XML 38 R16.htm IDEA: XBRL DOCUMENT v3.25.1

OTHER (EXPENSE) INCOME, NET

12 Months Ended

Dec. 31, 2024

OTHER (EXPENSE) INCOME, NET

OTHER (EXPENSE) INCOME, NET

10. OTHER (EXPENSE) INCOME, NET

​

​	​	​	​	​	​	​
​	​	For the Year Ended
​	​	December 31,
(thousands of dollars)		2024			2023
Other (expense) income:	​
Sales of raw material inventory	​	$	3,566	​	$	85
Costs related to sales of raw material inventory	​	​	(4,070)	​	​	(127)
Write-down of raw material inventory	​	​	(964)	​	​	—
Uranium royalties write-off	​	​	—	​	​	1,150
Interest income	​	​	276		​	1,348
Foreign exchange loss	​	​	(4)	​	​	(46)
Other income	​	​	7	​	​	10
Total other (expense) income, net	​	$	(1,189)		$	2,420

​

As part of Westwater’s design optimization of the Kellyton Graphite Plant, the Company determined that while it can utilize its current raw material graphite flake in inventory, a different size of natural graphite flake results in a better yield of CSPG, is more cost effective, and does not negatively impact finished product performance. As a result, the Company has entered into agreements to sell a portion of its raw material inventory. Sales of raw material inventory are recognized upon shipment. Because the Kellyton Graphite Plant is not currently operational and these agreements are not entered into in the Company’s ordinary course of business activities, the Company does not recognize these agreements as revenue under ASC Topic 606, “Revenue from Contracts with Customers”. For the year ended December 31, 2024 and 2023, the Company recognized sales of raw material inventory of $3.6 million and $0.1 million, respectively, and related offsetting expenses of $4.1 million and $0.1 million, respectively.

​

During the year ended December 31, 2024, the Company recognized a write-down of inventory of $1.0 million to recognize the lower of cost or net realizable value related to raw material inventory that is under contract to be sold. For the year ended December 31, 2023, there was no write-down of the Company’s inventory. Refer to Note 4 for further details.

​

During the fourth quarter of 2023, the Company completed a voluntary disclosure of unclaimed property, which included a review of the historical accrued uranium royalties related to the Company’s former uranium business. Upon completion of the review by the state authority, it was concluded that the accrued uranium royalties were not owed or escheatable to the state.  Based on the completion of the voluntary disclosure of unclaimed property, the Company has determined that the probability of these estimated uranium royalty liabilities becoming payable is remote and therefore wrote off the estimated liability and recognized other income of $1.2 million for the year ended December 31, 2023.

​

As of December 31, 2024 and 2023, the Company recognized interest income of $0.3 million and $1.3 million, respectively, in its investment account.

X

- References

No definition available.

+ Details

Name:	us-gaap_OtherIncomeAndExpensesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 720
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/720/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 610
-Publisher FASB
-URI https://asc.fasb.org/610/tableOfContent

+ Details

Name:	us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration