# AMERICAN BATTERY TECHNOLOGY Co (ABAT) Informational only - not investment advice. CIK: 0001576873 SIC: 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels) SIC breadcrumb: [Mining](/division/B/) > [SIC Major Group 14](/major-group/14/) > [SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels)](/industry/1400/) Latest 10-K filed: 2025-09-18 SEC page: https://www.sec.gov/edgar/browse/?CIK=1576873 Filing source: https://www.sec.gov/Archives/edgar/data/1576873/000149315225014092/form10-k.htm ## At a glance FY2025 · period end 2025-06-30 · filed 2025-09-18 · accession 0001493152-25-014092 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001576873.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 4,290,224 USD | 2025 | verified | | Net income | -46,762,625 USD | 2025 | verified | | Assets | 84,457,791 USD | 2025 | verified | | Revenue YoY | +1148.97% | 2025 | computed | | ROE | -66.24% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | ABAT | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Revenue growth | 1,149.0% | 10.0% | 100 | 10 | | FCF margin | -4,953.7% | 9.4% | 0 | 10 | | ROE | -66.2% | 9.9% | 0 | 10 | | ROA | -55.4% | 3.7% | 0 | 10 | | Liabilities / equity | 0.20 | 0.91 | 11 | 10 | | Current ratio | 2.16 | 2.70 | 22 | 10 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels), not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 4290224 | USD | 2025 | 2025-09-18 | | Net income | -46762625 | USD | 2025 | 2025-09-18 | | Assets | 84457791 | USD | 2025 | 2025-09-18 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-09-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001576873.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | | | | | | 343,500 | 4,290,224 | | Net income | | -37,988 | -28,356,180 | -2,690,342 | -6,048,092 | -12,625,204 | | -41,760,064 | -33,539,962 | -21,338,207 | -52,501,824 | -46,762,625 | | Operating income | -43,398 | -37,988 | -2,398,931 | | -5,588,730 | -10,486,623 | | -37,724,330 | -33,736,160 | -22,428,207 | -47,769,673 | -42,023,329 | | Gross profit | | | | | | | | | | | -2,961,207 | -10,574,409 | | Diluted EPS | | | | | | | | | -0.80 | -0.51 | -1.02 | -0.58 | | Operating cash flow | | -32,941 | -199,402 | -484,899 | -993,422 | -3,432,069 | | -7,756,438 | -10,177,994 | -13,367,980 | -16,736,231 | -28,921,158 | | Capital expenditures | | | | | | | | | | 21,881,587 | 279,878 | | | Assets | | | 90,040 | 61,641 | 308,769 | 92,694 | 1,161,314 | 21,263,103 | 52,861,989 | 74,658,652 | 77,675,132 | 84,457,791 | | Liabilities | | 101,666 | 634,033 | | 2,741,281 | 4,880,156 | 6,101,818 | 1,822,498 | 3,227,930 | 13,789,168 | 16,207,492 | 13,858,768 | | Stockholders' equity | | | -543,993 | -1,266,005 | -2,432,512 | -4,787,462 | -4,940,504 | 19,440,605 | 49,634,059 | 60,869,484 | 61,467,640 | 70,599,023 | | Cash and cash equivalents | | | 90,040 | 9,141 | 122,769 | 7,371 | 829,924 | 12,843,502 | 28,989,166 | 2,320,149 | 7,001,786 | 7,474,304 | | Free cash flow | | | | | | | | | | -35,249,567 | -17,016,109 | | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Return on equity | | | | | | | | -214.81% | -67.57% | -35.06% | -85.41% | -66.24% | | Return on assets | | | | | | | | -196.40% | -63.45% | -28.58% | -67.59% | -55.37% | | Liabilities / equity | | | | | | | | 0.09 | 0.07 | 0.23 | 0.26 | 0.20 | | Current ratio | | | 0.14 | 0.05 | 0.11 | 0.01 | 0.18 | 7.76 | 9.79 | 0.35 | 1.17 | 2.16 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001576873.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2023-Q4 | 2023-06-30 | | -7,098,762 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2023-09-30 | | -7,231,985 | -0.16 | reported discrete quarter | | 2024-Q2 | 2023-12-31 | | -9,291,435 | -0.19 | reported discrete quarter | | 2024-Q3 | 2023-12-31 | | -10,177,859 | -0.21 | reported discrete quarter | | 2024-Q4 | 2024-06-30 | | -23,436,846 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2024-09-30 | 201,960 | -11,694,569 | -0.17 | reported discrete quarter | | 2025-Q2 | 2024-09-30 | | -11,694,569 | | reported discrete quarter | | 2025-Q2 | 2024-12-31 | 332,440 | | -0.18 | reported discrete quarter | | 2025-Q3 | 2024-12-31 | | -13,400,506 | | reported discrete quarter | | 2025-Q3 | 2025-03-31 | 979,977 | | -0.14 | reported discrete quarter | | 2025-Q4 | 2025-06-30 | 2,775,847 | -10,171,603 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2025-09-30 | 937,589 | -10,299,566 | -0.09 | reported discrete quarter | | 2026-Q2 | 2025-09-30 | | -10,299,566 | | reported discrete quarter | | 2026-Q2 | 2025-12-31 | 4,759,831 | | -0.07 | reported discrete quarter | | 2026-Q3 | 2025-12-31 | | -9,280,971 | | reported discrete quarter | | 2026-Q3 | 2026-03-31 | 7,811,229 | | -0.26 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from ABAT's latest 10-K: [/company/ABAT/business/](/company/ABAT/business/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1576873/000149315226022149/form10-q.htm Extracted from Part I Item 2 to the first post-MD&A boundary after HTML sanitization. Confidence: high Filing date: 2026-05-11 Report date: 2026-03-31 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our condensed consolidated financial statements and related notes in “Item 1. Condensed Consolidated Financial Statements”. References in this report to “American Battery,” the “Company,” “we,” “our” and “us” are references to American Battery Technology Company and its subsidiaries. Forward-Looking Statements We make forward-looking statements in this report and may make such statements in future filings with the Securities and Exchange Commission, or SEC. We may also make forward-looking statements in our press releases or other public or shareholder communications. Our forward-looking statements are subject to risks and uncertainties and include information about our current expectations and possible or assumed future results of our operations. When we use words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “could,” “plan,” “potential,” “predict,” “forecast,” “project,” “intend,” “is focused on” or similar expressions, or make statements regarding our intent, belief, or current expectations, we are making forward-looking statements. Our forward-looking statements also include, without limitation, statements about our liquidity and capital resources; our ability to continue as a going concern; our ability to successfully execute on our business strategy; our ability to raise additional capital and statements regarding our anticipated future financial condition, operating results, cash flows and business plans. While we believe our forward-looking statements are reasonable, you should not place undue reliance on any such forward-looking statements, which are based on information available to us on the date of this report or, if made elsewhere, as of the date made. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual results could be materially different. Factors that might cause such a difference include, without limitation, the risks and uncertainties discussed in this report, “Item 1A — Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, and from time to time in our other reports filed with the SEC. Other factors not currently anticipated may also materially and adversely affect our results of operations, cash flows, and financial position. There can be no assurance future results will meet expectations. Forward-looking statements speak only as of the date of this report and we expressly disclaim any intent to update or alter any statements whether as a result of new information, future events or otherwise, except as may be required by applicable law. Overview American Battery Technology Company (the “Company”) is a growth-stage company in the lithium–ion battery industry that is working to increase the domestic U.S. production of battery materials, such as lithium, nickel, cobalt, and manganese through its: (i) exploration of new, United States based primary resources of battery materials, (ii) development and commercialization of new technologies for the extraction of these battery materials from primary resources, and (iii) commercialization of an internally developed integrated process for the recycling of lithium–ion batteries. Through this three–pronged approach the Company is working to both increase the domestic production of these battery materials, and to ensure spent batteries have their elemental battery metals returned to the domestic manufacturing supply chain in an economical, environmentally-conscious, closed–loop fashion. To implement this business strategy, the Company has constructed and is operating its first integrated lithium–ion battery recycling facility, which takes in waste and end–of–life battery materials from the electric vehicle, battery energy storage system (“BESS”), and consumer electronics industries. The ramp-up and operation of this facility remain top priorities, and the Company has significantly expanded resources to support its development. These efforts include hiring additional technical staff, expanding laboratory facilities, and purchasing equipment. As a result, the Company generated its first revenue in the fourth quarter of fiscal year 2024 and has achieved continued growth in production volumes and revenue through March 31, 2026. The Company was awarded and has completed a competitively bid grant from the U.S. Advanced Battery Consortium to support a $2 million project to accelerate the development and demonstration of the technologies within this integrated lithium–ion battery recycling facility. The Company has also been awarded an additional grant from the DOE to support a $20 million project under the Bipartisan Infrastructure Law to validate, test, and deploy three next-generation disruptive advanced separation and processing recycling technologies. On March 28, 2024, the Company was selected for an approximately $19.5 million tax credit through the Qualifying Advanced Energy Project Credits program (the “48C program”). This tax credit was granted by the U.S. Department of Treasury Internal Revenue Service following a competitive technical and economic review process performed by the DOE, which evaluated the feasibility of applicant facilities to advance America’s buildout of globally competitive critical material recycling, processing, and refining infrastructure. This $19.5 million tax credit can be utilized both for the reimbursement of capital expenditures spent to date, and also for equipment and infrastructure for additional value-add operations at the Company’s battery recycling facility in the Tahoe-Reno Industrial Center (“TRIC”) near Reno, Nevada. As of March 31, 2026, the Company has incurred qualifying expenditures for this tax credit but will not recognize any amounts until it has reasonable assurance of compliance with the relevant standards. 22 Also on March 28, 2024, the Company was selected for an additional $40.5 million tax credit through the 48C program to support the design and construction of a new, next-generation, commercial battery recycling facility to be located in the United States. This award was granted by the U.S. Department of Treasury Internal Revenue Service following a competitive technical and economic review process performed by the DOE, which evaluated the feasibility of applicant facilities to advance America’s buildout of globally competitive critical material recycling, processing, and refining infrastructure. As of March 31, 2026, the Company has not incurred any qualifying expenditures towards this tax credit. Additionally, the Company is accelerating the demonstration and commercialization of its internally developed low–cost and low–environmental impact processing train for the manufacturing of battery grade lithium hydroxide from Nevada–based sedimentary claystone resources. The Company was awarded and has completed a grant cooperative agreement from the DOE’s Advanced Manufacturing and Materials Technologies Office through the Critical Materials Innovation program to support a $4.5 million project for the construction and operation of a multi–ton per day integrated continuous demonstration system to support the scale–up and commercialization of these technologies. The Company has completed the construction and commissioning of this demonstration system, which enables the Company to demonstrate its technologies for accessing the lithium housed in its unconventional resource, TFLP, and to generate large amounts of battery grade lithium hydroxide for delivery to customers for qualifications and evaluation. The TFLP is one of the largest identified lithium resources in the United States, and the Company recently published a Pre-Feasibility Study (“PFS”) that details inferred, indicated, and measured resources and proven and probable reserves at this property, as well as the technical and financial roadmap for bringing the associated lithium mine and lithium hydroxide monohydrate (“LHM”) refinery to commercialization. This PFS has estimated that the TFLP contains approximately 21.3 million tonnes LHM resource, with 2.7 million tonnes of LHM further classified as proven and probable reserves. The total processing costs for manufacturing this battery grade LHM is projected to be $4,307 per tonne LHM. Inferred, indicated, and measured resources have lower levels of geological confidence than proven and probable reserves, and in certain cases may not be considered when assessing the economic viability of a mining project. In June 2025, the TFLP was selected by the National Energy Dominance Council and the FAST-41 Permitting Council as a Transparency Priority Project. This designation highlights the project’s role in advancing domestic critical mineral lithium production and supporting U.S. energy independence. In August 2025, the TFLP was further approved by the FAST-41 Permitting Council as a Covered Priority Project, which provided additional resources to streamlining the permitting efforts for this project. Company Financial Highlights: [[GREPCENT_TABLE]] [["","\u25cf","The Company had cash and cash equivalents of $38.5 million as of March 31, 2026, of which $37.7 million was unrestricted. This was a $30.2 million increase in unrestricted cash from June 30, 2025."],["","\u25cf","The Company held zero debt as of March 31, 2026, compared to $7.7 million as of March 31, 2025."]] [[/GREPCENT_TABLE]] Fiscal Third Quarter 2026 Financial Highlights (Three Months): [[GREPCENT_TABLE]] [["","\u25cf","Revenue was $7.8 million for the three months ended March 31, 2026, as compared to $1.0 million for the three months ended March 31, 2025."],["","\u25cf","Total cost of goods sold was $7.1 million for three months ended March 31, 2026, compared to $3.7 million for the three months ended March 31, 2025. Cost of goods sold for the three months ended March 31, 2026 included non-cash items, including depreciation of $1.0 million and stock-based compensation of $0.3 million. Excluding these non-cash items, cash cost of goods sold (a non-GAAP measure) for the three months ended March 31, 2026 was $5.8 million."]] [[/GREPCENT_TABLE]] 23 A reconciliation of cost of goods sold to cash cost of goods sold and adjusted gross margin (both are a non-GAAP measure) for the three months ended March 31, 2026 was as follows: [[GREPCENT_TABLE]] [["Description","","Amount ($M)"],["Revenue","","","7.8"],["Cost of Goods Sold (GAAP)","","","7.1"],["Gross Margin","","","0.7"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["Description","","Amount ($M)"],["Revenue","","","7.8"],["Cost of Goods Sold (GAAP)","","","7.1"],["Less: Depreciation Expense","","","(1.0",")"],["Less: Stock-Based Compensation","","","(0.3",")"],["Cash Cost of Goods Sold (Non-GAAP)","","","5.8"],["Adjusted Gross Margin","","","2.0"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The Company has achieved a critical milestone this quarter, with the achievement of its first positive gross profit on revenue of $0.7 million."],["","\u25cf","Excluding non-cash items, such as stock-based compensation and depreciation, the Company achieved an adjusted gross profit (a non-GAAP measure) of $2.0 million."]] [[/GREPCENT_TABLE]] Management uses certain non-GAAP metrics to evaluate our operating and financial results. We believe the presentation of non-GAAP results is useful to investors for analysing business trends as well as to view the results from management’s perspective. Non-GAAP cost of goods sold excludes certain non-cash charges including depreciation expense and stock-based compensation. Non-GAAP results have limitations as an analytical tool, and you should not consider them in isolatio [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1576873/000149315225014092/form10-k.htm Complete FY 2025 MD&A: /company/ABAT/mda/fy2025/ Extracted from Item 7 to the first post-MD&A boundary after HTML sanitization. Confidence: high Filing date: 2025-09-18 Report date: 2025-06-30 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS. Forward-Looking Statements You should read the following discussion of our financial condition and results of operations in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this Form 10-K. The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These forward-looking statements include, but are not limited to, statements concerning our strategy, future operations, future financial position, future revenues, projected costs, prospects and plans and objectives of management. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation, the risks set forth in our filings with the SEC. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements except as required by applicable securities laws. 28 Overview American Battery Technology Company (the “Company”) is a growth-stage company in the lithium–ion battery industry that is working to increase the domestic U.S. production of battery materials, such as lithium, nickel, cobalt, and manganese through its exploration of new domestic-United States primary resources of battery metals, development and commercialization of new technologies for the extraction of these battery metals from primary resources, and commercialization of an internally developed integrated process for the recycling of lithium–ion batteries. Through this three–pronged approach the Company is working to both increase the domestic production of these battery materials, and to ensure spent batteries have their elemental battery metals returned to the domestic manufacturing supply chain in an economical, environmentally-conscious, closed–loop fashion. To implement this business strategy, the Company has constructed its first integrated lithium–ion battery recycling facility, which takes in waste and end–of–life battery materials from the electric vehicle, stationary storage, and consumer electronics industries. The Company’s revenue increased from $0.3 million in fiscal 2024 to $4.3 million in fiscal 2025. The ramp-up and operation of this facility remain a top priority, and the Company has significantly expanded resources to support its execution. These efforts included hiring additional technical staff, expanding laboratory facilities, and purchasing equipment. As a result, the Company generated its first revenue in the fourth quarter of fiscal 2024 and achieved continued growth in production volumes and revenues throughout fiscal 2025. The Company has been awarded a competitively bid grant from the U.S. Advanced Battery Consortium to support a $2 million project to accelerate the development and demonstration of the technologies within this integrated lithium–ion battery recycling facility. The Company has also been awarded an additional grant from the U.S. Department of Energy (“DOE”) to support a $20 million project under the Bipartisan Infrastructure Law to validate, test, and deploy three next-generation disruptive advanced separation and processing recycling technologies. Additionally, the Company is accelerating the demonstration and commercialization of its internally developed low–cost and low–environmental impact processing train for the manufacturing of battery grade lithium hydroxide from Nevada–based sedimentary claystone resources. The Company has been awarded a grant cooperative agreement from the DOE’s Advanced Manufacturing and Materials Technologies Office through the Critical Materials Innovation program to support a $4.5 million project for the construction and operation of a multi–ton per day integrated continuous demonstration system to support the scale–up and commercialization of these technologies. The Company has also been awarded an additional grant award under the Bipartisan Infrastructure Law to support a $115 million project to design, construct, and commission a first-of-kind commercial-scale refinery to produce 30,000 MT of battery-grade lithium hydroxide per year from this resource. The Company has completed the construction and commissioning of its lithium hydroxide (LiOH) pilot plant, marking a significant milestone in the commercialization of its internally-developed processes to access an unrealized domestic primary lithium resource. The construction and commissioning of this pilot plant enables the Company to demonstrate its technologies for accessing the lithium housed in its unconventional resource, Tonopah Flats Lithium Project (“TFLP”), in an integrated and continuous system, and to generate large amounts of battery grade lithium hydroxide for delivery to customers for qualifications and evaluation. The TFLP is one of the largest identified lithium resources in the United States, and while initial pit designs and economic analyses in previous assessments evaluated the full resource, an updated Initial Assessment utilizes a commercialization pathway with a more rigorous mine plan that contemplates utilization of only Measured and Indicated Mineral Resources, and excludes Inferred Mineral Resources, to supply the planned commercial-scale lithium hydroxide monohydrate (“LHM”) refinery. This commercialization pathway allows for an engineered phased development, with improved access to the higher quality portions of the resource, and improved project economics. On March 28, 2024, the Company was selected for an approximately $19.5 million tax credit through the Qualifying Advanced Energy Project Credits program (the “48C program”). This tax credit was granted by the U.S. Department of Treasury Internal Revenue Service following a highly competitive technical and economic review process performed by the DOE, which evaluated the feasibility of applicant facilities to advance America’s buildout of globally competitive critical material recycling, processing, and refining infrastructure. This $19.5 million tax credit can be utilized both for the reimbursement of capital expenditures spent to date, and also for equipment and infrastructure for additional value-add operations at the Company’s battery recycling facility in the Tahoe-Reno Industrial Center (TRIC) near Reno, Nevada. As of June 30, 2025, the Company has incurred qualifying expenditures for this tax credit but will not recognize any amounts until it has reasonable assurance of compliance with the relevant standards. 29 Also on March 28, 2024, the Company has been selected for an additional $40.5 million tax credit through the 48C program to support the design and construction of a new, next-generation, commercial battery recycling facility to be located in the United States. As with the Company’s initial $19.5 million tax credit under the 48C program supporting the construction and buildout of its battery recycling facility in Nevada, this additional award was granted by the U.S. Department of Treasury Internal Revenue Service following a highly competitive technical and economic review process performed by the DOE, which evaluated the feasibility of applicant facilities to advance America’s buildout of globally competitive critical material recycling, processing, and refining infrastructure. As of June 30, 2025, the Company has not incurred any qualifying expenditures towards this tax credit. Fiscal Fourth Quarter 2025 Financial Highlights : [[GREPCENT_TABLE]] [["","\u25cf","Revenue increased to $2.8 million in fourth quarter fiscal year 2025, compared to $1.0 million in third quarter fiscal year 2025, nearly tripling and reflecting a significant ramp-up of battery recycling facility operations."],["","\u25cf","Total cost of goods sold was $5.3 million for fiscal fourth quarter fiscal year 2025, compared to $3.7 million in third quarter fiscal year 2025. The fiscal fourth quarter fiscal year 2025 cost of goods sold included non-cash items of depreciation of $1.0 million and stock-based compensation of $0.2 million. Excluding these non-cash items, fiscal fourth quarter fiscal year 2025 cash cost of goods sold (a non-GAAP measure) was $3.9 million."]] [[/GREPCENT_TABLE]] A reconciliation of fiscal fourth quarter 2025 GAAP to non-GAAP cost of goods sold [[GREPCENT_TABLE]] [["Description","","Amount ($M)"],["GAAP Cost of Goods Sold","","","5.1"],["Less: Depreciation Expense","","","(1.0",")"],["Less: Stock-Based Compensation","","","(0.2",")"],["Non-GAAP Cash Cost of Goods Sold","","","3.9"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Government grant reimbursement was $1.4 million for fourth quarter fiscal year 2025, compared to $2.3 million in third quarter fiscal year 2025. Out of the $1.4 million in grant funding for fourth quarter fiscal year 2025, nil was recorded as an offset to fixed assets, as reimbursements related to equipment purchases, and $1.4 million was recorded as an offset to research and development costs within the consolidated statement of operations."],["","\u25cf","ABTC conducted additional drill programs at its Tonopah Flats Lithium Project in order to further expand and define the deposit, collect data for detailed design of the mining pit shell, and continue to advance the development of the lithium mining and refining project."],["","\u25cf","ABTC continued to scale and operate its multi-tonne per day integrated pilot facility to demonstrate the performance of its internally-developed technologies for the manufacturing of battery grade lithium hydroxide from its Tonopah Flats claystone material."],["","\u25cf","On April 23, 2025, ABTC received a Letter of Interest from the US Export-Import Bank for up to $900 million in low-interest debt financing to support the construction of the Tonopah Flats Lithium Project."]] [[/GREPCENT_TABLE]] Fiscal Year 2025 Financial Highlights: [[GREPCENT_TABLE]] [["","\u25cf","Revenue increased to $4.3 million in fiscal year 2025, up from $0.3 million in fiscal year 2024, reflecting the ramp-up of facility operations and higher production volumes."],["","\u25cf","Total cost of goods sold was $14.9 million for the fiscal year ended June 30, 2025, compared to $3.3 million in fiscal year ended 2024. The fiscal year ended 2025 cost of goods sold included non-cash items of depreciation of $3.6 million and stock-based compensation of $0.8 million. Excluding these non-cash items, fiscal year ended 2025 cash cost of goods sold (a non-GAAP measure) was $10.5 million."]] [[/GREPCENT_TABLE]] A reconciliation of fiscal year ended 2025 GAAP to non-GAAP cost of goods sold [[GREPCENT_TABLE]] [["Description","","Amount ($M)"],["GAAP Cost of Goods Sold","","","14.9"],["Less: Depreciation Expense","","","(3.6",")"],["Less: Stock-Based Compensation","","","(0.8",")"],["Non-GAAP Cash Cost of Goods Sold","","","10.5"]] [[/GREPCENT_TABLE]] [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/ABAT/mda/fy2025/ All MD&A years: /company/ABAT/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/ABAT/mda/fy2024/): filed 2024-09-23; accession 0001493152-24-037818 (https://www.sec.gov/Archives/edgar/data/1576873/000149315224037818/form10-k.htm) - [FY 2023 MD&A](/company/ABAT/mda/fy2023/): filed 2023-09-28; accession 0001493152-23-034467 (https://www.sec.gov/Archives/edgar/data/1576873/000149315223034467/form10-k.htm) - [FY 2022 MD&A](/company/ABAT/mda/fy2022/): filed 2022-09-12; accession 0001493152-22-025652 (https://www.sec.gov/Archives/edgar/data/1576873/000149315222025652/form10-k.htm) - [FY 2021 MD&A](/company/ABAT/mda/fy2021/): filed 2021-10-13; accession 0001493152-21-025335 (https://www.sec.gov/Archives/edgar/data/1576873/000149315221025335/form10-k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels)) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/ABAT.md · JSON record: /company/ABAT.json · verified financials: /company/ABAT/financials.json / /company/ABAT/financials.csv · machine TOC for the whole site: /llms.txt