Reno, Nevada – November 15, 2024 – American Battery Technology Company (ABTC) (NASDAQ: ABAT) has released its financial results for the first quarter of fiscal year (FY) 2025, which ended on September 30, 2024. The company is focused on building a domestic supply chain for lithium-ion battery materials through its technologies for primary battery minerals manufacturing and lithium-ion battery recycling.
ABTC is expanding operations at its battery recycling facility near Reno, Nevada. The company recently secured a competitive $150 million grant from the U.S. Department of Energy to build a second facility. Additionally, ABTC is producing battery-grade lithium hydroxide from its Nevada-based claystone material. These products are being evaluated for long-term offtake for the company’s commercial-scale lithium refinery.
In August 2023, ABTC secured a zero-coupon convertible notes agreement for up to $50 million. It initially issued $25 million in notes. The company has just announced an agreement to issue an additional $12 million in notes. The funds raised will support the ongoing commercial ramp-up and expansion of its battery recycling and claystone-to-lithium hydroxide operations. The initial $25 million in notes has been repaid.
Financial Highlights – First Quarter of Fiscal 2025
During the three months ended September 30, 2024, ABTC reported $202,000 in revenues from the sale of its recycled products. Non-GAAP cash cost of goods sold (COGS) for these operations totaled $1.3 million, excluding non-cash items like depreciation and stock-based compensation.
On September 23, 2024, ABTC was awarded a $150 million grant from the U.S. Department of Energy (DOE) to construct a second lithium-ion battery recycling facility. Government grant reimbursements totaled $1.4 million for the quarter, compared to $0.5 million in the same period of the previous year. Of the grant funding, $0.3 million was recorded as an offset to fixed assets, related to equipment purchases, and $1.1 million was recorded as an offset to research and development costs.
As of September 30, 2024, ABTC had $5.8 million in total cash on hand. The company utilized $5.6 million in cash for operations during the quarter, compared to $4.8 million in the same period the prior year.
ABTC hosted its 2024 Annual Meeting of Shareholders on November 13, 2024. A webcast of the presentation is available for one year at www.virtualshareholdermeeting.com/ABTC2024. The meeting presentation can also be viewed at www.investors.americanbatterytechnology.com/events-and-presentations.
About American Battery Technology Company
American Battery Technology Company (ABTC), headquartered in Reno, Nevada, is focused on pioneering technologies to create domestically manufactured and recycled battery metals. These metals are critical to meeting the demand from the electric vehicle, stationary storage, and consumer electronics industries.
Committed to a circular supply chain, ABTC seeks to innovate and master new battery metals technologies to drive the global transition to electrification and sustainable energy.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are “forward-looking statements.” Management believes that such forward-looking statements are reasonable, but cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve numerous risks and uncertainties.
Potential risks and uncertainties include, among others, risks and uncertainties related to the Company’s ability to continue as a going concern; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; and fluctuating mineral and commodity prices. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update any of the information contained or referenced in this press release.
