Westwater Resources, Inc. (NYSE:WWR) shares are trading higher after the company reported FY23 results.

The company didn't report any revenue from operations since 2009.

The company reported an EPS loss of $(0.15) in 2023, a decrease from $(0.25) in 2022, mainly owing to a $3.1 million cash settlement from the Republic of Turkey and a $1.2 million write-off of accrued uranium royalties, a $0.3 million increase in interest income on investment account, and $0.5 million less exploration expenses.

Product development expenses for 2023 increased 156% to $2.9 million due to continued product development, optimization, and additional sample production for customer evaluation.

Net cash used in operations declined 13% Y/Y to $(11.4) million in 2023 due to receiving $3.1 million of arbitration settlement cash in the fourth quarter.

As of December 31, 2023, Westwater had a cash balance of $10.9 million and has incurred approximately $119.2 million since beginning construction of Phase I of the Kellyton Graphite Plant.

Terence J. Cryan, Executive Chairman, said, "We are especially excited about our first off-take agreement with a major Tier 1 battery manufacturer, the increase in anticipated Phase I production while staying on budget, and the positive anticipated economic results from our initial assessment of the Coosa Graphite Deposit."

Frank Bakker, President, and CEO, stated, "Westwater is the only U.S.-based natural graphite company under construction on a processing facility that has a multi-year off-take agreement for CSPG, and that has a graphite deposit in the same state as its future processing plant. The accomplishments of the Westwater team were not only significant for 2023, but I believe positions Westwater well for 2024."

Price Action: WWR shares are trading higher by 11.3% at $0.54 on the last check Wednesday.