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American Battery Technology Company Releases First Quarter
Reno, Nevada, November 15, 2024 – American Battery Technology Company (ABTC) (NASDAQ: ABAT), a leader in the critical battery materials sector, has shared its financial perspective for the first quarter of fiscal year 2025, concluding on September 30, 2024. Positioned at the forefront of the advanced battery materials industry, ABTC is devoted to developing sustainable methods for manufacturing primary battery minerals and innovative recycling processes for lithium-ion batteries, all aimed at establishing a circular supply chain for battery metals in North America.
### Expansion Efforts and Strategic Grants
ABTC is actively enhancing operations at its inaugural battery recycling facility located near Reno. In a significant move, the company has received a substantial grant of $150 million from the U.S. Department of Energy. This award is designed to bolster the construction of a second battery recycling facility, underscoring the company’s commitment to scaling its operations and meeting the rising demand for recycled battery materials.
In addition to expanding its recycling capabilities, ABTC has successfully produced high-quality lithium hydroxide from reservoir claystone material using proprietary processes developed at its pilot facility. This achievement is set to facilitate the long-term supply of this essential battery element necessary for its planned commercial-scale lithium refinery.
### Financial Performance in Q1 FY2025
For the first quarter of fiscal year 2025, ABTC reported revenues of $202,000 primarily driven by sales of its recycled products. However, the cost of goods sold (COGS) reached $1.3 million, which is reflective of their ongoing investment in ramping up operations despite the non-cash items that were excluded from the calculation.
The company continues to pursue innovative funding sources; having initiated the issuance of zero-coupon convertible notes of up to $50 million, of which $25 million has been completed and an additional $12 million has been announced. This funding is primarily aimed at supporting the growth and commercial expansion of the company’s battery recycling and lithium operations.
### Government Grants and Financial Insights
The government grant reimbursement for ABTC during this quarter totaled $1.4 million, an increase from $0.5 million in the same timeframe last year. Of this funding, $1.1 million was allocated to research and development, emphasizing the company’s focus on innovation. As of the end of September, ABTC reported cash reserves totaling $5.8 million, with operational cash usage being $5.6 million for the quarter, compared to $4.8 million in the prior year.
### Shareholder Engagement and Future Outlook
ABTC held its 2024 Annual Meeting of Shareholders on November 13, 2024, where strategic developments and future plans were highlighted. A recording of the meeting is accessible for future viewing, signifying transparency and enhancing shareholder relations.
### About American Battery Technology Company
American Battery Technology Company, headquartered in Reno, Nevada, is dedicated to pioneering technologies that enable the domestic production and recycling of critical battery metals. With an unwavering commitment to sustainability and innovation, ABTC is focused on facilitating the shift towards electrification in industries such as electric vehicles, energy storage, and consumer electronics. By championing a circular supply chain for battery metals, the company positions itself as a key player in the future of clean energy.
Navigating the complexities of the battery materials market entails potential risks and uncertainties. ABTC’s ability to adapt and drive forward in a rapidly evolving industry landscape is essential to fulfilling the significant demand for battery technology and sustainable energy solutions.
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