American Battery Technology Company Reports First Quarter Fiscal Year 2025 Financial Results
Reno, Nevada, Nov. 15, 2024 — American Battery Technology Company (ABTC) (NASDAQ: ABAT), a leading integrated critical battery materials company, has released its financial results for the first fiscal quarter of 2025, ended September 30, 2024. The company continues to make significant strides in commercializing its technologies for primary battery minerals manufacturing and secondary minerals lithium-ion battery recycling, aiming to establish a domestically-sourced lithium-ion battery metals circular supply chain for North America.
Key Highlights
- ABTC reported revenues of $202,000 from the sales of its recycled products during the quarter.
- The company was awarded a $150 million grant from the U.S. Department of Energy to support the construction of a second lithium-ion battery recycling facility.
- ABTC successfully manufactured additional battery-grade lithium hydroxide product from its Nevada-based claystone material using its internally developed processes.
- The company entered into an agreement to issue an additional $12 million in zero coupon convertible notes to support its commercial ramp-up and expansion.
Financial Performance
In the three months ended September 30, 2024, ABTC’s non-GAAP cash cost of goods sold (COGS) for its operations amounted to $1.3 million, after excluding non-cash items. Government grant reimbursement for the quarter totaled $1.4 million, with $0.3 million recorded as an offset to fixed assets and $1.1 million as an offset to research and development costs. As of September 30, 2024, ABTC had $5.8 million in total cash on hand and utilized $5.6 million in cash for operations during the quarter.
Operational Advancements
ABTC continues to ramp and streamline operations at its first battery recycling facility near Reno, Nevada. The company has made significant progress in manufacturing battery-grade lithium hydroxide product from its Nevada-based claystone material at its multi-tonne per day integrated pilot facility. These products are currently being evaluated for long-term offtake for its commercial-scale lithium refinery.
Future Outlook
The proceeds from the recent issuance of zero coupon convertible notes will primarily support the continued commercial ramp-up and expansion of the company’s battery recycling and claystone to lithium hydroxide operations. With the first $25 million in notes having been repaid, ABTC is focused on leveraging these funds to drive growth and achieve its strategic objectives.
For more information on the company’s 2024 Annual Meeting of Shareholders, a webcast of the presentation is available at www.virtualshareholdermeeting.com/ABTC2024, and the meeting presentation can be viewed at www.investors.americanbatterytechnology.com/events-and-presentations.
About American Battery Technology Company
American Battery Technology Company (ABTC), headquartered in Reno, Nevada, has pioneered first-of-kind technologies to unlock domestically manufactured and recycled battery metals. The company is committed to a circular supply chain for battery metals and continually innovates to master new battery metals technologies that power the global transition to electrification and sustainable energy.
