American Battery Technology Company Reports Q1 2025 Financial Results
Reno, Nevada – November 15, 2024 – American Battery Technology Company (ABTC) (NASDAQ: ABAT) announced its financial results for the first quarter of Fiscal Year 2025, which ended on September 30, 2024. The company is focused on creating a domestic supply chain for lithium-ion battery materials through primary battery minerals manufacturing and lithium-ion battery recycling.
ABTC has been actively expanding operations at its first battery recycling facility located near Reno, Nevada. The company recently secured a $150 million grant from the U.S. Department of Energy to support the construction of a second facility. ABTC is also producing battery-grade lithium hydroxide from its Nevada-based claystone materials using its in-house processes. These products are currently being evaluated for long-term offtake agreements for use in their commercial-scale lithium refinery.
In August 2023, ABTC secured an agreement for zero coupon convertible notes of up to $50 million, initially issuing $25 million. The company has subsequently announced an agreement to issue an additional $12 million in notes. These funds will primarily support the continued expansion of the company’s battery recycling and claystone-to-lithium hydroxide operations.
Financial Highlights for Q1 2025
For the three months ended September 30, 2024, ABTC reported revenues of $202,000 from the sale of recycled products. Non-GAAP cash cost of goods sold (COGS) for these operations totaled $1.3 million, which excludes non-cash expenses.
On September 23, 2024, ABTC was awarded a $150 million grant from the U.S. Department of Energy (DOE) for construction of a second lithium-ion battery recycling facility. Government grant reimbursements for the quarter reached $1.4 million, compared to $0.5 million in the same period in the prior year. Of the grant funding, $0.3 million was allocated to fixed assets for equipment purchases, with $1.1 million offsetting research and development costs.
As of the end of the quarter, ABTC held $5.8 million in total cash. During the three months ended September 30, 2024, the company used $5.6 million in cash for operations, compared to $4.8 million in the prior year. ABTC also held its shareholders meeting on November 13, 2024, and a presentation webcast is available for one year.
About American Battery Technology Company
American Battery Technology Company (ABTC), based in Reno, Nevada, is developing technologies focused on the domestic manufacturing and recycling of battery metals. The company serves the growing demands of the electric vehicle, stationary storage, and consumer electronics industries. ABTC prioritizes a circular supply chain to drive sustainable energy and electrification.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Potential risks and uncertainties could impact actual results, and are outlined in the Company’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K and Quarterly Report on Form 10-Q. The Company assumes no duty to update any information contained or referenced in this release.
