towards critical minerals for clean energy.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$0
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Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-27.3M
-115.9%
+7.7%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
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Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
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Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
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Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-21.6M
-80.5%
+42.2%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
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Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
3.5%
+1860.4%
-96.6%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
4.20x
+917.0%
+9.9%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello, everyone. Thank you for joining us, and welcome to Westwater Resources, Inc. Second Quarter 2026. [Operator Instructions] I will now hand the conference over to Steve Cates, Chief Financial Officer. Steve, please go ahead.
Steven Cates: Thank you, operator, and good morning, everyone. Thank you for joining us today for Westwater Resources Second Quarter 2026 Business Update. Our Form 10-Q was filed earlier this week and is available in the Investors section of our website at westwaterresources.com. Joining me today on the call are Terence Cryan, our Executive Chairman; and Frank Bakker, our President and Chief Executive Officer. Both will be available to answer questions following our prepared remarks. As a reminder, today's discussion will include forward-looking statements, including, but not limited to, future events and expectations, including projected demand for graphite products, expected time lines and costs related to the Kellyton Graphite Processing Plant and the Coosa Graphite Deposit, financing activities, permitting time lines and customer qualification efforts. These statements are subject to risks and uncertainties that could cause actual results to differ materially from management's current expectations. Please refer to our SEC filings and the cautionary language included in our press releases for additional detail. With that, I'll turn the call over to our Executive Chairman, Terence Cryan.
Terence Cryan: Thanks, Steve, and good morning, everyone. This week marked a major step forward for Westwater, for Kellyton and for the build-out of American-made battery-grade natural graphite. On Monday, we announced that EXIM approved a $25 million loan to support continued development of our Kellyton Graphite Plant in Alabama. EXIM's $25 million approval is more than a financing milestone. It's a clear recognition of the strategic importance of Kellyton and the role domestic graphite production can play in strengthening the U.S. critical mineral supply chain. For years, the United States has relied heavily on foreign sources of graphite and battery-grade graphite materials. Kellyton is being developed to help change that by advancing domestic processing capacity for graphite, a U.S. critical mineral essential to lithium-ion batteries, energy storage and advanced manufacturing. We are now one step closer to something the country urgently needs, American-made battery-grade natural graphite produced here in the United States for U.S. supply chains. And importantly, the loan approval moves us one step closer to commercial production from Kellyton, which could commence as soon as next year. The loan was approved under EXIM's Make More in America Initiative, which supports domestic manufacturing projects tied to critical U.S. supply chains, and Kellyton fits the bill. For Westwater, this approval provides nondilutive capital to advance Kellyton from construction and equipment installation to commissioning and operational …
