American Battery Technology Company Releases First Quarter Fiscal Year 2025 Financial Report
15 Novembre 2024 - 2:52PM
American Battery Technology Company (ABTC) (NASDAQ: ABAT), an
integrated critical battery materials company, has released its
financial results for the first fiscal quarter of fiscal year (FY)
2025, which ended on September 30, 2024. ABTC is focused on
commercializing its technologies for primary battery minerals
manufacturing and secondary minerals lithium-ion battery recycling,
in order to establish a domestically-sourced lithium-ion battery
metals circular supply chain for North America.
The company has continued
to ramp and streamline operations at its first battery recycling
facility near Reno, Nevada, and was awarded an additional highly
competitive grant from the U.S. Department of Energy for $150
million to support the construction of a second battery recycling
facility.
The company has also
manufactured additional battery grade lithium hydroxide product
from its Nevada-based claystone material with its internally
developed processes at its multi-tonne per day integrated pilot
facility, and is having these products evaluated for the long-term
offtake of this critical battery material for its commercial scale
lithium refinery.
In August 2023, ABTC
entered into an agreement for the issuance of zero coupon
convertible notes for up to $50 million, and initially issued $25
million in notes under this agreement. ABTC has just announced that
it entered into an agreement to issue an additional $12 million in
zero coupon convertible notes. With the first $25 million in
notes having been repaid, the primary purpose of the proceeds from
these notes is to support the continued commercial ramp-up and
expansion of the company’s battery recycling and claystone to
lithium hydroxide operations.
Financial Highlights
First Quarter of Fiscal 2025:
- In the three months ended September 30, 2024, ABTC reported
revenues of $202,000 from the sales of its recycled products.
Non-GAAP cash cost of goods sold (COGS) for these operations
amounted to $1.3 million, after excluding non-cash items such as
depreciation expense and stock-based compensation.
- ABTC was awarded a highly competitive grant from the US
Department of Energy (DOE) on September 23, 2024, securing $150
million in federal funding for the construction of a second
lithium-ion battery recycling facility.
- Government grant reimbursement for the three months ended
September 30, 2024 totaled $1.4 million, compared to $0.5 million
in the same period of the previous year. Out of the current
period's 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.
- During the three months ended September 30, 2024, ABTC utilized
$5.6 million in cash for operations, compared to $4.8 million in
the same period of the prior year.
ABTC hosted its 2024
Annual Meeting of Shareholders on Wednesday, November 13,
2024. A webcast of the presentation is available for one year
at www.virtualshareholdermeeting.com/ABTC2024. 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 critically needed to help meet the significant
demand from the electric vehicle, stationary storage, and consumer
electronics industries. Committed to a circular supply chain
for battery metals, ABTC works to continually innovate and master
new battery metals technologies that power a global transition to
electrification and the future of 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.” Although the American Battery Technology Company’s
(the “Company”) management believes that such forward-looking
statements are reasonable, it cannot guarantee that such
expectations are, or will be, correct. These forward-looking
statements involve a number of risks and uncertainties, which could
cause the Company’s future results to differ materially from those
anticipated. 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;
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,
including the Annual Report on Form 10-K for the year ended June
30, 2024 and Quarterly Report on Form 10-Q for the quarter ended
September 30, 2024. The Company assumes no obligation to update any
of the information contained or referenced in this press
release.
Tiffiany Moehring
American Battery Technology Company
720.254.1556
tmoehring@batterymetals.com
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