Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 12, 2026
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Securities Act File Number	001-33404
Entity Registrant Name	WESTWATER RESOURCES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-2212772
Entity Address, Address Line One	6950 S. Potomac Street, Suite 300
Entity Address, City or Town	Centennial
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80112
City Area Code	303
Local Phone Number	531-0516
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	WWR
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		127,128,703
Entity Central Index Key	0000839470
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 41,461	$ 48,576
Prepaid and other current assets	886	294
Total Current Assets	42,347	48,870
Property, plant and equipment, at cost:
Property, plant and equipment	146,068	144,646
Less: Accumulated depreciation	(1,641)	(1,453)
Net property, plant and equipment	144,427	143,193
Other long-term assets	2,360	2,470
Total Assets	189,134	194,533
Current Liabilities:
Accounts payable	4,411	3,989
Accrued liabilities	939	1,660
Total Current Liabilities	9,058	11,622
Other long-term liabilities	1,381	1,382
Total Liabilities	10,439	13,004
Commitments and Contingencies (see Note 10)
Stockholders' Equity:
Common Stock, 200,000,000 shares authorized, $0.001 par value Issued shares - 124,703,113 and 117,989,625, respectively Outstanding shares - 124,702,952 and 117,989,464, respectively	125	118
Paid-in capital	584,515	582,681
Accumulated deficit	(405,687)	(401,012)
Less: Treasury stock (161 shares), at cost	(258)	(258)
Total Stockholders' Equity	178,695	181,529
Total Liabilities and Stockholders' Equity	189,134	194,533
Series A-1 Convertible Notes
Current Liabilities:
Convertible Notes	1,602	1,848
Series B-1 Convertible Notes
Current Liabilities:
Convertible Notes	$ 2,106	$ 4,125

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, shares authorized	200,000,000	200,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares issued	124,703,113	117,989,625
Common stock, shares outstanding	124,702,952	117,989,464
Treasury stock, shares	161	161

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Expenses:
Product development expenses	$ (550)	$ (182)
Exploration expenses	(312)	(7)
General and administrative expenses	(3,541)	(2,294)
Depreciation and amortization	(190)	(152)
Total operating expenses	(4,593)	(2,635)
Non-Operating Expense:
Other income (expense), net	389	(41)
Total other expense	(82)	(41)
Net Loss	$ (4,675)	$ (2,676)
BASIC AND DILUTED LOSS PER SHARE
LOSS PER SHARE, BASIC (in dollars per share)	$ (0.04)	$ (0.04)
LOSS PER SHARE, DILUTED (in dollars per share)	$ (0.04)	$ (0.04)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC (in shares)	122,571,872	67,919,882
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, DILUTED (in shares)	122,571,872	67,919,882
Series A-1 Convertible Notes
Non-Operating Expense:
Convertible Notes gain (loss)	$ 246
Series B-1 Convertible Notes
Non-Operating Expense:
Convertible Notes gain (loss)	$ (717)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Activities:
Net loss	$ (4,675)	$ (2,676)
Reconciliation of net loss to cash used in operations:
Non-cash lease expense	87	32
Depreciation and amortization	190	152
Stock compensation expense	623	172
Deferred contract costs write-off	259
Effect of changes in operating working capital items:
Increase in other long-term assets	(239)	(347)
Increase in prepaids and other current assets	(592)	(306)
(Decrease) increase in payables and accrued liabilities	(166)	663
Net Cash Used In Operating Activities	(4,042)	(2,310)
Investing Activities:
Capital expenditures	(1,554)	(2,932)
Net Cash Used In Investing Activities	(1,554)	(2,932)
Financing Activities:
Issuance of Common Stock, net of issuance costs	1,213	4,606
Payment of debt issuance costs		(30)
Payment of minimum withholding taxes on net share settlements of equity awards	(2,731)	(343)
Payments on finance lease liabilities	(1)	(1)
Net Cash (Used In) Provided By Financing Activities	(1,519)	4,232
Net decrease in Cash and Cash Equivalents	(7,115)	(1,010)
Cash and Cash Equivalents, Beginning of Period	48,576	4,272
Cash and Cash Equivalents, End of Period	41,461	3,262
Supplemental Cash Flow Information
Accrued capital expenditures (at end of period)	884	4,828
Common Stock issued for Series B-1 Convertible Notes	2,736
Accrued debt issuance costs (at end of period)		1,726
Total Supplemental Cash Flow Information	3,620	$ 6,554
Series A-1 Convertible Notes
Reconciliation of net loss to cash used in operations:
Convertible Notes (gain) loss	(246)
Series B-1 Convertible Notes
Reconciliation of net loss to cash used in operations:
Convertible Notes (gain) loss	$ 717

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Paid-In Capital	Accumulated Deficit	Treasury Stock	Total
Balance at Dec. 31, 2024	$ 65	$ 507,001	$ (373,686)	$ (258)	$ 133,122
Balance, shares at Dec. 31, 2024	64,830,081
Net loss			(2,676)		(2,676)
Common Stock issued, net of issuance costs	$ 6	4,600			4,606
Common Stock issued, net of issuance costs (in shares)	6,352,189
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes	$ 1	171			172
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes (in shares)	914,431
Minimum withholding taxes on net share settlements of equity awards		(343)			(343)
Balance at Mar. 31, 2025	$ 72	511,429	(376,362)	(258)	134,881
Balance, shares at Mar. 31, 2025	72,096,701
Balance at Dec. 31, 2025	$ 118	582,681	(401,012)	(258)	181,529
Balance, shares at Dec. 31, 2025	117,989,625
Net loss			(4,675)		(4,675)
Common Stock issued, net of issuance costs	$ 1	1,212			1,213
Common Stock issued, net of issuance costs (in shares)	1,003,867
Common Stock issued for Series B-1 Convertible Notes	$ 3	2,733			$ 2,736
Common Stock issued for Series B-1 Convertible Notes (in shares)	2,694,900				2,700,000
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes	$ 3	620			$ 623
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes (in shares)	3,014,721
Minimum withholding taxes on net share settlements of equity awards		(2,731)			(2,731)
Balance at Mar. 31, 2026	$ 125	$ 584,515	$ (405,687)	$ (258)	$ 178,695
Balance, shares at Mar. 31, 2026	124,703,113

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2026

BASIS OF PRESENTATION

BASIS OF PRESENTATION

1. BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements (the “Interim Financial Statements”) for Westwater Resources, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying Interim Financial Statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report. The Interim Financial Statements are unaudited. In the opinion of management, all adjustments (which are of a normal, recurring nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2026, are not necessarily indicative of the results that may be expected for any other period including the full year ending December 31, 2026.

Significant Accounting Policies

Significant accounting policies are detailed in Note 1, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements within our Annual Report.

Recently Issued Accounting Pronouncements

In January 2025, the FASB issued ASU 2025-01, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date” (“ASU 2025-01”). ASU 2025-01 amends the effective date of ASU 2024-03 to clarify that all public entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40)” (“ASU 2024-03”). ASU 2024-03 improves financial reporting by requiring companies to disclose additional information about certain expenses in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements.

LIQUIDITY

3 Months Ended

Mar. 31, 2026

LIQUIDITY

LIQUIDITY

2. LIQUIDITY

The Company has not recorded revenue from its graphite operations, and as such, Westwater is subject to all the risks associated with a development-stage company. Management expects to continue to incur cash losses to further advance the Coosa Graphite Deposit, to continue construction activity at the Kellyton Graphite Plant and for general and administrative expenses until operations commence at the Kellyton Graphite Plant. Operations at the Kellyton Graphite Plant are dependent on securing the additional funding needed to complete construction of Phase I of the Kellyton Graphite Plant.

During the quarter ended March 31, 2026, and through the date that these Interim Financial Statements were issued, the Company continued construction activities related to the Kellyton Graphite Plant. However, the construction activities have been significantly reduced from anticipated levels until additional funding is secured to advance Phase I of the Kellyton Graphite Plant. The Company’s construction-related contracts include termination provisions at the Company’s election that do not obligate the Company to make payments beyond what is incurred by the third-party service provider, including purchases of long lead equipment, through the date of such termination.

On March 31, 2026, the Company’s cash balance was approximately $41.5 million. During the three months ended March 31, 2026, the Company sold 1.0 million shares of Common Stock for net proceeds of $1.2 million pursuant to the ATM Sales Agreement. As of March 31, 2026, the Company has approximately $70.6 million remaining available for future sales under the ATM Sales Agreement and approximately $26.2 million remaining available for future sales under the 2024 Lincoln Park PA, subject to certain limitations contained within the Convertible Notes. See Note 7 Stockholders’ Equity for further details regarding the Company’s equity financing agreements.

While the Company has advanced its business plan and has been successful in the past raising funds through equity and debt financings, as well as through the sale of non-core assets, no assurance can be given that additional financing will be available in amounts sufficient to meet its needs, or on terms acceptable to the Company. Recent volatility in the equity and debt capital markets, higher interest rates, inflation, electric vehicle production and adoption rates, uncertain economic conditions and regulatory policy and enforcement, tariff policy and import/export restrictions, and unstable geopolitical conditions, could significantly impact the Company’s ability to access the necessary funding to advance its business plan. The Company’s ability to raise additional funds under the ATM Sales Agreement and the 2024 Lincoln Park PA may be limited by the Company’s market capitalization, share price and trading volume.

Management believes the Company’s current cash balance is sufficient to fund its planned non-discretionary expenditures beyond a year after the date that these Interim Financial Statements were issued.

PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2026

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

3. PROPERTY, PLANT AND EQUIPMENT

As of March 31, 2026, and December 31, 2025, the Company had the following components within the “Property, plant and equipment” line item on the Condensed Consolidated Balance Sheets:


		Net Book Value of Property, Plant and Equipment at March 31, 2026
(thousands of dollars)		Alabama			Corporate			Total
Mineral rights and properties		$	8,972		$	—		$	8,972
Buildings			3,093			—			3,093
Other property, plant and equipment			4,202			9			4,211
Construction in progress			128,151			—			128,151
Total		$	144,418		$	9		$	144,427


		Net Book Value of Property, Plant and Equipment at December 31, 2025
(thousands of dollars)		Alabama			Corporate			Total
Mineral rights and properties		$	8,972		$	—		$	8,972
Buildings			3,122			—			3,122
Other property, plant and equipment			4,360			10			4,370
Construction in progress			126,729			—			126,729
Total		$	143,183		$	10		$	143,193

Construction in Progress

Construction in progress represents assets that are not ready for service or are in the construction stage. Assets are depreciated based on the estimated useful life of the asset once it is placed in service.

Impairment of Property, Plant and Equipment

The Company reviews and evaluates its long-lived assets for impairment on an annual basis or more frequently when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. For the three months ended March 31, 2026, no events or changes in circumstances are believed to have impacted recoverability of the Company’s long-lived assets. Accordingly, it was determined that no interim impairment was necessary. As discussed in Note 2 Liquidity, if the Company is required to abandon construction and development or alter its intended long-term plans related to the Kellyton Graphite Plant, the Company could be required to evaluate the recoverability of its long-lived assets.

CONVERTIBLE NOTES

3 Months Ended

Mar. 31, 2026

CONVERTIBLE NOTES

CONVERTIBLE NOTES

4. CONVERTIBLE NOTES

On June 13, 2025, the Company entered into the June Securities Purchase Agreement with certain institutional investors under which the Company agreed to issue and sell in a registered public offering directly to the investors, convertible notes for an aggregate principal amount of $5,000,000, which are convertible into shares of the Company’s Common Stock (the “Series A-1 Convertible Notes”).

On August 7, 2025, the Company entered into the August Securities Purchase Agreement with certain institutional investors under which the Company agreed to issue and sell in a registered public offering directly to the investors, convertible notes for an aggregate principal amount of $5,000,000, which are convertible into shares of the Company’s Common Stock (the “Series B-1 Convertible Notes”).

The Securities Purchase Agreements contain customary representations, warranties and covenants. The Convertible Notes contain customary affirmative and negative covenants, including certain limitations on debt, liens, restricted payments, asset transfers, changes in the business and transactions with affiliates. The Convertible Notes also contain standard and customary events of default.

No note in the series of Convertible Notes may be converted to the extent that such conversion would cause a holder of any such note to become the beneficial owner of more than 9.99% of the then outstanding Common Stock, after giving effect to such conversion (the “Beneficial Ownership Cap”).

The Convertible Notes shall not bear interest except that upon the occurrence and during the continuance of an event of default (as such term is defined in the Convertible Notes). Upon the occurrence and during the continuance of an event of default, the interest rate on the Convertible Notes will be 18% per annum. Unless earlier converted, the Convertible Notes will mature on the twenty-four month anniversary of their respective issuance dates. Additionally, the Convertible Notes have a financial covenant of maintaining a minimum balance of available cash of $2.25 million.

At any time after the respective issuance date, all amounts due under the Series A-1 Convertible Notes and Series B-1 Convertible Notes are convertible, in whole or in part, and subject to the Beneficial Ownership Cap, at a conversion price equal to $0.63 and $0.83, respectively, which is subject to customary adjustments upon any stock split, stock dividend, stock combination, recapitalization, subsequent issuances, and other events. When a conversion occurs on an Installment Amount (as defined below), the conversion price is the lower of the respective conversion price or 92% of the lowest VWAP of the Common Stock during the five consecutive trading days prior to the Installment Date (as defined below).

Starting on the respective issuance dates, the Convertible Notes amortize in equal installments (each, an “Installment Amount”), and we will make monthly payments on the first trading day of each monthly anniversary commencing on the respective issuance date through the maturity date (each, an “Installment Date”), payable in cash or shares of Common Stock, at the Company’s option. Upon the satisfaction of certain conditions, we may prepay outstanding Convertible Notes upon not less than 20 trading days’ written notice by paying an amount equal to the portion of the Convertible Notes being redeemed at a 115% premium.

Pursuant to the June and August Securities Purchase Agreements, the Company has agreed to seek stockholder approval of the issuance of conversion shares upon the future conversion of the Convertible Notes, if any, that would exceed 19.99% of the Company’s issued and outstanding Common Stock, in order to comply with the rules and regulations of NYSE American. In connection with the obligation to seek such stockholder approval, the Company entered into voting agreements (each, a “Voting Agreement”) with certain officers and directors of the Company, pursuant to which each such officer and director agreed to vote shares of Common Stock held by such person in favor of such stockholder proposal.

The Convertible Notes and shares of Common Stock issuable upon conversion of the Convertible Notes were offered and sold pursuant to prospectus supplements filed on August 7, 2025 and June 13, 2025 as a “takedown” from the Company’s shelf registration statement on Form S-3.

The Company elected the Fair Value Option for the Convertible Notes (see Note 5 Fair Value Measurements for more details).

For the three months ended March 31, 2026, the Company recognized other income of approximately $0.2 and $0.4 million related to changes in fair values of the Series A-1 Convertible Notes and Series B-1 Convertible Notes, respectively. For the three months ended March 31, 2026, the Company recognized other expense of approximately $1.1 million related to conversions of the Series B-1 Convertible Notes. There were no conversions of the Series A-1 Convertible Notes for the three months ended March 31, 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

5. FAIR VALUE MEASUREMENTS

Recurring Fair Value Measurements

The following tables set forth by level, within the fair value hierarchy, the Company’s liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025. In accordance with U.S. GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The carrying amounts of certain financial instruments, including cash, accounts payable, and accrued liabilities approximate fair value due to their short maturities. Consequently, such financial instruments are not included in the following tables.


	March 31, 2026
(thousands of dollars)	Level 1			Level 2			Level 3			Total
Current assets
Cash equivalent:
Money market account	$	41,260		$	—		$	—		$	41,260
Current liabilities
Series A-1 Convertible Notes		—			—			(1,602)			(1,602)
Series B-1 Convertible Notes		—			—			(2,106)			(2,106)
Total current assets (liabilities), net recorded at fair value	$	41,260		$	—		$	(3,708)		$	37,552


	December 31, 2025
(thousands of dollars)	Level 1			Level 2			Level 3			Total
Current assets
Cash equivalent:
Money market account	$	48,395		$	—		$	—		$	48,395
Current liabilities
Series A-1 Convertible Notes		—			—			(1,848)			(1,848)
Series B-1 Convertible Notes		—			—			(4,125)			(4,125)
Total current assets (liabilities), net recorded at fair value	$	48,395		$	—		$	(5,973)		$	42,422

The fair value of the Convertible Notes is considered Level 3 as the Company considers unobservable inputs related to the probability of the occurrence of certain contingent conversion and redemption features in its determination of fair value, and unobservable inputs related to potential changes in the Company’s future stock prices based on a binomial lattice pricing model. Changes in those unobservable inputs could significantly impact the estimated fair value of the Convertible Notes.

The estimated fair value of the Convertible Notes as of March 31, 2026 and December 31, 2025, were computed using the following assumptions:


	March 31, 2026
	Series A-1 Convertible Notes		Series B-1 Convertible Notes
Expected volatility	101.0%		99.2%
Expected dividend rate	—		—
Risk-free interest rate	3.70%		3.72%


	December 31, 2025
	Series A-1 Convertible Notes		Series B-1 Convertible Notes
Expected volatility	104.2%		99.6%
Expected dividend rate	—		—
Risk-free interest rate	3.48%		3.47%

The Company did not make any transfers into or out of Level 3 of the fair value hierarchy during the three month period ending March 31, 2026 and 2025.

As of March 31, 2026, the remaining principal balance for the Series A-1 Convertible Notes and Series B-1 Convertible Notes were approximately $1.4 million and $1.7 million, respectively.

The net carrying amounts of the liability are summarized as follows:


	Balances,		For the Three Months Ended March 31, 2026				Balances,
(thousands of dollars)	December 31, 2025		Conversions		Change in Fair Value		March 31, 2026
Series A-1 Convertible Notes	$	(1,848)	$	—	$	246	$	(1,602)
Series B-1 Convertible Notes		(4,125)		1,615		404		(2,106)
Total	$	(5,973)	$	1,615	$	650	$	(3,708)

Losses and gains on Convertible Notes related to conversions and changes in fair value, respectively, were recognized as “Non-Operating Expenses” within the Condensed Consolidated Statement of Operations for the three months ended March 31, 2026, as the losses were unrelated to instrument specific credit risk. During the three months ended March 31, 2026, the Company issued approximately 2.7 million shares of the Company’s Common Stock to settle approximately $1.6 million of the net carrying amount related to the Convertible Notes.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

ACCRUED LIABILITIES

3 Months Ended

Mar. 31, 2026

ACCRUED LIABILITIES

ACCRUED LIABILITIES

6. ACCRUED LIABILITIES

As of March 31, 2026, and December 31, 2025, the Company had the following components within the “Accrued liabilities” line item on the Condensed Consolidated Balance Sheets:


	March 31,			December 31,
(thousands of dollars)	2026			2025
Accrued liabilities:
Accrued compensation	$	490		$	986
Liabilities related to Company insurance		28			55
Accrued legal fees		—			104
Current portion of lease liabilities		221			309
Other accrued liabilities		200			206
Total accrued liabilities	$	939		$	1,660

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2026

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

7. STOCKHOLDERS’ EQUITY

Common Stock Issued, Net of Issuance Costs

ATM Financing with H.C. Wainwright

On August 30, 2024, the Company entered into an ATM Sales Agreement with H.C. Wainwright to sell shares of its Common Stock from time to time, through an “at the market” offering program under which H.C. Wainwright will act as the sales agent. The Company will pay H.C. Wainwright a commission rate equal to up to 3.0% of the aggregate gross proceeds from each sale of ATM Shares and has agreed to provide H.C. Wainwright with customary indemnification and contribution rights. The Company will also reimburse H.C. Wainwright for certain specified expenses in connection with entering into the ATM Sales Agreement. The ATM Sales Agreement contains customary representations and warranties and conditions to the sale of the ATM Shares pursuant thereto. Sales of the ATM Shares made under the ATM Sales Agreement will be made by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended.

On March 21, 2025, Westwater filed a prospectus supplement for the purpose of registering under the Company’s Registration Statement on Form S-3 (the “Registration Statement”) the offer and sale of shares of Common Stock in the aggregate amount of up to $50.0 million pursuant to the ATM Sales Agreement. On October 17, 2025, the Company filed an additional prospectus supplement for the purpose of registering under the Company’s Registration Statement the offer and sale of shares of Common Stock in the aggregate amount of up to $75.0 million pursuant to the ATM Sales Agreement, which does not include the approximately $55 million of shares of Common Stock that were previously sold pursuant to the ATM Sales Agreement as of the date of the filing of the prospectus supplement.

During the three months ended March 31, 2026 and 2025, the Company sold 1.0 million and 2.5 million shares of Common Stock for net proceeds of $1.2 million and $2.0 million, respectively, pursuant to the ATM Sales Agreement. As of March 31, 2026, the Company has approximately $70.6 million remaining available for future sales under the ATM Sales Agreement.

August 2024 Purchase Agreement with Lincoln Park Capital, LLC

On August 30, 2024, the Company entered into the 2024 Lincoln Park PA and the 2024 Lincoln Park Registration Rights Agreement, pursuant to which Lincoln Park has committed to purchase up to $30.0 million of the Company’s Common Stock.

Under the terms and subject to the conditions of the 2024 Lincoln Park PA, the Company has the right, but not the obligation, to sell to Lincoln Park, and Lincoln Park is obligated to purchase, up to $30.0 million of the Company’s Common Stock. Sales of Common Stock by the Company, if any, will be subject to certain limitations, and may occur from time to time, at the Company’s sole discretion, over the 24-month period commencing on October 18, 2024 (the “Commencement Date”). The Registration Statement on Form S-1 registering for resale the shares of Common Stock issuable pursuant to the 2024 Lincoln Park PA was declared effective by the SEC on October 11, 2024, and a related final prospectus was filed on October 18, 2024, pursuant to Rule 424(b)(3).

After the Commencement Date under the 2024 Lincoln Park PA, the Company may direct Lincoln Park to purchase up to 150,000 shares of Common Stock on such business day (each, a “Regular Purchase”), provided, however, that (i) the Regular Purchase may be increased to up to 200,000 shares, provided that the closing sale price of the Common Stock is not below $0.50 on the purchase date; (ii) the Regular Purchase may be increased to up to 250,000 shares, provided that the closing sale price of the Common Stock is not below $0.75 on the purchase date; and (iii) the Regular Purchase may be increased to up to 300,000 shares, provided that the closing sale price of the Common Stock is not below $1.00 on the purchase date (all of which share and dollar amounts shall be appropriately proportionately adjusted for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction as provided in the 2024 Lincoln Park PA). In each case, Lincoln Park’s maximum commitment in any single Regular Purchase may not exceed $1,000,000. The purchase price per share for each such Regular Purchase will be based on an agreed-upon fixed discount to the prevailing market prices of the Company’s Common Stock immediately preceding the time of sale. In addition to Regular

Purchases, the Company may also direct Lincoln Park to purchase other amounts as accelerated purchases or as additional accelerated purchases at such times and subject to the limitations set forth in the 2024 Lincoln Park PA.

Under applicable rules of the NYSE American, in no event could the Company issue or sell to Lincoln Park under the 2024 Lincoln Park PA any shares of its Common Stock to the extent the issuance of such shares of Common Stock, when aggregated with all other shares of Common Stock issued pursuant to the 2024 Lincoln Park PA, would cause the aggregate number of shares of Common Stock issued pursuant to the 2024 Lincoln Park PA to exceed 19.99% of the shares of Common Stock outstanding immediately prior to the execution of the 2024 Lincoln Park PA without stockholder approval. On May 27, 2025, the Company held its 2025 Annual Stockholders Meeting and obtained stockholder approval for the issuance of more than 19.99% of the shares of the Company’s Common Stock outstanding.

Lincoln Park has no right to require the Company to sell any shares of Common Stock to Lincoln Park, but Lincoln Park is obligated to make purchases as the Company directs, subject to certain conditions. In all instances, the Company may not sell shares of its Common Stock to Lincoln Park under the 2024 Lincoln Park PA if it would result in Lincoln Park beneficially owning more than 9.99% of its Common Stock. There are no upper limits on the price per share that Lincoln Park must pay for shares of Common Stock.

As consideration for its commitment to purchase shares of Common Stock under the 2024 Lincoln Park PA, the Company issued to Lincoln Park 600,000 shares of Common Stock and may issue to Lincoln Park up to an additional 600,000 shares of Common Stock (the “Additional Commitment Shares”) in connection with each purchase of Common Stock by Lincoln Park and in an amount of Additional Commitment Shares as calculated pursuant to the 2024 Lincoln Park PA.

Actual sales of shares of Common Stock to Lincoln Park will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the trading price of the Common Stock and determinations by the Company as to the appropriate sources of funding for the Company and its operations. Lincoln Park has covenanted not to cause or engage in, in any manner whatsoever, any direct or indirect short selling or hedging of the Company’s shares of Common Stock.

The net proceeds under the 2024 Lincoln Park PA to the Company will depend on the frequency and prices at which the Company sells shares of its Common Stock to Lincoln Park. The Company expects that any proceeds received by the Company from such sales to Lincoln Park will be used for working capital and general corporate purposes.

There were no sales of Common Stock pursuant to the 2024 Lincoln Park PA for the three months ended March 31, 2026. During the three months ended March 31, 2025, the Company sold approximately 3.8 million shares of Common Stock for net proceeds of $2.6 million pursuant to the 2024 Lincoln Park PA. As of March 31, 2026, the Company has approximately $26.2 million worth of shares of Common Stock that are available for future sales, subject to the limitations noted above, pursuant to the 2024 Lincoln Park PA.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

8. STOCK-BASED COMPENSATION

The Company’s stockholders approved an amendment to the 2013 Plan to increase the authorized number of shares of Common Stock available and reserved for issuance under the 2013 Plan by 20,000,000 shares on May 27, 2025.

Under the 2013 Plan, the Company may grant awards of stock options, stock appreciation rights, restricted stock awards, RSUs, unrestricted stock, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards and cash bonus awards to eligible persons. Equity awards under the 2013 Plan are granted from time to time at the discretion of the Compensation Committee of the Board (the “Committee”), with vesting periods and other terms as determined by the Committee with a maximum term of 10 years. The 2013 Plan is administered by the Committee, which can delegate the administration to the Board, other committees or to such other officers and employees of the Company as designated by the Committee and permitted by the 2013 Plan. As of March 31, 2026, 4,622,837 shares were available for future issuances under the 2013 Plan.

The Inducement Plan provides for the grant of equity-based awards, including RSUs, restricted stock, performance shares and performance units. Under the Inducement Plan, the Company may grant equity awards for the sole purpose of recruiting and hiring new employees. As of March 31, 2026, 114,429 shares were available for future issuances under the Inducement Plan.

For the three months ended March 31, 2026 and 2025, the Company recorded stock-based compensation expense of $0.6 million and $0.2 million, respectively. Stock compensation expense is recorded in the “General and administrative expenses” line item within the Condensed Consolidated Statements of Operations.

Stock Options

The following table summarizes stock options outstanding for the three months ended March 31, 2026 and 2025:


	March 31, 2026			March 31, 2025
		Weighted			Weighted
	Number of	Average		Number of	Average
	Stock	Exercise		Stock	Exercise
	Options	Price		Options	Price
Stock options outstanding at beginning of period	424,826	$	2.66	649,345	$	1.91
Stock options outstanding at end of period	424,826		2.66	649,345		1.91
Stock options exercisable at end of period	424,826	$	2.66	424,826	$	2.66

All options outstanding for the three months ended March 31, 2026, were issued and vested under the 2013 Plan. The weighted average remaining term for stock options outstanding as of March 31, 2026, is approximately 5.5 years.

As of March 31, 2026, the Company had no unrecognized compensation costs related to non-vested stock options.

Restricted Stock Units

The following table summarizes RSU activity for the three months ended March 31, 2026 and 2025:


	March 31,			March 31,
	2026			2025
		Weighted-			Weighted-
		Average			Average
	Number of	Grant Date		Number of	Grant Date
	RSUs	Fair Value		RSUs	Fair Value
Unvested RSUs at beginning of period	22,223,915	$	0.49	4,090,639	$	0.60
Granted	—		—	43,200		1.04
Forfeited/Expired	(2,371,662)		0.51	(110,060)		1.25
Vested	(5,217,615)		0.50	(1,372,449)		0.65
Unvested RSUs at end of period	14,634,638	$	0.48	2,651,330	$	0.56

Forfeited/Expired shares are those RSU awards that either were forfeited by the holder, or RSU awards that did not vest due to certain vesting criteria not being met. The increase in RSU activity as of March 31, 2026 as compared to March 31, 2025 is due to the larger and more broadly distributed RSU awards granted in May 2025 compared to prior years.

As of March 31, 2026, the Company had $2.1 million of unrecognized compensation costs related to non-vested RSUs that will be recognized over a period of approximately 1.8 years.

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

EARNINGS PER SHARE

EARNINGS PER SHARE

9. EARNINGS PER SHARE

Basic and diluted loss per common share have been calculated based on the weighted-average shares outstanding during the period. Shares of the Company’s Common Stock to be issued to settle the Convertible Notes are dependent on the share price at a future date; therefore, the Company followed ASC 260, Earnings Per Share (“ASC 260”) and determined the total number of shares of Common Stock potentially issuable upon the future conversion of the Convertible Notes using the if-converted method. In accordance with the terms of the Convertible Notes, the highest conversion price for the Series A-1 Convertible Notes is $0.63 and the Series B-1 Convertible Notes is $0.83, subject to adjustment. Assuming conversion at these prices and using the if-converted method, the Series A-1 Convertible Notes and the Series B-1 Convertible Notes were convertible into approximately 2,464,286 and 2,334,639 shares of the Company’s Common Stock at March 31, 2026, respectively. This total number of shares could be higher if a conversion is made when the Company’s share price is lower.

The Company had a net loss for the three months ended March 31, 2026 and 2025. As a result, at March 31, 2026 and 2025, the Company had 19,858,388 and 3,300,672, respectively, potentially dilutive shares, comprised of unvested RSUs, outstanding stock options and potential shares to be converted related to the Convertible Notes at the end of the period, were excluded from the calculation of earnings per share because the effect on the basic loss per share would be anti-dilutive.

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

10. COMMITMENTS AND CONTINGENCIES

Future operations on the Company’s properties are subject to federal and state regulations for the protection of the environment, including air and water quality. The Company evaluates the status of current environmental laws and their potential impact on current operating costs and accruals for future costs. The Company believes its operations are materially compliant with current, applicable environmental regulations.

At any given time, the Company may enter into negotiations to settle outstanding legal proceedings and any resulting accruals will be estimated based on the relevant facts and circumstances applicable at that time. We do not expect that such settlements will, individually or in the aggregate, have a material effect on our financial position, results of operations or cash flows.

As of March 31, 2026, the Company has entered into certain leases that have not yet commenced. Each of the leases relate to equipment to be used at the Kellyton Graphite Plant with lease terms of 5 years, which we expect to commence when we begin operations and take possession of the equipment. The net present value of such leases is approximately $1.2 million.

SEGMENT REPORTING

3 Months Ended

Mar. 31, 2026

SEGMENT REPORTING

SEGMENT REPORTING

11. SEGMENT REPORTING

The Company has one reporting segment, the “battery-grade graphite business” segment and the Company’s chief operating decision maker (“CODM”) is the President & Chief Executive Officer. Graphite extraction and processing are regulated by federal and state governments. Compliance with regulations has a material effect on the economics of our operations and the timing of project development. Our primary regulatory costs have been, and are expected to continue to relate to, obtaining licenses and operating permits from federal and state agencies before the commencement of production activities, as well as continuing compliance with licenses and permits once they have been issued.

U.S. regulations pertaining to graphite extraction and processing may evolve in the U.S.; however, at this time, we do not anticipate any adverse impact from these regulations that would be unique to our operations.

The battery-grade graphite business segment includes the Kellyton Graphite Plant and the Coosa Graphite Deposit, both at a pre-revenue stage and located in Coosa County, Alabama. Both are anticipated to be used to produce certain components of battery-grade natural graphite materials as follows:

Kellyton Graphite Plant:

The Company currently processes large bulk samples through its qualification line and intends to commercially process natural graphite concentrate at the Kellyton Graphite Plant through a combination of sizing, shaping, spheroidization and classification. The purification is performed using a proprietary purification process. The process uses a combination of technologies including a caustic bake, acid leach and thermal treatment, a process that allows for a smaller and more sustainable environmental footprint than that of a hydrofluoric acid leaching system, which is widely used by other graphite processing companies. Once the graphite is purified to a minimum graphite carbon content of 99.95%, the Company coats the spherical purified graphite to manufacture the advanced graphite products it intends to sell. The purification process was developed by Westwater and on September 17, 2025, the Company announced it had received its first U.S. Patent related to its graphite purification method.

Coosa Graphite Deposit:

Westwater currently purchases graphite flake concentrate for the Kellyton Graphite Plant under a supply contract with Syrah Resources Limited. In 2025, the Company also entered a contract with a non-FEOC backup feedstock supplier. Westwater expects to continue to purchase graphite concentrate from Syrah Resources Limited and/or other sources for the Kellyton Graphite Plant until the Coosa Graphite Deposit is developed and in operation. Westwater believes its current contracts with Syrah Resources Limited and the backup feedstock supplier provide adequate feedstock supply until then, and believes that the backup supplier reduces dependency, mitigates risk and helps ensure supply chain continuity. Currently, the Coosa Graphite Deposit is being evaluated for future mining operations, which will require a permitting process that began in the fourth quarter of 2025. Development of a mine at the Coosa Graphite Deposit is expected to serve as an in-house source of graphite feedstock and will provide in-house QA/QC for raw-material inputs.

The accounting policies of the battery-grade graphite business are the same as those described in Note 1, Summary of Significant Accounting Policies, in the Notes to the Consolidated Financial Statements within our Annual Report. The CODM assesses the performance of the battery-grade graphite business segment and decides how to allocate resources based on operating expenses, as reported on the Condensed Consolidated Statement of Operations. The CODM intends to continue to use operating expenses to evaluate the segment until the Kellyton Graphite Plant is operational.

The following table summarizes segment assets as of March 31, 2026, and December 31, 2025:


	March 31,		December 31,
(thousands of dollars)	2026		2025
Assets:
Battery-grade graphite business segment assets	$	146,708	$	145,561
Corporate and other assets		42,426		48,972
Consolidated total assets	$	189,134	$	194,533

Expenditures for battery-grade graphite business segment assets for the three months ended March 31, 2026 and 2025, were approximately $1.6 million and $2.9 million, respectfully.

The following tables summarize segment profit or loss and significant segment expenses for the three months ended March 31, 2026 and 2025:


	March 31, 2026
(thousands of dollars)	Battery-grade Graphite Segment		Corporate and Other		Consolidated Statements of Operations
Other expense, net	$	(8)	$	(74)	$	(82)
Less:
Product development expenses		550		—		550
Exploration expenses		312		—		312
General and administrative expenses		1,018		2,523		3,541
Depreciation and amortization		189		1		190
Net loss	$	(2,077)	$	(2,598)	$	(4,675)

	March 31, 2025
(thousands of dollars)	Battery-grade Graphite Segment		Corporate and Other		Consolidated Statements of Operations
Other (expense) income, net	$	(84)	$	43	$	(41)
Less:
Product development expenses		182		—		182
Exploration expenses		7		—		7
General and administrative expenses		476		1,818		2,294
Depreciation and amortization		151		1		152
Net loss	$	(900)	$	(1,776)	$	(2,676)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (4,675)	$ (2,676)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Pagliara
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Mr. Pagliara, a member of the Company’s Board of Directors, entered into a Rule 10b5 1 trading plan on February 26, 2026. Mr. Pagliara’s plan provides for the sale of up to 148,000 shares of the Company’s common stock underlying vested RSUs between May 28, 2026 and December 31, 2026.
Name	Mr. Pagliara
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 26, 2026
Expiration Date	December 31, 2026
Aggregate Available	148,000
Anderson
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Ms. Anderson, a member of the Company’s Board of Directors, entered into a Rule 10b5 1 trading plan on March 2, 2026. Ms. Anderson’s plan provides for the sale of up to 390,909 shares of the Company’s common stock underlying vested RSUs and stock option awards between June 1, 2026 and December 31, 2027.
Name	Ms. Anderson
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 2, 2026
Expiration Date	December 31, 2027
Aggregate Available	390,909

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2026
BASIS OF PRESENTATION
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements (the “Interim Financial Statements”) for Westwater Resources, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying Interim Financial Statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report. The Interim Financial Statements are unaudited. In the opinion of management, all adjustments (which are of a normal, recurring nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2026, are not necessarily indicative of the results that may be expected for any other period including the full year ending December 31, 2026.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In January 2025, the FASB issued ASU 2025-01, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date” (“ASU 2025-01”). ASU 2025-01 amends the effective date of ASU 2024-03 to clarify that all public entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40)” (“ASU 2024-03”). ASU 2024-03 improves financial reporting by requiring companies to disclose additional information about certain expenses in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements.

PROPERTY, PLANT AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2026

PROPERTY, PLANT AND EQUIPMENT

Schedule of net book value of property, plant and equipment


		Net Book Value of Property, Plant and Equipment at March 31, 2026
(thousands of dollars)		Alabama			Corporate			Total
Mineral rights and properties		$	8,972		$	—		$	8,972
Buildings			3,093			—			3,093
Other property, plant and equipment			4,202			9			4,211
Construction in progress			128,151			—			128,151
Total		$	144,418		$	9		$	144,427


		Net Book Value of Property, Plant and Equipment at December 31, 2025
(thousands of dollars)		Alabama			Corporate			Total
Mineral rights and properties		$	8,972		$	—		$	8,972
Buildings			3,122			—			3,122
Other property, plant and equipment			4,360			10			4,370
Construction in progress			126,729			—			126,729
Total		$	143,183		$	10		$	143,193

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

FAIR VALUE MEASUREMENTS

Schedule of fair value measurements on recurring and non-recurring basis


	March 31, 2026
(thousands of dollars)	Level 1			Level 2			Level 3			Total
Current assets
Cash equivalent:
Money market account	$	41,260		$	—		$	—		$	41,260
Current liabilities
Series A-1 Convertible Notes		—			—			(1,602)			(1,602)
Series B-1 Convertible Notes		—			—			(2,106)			(2,106)
Total current assets (liabilities), net recorded at fair value	$	41,260		$	—		$	(3,708)		$	37,552


	December 31, 2025
(thousands of dollars)	Level 1			Level 2			Level 3			Total
Current assets
Cash equivalent:
Money market account	$	48,395		$	—		$	—		$	48,395
Current liabilities
Series A-1 Convertible Notes		—			—			(1,848)			(1,848)
Series B-1 Convertible Notes		—			—			(4,125)			(4,125)
Total current assets (liabilities), net recorded at fair value	$	48,395		$	—		$	(5,973)		$	42,422

Schedule of estimated fair value of the Convertible Notes


	March 31, 2026
	Series A-1 Convertible Notes		Series B-1 Convertible Notes
Expected volatility	101.0%		99.2%
Expected dividend rate	—		—
Risk-free interest rate	3.70%		3.72%


	December 31, 2025
	Series A-1 Convertible Notes		Series B-1 Convertible Notes
Expected volatility	104.2%		99.6%
Expected dividend rate	—		—
Risk-free interest rate	3.48%		3.47%

Schedule of the net carrying amounts of the liability


	Balances,		For the Three Months Ended March 31, 2026				Balances,
(thousands of dollars)	December 31, 2025		Conversions		Change in Fair Value		March 31, 2026
Series A-1 Convertible Notes	$	(1,848)	$	—	$	246	$	(1,602)
Series B-1 Convertible Notes		(4,125)		1,615		404		(2,106)
Total	$	(5,973)	$	1,615	$	650	$	(3,708)

ACCRUED LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2026

ACCRUED LIABILITIES

Schedule of accrued liabilities on the condensed consolidated balance sheet


	March 31,			December 31,
(thousands of dollars)	2026			2025
Accrued liabilities:
Accrued compensation	$	490		$	986
Liabilities related to Company insurance		28			55
Accrued legal fees		—			104
Current portion of lease liabilities		221			309
Other accrued liabilities		200			206
Total accrued liabilities	$	939		$	1,660

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

STOCK-BASED COMPENSATION

Summary of stock options outstanding


	March 31, 2026			March 31, 2025
		Weighted			Weighted
	Number of	Average		Number of	Average
	Stock	Exercise		Stock	Exercise
	Options	Price		Options	Price
Stock options outstanding at beginning of period	424,826	$	2.66	649,345	$	1.91
Stock options outstanding at end of period	424,826		2.66	649,345		1.91
Stock options exercisable at end of period	424,826	$	2.66	424,826	$	2.66

Summary of restricted stock units activity


	March 31,			March 31,
	2026			2025
		Weighted-			Weighted-
		Average			Average
	Number of	Grant Date		Number of	Grant Date
	RSUs	Fair Value		RSUs	Fair Value
Unvested RSUs at beginning of period	22,223,915	$	0.49	4,090,639	$	0.60
Granted	—		—	43,200		1.04
Forfeited/Expired	(2,371,662)		0.51	(110,060)		1.25
Vested	(5,217,615)		0.50	(1,372,449)		0.65
Unvested RSUs at end of period	14,634,638	$	0.48	2,651,330	$	0.56

SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2026

SEGMENT REPORTING

Schedule of segment assets


	March 31,		December 31,
(thousands of dollars)	2026		2025
Assets:
Battery-grade graphite business segment assets	$	146,708	$	145,561
Corporate and other assets		42,426		48,972
Consolidated total assets	$	189,134	$	194,533

Schedule of segment profit or loss and significant segment expenses


	March 31, 2026
(thousands of dollars)	Battery-grade Graphite Segment		Corporate and Other		Consolidated Statements of Operations
Other expense, net	$	(8)	$	(74)	$	(82)
Less:
Product development expenses		550		—		550
Exploration expenses		312		—		312
General and administrative expenses		1,018		2,523		3,541
Depreciation and amortization		189		1		190
Net loss	$	(2,077)	$	(2,598)	$	(4,675)

	March 31, 2025
(thousands of dollars)	Battery-grade Graphite Segment		Corporate and Other		Consolidated Statements of Operations
Other (expense) income, net	$	(84)	$	43	$	(41)
Less:
Product development expenses		182		—		182
Exploration expenses		7		—		7
General and administrative expenses		476		1,818		2,294
Depreciation and amortization		151		1		152
Net loss	$	(900)	$	(1,776)	$	(2,676)

LIQUIDITY (Details) - USD ($) $ in Thousands	3 Months Ended
LIQUIDITY (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
LIQUIDITY
Net proceeds from common stock	$ 1,213	$ 4,606
Cash balances	$ 41,461		$ 48,576
ATM Offering Agreement
LIQUIDITY
Number of common stock issued	1,000,000
Net proceeds from common stock	$ 1,200
Amount available for future sales	$ 70,600
2024 Lincoln Park PA
LIQUIDITY
Number of common stock issued	0	3,800,000
Net proceeds from common stock		$ 2,600
Amount available for future sales	$ 26,200

PROPERTY, PLANT AND EQUIPMENT - Net Book Value of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
PROPERTY, PLANT AND EQUIPMENT
Total Property, Plant and Equipment	$ 144,427	$ 143,193
Mineral rights and properties
PROPERTY, PLANT AND EQUIPMENT
Total Property, Plant and Equipment	8,972	8,972
Buildings
PROPERTY, PLANT AND EQUIPMENT
Total Property, Plant and Equipment	3,093	3,122
Other property, plant and equipment
PROPERTY, PLANT AND EQUIPMENT
Total Property, Plant and Equipment	4,211	4,370
Construction in progress
PROPERTY, PLANT AND EQUIPMENT
Total Property, Plant and Equipment	128,151	126,729
Alabama
PROPERTY, PLANT AND EQUIPMENT
Total Property, Plant and Equipment	144,418	143,183
Alabama \| Mineral rights and properties
PROPERTY, PLANT AND EQUIPMENT
Total Property, Plant and Equipment	8,972	8,972
Alabama \| Buildings
PROPERTY, PLANT AND EQUIPMENT
Total Property, Plant and Equipment	3,093	3,122
Alabama \| Other property, plant and equipment
PROPERTY, PLANT AND EQUIPMENT
Total Property, Plant and Equipment	4,202	4,360
Alabama \| Construction in progress
PROPERTY, PLANT AND EQUIPMENT
Total Property, Plant and Equipment	128,151	126,729
Corporate
PROPERTY, PLANT AND EQUIPMENT
Total Property, Plant and Equipment	9	10
Corporate \| Other property, plant and equipment
PROPERTY, PLANT AND EQUIPMENT
Total Property, Plant and Equipment	$ 9	$ 10

PROPERTY, PLANT AND EQUIPMENT - Construction in Progress & Impairment of Property, Plant and Equipment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
PROPERTY, PLANT AND EQUIPMENT
Impairment	$ 0.0

CONVERTIBLE NOTES (Details)			3 Months Ended
CONVERTIBLE NOTES (Details)	Aug. 07, 2025 USD ($) D $ / shares	Jun. 13, 2025 USD ($) D $ / shares	Mar. 31, 2026 USD ($) $ / shares	Mar. 31, 2025 USD ($)
CONVERTIBLE NOTES
Other income			$ 389,000	$ (41,000)
Convertible Notes
CONVERTIBLE NOTES
Beneficial ownership cap	9.99%	9.99%
Interest rate in the event of default	18.00%	18.00%
Debt term	24 months	24 months
Minimum cash balance covenant	$ 2,250,000	$ 2,250,000
Redemption price percentage	115.00%	115.00%
Threshold holding percentage mandating stockholder approval	19.99%	19.99%
Convertible Notes \| Maximum
CONVERTIBLE NOTES
Number of written notice for early prepayment \| D	20	20
Convertible Notes \| If conversion occurs on an installment amounts
CONVERTIBLE NOTES
Threshold volume weighted average price percentage in calculating conversion price	92.00%	92.00%
Threshold number of consecutive trading days considered for volume weighted average price in calculating conversion price \| D	5	5
Series A-1 Convertible Notes
CONVERTIBLE NOTES
Conversion Price (in dollars per share) \| $ / shares			$ 0.63
Series A-1 Convertible Notes \| Convertible Notes
CONVERTIBLE NOTES
Aggregate principal amount		$ 5,000,000
Conversion Price (in dollars per share) \| $ / shares		$ 0.63
Other income related to changes in fair value of convertible notes			$ 200,000
Other expense related to changes in fair value of convertible notes			$ 0
Series B-1 Convertible Notes
CONVERTIBLE NOTES
Conversion Price (in dollars per share) \| $ / shares			$ 0.83
Series B-1 Convertible Notes \| Convertible Notes
CONVERTIBLE NOTES
Aggregate principal amount	$ 5,000,000
Conversion Price (in dollars per share) \| $ / shares	$ 0.83
Other income related to changes in fair value of convertible notes			$ 400,000
Other expense related to changes in fair value of convertible notes			$ 1,100,000

FAIR VALUE MEASUREMENTS - Assets and liabilities measured at fair value on a recurring basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current liabilities
Total current assets (liabilities), net recorded at fair value	$ 37,552	$ 42,422
Series A-1 Convertible Notes
Current liabilities
Convertible Notes	(1,602)	(1,848)
Series B-1 Convertible Notes
Current liabilities
Convertible Notes	(2,106)	(4,125)
Money market account
Current Assets:
Total current assets recorded at fair value	41,260	48,395
Level 1
Current liabilities
Total current assets (liabilities), net recorded at fair value	41,260	48,395
Level 1 \| Money market account
Current Assets:
Total current assets recorded at fair value	41,260	48,395
Level 3
Current liabilities
Total current assets (liabilities), net recorded at fair value	(3,708)	(5,973)
Level 3 \| Series A-1 Convertible Notes
Current liabilities
Convertible Notes	(1,602)	(1,848)
Level 3 \| Series B-1 Convertible Notes
Current liabilities
Convertible Notes	$ (2,106)	$ (4,125)

FAIR VALUE MEASUREMENTS - Estimated fair value of Convertible Notes (Details) - Level 3 - Recurring	Mar. 31, 2026	Dec. 31, 2025
Series A-1 Convertible Notes \| Expected volatility
FAIR VALUE MEASUREMENTS
Debt Instrument, Measurement Input	1.01	1.042
Series A-1 Convertible Notes \| Risk-free interest rate
FAIR VALUE MEASUREMENTS
Debt Instrument, Measurement Input	0.037	0.0348
Series B-1 Convertible Notes \| Expected volatility
FAIR VALUE MEASUREMENTS
Debt Instrument, Measurement Input	0.992	0.996
Series B-1 Convertible Notes \| Risk-free interest rate
FAIR VALUE MEASUREMENTS
Debt Instrument, Measurement Input	0.0372	0.0347

FAIR VALUE MEASUREMENTS (Details) - USD ($) shares in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers into or out of Level 3 assets of the fair value hierarchy	$ 0	$ 0
Shares issued	2.7
Net carrying amount	$ 1,600,000
Series A-1 Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Remaining principal balance	1,400,000
Series B-1 Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Remaining principal balance	$ 1,700,000

FAIR VALUE MEASUREMENTS - Net carrying amounts of the liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balances at beginning	$ (5,973)
Conversions	1,615
Change in Fair Value	$ 650
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)
Balances at ending	$ (3,708)
Series A-1 Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balances at beginning	(1,848)
Change in Fair Value	246
Balances at ending	(1,602)
Series B-1 Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balances at beginning	(4,125)
Conversions	1,615
Change in Fair Value	404
Balances at ending	$ (2,106)

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ACCRUED LIABILITIES
Accrued compensation	$ 490	$ 986
Liabilities related to Company insurance	28	55
Accrued legal fees		104
Current portion of lease liabilities	221	309
Other accrued liabilities	200	206
Total accrued liabilities	$ 939	$ 1,660

STOCKHOLDER'S EQUITY (Details) - USD ($)						3 Months Ended		14 Months Ended
STOCKHOLDER'S EQUITY (Details) - USD ($)	Oct. 17, 2025	May 27, 2025	Mar. 21, 2025	Oct. 11, 2024	Aug. 30, 2024	Mar. 31, 2026	Mar. 31, 2025	Oct. 17, 2025
Subsidiary or Equity Method Investee [Line Items]
Common Stock issued, net of issuance costs						$ 1,213,000	$ 4,606,000
Net proceeds from common stock						$ 1,213,000	$ 4,606,000
ATM Offering Agreement
Subsidiary or Equity Method Investee [Line Items]
Number of common stock issued						1,000,000
Net proceeds from common stock						$ 1,200,000
Amount available for future sales						$ 70,600,000
ATM Sales Agreement with H.C. Wainwright
Subsidiary or Equity Method Investee [Line Items]
Maximum aggregate offering price	$ 75,000,000		$ 50,000,000
Common Stock issued, net of issuance costs								$ 55,000,000
Number of common stock issued						1,000,000	2,500,000
Net proceeds from common stock						$ 1,200,000	$ 2,000,000
ATM Sales Agreement with H.C. Wainwright \| Maximum
Subsidiary or Equity Method Investee [Line Items]
Sales commission percentage					3.00%
2024 Lincoln Park PA
Subsidiary or Equity Method Investee [Line Items]
Maximum aggregate offering price				$ 1,000,000	$ 30,000,000
Number of common stock issued						0	3,800,000
Net proceeds from common stock							$ 2,600,000
Amount available for future sales						$ 26,200,000
Share lock-in period				24 months
Registered share available for future sales				150,000
Exchange Share Cap				19.99%
Threshold holding percentage mandating stockholder approval for issuance of shares		19.99%
Upper limit of common stock that can be purchased				9.99%
Consideration For Commitment To Purchase Common Stock				600,000
Additional consideration for its commitment to purchase shares of common stock				600,000
2024 Lincoln Park PA \| Debt Instrument, Redemption, Period One [Member]
Subsidiary or Equity Method Investee [Line Items]
Registered share available for future sales				200,000
Closing sale price of the common stock				$ 0.5
2024 Lincoln Park PA \| Debt Instrument, Redemption, Period Two [Member]
Subsidiary or Equity Method Investee [Line Items]
Registered share available for future sales				250,000
Closing sale price of the common stock				$ 0.75
2024 Lincoln Park PA \| Debt Instrument, Redemption, Period Three [Member]
Subsidiary or Equity Method Investee [Line Items]
Registered share available for future sales				300,000
Closing sale price of the common stock				$ 1

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)		3 Months Ended
	May 27, 2025	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense		$ 600,000	$ 200,000
Weighted average remaining term for stock options outstanding		5 years 6 months
Unrecognized compensation costs related to non-vested stock options		$ 0
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs related to non-vested stock units		$ 2,100,000
Unrecognized compensation costs related to non-vested stock options, period recognized		1 year 9 months 18 days
2013 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized	20,000,000
Number of common stock shares reserved for future issuance		4,622,837
2013 Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option vesting period		10 years
Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock shares reserved for future issuance		114,429

STOCK-BASED COMPENSATION - Summary of Stock Options Outstanding (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
STOCK-BASED COMPENSATION
Number of Stock Options, Beginning of period	424,826	649,345	649,345
Number of Stock Options, End of period	424,826	424,826	649,345
Number of stock options exercisable, End of period	424,826		424,826
Weighted Average Exercise Price, Beginning of period	$ 2.66	$ 1.91	$ 1.91
Weighted Average Exercise Price, End of period	2.66	$ 2.66	1.91
Weighted Average Exercise Price exercisable, End of period	$ 2.66		$ 2.66

STOCK-BASED COMPENSATION - Summary of RSU Activity (Details) - RSU - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of RSUs, Unvested beginning of period	22,223,915	4,090,639
Number of RSUs, Granted		43,200
Number of RSUs, Forfeited/Expired	(2,371,662)	(110,060)
Number of RSUs, Vested	(5,217,615)	(1,372,449)
Number of RSUs, Unvested end of period	14,634,638	2,651,330
Weighted Average Grant Date Fair Value, Unvested RSUs beginning of period	$ 0.49	$ 0.6
Weighted Average Grant Date Fair Value, Granted		1.04
Weighted Average Grant Date Fair Value, Forfeited/Expired	0.51	1.25
Weighted Average Grant Date Fair Value, Vested	0.5	0.65
Weighted Average Grant Date Fair Value, Unvested RSUs end of period	$ 0.48	$ 0.56

EARNINGS PER SHARE (Details) - $ / shares	3 Months Ended
EARNINGS PER SHARE (Details) - $ / shares	Mar. 31, 2026	Mar. 31, 2025
EARNINGS PER SHARE
Potentially dilutive shares	19,858,388	3,300,672
Series A-1 Convertible Notes
EARNINGS PER SHARE
Conversion Price (in dollars per share)	$ 0.63
Conversion of debt securities	2,464,286
Series B-1 Convertible Notes
EARNINGS PER SHARE
Conversion Price (in dollars per share)	$ 0.83
Conversion of debt securities	2,334,639

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Mar. 31, 2026 USD ($)
COMMITMENTS AND CONTINGENCIES
Lease not yet commenced, term	5 years
Net present value of lease not yet commenced	$ 1.2

SEGMENT REPORTING (Details)	3 Months Ended
SEGMENT REPORTING (Details)	Mar. 31, 2026 segment
SEGMENT REPORTING
Number of reportable operating segment	1

SEGMENT REPORTING - Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
SEGMENT REPORTING
Consolidated total assets	$ 189,134		$ 194,533
Corporate And Other
SEGMENT REPORTING
Consolidated total assets	42,426		48,972
Battery-grade graphite business
SEGMENT REPORTING
Expenditures for battery-grade graphite business segment assets	1,600	$ 2,900
Battery-grade graphite business \| Operating Segment
SEGMENT REPORTING
Consolidated total assets	$ 146,708		$ 145,561

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 64
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481620/480-10-55-64

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 35: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

SEGMENT REPORTING - Profit or Loss And Significant Segment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
SEGMENT REPORTING
Other (expense) income, net	$ (82)	$ (41)
Product development expenses	550	182
Exploration expenses	312	7
General and administrative expenses	3,541	2,294
Depreciation and amortization	190	152
Net Loss	(4,675)	(2,676)
Corporate And Other
SEGMENT REPORTING
Other (expense) income, net	(74)	43
General and administrative expenses	2,523	1,818
Depreciation and amortization	1	1
Net Loss	(2,598)	(1,776)
Battery-grade Graphite Segment \| Operating Segment
SEGMENT REPORTING
Other (expense) income, net	(8)	(84)
Product development expenses	550	182
Exploration expenses	312	7
General and administrative expenses	1,018	476
Depreciation and amortization	189	151
Net Loss	$ (2,077)	$ (900)