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.”

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