Mon, Sep 23, 8:32 PM (88 days ago)
American Battery Technology Company (ABTC) reported a challenging fiscal year ending June 30, 2024, with a net loss of $52.5 million, or $1.02 per share, compared to a loss of $22.2 million, or $0.51 per share, in the previous year. Revenue from its newly operational lithium-ion battery recycling facility was $0.3 million, with a cost of goods sold of $3.3 million, reflecting high initial operational costs. Operating expenses surged to $44.8 million, driven by increased personnel and research costs, alongside a $10.3 million impairment charge related to assets held for sale. The company is navigating liquidity challenges, reporting cash reserves of $7.0 million against current liabilities of $15.8 million. Strategically, ABTC is focused on boosting domestic production of battery materials and has received significant government grants totaling $3.3 million, up from $0.9 million in the prior year. The company is also advancing its Tonopah Flats Lithium Project, which shows promising resource estimates. However, it faces risks from market volatility, operational execution, and regulatory compliance that could impact future performance and its ability to continue as a going concern.