American Battery Technology Company (ABAT) Q3 2025 earnings summary

Executive summary

• Quarterly revenue tripled to $1.0 million for the period ended March 31, 2025, driven by a 120% increase in battery recycling throughput and expanded commercial operations.

• Multi-shift, 24/7 operations at the recycling facility more than doubled recycled battery material mass sequentially.

• Entered agreements to sell unused legacy property and water rights in Fernley, Nevada for $6.75 million and $4.7 million, respectively.

• Significant government grants and tax credits were awarded, including a $144 million DOE grant, $60 million in tax credits, and $59.6 million in transferrable investment tax credits.

• Continuous pilot production of lithium hydroxide from Nevada claystone was achieved, with commercial refinery plans for 30,000 tonnes/year underway.

Financial highlights

• Revenue for the quarter reached $1.0 million, up nearly 200% from the previous quarter.

• Cash cost of goods sold increased 9% sequentially to $2.3 million, while total cost of goods sold was $3.7 million.

• Net loss for the quarter was $11.5 million, compared to $10.0 million in the same quarter last year.

• Cash on hand as of March 31, 2025, was $7.8 million, with $2.8 million available and $5.0 million restricted.

• Funding from government grants rose to $2.0 million from $1.2 million year-over-year.

Outlook and guidance

• Ongoing ramp-up of battery recycling operations with multi-shift, 24/7 production and expanded operator teams.

• Accelerated commercialization and scale-up of the Tonopah Flats Lithium Project, with data from the fourth drill program informing a forthcoming pre-feasibility study.

• Negotiations underway for long-term commercial offtake agreements for lithium hydroxide production.

• A $900 million low-interest loan from the Export-Import Bank is in process to support commercial mine and refinery construction.

• The company expects cost of goods sold to rise in absolute terms but decrease as a percentage of revenue as production scales.