Westwater loses FCA offtake, pauses debt syndication; raises $66.6M equity to fund graphite plant

Filed March 19, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 20, 2025 · ~2 min read

Key Changes

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  FCA (Stellantis) unexpectedly terminated its offtake agreement in November 2025, removing a major customer that represented significant Phase I production capacity. Company paused $150M debt facility syndication as a result.

  MD&A: FCA Offtake Termination verify on EDGAR →
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  Raised $66.6M through equity and convertible notes in 2025 (vs. $4.2M in 2024), increasing shares outstanding 82% to 118M. Net loss doubled to $27.3M driven by $11.4M in convertible note fair-value losses and $1.4M debt-cost write-off.

  Notes: Equity Financing & Convertible Notes view on EDGAR →
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  ITC unexpectedly rescinded DOC's affirmative countervailing duty determination on Chinese anode materials in March 2026, reducing likelihood of extreme tariff scenario (up to 920%) anticipated in prior filing.

  Risk Factors: Trade Policy verify on EDGAR →