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Westwater Resources, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $3.1 million, or $0.05 per share, compared to a net loss of $3.5 million, or $0.07 per share, in the same quarter the previous year. The decrease in net loss is attributed to lower costs related to product development and exploration.
Product development expenses for the quarter were $0.3 million, a decrease from $1.0 million in the previous year. Exploration expenses decreased to zero from $0.1 million in the previous year.
General and administrative expenses remained flat at $2.4 million compared to the same quarter in the previous year.
Other expenses, net for the quarter, were $0.4 million, compared to $0.2 million in the previous year. This increase is due to a loss on the sale of raw material inventory and less interest income.
Cash used in operating activities was $3.8 million for the nine months ended September 30, 2024, compared to $12.2 million in the previous year. This decrease was primarily due to cash collected on sales of raw material inventory and a decrease in raw material inventory purchases.
Net cash used in investing activities was $3.5 million for the nine months ended September 30, 2024, compared to $55.3 million in the previous year, due to reduced construction activity at the Kellyton Graphite Plant.
Net cash provided by financing activities was $1.0 million for the nine months ended September 30, 2024, compared to $4.0 million in the previous year. The decrease was due to fewer shares of common stock sold under the ATM Sales Agreement and ATM Offering Agreement.
Westwater Resources continues to focus on the development of the Kellyton Graphite Plant and the Coosa Graphite Deposit. The company has entered into agreements to sell a portion of its raw material inventory and is seeking additional financing to complete construction of Phase I of the Kellyton Graphite Plant.
The company acknowledges its dependence on securing additional funding to continue operations and complete construction projects. It has entered into an ATM Sales Agreement with H.C. Wainwright and a purchase agreement with Lincoln Park Capital to raise additional funds.
Westwater Resources has not recorded revenue from operations since 2009 and continues to be subject to the risks associated with a development stage company.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Westwater Resources Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.