西水资源 2026年季度报告

FORM10-Q For the transition period from to Commission file number 001-33404 75-2212772 (303) 531-0516(Registrant’s Telephone Number,Including Area Code) Securities registered pursuant to Section 12(b) of the Act: Name of Each Exchange on WhichRegisteredNYSE American WWR Common Stock, $0.001 par value Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant wasrequired to file such reports), and (2)has been subject to such filing requirements for the past 90days. Yes☒No◻ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for suchshorter period that the registrant was required to submit such files). Yes☒No◻ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “acceleratedfiler,” “smaller reporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated Filer☐ Non-accelerated Filer☒ Smaller reporting company☒ Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section13(a)of theExchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicabledate. WESTWATER RESOURCES,INC.TABLE OF CONTENTS DEFINITIONS3PARTI— FINANCIAL INFORMATION6ITEM1. FINANCIAL STATEMENTS6ITEM2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONAND RESULTS OF OPERATIONS20ITEM3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK26ITEM4. CONTROLS AND PROCEDURES26PARTII- OTHER INFORMATION28ITEM1. LEGAL PROCEEDINGS28ITEM1A. RISK FACTORS28ITEM2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS ANDISSUER PURCHASES OF EQUITY SECURITIES28ITEM3. DEFAULTS UPON SENIOR SECURITIES28ITEM4. MINE SAFETY DISCLOSURES28ITEM5. OTHER INFORMATION28ITEM6. EXHIBITS29SIGNATURES30 DEFINITIONS When used in this Form 10-Q, the following terms have the meaning indicated. TermMeaningAdditional CommitmentSharesPursuant to the 2024 Lincoln Park PA and in connection with each purchaseof Common Stock by Lincoln Park, the Company may issue to Lincoln Parkup to an additional 600,000 shares of Common Stock.Annual ReportWestwater Resources,Inc.’s Annual Report on Form10-K for the yearended December31,2025.ASCFASB Accounting Standards Codification.ASUFASB Accounting Standards Update.ATM Sales AgreementAt The Market Offering Agreement between Westwater Resources and H.C.Wainwright & Co., LLC dated August 30, 2024.August Securities PurchaseAgreementSecurities Purchase Agreement dated August 7, 2025, between WestwaterResources and certain institutional investors.BoardThe Board of Directors of Westwater Resources, Inc.Common StockCommon stock of the Company, $0.001 par value per share.Convertible NotesTogether, the Series A-1 Convertible Notes and the Series B-1 ConvertibleNotes.Coosa Graphite DepositThe Company’s graphite mineral deposit located near Rockford, Alabama.CSPGCoated spherical purified graphite.EU Critical Raw MaterialsListThe list of raw materials that are crucial to the economy of the EuropeanUnion published by the European Commission.FASBThe Financial Accounting Standards Board.FASB Concepts StatementsFASB Concepts Statements set the objectives, qualitative characteristics,and other concepts that guide selection of economic phenomena to berecognizedand measured for financial reporting and their display infinancial statements or related means of communicating information.FCAFCA US LLC, an electric vehicle manufacturer and part of the Stellantisgroupof companies.Stellantisdesigns,manufactures,and sellsautomobiles under its 14 brands: Abarth, Alfa Romeo, Chrysler, Citroën,Dodge, DS, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram, and Vauxhall.graphiteA naturally occurring carbon material with electrical properties that enhancethe performance of electrical storage batteries, listed on the U.S. CriticalMinerals List and the EU Critical Raw Materials List.H.C. WainwrightH.C. Wainwright & Co., LLC.IAInitial Assessment, with Economic Analysis. A preliminary technical andeconomic study of the economic potential of all or parts of mineralization tosupport the disclosure of mineral resources. The initial assessment must beprepared by a qualified person and must include appropriate assessments ofreasonably assume