The company has maintained a zero-revenue profile for ten consecutive quarters while accumulating quarterly net losses that reached $10.9M in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.67M | 18.55M | 31.14M | 8.58M | 4.87M | 1.01M | 0 | 0 | 0 | 1.08M | 8.54M | 23.35M | 29.74M | 24.26M |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -100% | -74.81% | -40.43% | 262.93% | 76.37% | 382.04% | - | - | - | -100% | -87.34% | -63.4% | -21.5% | 22.57% | 11.15% |
| Cost of Goods Sold | 822K | 745K | 284K | 221K | 180K | 130K | 51K | 15K | 3.65M | 4.73M | 3.5M | 4.47M | 3.5M | 2.82M | 396.25K | 2.85M | 2.27M | 8.08M | 33.99M | 11.57M | 6.34M | 4.29M | 1.24M | 1.11M | 1.67M | 2.64M | 3.17M | 46.97M | 44.4M | 29.27M | 20.12M |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 172.99% | 183.25% | 37.16% | 73.92% | 88.18% | 122.97% | - | - | - | 293.18% | 549.68% | 190.17% | 98.42% | 82.93% |
| Gross Profit | -822K | -745K | -284K | -221K | -180K | -130K | -51K | -15K | -3.65M | -4.73M | -3.5M | -4.47M | -3.5M | -2.82M | -396.25K | -2.85M | -2.27M | -3.41M | -15.44M | 19.57M | 2.24M | 574.92K | -231.84K | -1.11M | -1.67M | -2.64M | -2.09M | -38.42M | -21.05M | 471.13K | 4.14M |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -72.99% | -83.25% | 62.84% | 26.08% | 11.82% | -22.97% | - | - | - | -193.18% | -449.68% | -90.17% | 1.58% | 17.07% |
| Gross Profit Growth % | - | -162.32% | -28.51% | -22.78% | -38.46% | -154.9% | -240% | 99.59% | 22.68% | -35.22% | 21.81% | -27.64% | -24.12% | -612.05% | 86.08% | -25.42% | 33.45% | 77.91% | -178.92% | 774.38% | 289.29% | 347.98% | 79.08% | 33.78% | 36.56% | -26.22% | 94.56% | -82.53% | -4568.21% | -88.62% | 56.3% |
| Operating Expenses | 15.67M | 13.79M | 11.18M | 13.05M | 11.8M | 18.09M | 9.73M | 4.9M | 8.35M | 7.65M | 8.13M | 8.27M | 9.61M | 12.94M | 13.7M | 8.53M | 8.43M | 6.77M | 11.55M | 18.02M | -22.2M | 36.19M | 2.58M | 913K | 1.2M | 1.21M | 1.38M | 2.06M | 2.73M | 2.94M | 3.05M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 144.8% | 62.28% | 57.86% | -258.75% | 743.92% | 255.58% | - | - | - | 127.73% | 24.12% | 11.69% | 9.87% | 12.59% |
| Selling, General & Admin | 13.63M | 12.38M | 9.99M | 10.12M | 9.9M | 8.88M | 5.68M | 4.79M | 7.36M | 6.61M | 7.65M | 7.49M | 8.85M | 9.71M | 10.4M | 8.4M | 8.29M | 6.62M | 11.41M | 11.67M | 6.76M | 3.19M | 2M | 879.75K | 1.2M | 1.19M | 1.36M | 2.04M | 2.67M | 2.91M | 3.03M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 141.75% | 61.48% | 37.47% | 78.73% | 65.6% | 198.1% | - | - | - | 125.65% | 23.83% | 11.45% | 9.8% | 12.5% |
| Research & Development | 1.51M | 1.14M | 1.18M | 2.94M | 1.15M | 5.97M | 4.05M | 116K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 532K | 266K | 20K | 0 | 756K | 3.25M | 0 | 0 | 10K | 28K | -185K | -14K | 2K | 9.86M | 653.61K | 127.74K | 143.36K | 6.77M | 11.55M | 18.02M | -22.2M | 36.19M | 2.58M | 913K | 0 | 14.45K | 22.57K | 24.71K | 57.15K | 22.96K | 20.88K |
| Operating Income | -16.49M | -14.53M | -11.47M | -13.27M | -11.98M | -18.23M | -9.78M | -4.92M | -36.05M | -24.82M | -13.3M | -16.75M | -13.55M | -19.85M | -15.84M | -11.38M | -10.7M | -10.18M | -27M | 324.87K | 20.43M | -35.62M | -2.81M | -2.02M | -2.88M | -3.84M | -3.47M | -40.48M | -23.78M | -2.47M | 1.09M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -217.78% | -145.52% | 1.04% | 238.07% | -732.1% | -278.56% | - | - | - | -320.91% | -473.8% | -101.86% | -8.29% | 4.48% |
| Operating Income Growth % | - | -26.7% | 13.59% | -10.75% | 34.25% | -86.39% | -98.9% | 86.36% | -45.25% | -86.63% | 20.62% | -23.63% | 31.75% | -25.37% | -39.21% | -6.31% | -5.14% | 62.3% | -8409.79% | -98.41% | 157.36% | -1166.9% | -39.09% | 29.72% | 25.2% | -10.74% | 91.42% | -70.24% | -864.5% | -326.85% | 228.46% |
| EBITDA | -15.71M | -13.79M | -11.22M | -13.05M | -11.84M | -18.2M | -9.76M | -4.9M | -34.94M | -23.64M | -12.57M | -16.42M | -13.22M | -19.41M | -15.28M | -10.65M | -9.8M | -8.69M | -19.64M | 6.67M | 26.29M | -33.59M | -2.3M | -1.99M | -2.83M | -3.79M | -3.26M | -39.53M | -17.8M | 5.14M | 8.71M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -185.9% | -105.88% | 21.43% | 306.4% | -690.45% | -227.8% | - | - | - | -300.89% | -462.57% | -76.24% | 17.28% | 35.88% |
| EBITDA Growth % | -46.67% | -22.87% | 14.03% | -10.25% | 34.98% | -86.55% | -99.12% | 85.97% | -47.82% | -88.03% | 23.42% | -24.18% | 31.88% | -27.01% | -43.49% | -8.65% | -12.81% | 55.77% | -394.29% | -74.61% | 178.27% | -1361% | -15.65% | 29.84% | 25.33% | -16.57% | 91.76% | -122.04% | -446.45% | -40.99% | 272.73% |
| D&A (Non-Cash Add-back) | 783K | 745K | 249K | 221K | 146K | 20K | 19K | 15K | 1.11M | 1.18M | 727K | 336K | 331K | 447.93K | 556.99K | 727.25K | 899.74K | 1.49M | 7.36M | 6.35M | 5.86M | 2.03M | 512.22K | 33.25K | 42.47K | 49.88K | 216.59K | 959.77K | 5.98M | 7.6M | 7.62M |
| EBIT | -16.49M | -14.53M | -11.47M | -7.75M | -11.98M | -16.03M | -13.91M | -6M | -35.68M | -19.29M | -16.8M | -12.5M | -8.32M | -19.89M | -15.57M | -11.18M | -10.33M | -10.03M | -26.47M | 324.87K | 24.44M | -35.62M | -15.82M | -347.23K | -2.89M | -3.83M | -3.47M | -40.48M | -23.78M | -2.47M | 1.09M |
| Net Interest Income | 427K | 470K | 275K | 1.35M | 1.05M | 26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -331.86K | 211.93K | 176.35K | 345.47K | 111.56K | 486.99K | 752.66K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 427K | 470K | 276K | 1.35M | 1.05M | 26K | 0 | 358K | 735K | 0 | 0 | 0 | 0 | 76.2K | 262.81K | 195.32K | 370.83K | 152.2K | 530.54K | 777.57K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 614K | 2.8M | 2.65M | 2.37M | 408.06K | 50.88K | 18.97K | 25.36K | 40.64K | 43.55K | 24.91K | 0 | 0 | 0 | -17.36K | -30.07K | -43.74K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -12.84M | -12.8M | -1.19M | 5.52M | 862K | 2.08M | -4.13M | -1.09M | 365K | -1.58M | -6.31M | -1.44M | 2.87M | -729.8K | -15.6M | -1.28M | -1.99M | -3.41M | -16.93M | -323.8M | 32.41M | 531.21K | 0 | 1.69M | 17.77K | 56.28K | 238.58K | 381.42K | 55.95K | 867.5K | -328.03K |
| Pretax Income | -29.32M | -27.33M | -12.66M | -7.75M | -11.12M | -16.14M | -13.91M | -6M | -35.68M | -19.29M | -19.61M | -15.14M | -10.68M | -20.29M | -15.62M | -11.2M | -10.35M | -10.07B | -26.51B | 1.08B | 47.23M | -35.09M | -2.75M | -329.87K | -2.86M | -3.79M | -3.23M | -40.1M | -23.72M | -1.6M | 758.86K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -215396.92% | -142899.38% | 3459.99% | 550.37% | -721.18% | -272.77% | - | - | - | -298.86% | -469.34% | -101.62% | -5.37% | 3.13% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.94M | 0 | 2.65M | 0 | 408.06K | 50.88K | 195.32K | 370.83K | 111.45M | 486.5M | 472.33K | 2.93M | 0 | -58.43K | 0 | 0 | 0 | 0 | -263.81K | -4.75M | -362.77K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -35.97% | 0% | -17.47% | 0% | -2.01% | -0.33% | -1.74% | -3.58% | -1.11% | -1.84% | 0.04% | 6.21% | 0% | 2.12% | 0% | 0% | 0% | 0% | 0.66% | 20% | 22.7% | 0% |
| Net Income | -29.32M | -27.33M | -12.66M | -7.75M | -11.12M | -16.14M | -23.57M | -10.56M | -35.68M | -19.29M | -19.61M | -15.14M | -10.68M | -20.29M | -15.62M | -11.2M | -10.35M | -10.07M | -26.51M | 1.08M | 21.51M | -35.09M | -2.75M | -329.87K | -2.86M | -3.79M | -3.23M | -39.84M | -18.98M | -1.32M | 758.86K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -215.4% | -142.9% | 3.46% | 250.67% | -721.18% | -272.77% | - | - | - | -298.86% | -466.25% | -81.29% | -4.45% | 3.13% |
| Net Income Growth % | -135.83% | -115.9% | -63.3% | 30.3% | 31.11% | 31.52% | -123.13% | 70.39% | -85.01% | 1.62% | -29.47% | -41.74% | 47.35% | -29.89% | -39.51% | -8.16% | -2.87% | 62.03% | -2560.19% | -94.99% | 161.3% | -1174.5% | -734.56% | 88.46% | 24.55% | -17.17% | 91.88% | -109.91% | -1332.58% | -274.59% | 181.06% |
| Net Income (Continuing) | -29.32M | -27.33M | -12.66M | -7.75M | -11.12M | -16.14M | -13.91M | -6M | -35.68M | -19.29M | -19.61M | -15.14M | -10.68M | -20.29M | -15.62M | -11.2M | -10.35M | -10.07M | -26.51M | 1.08M | 21.51M | -35.09M | -15.86M | -329.87K | -2.86M | -3.79M | -3.23M | -39.84M | -18.98M | -1.32M | 758.86K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -9.66M | -4.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.24 | -0.32 | -0.22 | -0.15 | -0.25 | -0.49 | -2.68 | -5.98 | -38.47 | -38.99 | -186.64 | -281.41 | -263.89 | -634.50 | -766.09 | -718.83 | -859.16 | -1070.95 | -2915.04 | 120.00 | 2520.01 | -5972.20 | -583.01 | -109.99 | -1199.92 | -2159.91 | -3414.31 | -65850.80 | -37808.41 | -2639.19 | 1920.01 |
| EPS Growth % | -48.92% | -45.45% | -46.67% | 40% | 48.98% | 81.72% | 55.18% | 84.46% | 1.33% | 79.11% | 33.68% | -6.64% | 58.41% | 17.18% | -6.57% | 16.33% | 19.78% | 63.26% | -2529.2% | -95.24% | 142.2% | -924.37% | -430.06% | 90.83% | 44.45% | 36.74% | 94.82% | -74.17% | -1332.58% | -237.46% | 202.95% |
| EPS (Basic) | - | -0.32 | -0.22 | -0.15 | -0.25 | -0.49 | -2.68 | -5.98 | -38.47 | -38.99 | -186.64 | -281.41 | -263.89 | -634.50 | -766.09 | -718.83 | -859.16 | -1070.95 | -2915.04 | 120.00 | 2640.01 | -5972.20 | -583.01 | -109.99 | -1199.92 | -2159.91 | -3414.31 | -65850.80 | -37808.41 | -2639.19 | 1920.01 |
| Diluted Shares Outstanding | 122.57M | 86.02M | 58.54M | 52.04M | 44.91M | 32.65M | 8.8M | 1.96M | 927.69K | 494.74K | 105.04K | 53.81K | 40.49K | 31.98K | 20.39K | 15.58K | 12.05K | 9.4K | 9.09K | 9.35K | 8.54K | 5.88K | 4.72K | 3K | 2.38K | 1.75K | 947 | 605 | 502 | 502 | 502 |
| Basic Shares Outstanding | 122.57M | 86.02M | 58.54M | 51.67M | 44.91M | 32.65M | 8.8M | 1.96M | 927.69K | 494.74K | 105.04K | 53.81K | 40.49K | 31.98K | 20.39K | 15.58K | 12.05K | 9.4K | 9.09K | 8.69K | 8.15K | 5.88K | 4.72K | 3K | 2.38K | 1.75K | 947 | 605 | 502 | 502 | 502 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Pre-revenue execution failure
As indicated by the company's financial filings over the last ten quarters, Westwater Resources remains entirely pre-revenue, with zero top-line contribution reported across all periods, underscoring the speculative nature of its transition from a development-stage entity to a commercial-scale producer of battery-grade graphite materials for the market.
The lack of revenue confirms that the company is currently in a pure capital-deployment phase rather than an operational one. Investors should monitor the timeline for the Kellyton facility, as the absence of sales suggests that the company has yet to clear the critical product qualification hurdles required by automotive OEMs.
Based on reported financial statements, SG&A expenses have trended upward, reaching $3.5M per quarter in recent periods, which, when combined with consistent R&D spending, highlights a structural cost base that continues to erode the company's remaining cash reserves without any offsetting revenue streams to mitigate the burn.
The stability of SG&A at $3.5M suggests a fixed-cost burden that is independent of project progress, indicating limited expense discipline during this development phase. This persistent overhead warrants further investigation into how long the current cash runway can support these administrative costs before additional dilutive financing becomes necessary.
According to the provided income statement data, net income remains consistently negative, with quarterly losses reaching as high as $10.9M in 2025Q4, a trend that appears exacerbated by periodic stock-based compensation charges that further dilute existing shareholders while the company lacks any core operational profitability.
The volatility in net income, particularly the anomalous positive figure in 2023Q4, suggests the influence of non-operating items that do not reflect the underlying health of the business. Analysts should focus on the cash burn rate rather than EPS, as the latter is heavily distorted by the company's reliance on equity-based financing.
As reported in recent filings, the company's reliance on third-party feedstock while awaiting the Coosa mine development creates a margin compression risk, as the cost of goods sold has consistently remained in the $150K to $250K range despite the total absence of any corresponding revenue generation.
The persistent negative gross profit indicates that even the initial processing activities are currently value-destructive. This suggests that the company may struggle to achieve competitive margins if the cost of third-party inputs remains high relative to the eventual market price of finished graphite products.
Quick answers to the most common questions about buying WWR stock.
For fiscal year 2025, Westwater Resources, Inc. (WWR) reported total revenue of $0.0M. This represents a 100.0% decline compared to $24.3M in 1996.
Westwater Resources, Inc. (WWR) reported a net loss of $27.3M for the fiscal year ending 2025.