Westwater Resources, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting ongoing challenges as a development stage company. The company recorded a net loss of $3.1 million for Q3 2024, a slight improvement from a net loss of $3.5 million in Q3 2023. For the nine-month period, the net loss increased to $9.8 million from $9.5 million year-over-year. The basic and diluted loss per share for Q3 2024 was $(0.05), compared to $(0.07) in the prior year, while for the nine months, it was $(0.17) versus $(0.19).

Total operating expenses for Q3 2024 were $2.8 million, down from $3.7 million in Q3 2023. For the nine months, operating expenses decreased to $8.6 million from $10.7 million. The reduction in expenses was primarily attributed to lower product development and exploration costs, which decreased by $0.7 million and $1.8 million, respectively, compared to the same periods in 2023.

As of September 30, 2024, Westwater's cash and cash equivalents stood at $4.5 million, a significant decline from $10.9 million at the end of 2023. Total current assets also decreased to $5.7 million from $11.6 million, while total liabilities increased to $9.4 million from $7.8 million. The company’s total assets were reported at $143.5 million, down from $149.8 million at year-end 2023.

Westwater has been actively seeking financing to support the construction of its Kellyton Graphite Plant, which is expected to produce battery-grade natural graphite. The company entered into a $150 million secured debt facility term sheet in September 2024 and has also established a Purchase Agreement with Lincoln Park Capital, allowing for the sale of up to $30 million in common stock. As of the reporting date, the company had not yet sold any shares under this agreement.

Inventory levels have decreased significantly, with $0.8 million reported as of September 30, 2024, down from $4.8 million at the end of 2023. The company recognized a $0.3 million write-down of inventory in Q3 2024, totaling $1.0 million for the nine-month period.

Strategically, Westwater has entered into offtake agreements with Hiller Carbon and FCA, committing to supply graphite materials once production begins. The company is also focused on reducing construction costs for the Kellyton Graphite Plant, with the estimated cost lowered to $245 million from $271 million. The anticipated production start date is 2026, contingent on securing necessary financing.