Quarterly ResultMay 12, 2026, 04:38 PM
Westwater Resources Q1 Net Loss Widens to $4.7M
AI Summary
Westwater Resources reported a net loss of $4.7 million for the three months ended March 31, 2026, an increase from $2.7 million in the prior year, though basic and diluted loss per share remained at $0.04 due to a higher share count. The company's cash and cash equivalents decreased to $41.5 million from $48.6 million at year-end 2025. Construction activities at the Kellyton Graphite Plant have been significantly reduced from anticipated levels as the company seeks additional funding to complete Phase I, despite management believing current cash is sufficient for non-discretionary expenditures for over a year.
Key Highlights
- Net loss widened to $4.7 million in Q1 2026 from $2.7 million in Q1 2025.
- Basic and diluted loss per share remained at $0.04 despite increased net loss.
- Cash and cash equivalents decreased to $41.5 million as of March 31, 2026.
- Net cash used in operating activities increased to $4.0 million from $2.3 million year-over-year.
- Sold 1.0 million shares for $1.2 million net proceeds via ATM Sales Agreement in Q1 2026.
- Approximately $70.6 million remains available under ATM Sales Agreement and $26.2 million under Lincoln Park PA.
- Issued 2.7 million common shares to settle $1.6 million of Series B-1 Convertible Notes.
- Construction at Kellyton Graphite Plant significantly reduced pending additional funding.