ABAT 10-K & 10-Q changes, risk factors and insider trading
AMERICAN BATTERY TECHNOLOGY Co · Nasdaq · Mining & Quarrying Of Nonmetallic Minerals (No Fuels) · CIK 1576873 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “We have a limited operating history and have incurred substantial losses since inception, and we may never achieve or sustain profitability.”
New heading “We depend on federal grants, cooperative agreements, and tax credits that are subject to conditions, milestones, appropriations, audit, suspension, and termination, and the loss or delay of these awards could materially impair our development plans.”
New heading “A small number of customers account for a substantial majority of our revenue, and the loss of any of them, or a change in their purchasing practices, could materially reduce our revenue.”
New heading “We rely in part on third parties to collect, transport, and store lithium-ion battery feedstock that is regulated as hazardous material, and any accident, release, thermal event, or non-compliance in the supply chain could result in liability, penalties, and operational disruption.”
New heading “Substantially all of our operations are concentrated at a single recycling facility and a single exploration-stage project in Nevada, and any casualty, natural disaster, utility interruption, or other disruption at those locations could halt production.”
New heading “Physical effects of climate change, including drought and constraints on water availability, and evolving climate-related disclosure and permitting requirements could increase our costs and delay our projects.”
New heading “A recently-issued federal directive may prevent us from exporting black mass to foreign customers, which would materially adversely affect our revenue, results of operations, financial condition, and ability to fund ongoing operations.”
New heading “If we fail to satisfy the continued listing requirements of The Nasdaq Stock Market, our common stock could be delisted, which would reduce liquidity and could impair our ability to raise capital.”
New heading “Provisions of our charter documents, our authorized but unissued preferred stock, and Nevada law could delay or prevent a change of control and may depress the market price of our common shares.”
Removed heading “There is substantial doubt about our ability to continue as a going concern and to achieve or sustain profitability.”
Removed heading “Failure to comply with covenants in our debt agreements could result in default, acceleration of repayment obligations, or loss of collateral, which could materially adversely affect our business and operations.”
Largest changes
“The Company has contractual arrangements that contain affirmative and negative covenants that must be adhered to. It is possible that the Company could fail to meet the requirements of one or more covenants, resulting in penalties or acceleration of amounts due. No assurance can be given that a breach will not occur. This could result in a default under our credit agreements that would permit the applicable lenders to declare all amounts outstanding thereunder to be due and payable, together with accrued and unpaid interest. …”see in full comparison
“Failure to comply with covenants in our debt agreements could result in default, acceleration of repayment obligations, or loss of collateral, which could materially adversely affect our business and operations.”see in full comparison
“If we fail to satisfy the continued listing requirements of The Nasdaq Stock Market, our common stock could be delisted, which would reduce liquidity and could impair our ability to raise capital.”see in full comparison
“We rely in part on third parties to collect, transport, and store lithium-ion battery feedstock that is regulated as hazardous material, and any accident, release, thermal event, or non-compliance in the supply chain could result in liability, penalties, and operational disruption.”see in full comparison
“There is substantial doubt about our ability to continue as a going concern and to achieve or sustain profitability.”see in full comparison
“Our common stock is listed on The Nasdaq Capital Market under the symbol “ABAT.” To maintain that listing we must satisfy continued listing standards, including minimum bid price, stockholders’ equity or market value, publicly held shares, market maker, and corporate governance requirements. Our share price has been volatile, and we rely substantially on equity issuances to fund our operations. If we fail to satisfy any applicable standard and are unable to regain compliance within any cure period, our common stock could be suspended or delisted. …”see in full comparison
Full comparison: every changed paragraph (43)
There
is substantial doubt about our ability to continue as a going concern and to achieve or sustain profitability.
The
continuation of the Company as a going concern is dependent upon generating profit from its operations and its ability to obtain debt
or equity financing to meet expected cash requirements. There is no assurance that the Company will be able to generate sufficient profits,
obtain such financings, or obtain them on favorable terms, which could limit its operations. Any such financing activities are subject
to market conditions.
These
uncertainties cause substantial doubt about the Company’s ability to continue as a going concern for 12 months from issuance
of the financial statements included in this Form 10-K. In their report on our financial statements included in this Form 10-K, our independent auditors have
expressed substantial doubt about our ability to continue as a going concern.
We
may need additional financing to execute our business plan and fund operations, which additional financing may not be available on reasonable
terms or at all. We may need to raise capital over the next 12 months to satisfy such requirements, the receipt of which cannot be assured.
We may also require capital in order to fully develop our recycling, extractionextraction, and refining operations. We intend to seek additional
funds through various financing sources, including the private sale of our equity and debt securities, potential joint ventures with
capital partners, grants, government loans, and project financing of our recycling facilities. However, there can be no guarantees that
such funds will be available on commercially reasonable terms, if at all. If such financing is not available on satisfactory terms, we
may be unable to further pursue our business plan and we may be unable to continue operations, in which case you may lose your entire
investment.
We have a limited operating history and have incurred substantial losses since inception, and we may never achieve or sustain profitability.
We first generated revenue in the fourth quarter of fiscal year 2024 and have a limited operating history upon which investors may evaluate our business. We have incurred operating losses in each period since inception, including a net loss of $73.4 million for the fiscal year ended June 30, 2026, and we had an accumulated deficit of $333.5 million and negative cash flows from operating activities of $24.2 million as of and for that fiscal year. We expect to continue to incur significant expenditures to ramp our recycling operations and to advance the Tonopah Flats Lithium Project. Our ability to achieve and sustain profitability depends on increasing production volumes and realized prices while controlling costs, none of which can be assured. If we are unable to do so, we may be required to curtail operations, seek additional financing on unfavorable terms, or delay or abandon planned projects, and the value of our common shares could decline.
The
Company is in the process of exploring and developing a mineral resource near Tonopah, Nevada, with the intent of progressing the project
to mining and processing activities. The Company has no prior history of completing the development of a mining project or conducting
mining operations. If found to be economically feasible, the future development of mineral resources will require the construction and
operation of a mine, processing plantplant, and related infrastructure. While certain members of management have mining development and operational
experience, the Company does not have any such experience as a collective organization. As a result of these factors, the Company’s
future success is more uncertain than if it had a proven operating history.
We depend on federal grants, cooperative agreements, and tax credits that are subject to conditions, milestones, appropriations, audit, suspension, and termination, and the loss or delay of these awards could materially impair our development plans.
A significant portion of our planned capital program depends on federal awards, including the $57.7 million DOE cooperative agreement for a lithium hydroxide refinery, the $10.0 million DOE award for next-generation recycling technologies, the $143.6 million DOE award for a new recycling facility, and $60.0 million of tax credits selected under the through the Qualifying Advanced Energy Project Credits program (“48C program”). These awards are reimbursement-based, are conditioned on our satisfaction of technical, commercial, cost-share, reporting, and compliance requirements, and remain subject to governmental appropriations, audit, and unilateral action. On October 9, 2025, the DOE notified us that the $57.7 million grant was terminated effective as of the end of the budget period ending August 31, 2025; we appealed, and following a series of technical and commercial reviews the award was subsequently reinstated in its entirety. As of June 30, 2026, we had invoiced only 11% of eligible reimbursements under that award, 27% under the $10.0 million award, and 1% under the $143.6 million award, and we had not recognized any amounts in respect of the 48C program tax credits. There is no assurance that these awards will not again be terminated, suspended, reduced, descoped, or delayed, that we will satisfy the applicable conditions and milestones, that we will be able to fund the required cost share, or that we will realize the tax credits, and any such outcome could require us to curtail or abandon planned projects and would adversely affect our business and financial condition.
Our
future business depends in large part on its ability to economically and efficiently source, recycle, and recover lithium-ion battery
materials (including end-of-life batteries, manufacturing scrap, and third-party black mass) and to meet the growing market demand for
an environmentally sustainable, closed-loop recycling solution. Although we have commenced operations at our McCarran, Nevada facility,
we will need to continue to operate this facility and improve efficiencies.efficiency.
While
we have developed and begun to implement our proprietary recycling processprocesses at our McCarran location, we have not yet operated at full
commercial scale to consistently produce and sell battery-grade materials. It is uncertain whether we will be able to develop and sustain
efficient, automated, low-cost recycling capabilities and processes, or secure sufficient reliable sources of feedstock, in a manner
that allows it to meet production standards, volumes, and costs necessary to achieve its business objectives. Even if we are successful
in expanding production, we may not be able to do so without delays, cost overruns, or supply chain challenges, some of which may be
outside of our control.
The
ability to reach and sustain profitable operations on the recycling and extraction projects, if and to the extent the projects are developed
and enter full commercial operation, will be significantly affected by changes in the market price of global metal products. The market
market price of these products fluctuates widely and is affected by numerous factors beyond the Company’s control, including world supply
supply and demand, pricing characteristics for alternate energy sources such as oil and gas, government policy and laws, interest rates, the
the rate of inflation and the stability of currency exchange rates, and other geopolitical and global economic factors. Such external economic
economic factors are influenced by changes in international investment patterns, various political developments and macro-economic circumstances.
Furthermore, the price of lithium products is significantly affected by their purity and performance, and by the specifications of end-user
battery manufacturers. If the products produced from the Company’s projects do not meet battery-grade quality and/or do not meet
customer specifications, pricing will be reduced from that expected for battery-grade product. In turn, the company may lose or fail
to attract customers. The Company may not be able to effectively mitigate pricing risks for its products. Depressed pricing for the Company’s
products will affect the level of revenuesrevenue expected to be generated by the Company, which in turn could affect the value of the Company,
its share price and the potential value of its properties.
A small number of customers account for a substantial majority of our revenue, and the loss of any of them, or a change in their purchasing practices, could materially reduce our revenue.
Revenue from five major customers accounted for approximately 86% of our revenue for the fiscal year ended June 30, 2026 and three major customers accounted for approximately 74% for the fiscal year ended June 30, 2025. Our sales are generally not supported by long-term, fixed-volume commitments, and our customers may reduce, delay, or discontinue purchases, seek price concessions, qualify alternative suppliers, or reject product that does not meet their specifications. The loss of, or a material reduction in purchases by, any one of these customers, or a disruption in our relationship with a significant supplier, could cause our revenue to decline materially, increase our credit exposure, and adversely affect our results of operations, financial condition, and cash flows.
Safety
concerns in handling lithium-ion batteries, changes in battery chemistry or technology, slower-than-expected adoption of electric vehicles
vehicles or stationary energy storage batteries, or reduced government support for cleancritical energyminerals could all negatively impact our revenues
and operating
results.
We rely in part on third parties to collect, transport, and store lithium-ion battery feedstock that is regulated as hazardous material, and any accident, release, thermal event, or non-compliance in the supply chain could result in liability, penalties, and operational disruption.
We depend on third-party collectors, brokers, carriers, and storage providers to aggregate and deliver end-of-life batteries, manufacturing scrap, and black mass to our facility. Spent lithium-ion batteries and related materials are subject to extensive hazardous materials, waste, and transportation regulation, including requirements administered by the U.S. Department of Transportation and analogous state authorities, and are susceptible to thermal runaway, fire, and the release of hazardous substances during handling, packaging, transport, and storage. We do not control the operations or compliance practices of these third parties. An accident, release, fire, or regulatory violation in our inbound or outbound supply chain, or the loss of a significant logistics provider, could expose us to personal injury, property damage, remediation, and third-party claims, result in fines or the suspension of shipments, increase our insurance and freight costs, damage our reputation, and interrupt our ability to receive feedstock or deliver product.
Our operations in the United States are subject to the federal, state and local environmental, health and safety laws applicable to the reclamation of lithium-ion batteries and exploration for, and the development and operation of, mineral properties. Depending on how any particular operation is structured, our operations and related facilities will have to obtain environmental permits or approvals to operate, including those associated with, among other things, air emissions, water discharges, waste management and storage, and exploration and development of mineral properties on federal lands and related processing facilities. We may face opposition from local residents or public interest groups to the installation and operation of our facilities. Failure to secure (or significant delays in securing) the necessary approvals could prevent us from pursuing some of our planned operations and adversely affect our business, financial results and growth prospects. Additionally, there can be no certainty that current permits will be maintained, permitting changes will be approved, estimated permitting timelines will be met, estimated costs will be accurate, or additional permits or approvals required to carry out recycling, extraction and refining will be obtained. There is the risk that existing permits will be subject to challenges of regulatory administrative processes and similar litigation and appeal processes. Litigation and regulatory review processes can result in lengthy delays, with uncertain outcomes. Such issues could impact the expected timelines of the Company’s projects and consequently have a material adverse effect on the Company’s prospects and business.
Substantially all of our operations are concentrated at a single recycling facility and a single exploration-stage project in Nevada, and any casualty, natural disaster, utility interruption, or other disruption at those locations could halt production.
All of our revenue-generating operations are conducted at our recycling facility in McCarran, Nevada, and our principal mineral property interests are concentrated at the Tonopah Flats Lithium Project in Nye and Esmeralda Counties, Nevada. We do not maintain redundant processing capacity at an alternative site. A fire, thermal runaway event, explosion, equipment failure, extended power or water interruption, labor disruption, earthquake, flood, wildfire, or other casualty or force majeure event affecting these locations, or the loss of a permit or a governmental order suspending operations, could interrupt or halt production for an extended period. Our insurance may not be available on commercially reasonable terms, may not cover all losses, and may not compensate us for lost revenue or the costs of resuming operations, and any such interruption could have a material adverse effect on our business, results of operations, and financial condition.
Physical effects of climate change, including drought and constraints on water availability, and evolving climate-related disclosure and permitting requirements could increase our costs and delay our projects.
Our recycling and planned refining and mining operations require reliable access to water and power in an arid region of Nevada, and we depend on a limited portfolio of acquired water rights, including an 18.45 acre-foot annual portion of the Truckee-Carson Irrigation District and water rights purchased in the City of Fernley. Prolonged drought, reduced snowpack, changes in the administration or curtailment of water rights, extreme heat, wildfire, or severe precipitation and flooding events could restrict our operations, increase our operating and capital costs, and delay permitting and construction. In addition, federal and state climate-related disclosure, greenhouse gas, and permitting requirements continue to evolve and may impose additional compliance obligations and costs on us, and we may be subject to increased scrutiny or litigation concerning our environmental practices and the environmental benefits attributed to our products and processes. Any of the foregoing could have a material adverse effect on our business, results of operations, and financial condition.
The
Company is concurrently overseeing the advancement of our major batterycritical materialmineral projects. Working to advance these projects requires
dedication the dedication
of considerable time and resources by the Company and its management team. The advancement of the projects concurrently brings
with it
the associated risk of strains on managerial, human and other resources. The Company’s ability to successfully manage each
of these
processes will depend on a number of factors, including its ability to manage competing demands on time and other resources,
financial financial
or otherwise, and successfully retain personnel and recruit new personnel to support its growth and the advancement of its
projects.
The
Company highly values the contributions of its key personnel. The success of the Company continues to depend largely upon the performance
of key officers, employeesemployees, and consultants who have advanced the Company to its current stage of development and contributed to its
potential potential
for future growth. The market for qualified talent has become increasingly competitive, with shortages of qualified talent
relative to
the number of available opportunities being experienced in all markets where the Company conducts its operations. The ability
to remain
competitive by offering higher compensation packages and programs for growth and development of personnel, with a view to retaining
existing existing
talent and attracting new talent, has become increasingly important to the Company and its operations in the current climate.
Any prolonged
inability to retain key individuals, or to attract and retain new talent as the Company grows, could have a material adverse
effect upon
the Company’s growth potential and prospects.
The
Company may be subject to a variety of regulatory requirements, and resulting investigations, claims, lawsuits and other proceedings
in the ordinary course of its business, as a resultbecause of its status as a publicly traded company and because of its mining exploration and
and development business. Litigation related to environmental and climate change-related matters, the Company’s environmental practices,
the environmental benefits of the Company’s products or services, ESG disclosure, and securities class actions arising from share
price volatility is also on the rise. The occurrence and outcome of any legal proceedings cannot be predicted with any reasonable degree
of certainty due to the inherently uncertain nature of litigation, including the effects of discovery of new evidence or advancement
of new legal theories, the difficulty of predicting decisions of judges and juries and the possibility that decisions may be reversed
on appeal. Defense and settlement costs of legal claims can be substantial, even with respect to claims that are determined to have little
or no merit.
Export controls or trade restrictions on lithium, black mass, equipment, or technology could limit our market access, sourcing options, or partnerships, and create compliance conflicts across jurisdictions.
There
is no assurance that economically recoverable mineral reserves exist on our properties, and even ifthough reserves arehave been identified,
exploration exploration
and development risks could prevent their extraction or the generation of revenue, adversely affecting our business and operations.
We
cannot assure you about the existence of economically extractable mineralization at this time, nor about the quantity or grade of any
mineralization we may have found. Because the probability of an individual prospect ever having reserves is uncertain, our properties
may not contain any reserves and any funds spent on evaluation and exploration may be lost. Even if we confirmthough reserves have been confirmed
on our properties,
any quantity or grade of reserves we indicate must be considered as estimates only until such reserves are mined.
We do not know with
certainty that economically recoverable minerals exist on our properties. In addition, the quantity of any reserves
may vary depending
on commodity prices. Any material change in the quantity or grade of reserves may affect the economic viability of
our properties. Further,
our lack of established reserves means that we are uncertain about our ability to generate revenue from our
operations.
Even
ifthough we dohave eventually discoverdiscovered a mineral reserve on one or more of our properties, there can be no assurance that they can be developed into
into producing mines and that we can extract those minerals. Both mineral exploration and development involve a high degree of risk,
and few
mineral properties that are explored are ultimately developed into producing mines.
A recently-issued federal directive may prevent us from exporting black mass to foreign customers, which would materially adversely affect our revenue, results of operations, financial condition, and ability to fund ongoing operations.
A recently-issued federal directive (the “Directive”), which became effective on August 27, 2026, essentially prohibits the export of black mass by any domestic company from the United States, unless an exception or adjustment is obtained from the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”). The Directive will remain in effect for approximately one year from the date of publication. Sales of black mass represent the majority of the Company’s total revenue, and substantially all of its current black mass customers are located outside the United States in OECD countries. The Company has submitted a request to BIS for an exception from the Directive’s domestic allocation requirement and is actively engaging with Congressional representatives, government affairs advisors, and other stakeholders regarding this matter, but it cannot predict the outcome of these efforts. There can be no assurance that the Company’s request for an exception will be granted, that any exception will be granted on terms that are commercially favorable to the Company, or that any exception will be granted within a timeframe that avoids material disruption to its business and operations. If the Company is unable to obtain an exception or other relief from the Directive, or if any exception is subject to conditions that are commercially impracticable, the Company may be unable to sell black mass to all of its foreign customers. The loss of its foreign black mass sales revenue would have a material adverse effect on the Company’s revenue, results of operations, financial condition, cash flows, and ability to fund ongoing operations and growth initiatives. The Company may be required to seek alternative income sources, reduce operating costs, or pursue additional financing. Additionally, even if the Company is able to identify and develop domestic customers for black mass over time, such development efforts may take considerable time, and the terms of domestic sales may be significantly less favorable than existing international arrangements. See Note 19, “Subsequent Events,” to the consolidated financial statements.
PursuantWe
to the terms of the Purchase Agreement and Notes, we may issue common shares upon conversion, redemption, or exercise of related provisions.
equity securities. We may also issue common shares upon the
exercise of outstanding warrants.
Our
common shares have experienced,experienced and may continue to experience significant volatility.volatility, We also do not currently anticipate paying dividends
inand the foreseeabletrading futureprice of our common shares may
decline regardless of our operating performance.
We
have identified a material weaknessweaknesses in our internal controlcontrols over financial reporting (ICFR). If we fail to remediate thisthe weakness weaknesses
and establish effective controls, our business, operating results, and the market price of our shares could be materially
adversely affected.
As
a public reporting company, we are subject to the information and reporting requirements of the Securities Exchange ActAct, of 1934, as amended,
and other federal securities
laws, rules and regulations. Complying with these laws and regulations requires more time and attention
of from our Board of Directors and
management and requires additional employees compared to a privately-held company. In addition, the costs
of preparing and filing annual
and quarterly reports, proxy statements and other information with the SEC, furnishing audited reports
to stockholders, maintaining more
comprehensive compliance functions, policies and procedures, and corporate governance, are greater
than that of a privately-held company.
If we fail to satisfy the continued listing requirements of The Nasdaq Stock Market, our common stock could be delisted, which would reduce liquidity and could impair our ability to raise capital.
Our common stock is listed on The Nasdaq Capital Market under the symbol “ABAT.” To maintain that listing we must satisfy continued listing standards, including minimum bid price, stockholders’ equity or market value, publicly held shares, market maker, and corporate governance requirements. Our share price has been volatile, and we rely substantially on equity issuances to fund our operations. If we fail to satisfy any applicable standard and are unable to regain compliance within any cure period, our common stock could be suspended or delisted. Delisting would likely reduce the liquidity and market price of our common stock, limit the willingness of institutional investors and market makers to trade in our securities, impair our eligibility to use short-form registration statements and our at-the-market program, and make it more difficult and more expensive for us to raise capital.
The
Company has not paid dividends on its Common Shares since incorporation. The Company anticipates that it will retain its earnings and
other cash resources for future operations and the ongoing development of its business. As such, the Company does not intend to declare
or pay any cash dividends in the foreseeable future. Payment of any future dividends is solely at the discretion of the Board, which
will take into accountconsider many factors including the Company’s operating results, financial condition and anticipated cash needs.
Failure
to comply with covenants in our debt agreements could result in default, acceleration of repayment obligations, or loss of collateral,
which could materially adversely affect our business and operations.
The
Company has contractual arrangements that contain affirmative and negative covenants that must be adhered to. It is possible that the
Company could fail to meet the requirements of one or more covenants, resulting in penalties or acceleration of amounts due. No assurance
can be given that a breach will not occur. This could result in a default under our credit agreements that would permit the applicable
lenders to declare all amounts outstanding thereunder to be due and payable, together with accrued and unpaid interest. If we are unable
to repay our debt, creditors would have the right to proceed against the collateral securing the debt. This in turn could have a material
adverse effect on the Company’s business and operations.
We
may be required to record asset write-downs, impairments, restructurings, or other charges, any of which could materially and negatively
impact impact
our financial condition, operating results, and share value.
Provisions of our charter documents, our authorized but unissued preferred stock, and Nevada law could delay or prevent a change of control and may depress the market price of our common shares.
Our amended and restated articles of incorporation authorize 1,666,667 shares of preferred stock issuable in one or more series, and our Board of Directors is authorized to fix the voting rights, designations, preferences, and other terms of each series without stockholder approval. The issuance of preferred stock with voting or other rights senior to our common stock could adversely affect the voting power and other rights of holders of our common stock and could have the effect of delaying, deferring, or preventing a change of control of the Company or the removal of existing management. In addition, we are a Nevada corporation and are subject to Nevada statutes governing combinations with interested stockholders and the acquisition of controlling interests, which may further discourage, delay, or prevent a transaction that stockholders might otherwise consider favorable, including a transaction at a premium to the then-current market price of our common shares.
Management's Discussion & Analysis (MD&A)
New heading “A reconciliation of cost of goods sold to cash cost of goods sold and adjusted gross margin (both are non-GAAP measures) for the three months ended June 30, 2026 was as follows:”
New heading “A reconciliation of cost of goods sold to cash cost of goods sold and adjusted gross margin (both are non-GAAP measures) for the fiscal year ended June 30, 2026 was as follows:”
Removed heading “A reconciliation of fiscal fourth quarter 2025 GAAP to non-GAAP cost of goods sold”
Removed heading “A reconciliation of fiscal year ended 2025 GAAP to non-GAAP cost of goods sold”
Largest changes
“Based on our current operating plan, unless we generate income from the operations of our facilities and receipt of cash from United States government grant awards, or raise additional capital (debt or equity), it is possible that we will be unable to maintain our financial covenants the agreement governing the 2024 Notes (the “Note Agreement”), which, if such violation is not waived, could result in an event of default, causing an acceleration of the outstanding balance. …”see in full comparison
“The going concern assessment excludes the ATM Program, which could provide a source of liquidity.”see in full comparison
“The continuation of the Company as a going concern is dependent upon generating profit from its operations and its ability to obtain debt or equity financing. There is no assurance that the Company will be able to generate sufficient profits, obtain such financings, or obtain them on favorable terms, which could limit its operations. Any such financing activities are subject to market conditions. These uncertainties cause substantial doubt about the Company’s ability to continue as a going concern for 12 months from issuance of these financial statements. …”see in full comparison
“A reconciliation of cost of goods sold to cash cost of goods sold and adjusted gross margin (both are non-GAAP measures) for the three months ended June 30, 2026 was as follows:”see in full comparison
“A reconciliation of cost of goods sold to cash cost of goods sold and adjusted gross margin (both are non-GAAP measures) for the fiscal year ended June 30, 2026 was as follows:”see in full comparison
“A reconciliation of fiscal fourth quarter 2025 GAAP to non-GAAP cost of goods sold”see in full comparison
Full comparison: every changed paragraph (55)
American
Battery Technology Company (the “Company”, “ABTC”, “we” and “us”) is aan growth-stageintegrated critical
minerals manufacturing company in the lithium–ion battery industry that is
working to increase the domestic U.S. production of batterycritical materials,minerals, such as lithium, nickel,
cobalt, cobalt,manganese, copper, aluminum, and manganesegraphite through its exploration
of new domestic-United States primary resources of batterycritical metals,minerals, the development
and commercialization of new technologies for the extraction
of these batterycritical metalsminerals from primary resources, and the commercialization
of an internally developed integrated process for the recycling
of lithium–ionlithium-ion batteries. Through this three–prongedthree-pronged approach the Company
is working to both increase the domestic production
of these batterycritical materials,minerals and to ensure spentthat batteriesas havethese materials reach their end
of life, the constituent elemental batterycritical metalsminerals are returned to the domestic manufacturing
supply chain in ana economical, environmentally-conscious, closed–loopclosed-loop fashion.
To
implement this business strategy, the Company has constructed and is operating its first integrated lithium–ion battery recycling
facility, which
takes in waste and end–of–life battery materials from the electric vehicle, stationarybattery storage,energy andstorage system
(“BESS”), consumer electronics
industries. Theindustries, Company’sand revenuemanufactures increasedseveral fromtypes $0.3of millionrecycled inproducts fiscaland 2024 to $4.3 million in fiscal 2025.byproducts. The ramp-up
and operation
of this facility remain a top priority,priorities, and the Company has significantly expanded resources to support its execution. development.
These efforts included
include hiring additional technical staff, expanding laboratory facilities, and purchasing equipment. As a result, the
Company generated its
first revenue in the fourth quarter of fiscal year 2024 and has achieved continued growth in production volumes
and revenuesrevenue throughoutthrough fiscal
2025.June The30, Company has been awarded a competitively bid grant from the U.S. Advanced Battery Consortium to support a $2 million project
to accelerate the development and demonstration of the technologies within this integrated lithium–ion battery recycling facility.
The Company has also been awarded an additional grant from the U.S. Department of Energy (“DOE”) to support a $20 million
project under the Bipartisan Infrastructure Law to validate, test, and deploy three next-generation disruptive advanced separation and
processing recycling technologies.2026.
The development and demonstration of these recycling technologies was supported by a competitively awarded grant from the U.S. Advanced Battery Consortium, which consists of General Motors, Ford Motor Company, Stellantis NV, and the US Department of Energy. The continued expansion of this facility is also supported by a competitively awarded $19.5 million investment tax credit awarded by the U.S. Department of Energy and administered by the U.S. Internal Revenue Service through the 48C program. ABTC was selected for an additional $10.0 million competitively awarded grant by the U.S. Department of Energy to demonstrate, optimize, and construct commercial implementations of ABTC’s next generation of advanced critical mineral separations and processing manufacturing technologies.
With the successful operations of ABTC’s first critical mineral recycling facility with a design processing rate of approximately 20,000 tonnes per year, ABTC was awarded a competitive $150 million grant from the U.S. Department of Energy to support the construction of a second critical mineral recycling facility with a processing rate of 100,000 tonnes per year. The construction of this second facility is also supported by a competitively awarded $40.5 million investment tax credit awarded by the U.S. Department of Energy and administered by the U.S. Internal Revenue Service through the 48C program. ABTC has been performing due diligence on several prospective locations for this second facility throughout the southeastern US.
In addition to its critical mineral recycling facilities, ABTC is also developing TFLP, one of the largest identified lithium resources in the United States. In September 2025, ABTC published a Pre-Feasibility Study (PFS) for this project that details the inferred, indicated, and measured resources and proven and probable reserves at this claystone property, as well as the technical and financial roadmap for bringing the associated lithium mine and lithium hydroxide monohydrate (LHM) refinery to commercialization. This PFS has estimated that the TFLP contains approximately 21.3 million tonnes LHM resource, with 2.7 million tonnes of LHM further classified as proven and probable reserves (Inferred, indicated, and measured resources have lower levels of geological confidence than proven and probable reserves, and in certain cases may not be considered when assessing the economic viability of a mining project). The total processing costs for manufacturing this battery grade LHM is projected to be $4,307 per tonne LHM.
To demonstrate the performance of ABTC’s internally-developed claystone-to-lithium hydroxide technologies, ABTC was awarded a competitive $2.3 million grant from the U.S. Department of Energy to construct and operate a multi-tonne per day integrated demonstration facility. ABTC has constructed and operated this demonstration facility and processed tonne-level quantities of claystone from ABTC’s claystone property near Tonopah, Nevada, and manufactured high-purity battery grade lithium hydroxide product that has been delivered to global customers for evaluation and qualifications.
ABTC is currently developing a mine and refinery at the TFLP for the manufacturing of 30,000 tonnes of high purity critical mineral lithium hydroxide per year. In October 2022, ABTC was selected for a competitively awarded $58 million grant from the U.S. Department of Energy to support the construction of the first 5,000 tonnes lithium hydroxide per year processing train at this facility.
In October 2025, the DOE notified the Company that the $57.7 million cooperative agreement for the lithium hydroxide refinery was terminated. The Company appealed, and following a series of technical and commercial reviews, the DOE reinstated the award in its entirety in January 2026, with no change to funds awarded or to technical and commercial milestones. The temporary termination and reinstatement did not result in a material change to the Company’s project timeline or capital program. See Note 5 to the consolidated financial statements.
As this prospective mine and refinery are located on land managed by the U.S. Bureau of Land Management (BLM), ABTC works closely with the federal government on the permitting, design, and operations of this facility. In June 2025, ABTC’s TFLP was selected by President Trump’s National Energy Dominance Council (NEDC) and the FAST-41 Permitting Council as a Transparency Priority Project. This designation highlights the project’s role in advancing domestic critical mineral lithium production and supporting U.S. energy independence. In August 2025, the TFLP was further approved by the FAST-41 Permitting Council as a Covered Priority Project, which provided additional resources to streamlining the permitting efforts for this project.
Additionally,
the Company is accelerating the demonstration and commercialization of its internally developed low–cost and low–environmental
impact processing train for the manufacturing of battery grade lithium hydroxide from Nevada–based sedimentary claystone resources.
The Company has been awarded a grant cooperative agreement from the DOE’s Advanced Manufacturing and Materials Technologies Office
through the Critical Materials Innovation program to support a $4.5 million project for the construction and operation of a multi–ton
per day integrated continuous demonstration system to support the scale–up and commercialization of these technologies. The Company
has also been awarded an additional grant award under the Bipartisan Infrastructure Law to support a $115 million project to design,
construct, and commission a first-of-kind commercial-scale refinery to produce 30,000 MT of battery-grade lithium hydroxide per year
from this resource.
The
Company has completed the construction and commissioning of its lithium hydroxide (LiOH) pilot plant, marking a significant milestone
in the commercialization of its internally-developed processes to access an unrealized domestic primary lithium resource. The construction
and commissioning of this pilot plant enables the Company to demonstrate its technologies for accessing the lithium housed in its unconventional
resource, Tonopah Flats Lithium Project (“TFLP”), in an integrated and continuous system, and to generate large amounts of
battery grade lithium hydroxide for delivery to customers for qualifications and evaluation.
The TFLP is one of the largest identified
lithium resources in the United States, and while initial pit designs and economic analyses in previous assessments evaluated the full
resource, an updated Initial Assessment utilizes a commercialization pathway with a more rigorous mine plan that contemplates utilization
of only Measured and Indicated Mineral Resources, and excludes Inferred Mineral Resources, to supply the planned commercial-scale lithium
hydroxide monohydrate (“LHM”) refinery. This commercialization pathway allows for an engineered phased development, with
improved access to the higher quality portions of the resource, and improved project economics.
On
March 28, 2024, the Company was selected for an approximately $19.5 million tax credit through the Qualifying Advanced Energy Project
Credits program (the “48C program”). This tax credit was granted by the U.S. Department of Treasury Internal Revenue Service
following a highly competitive technical and economic review process performed by the DOE, which evaluated the feasibility of applicant
facilities to advance America’s buildout of globally competitive critical material recycling, processing, and refining infrastructure.
This $19.5 million tax credit can be utilized both for the reimbursement of capital expenditures spent to date, and also for equipment
and infrastructure for additional value-add operations at the Company’s battery recycling facility in the Tahoe-Reno Industrial
Center (TRIC) near Reno, Nevada. As of June 30, 2025, the Company has incurred qualifying expenditures for this tax credit but will not
recognize any amounts until it has reasonable assurance of compliance with the relevant standards.
Also
on March 28, 2024, the Company has been selected for an additional $40.5 million tax credit through the 48C program to support the design
and construction of a new, next-generation, commercial battery recycling facility to be located in the United States. As with the Company’s
initial $19.5 million tax credit under the 48C program supporting the construction and buildout of its battery recycling facility in
Nevada, this additional award was granted by the U.S. Department of Treasury Internal Revenue Service following a highly competitive
technical and economic review process performed by the DOE, which evaluated the feasibility of applicant facilities to advance America’s
buildout of globally competitive critical material recycling, processing, and refining infrastructure. As of June 30, 2025, the Company
has not incurred any qualifying expenditures towards this tax credit.
Fiscal
Fourth Quarter 20252026 Financial Highlights :
A reconciliation of cost of goods sold to cash cost of goods sold and adjusted gross margin (both are non-GAAP measures) for the three months ended June 30, 2026 was as follows:
A
reconciliation of fiscal fourth quarter 2025 GAAP to non-GAAP cost of goods sold
A reconciliation of cost of goods sold to cash cost of goods sold and adjusted gross margin (both are non-GAAP measures) for the fiscal year ended June 30, 2026 was as follows:
A reconciliation of fiscal year ended
2025 GAAP to non-GAAP cost of goods sold
During
the fiscal yearsyear ended June 30, 20252026 and 2024,2025, our netrevenue saleswas were $4.3$21.7 million and $0.3$4.3 million, respectively.respectively, These sales arewhich related to the sale
toof our black massproducts and metal byproducts resulting from recycling operations. The increase in revenue was primarily driven by an increase in processed
feedstock, which enabled higher production throughput, as well as higher market prices for our products and byproducts during the current-year
period.
Cost of goods sold during the fiscal years ended June 30, 2026 and 2025 were $24.8 million and $14.9 million, respectively. The increase in cost of goods sold was primarily driven by an increase in feedstock costs of $4.1 million to support higher volumes of throughput, an increase of $3.7 million in compensation, as we hired to support expanded production capacity, and an increase in facility absorption costs of $2.2 million as production volume increased.
Cost
of goods sold during the fiscal years ended June 30, 2025 and 2024 were $14.9 million and $3.3 million, respectively, well above the
value of the related revenue. The increase in cost of sales was primarily driven by higher headcount as the plant was commissioned and
employees were hired to support expanded production capacity. In addition, cost of goods sold reflects depreciation expense associated
with the recycling facility fixed assets, which commenced upon the facility’s in-service date. Costs also increased as the production
process was finalized and stabilized during the period. We expect these costs to be reduced as a percentage of revenue as we scale our
production and gain efficiencies in the process.
During
the fiscal year ended June 30, 2025,2026, the Company incurred $31.4$71.6 million of total operating expenses compared to $44.8$31.4 million of total
operating
expenses during the fiscal year ended June 30, 2024.2025. The decreaseincrease is primarily due to the items described below:
General
and administrative expenses consist primarily of personnel, legal,stock-based finance,compensation, office expenses, legal and accounting fees, recruiting,
business development, public relations, and general
facilityfacility-related expenses.costs. For the fiscal year ended June 30, 2025 and 2024,2026, general and administrative
expenses were $21.2$51.6 million, an increase of $30.5 million and
$16.1compared million,with respectively.the prior-year period. The increase was primarily attributable
to a $29.4 million increase in value of $5.0stock-based millioncompensation expense. A majority of the increase is related to the following:fiscal anyear increase2026
executive performance-based awards recognized in the fiscal year upon finalization and approval of $3.0the millionperformance milestones by the
Board of Directors in payroll,
drivenJanuary 2026. The expense recognized in the period was further impacted by the changesvesting inof employee activity, resulting in additional cost into general and administrativeawards during fiscal
year 2026, as well as a higher grant-date stock price for fiscal year 2025
with2026 aawards corresponding decrease to research and development cost; a $2.4 million increase in stock-based compensation based on the
achievement of executive performance milestones; and property tax expense increased by $0.4 million duecompared to the plantprior commissioning
in fourth quarter of fiscal year 2024.year.
Research
and development expenses consist primarily of personnel, laboratory leases, and supplies. Research and development expenses for the fiscal
years ended June 30, 20252026 and 20242025, were $8.5$17.9 million and $14.3$8.5 million, respectively. The decreaseincrease iswas dueprimarily driven by higher payroll
costs of $4.5 million related to allocationexpansion of such costs
to inventoryengineering and costtechnical teams to support production ramp-up, increased stock-based compensation
of goods$2.4 soldmillion asfrom partnew ofhires phase 1 recycling operations being commissioned in the fourth quarter of fiscal year 2024
and fiscal year 20252026 seeingperformance awards, an increase in throughputlegal of the plant. In addition, there was a decrease, for fiscal year ended 2025 as
compared to the fiscal year ended 2024, due to higher grant reimbursements which are recorded as an offset to research and development
expenses of $1.6$0.5 million related to site
selection, and increased depreciation expense of $0.4 million.
Exploration
costs consist primarily of personnel, drilling, assay, claim fees, personnel, stock-based compensation, office and warehouse costs,warehouse, travel, and other
costs related to exploration
of claims in central Nevada. Exploration expenses totaledremained $1.8relatively consistent year-over-year totaling
$2.1 million for the fiscal year ended June 30, 2025,2026, compared to $4.1$1.8 million
during the same period in the prior year. The decrease reflects $1.5 million in lower payroll costs resulting from the transfer of employees from exploration
to technical programs (research and development) and to general and administrative. In addition, exploration costs decreased by $0.9
million as the Company completed its drilling program and shifted focus to producing and publishing the PFS.
An
impairment loss of $10.2 million on assets held-for-sale was recorded in the fiscal year ended June 30, 2024, related to two parcels
of land and a building at the Fernley, Nevada location, comprising 12.44 acres and 11.55 acres, that the Company decided to sell. As
of June 30, 2024, these assets had a carrying value of $8.4 million. As of June 30, 2025, the 11.55 acres of land was no longer actively
marketed for sale and was therefore reclassified back to property, plant, and equipment. As of June 30, 2025, the remaining land and
building has a carrying value of $6.0 million, is included within assets held for sale on the consolidated balance sheet, and is subject
to further impairment, if required, until the asset is sold. Additionally, as of March 31, 2025, the Company reclassified certain water
rights with a carrying value of $3.8 million to assets held for sale in the consolidated balance sheet.
Other
Income (Expense) Income
Other income was $1.3 million in the fiscal year ended June 30, 2026, versus other expense of $4.7 million in the prior year. This $6.0 million change resulted principally from an increase in interest and other income of $1.5 million resulting from significantly higher cash balances throughout fiscal 2026, a $3.5 million reduction in amortized financing costs, and the absence in fiscal 2026 of the following items in fiscal 2025: a $1.4 million credit loss on a receivable pursuant to a share purchase agreement; $1.2 million in losses on a private placement and extinguishment of debt; and $1.6 million in gains recognized for changes in fair value of a derivative liability and liability classified financial instruments.
Other
expense was $4.7 million in the fiscal year ended June 30, 2025 versus other expense of $4.7 million in the prior year. The noted changes for the current fiscal year as compared to the prior year are as follows: a change in fair value of the derivative liability of $1.0 million (see Note 13 of the consolidated
financial statements for further detail), an increase due to recording a credit loss expense of $1.4 million related to a subscription receivable that was
deemed uncollectible, consistent with the Company’s policy for expected credit losses, and a decrease in the amortization and accretion of financing costs during the fiscal year ended
June 30, 2025 of $0.4 million.
At June 30, 2026, the Company had available cash and cash equivalents of $49.5 million and total assets of $132.8 million compared to available cash of $7.5 million and total assets of $84.5 million at June 30, 2025. The increase in available cash and cash equivalents resulted from raising capital through the exercise of warrant agreements, utilization of the ATM sales agreement with Virtu Americas, LLC, and a reduction in the amount of cash used in operations resulting from higher revenues and improved margins, partially offset by an increase in investing activities to support the expansion of our recycling operations and purchase of mining properties.
The Company had total current liabilities of $6.4 million at June 30, 2026, compared to $13.7 million at June 30, 2025. The decrease related to conversion of the debt (as discussed in Note 11 of the consolidated financial statements) and timing of payments for accounts payable and accrued expenses.
As of June 30, 2026, the Company had working capital (excluding restricted cash) of $53.7 million compared to $10.9 million at June 30, 2025. Working capital increased primarily due to an increase in cash, driven by the use of the ATM sales agreement with Virtu Americas LLC, and an increase in accounts receivable resulting from higher revenue. Additionally, assets previously classified as held for sale were reclassified to intangible assets. The increase in working capital was further supported by the extinguishment of debt during the period.
At
June 30, 2025, the Company had cash of $12.5 million (of which $7.5 million was available and $5.0 million was restricted) and total assets
of $84.5 million compared to available cash of $7.0 million and total assets of $77.7 million at June 30, 2024.
The
Company had total current liabilities of $13.7 million at June 30, 2025, compared to $15.8 million at June 30, 2024. The decrease is
related to the paydown of outstanding payables with the proceeds from the registered direct offerings and the issuance of the 2024 Notes.
As
of June 30, 2025 and 2024 the Company had positive working capital of $10.9 million and $2.6 million, respectively. The positive
working capital is related to the current classification of held-for-sale assets at June 30, 2025 and 2024 of $9.8 million and $8.4
million, respectively. Absent this classification, we would still maintain a positive working capital of $1.1 million at June 30,
2025 and have a $5.8 million working capital deficiency at June 30, 2024. The working capital deficiency in the prior year is
largely attributed to the current classification of the 2024 Notes, as well as acquisitions of property and equipment and
cash used in operating activities.
Going
Concern
The
continuation of the Company as a going concern is dependent upon generating profit from its operations and its ability to obtain debt
or equity financing. There is no assurance that the Company will be able to generate sufficient profits, obtain such financings, or obtain
them on favorable terms, which could limit its operations. Any such financing activities are subject to market conditions. These uncertainties
cause substantial doubt about the Company’s ability to continue as a going concern for 12 months from issuance of these financial
statements. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded
asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
These adjustments could be material.
On
April 3, 2024, the Company entered into an ATM sales agreement with Virtu Americas LLC, pursuant to which the Company may offer and
sell, from time to time through the sales agent, shares of the Company’s common stock having an aggregate offering price of up
to $50,000,000, subject to the terms and conditions of the Sales Agreement (the “ATM Program”). During the fiscal year
ended 2025, the Company sold 14,097,636 common shares for total proceeds of $18.6 million.
The
going concern assessment excludes the ATM Program, which could provide a source of liquidity.
Based
on our current operating plan, unless we generate income from the operations of our facilities and receipt of cash from United
States government grant awards, or raise additional capital (debt or equity), it is possible that we will be unable to maintain our
financial covenants the agreement governing the 2024 Notes (the “Note Agreement”), which, if such violation is not
waived, could result in an event of default, causing an acceleration of the outstanding balance. If we raise additional capital
through public or private equity offerings, as opposed to debt issuances, the ownership interests of our existing
stockholders may be diluted.
During
the fiscal year ended June 30, 2025,2026, the Company used $28.9$24.2 million of cash for operating activities, compared to $16.7$28.9 million used
during the fiscal year ended June 30, 2024.2025. In both periods, the cash used has supported an increased scale of operations including increased
employee headcount and personnel costs, increased production, and increased administrative costs.
During
the fiscal year ended June 30, 2025,2026, the Company used cash in investing activities of $2.5$13.6 million. The Company used $2.0 million for
its purchase of 3400 Peru and $8.9 million for acquisition of property and equipment
for its recycling facilities.facility while $1.4 million was
for the purchase of mining properties. This is in comparison to cash used in investing activities of $13.0$2.5 million for the fiscal year
ended June
30, 2024.2025 Thefor decrease is due to the Company’s purchasing more equipment in the beginning stagesacquisition of theproperty recyclingand plant build-out
in the prior year.equipment.
In the fiscal year ended June 30, 2026, the Company generated $65.8 million through the issuance of common shares through our ATM sales agreement with Virtu Americas LLC, an increase of $47.2 million over the prior year. Other sources of cash from financing activities totaled $10.8 million in fiscal 2026, primarily from the exercise of warrants of $10.0 million, compared to $27.2 million in fiscal 2025 primarily from $16.9 million in registered direct offerings and $9.9 million from issuances of notes payable.
The
Company had proceeds from equity and debt financings of $45.7 million in the fiscal year ended June 30, 2025, compared to $58.3 million
in the prior year. The proceeds are offset by principal paid on the notes payable of $7.5 million and payment of issuance costs on registered
direct offerings of $1.1 million in fiscal year ended June 30, 2025. In 2024, principal paid on notes payable was $24.0 million.
The
Company will continue to rely on sales of our common shares, debt, or other financing to fund ourits business operations as needed beyond
any revenuecash generated from internal operations and the government tax credits and grants we have been awarded. Issuances of additional shares
shares will result in dilution to existing stockholders. There is no assurance that we will achieve any additional sales of the securities or
or arrange for debt or other financing to fund planned operating activities, acquisitionsacquisitions, and exploration activities.
Critical
Accounting Estimates and Judgments
Recurring
Valuations. The Company’s fair value measurements included the valuation of the derivative liabilities for the bifurcated notes
payable freestanding call and conversion options and for the liability-classified equity-linked contracts, both of which are classified
as Level 3 of the fair value hierarchy. In making these fair value determinations, we were required to make assumptions that affected
the recorded amounts, including volatility, risk free rates, and duration of time. Our estimates of fair value are based upon assumptions
we believe to be reasonable, but which are inherently uncertain. As of December 31, 2024, the Company reclassified derivative liabilities
and liability-classified equity-linked contracts from long-term liabilities to equity. NoThere were no derivative instruments were issued duringor
outstanding the
sixfrom monthsJanuary ended1, 2025 through June 30, 20252026; accordingly, fair value measurement was not required. See NotesNote 613 andof 11the consolidated
financial statements for further discussion.
The
Company recognizes revenue upon satisfying its promises to transfer goods or services to customers under the terms of its contracts.
Nearly all of theseThese promises, referred to as performance obligations, consist of the transfer of physical goods, including recycled ferrous
and nonferrous
metals and black mass,mass to customers. These performance obligations are satisfied at the point in time that the Company transfers control
control of the goods to the customer, which isoccurs when title to and risk of loss of the goods transfer to the customer. The timing of transfer
of title and risk of loss is dictated by customary or explicitly stated contract terms. The majority of the Company’s sales involve
transfer of control to the customer, and thus revenue recognition, before delivery to the customer’s destination; for example,
upon release of the goods to the shipper. Shipping and handling activities that occur after a customer has obtained control of a good
are accounted for as fulfillment costs rather than an additional promise in a contract. As such, shipping and handling consideration
(freight revenue) is recognized when control of the goods transfers to the customer, and freight expense is accrued to cost of goods
sold when the related revenue is recognized.
The
Company recognizes revenue based on contractually stated selling prices and quantities shipped, net of sales tax, and adjusted for estimated
claims and discounts. Claims are customary in the recycled metal industry and arise from variances in the quantity or quality of delivered
products. Revenue adjustments may be required if the settlement of claims exceedsdiffers from original estimates. For the fiscal year ended
June June
30, 2026 and 2025, revenue adjustments related to performance obligations that were satisfied in previous periods were not material.
The
Company evaluates long-lived assets,
such as plant and equipment, with finite useful lives and ROURight of Use (RoU) assets for impairment
whenever events or changes in circumstances indicate
that the carrying value of the asset or asset group may not be recoverable. These
events and circumstances may include significant decreases
in the market price of an asset or asset group, significant changes in the
extent or manner in which an asset or asset group is being
used by the Company or in its physical condition, a significant change in
legal factors or in the business climate, a history or forecast
of future operating or cash flow losses, significant disposal activity,
a significant decline in the Company’s share price, or
a significant decline in revenue or adverse changes in the economic environment.
The existence of an individual indicator outlined above,
or otherwise, is not automatically an indicator that a long-lived asset may
not be recoverable. Instead, management exercises judgment
and considers the combined effect of all potential indicators and developments
present, potentially positive or negative, when determining
whether a long-lived asset may not be recoverable. No impairment loss was
recognized during the fiscal years ended June 30, 20252026 and
2024. 2025.
The
Company evaluates long-lived assets for classification as held for saleheld-for-sale when management, having the authority to approve the action,
commits to a plan to sell the asset. To qualify as held for sale,held-for-sale, the asset must be available for immediate sale in its present condition,
subject only to terms that are usual and customary for sales of such assets, and the sale must be probable within one year.
Management considers whether events and circumstances such as a change in strategic direction and changes in business climate would impact the fair value of long-lived assets. The Company used critical judgements in analyzing certain market data and estimates to calculate the value of the assets held-for-sale. Significant assumptions that form the basis of fair value include market comparison of similar properties, construction cost estimates and using certain dollar per square foot amounts to derive fair value. Our estimates of fair value are based upon assumptions we believe to be reasonable, but which are inherently uncertain. As of June 30, 2026, there were no assets classified as held for sale on the Company’s consolidated balance sheets.
Stock-BasedCommon
Share Warrant Compensation
The
fair value of share-basedcommon paymentsshare warrants are valueddetermined using the Black-Scholes option pricing model that incorporates market data and involves
uncertainty in estimates used by management in the assumptions. Because the Black-Scholes option pricing model requires the inputs of
highly subjective assumptions, including the volatility of share prices,prices and weighted average expected term, changes in subjective input
assumptions can materially affect
the estimate.
What changed in the latest 10-Q
Risk Factors
Our business is subject to various risks, including those described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended June 30, 2025. There have been no changes to the risk factors set forth in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, under “Item 1A - Risk Factors”.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “Fiscal Third Quarter 2026 Financial Highlights (Three Months):”
New heading “Fiscal Year to Date 2026 Financial Highlights (Nine Months):”
New heading “A reconciliation of cost of goods sold to cash cost of goods sold and adjusted gross margin (both are a non-GAAP measure) for the nine months ended March 31, 2026 was as follows:”
New heading “Results of Operations for the Nine Months Ended March 31, 2026 and 2025”
Removed heading “Fiscal Second Quarter 2026 Financial Highlights (Three Months):”
Removed heading “A reconciliation of cost of goods sold to cash cost of goods sold and adjusted gross margin (both are a non-GAAP measure) for the three months ended December 31, 2025 was as follows:”
Removed heading “Results of Operations for the Six Months Ended December 31, 2025 and 2024”
Largest changes
“A reconciliation of cost of goods sold to cash cost of goods sold and adjusted gross margin (both are a non-GAAP measure) for the three months ended December 31, 2025 was as follows:”see in full comparison
“A reconciliation of cost of goods sold to cash cost of goods sold and adjusted gross margin (both are a non-GAAP measure) for the nine months ended March 31, 2026 was as follows:”see in full comparison
“Results of Operations for the Six Months Ended December 31, 2025 and 2024”see in full comparison
“Results of Operations for the Nine Months Ended March 31, 2026 and 2025”see in full comparison
“Fiscal Second Quarter 2026 Financial Highlights (Three Months):”see in full comparison
Full comparison: every changed paragraph (51)
To
implement this business strategy, the Company has constructed and is operating its first integrated lithium–ion battery recycling
facility, which
takes in waste and end–of–life battery materials from the electric vehicle, battery energy storage system
(“BESS”),
and consumer electronics industries. The ramp-up and operation of this facility remain top priorities, and the
Company has significantly
expanded resources to support its development. These efforts include hiring additional technical staff, expanding
laboratory facilities,
and purchasing equipment. As a result, the Company generated its first revenue in the fourth quarter of fiscal
year 2024 and has achieved
continued growth in production volumes and revenue through DecemberMarch 31, 2025.2026.
On
March 28, 2024, the Company was selected for an approximately $19.5 million tax credit through the Qualifying Advanced Energy Project
Credits program (the “48C program”). This tax credit was granted by the U.S. Department of Treasury Internal Revenue Service
following a competitive technical and economic review process performed by the DOE, which evaluated the feasibility of applicant facilities
to advance America’s buildout of globally competitive critical material recycling, processing, and refining infrastructure. This
$19.5 million tax credit can be utilized both for the reimbursement of capital expenditures spent to date, and also for equipment and
infrastructure for additional value-add operations at the Company’s battery recycling facility in the Tahoe-Reno Industrial Center
(“TRIC”) near Reno, Nevada. As of DecemberMarch 31, 2025,2026, the Company has incurred qualifying expenditures for this tax credit but
but will not recognize any amounts until it has reasonable assurance of compliance with the relevant standards.
Also
on March 28, 2024, the Company was selected for an additional $40.5 million tax credit through the 48C program to support the design
and construction of a new, next-generation, commercial battery recycling facility to be located in the United States. This award was
granted by the U.S. Department of Treasury Internal Revenue Service following a competitive technical and economic review process performed
by the DOE, which evaluated the feasibility of applicant facilities to advance America’s buildout of globally competitive critical
material recycling, processing, and refining infrastructure. As of DecemberMarch 31, 2025,2026, the Company has not incurred any qualifying expenditures
towards this tax credit.
Additionally, the Company is accelerating the demonstration and commercialization of its internally developed low–cost and low–environmental impact processing train for the manufacturing of battery grade lithium hydroxide from Nevada–based sedimentary claystone resources. The Company was awarded and has completed a grant cooperative agreement from the DOE’s Advanced Manufacturing and Materials Technologies Office through the Critical Materials Innovation program to support a $4.5 million project for the construction and operation of a multi–ton per day integrated continuous demonstration system to support the scale–up and commercialization of these technologies. The Company has completed the construction and commissioning of this demonstration system, which enables the Company to demonstrate its technologies for accessing the lithium housed in its unconventional resource, TFLP, and to generate large amounts of battery grade lithium hydroxide for delivery to customers for qualifications and evaluation.
The
Company has completed the construction and commissioning of its lithium hydroxide (“LiOH”) pilot plant. The construction
and commissioning of this pilot plant enables the Company to demonstrate its technologies for accessing the lithium housed in its unconventional
resource, Tonopah Flats Lithium Project (“TFLP”), in an integrated and continuous system, and to generate large amounts of
battery grade lithium hydroxide for delivery to customers for qualifications and evaluation.
In
June 2025, the TFLP was selected by the National Energy Dominance Council (NEDC) and the FAST-41 Permitting Council as a Transparency Priority
Priority Project. This designation highlights the project’s role in advancing domestic critical mineral lithium production and supporting
supporting U.S. energy independence. In August 2025, the TFLP was further approved by the FAST-41 Permitting Council as a Covered Priority Project,
Project, which provided additional resources to streamlining the permitting efforts for this project.
The
project is featured on the FAST-41 Permitting Dashboard.
Fiscal
Second Quarter 2026 Financial Highlights (Three Months):
A
reconciliation of cost of goods sold to cash cost of goods sold and adjusted gross margin (both are a non-GAAP measure) for the three
months ended December 31, 2025 was as follows:
FiscalCompany
Year to Date 2026 Financial Highlights:
Fiscal Third Quarter 2026 Financial Highlights (Three Months):
A
reconciliation of cost of goods sold to cash cost of goods sold and adjusted gross margin (both are a non-GAAP measure) for the sixthree months
ended DecemberMarch 31, 20252026 was as follows:
Fiscal Year to Date 2026 Financial Highlights (Nine Months):
A reconciliation of cost of goods sold to cash cost of goods sold and adjusted gross margin (both are a non-GAAP measure) for the nine months ended March 31, 2026 was as follows:
Management uses certain non-GAAP metrics to evaluate our operating and financial results. We believe the presentation of non-GAAP results is useful to investors for analysing business trends as well as to view the results from management’s perspective. Non-GAAP cost of goods sold excludes certain non-cash charges including depreciation expense and stock-based compensation. Non-GAAP results have limitations as an analytical tool, and you should not consider them in isolation or as a substitute for our results reported under GAAP.
Results
of Operations for the Three Months Ended December
March 31, 20252026 and 20242025
During
the three months ended DecemberMarch 31, 20252026 and 2024, 2025,
our revenue was $4.8$7.8 million and $0.3$1.0 million, respectively, which related to the
sale of our products and byproducts resulting from recycling
operations. The increase in revenue was primarily driven by an increase
in availableprocessed feedstock, which enabled higher production throughput,
as well as higher market prices for black mass and mixed metals byproducts
during the current period, compared to the prior-yearcurrent-year period.
Cost
of goods sold during the three months ended DecemberMarch
31, 31,2026 and 2025 and 2024 were $6.4$7.1 million and $3.3$3.7 million, respectively. The increase
in costthe ofcurrent salesyear was primarily driven by higher headcount and an increase
of $0.5 million in operationshigher headcount, as the plant was commissioned, and employees
werewe hired to support expanded production capacity.capacity, Inan addition,increase costin facility absorption costs of
$2.0 million as production volume increased, and an increase in feedstock costs of goods$0.9 sold reflects depreciation expense associated with the
recycling facility fixed assets, which commenced upon the facility’s in-service date during the three months ended September 30,
2024. We expect these costs to be reduced as a percentage of revenue as we scale our production and gain efficiencies in the production
process.million.
The Company incurred negative cash flows from operating activities of $2.7 million for the three months ended March 31, 2026 and $10.3 million for three months ended March 31, 2025.
During the three months ended March 31, 2026, the Company incurred $35.1 million of operating expenses compared to $8.0 million of operating expenses during the three months ended March 31, 2025. The increase is primarily due to the items described below:
General and administrative expenses consist of stock-based compensation, office expenses, legal, accounting, recruiting, business development, public relations, and general facility expenses. For the three months ended March 31, 2026, general and administrative expenses were $29.8 million, an increase of $26.2 million from the same period in the prior year. A majority of the increase is related to approximately $24.5 million of stock compensation expense associated with the fiscal year 2026 executive performance-based awards recognized in the current quarter upon finalization and approval of the performance milestones by the Board of Directors in January 2026. The expense recognized in the period was further impacted by the vesting of awards effective as of July 1, 2024, as well as a higher grant-date stock price for fiscal year 2026 awards compared to the prior year.
Research and development expenses consist primarily of personnel, laboratory leases, and supplies. Research and development expenses for the three months ended March 31, 2026 and 2025, were $4.6 million and $3.3 million, respectively. The increase is primarily related to an increase in stock compensation expense and payroll for $1.4 million as the Company hired additional engineers and technical program managers to support the operations of the Plant and the progression of the TFLP through the feasibility studies and National Environmental Policy Act (“NEPA”) review processes.
Exploration costs consist primarily of drilling, assay, claim fees, personnel, stock-based compensation, office and warehouse, travel, and other costs related to exploration of claims in central Nevada. Exploration expenses totaled $0.7 million for the three months ended March 31, 2026 and $1.0 million for the three months ended March 31, 2025 respectively.
Other income was $0.6 million in the three months ended March 31, 2026, versus other expense of $0.9 million during the same period in the prior year. The change for the three months ended March 31, 2026 primarily resulted from a $0.9 million decrease in the amortization and accretion of financing costs, an increase in interest income of $0.3 million due to investment of cash in money market funds, and an increase in other income of $0.2 million.
Results of Operations for the Nine Months Ended March 31, 2026 and 2025
During the nine months ended March 31, 2026 and 2025, our revenue was $13.5 million and $1.5 million, respectively, which related to the sale of our products and byproducts resulting from recycling operations. The increase in revenue was primarily driven by an increase in processed feedstock, which enabled higher production throughput, as well as higher market prices for black mass and mixed metals byproducts during the current-year period.
Cost of goods sold during the nine months ended March 31, 2026 and 2025 were $17.9 million and $9.5 million, respectively. The increase in cost of sales was primarily driven by an increase of $3.7 million in higher headcount, as we hired to support expanded production capacity, an increase in facility absorption costs of $2.6 million as production volume increased, and an increase in feedstock costs of $2.2 million.
The Company incurred negative cash flows from operating activities of $19.6 million for the nine months ended March 31, 2026 and $23.1 million for nine months ended March 31, 2025.
During
the threenine months ended DecemberMarch 31, 2025,2026, the Company
incurred $8.3$50.0 million of total operating expenses compared to $10.8$26.2 million of total operating
expenses during the threenine months ended December
March 31, 2024.2025. The decreaseincrease is primarily due to the items described below:
General and administrative expenses consist of stock-based
compensation, compensation,
office expenses, legal, accounting, recruiting, business development, public relations, and general facility expenses. For
the threenine months
ended DecemberMarch 31, 2025,2026, general and administrative expenses were $3.9$37.4 million, aan decreaseincrease of $3.8$21.0 million fromcompared to
the same period in the
prior year.year, Aprimarily majoritydriven ofby the decrease is related to approximately $4.1 million of stockstock-based compensation expense of $24.5 million associated with
Fiscal the fiscal year 2026 executive performanceperformance-based milestonesawards that is not recognizable as expenserecognized in the current quarter asupon finalization
and approval of the performance milestones were not
finalized and approved by the boardBoard of directorsDirectors untilin January 2026. ThisThe amount,expense recognized in additionthe period was further
impacted by the vesting of awards effective as of July 1, 2024, as well as a higher grant-date stock price for fiscal year 2026 awards
compared to the estimatedprior expenseyear Research and development expenses consist primarily
of personnel, laboratory leases, and supplies. Research and development expenses for the quarter
nine months ended March 31, 2026,2026 willand be2025, recognizedwere
$11.2 asmillion and $8.2 million, respectively. The increase was primarily driven by higher payroll costs of $0.8 million related to expansion
of engineering and technical teams to support production ramp-up, increased stock-based compensation of $1.7 million from new hires and
fiscal year 2026 performance awards, and increased depreciation expense inof that$0.5 quarter.million.
Research
and development expenses consist primarily of personnel, laboratory leases, and supplies. Research and development expenses for the three
months ended December 31, 2025 and 2024, were $3.8 million and $2.9 million, respectively. The increase is primarily related to an increase
in stock compensation and payroll for $0.8 million as the Company hired additional engineers and technical program managers to support
the operations of the Plant and the progression of the Tonopah project through the PFS and NEPA processes. The increase in stock compensation
during the three months ended December 31, 2025 is due to initial vesting of the performance awards issued in September 2025.
Exploration
costs consist primarily of drilling, assay,
claim fees, personnel, stock-based compensation, office and warehouse, travel, and other
costs related to exploration of claims in central
Nevada. Exploration expenses totaledremained $0.5somewhat consistent year-over-year totaling $1.5 million for the threenine months ended December
March 31, 20252026,
compared andto $0.2$1.7 million forduring the threesame monthsperiod ended December 31, 2024 respectively. The increase is primarily related toin the pre-feasibility
studyprior activities and annual mineral claim maintenance fees.year.
Other
income was $0.6 million in the three months ended December 31, 2025, versus other income of $0.4 million during the same period in the
prior year. The change for the three months ended December 31, 2025 primarily resulted from a $1.1 million change in fair value of liability
classified instruments, an increase in interest income due to investment of cash in money market funds of $0.6 million, and a decrease
in the amortization and accretion of financing costs of $0.7 million.
Results
of Operations for the Six Months Ended December 31, 2025 and 2024
During
the six months ended December 31, 2025 and 2024, our revenue was $5.7 million and $0.5 million, respectively, which related to the sale
of our black mass and byproducts resulting from recycling operations. The increase in revenue was primarily driven by an increase in
available feedstock, which enabled higher production throughput, as well as higher market prices for black mass and mixed metals byproducts
during the current period, compared to the prior-year period.
Cost
of goods sold during the six months ended December 31, 2025 and 2024 were $10.8 million and $5.8 million, respectively. The increase
in cost of sales was primarily driven by higher headcount and an increase in operations as the plant was commissioned, and employees
were hired to support expanded production capacity. In addition, cost of goods sold reflects depreciation expense associated with the
recycling facility fixed assets, which commenced upon the facility’s in-service date during the three months ended September 30,
2024. We expect these costs to be reduced as a percentage of revenue as we scale our production and gain efficiencies in the production
process.
During
the six months ended December 31, 2025, the Company incurred $14.9 million of operating expenses compared to $18.3 million of operating
expenses during the six months ended December 31, 2024. The decrease is primarily due to the items described below:
General and administrative expenses consist of stock-based compensation,
office expenses, legal, accounting, recruiting, business development, public relations, and general facility expenses. For the six months
ended December 31, 2025, general and administrative expenses were $7.5 million, a decrease of $5.1 million from the same period in the
prior year, primarily related to: decrease of $4.1 million in stock compensation expense associated with Fiscal 2026
executive performance milestones that is not recognizable as expense in the current quarter as the milestones were not finalized and approved
by the board of directors until January 2026. This amount, in addition to the estimated expense for the quarter ended March 31, 2026,
will be recognized as expense in that quarter; a decrease in payroll costs of $0.8 million, driven by changes in employee activity,
resulting in a decrease in general and administrative expenses with a corresponding increase to research and development expenses; and
$0.2 million in accounting, compliance, legal and insurance expenses.
Research
and development expenses consist primarily of personnel, laboratory leases, and supplies. Research and development expenses for the six
months ended December 31, 2025 and 2024, were $6.5 million and $5.0 million, respectively.
Exploration
costs consist primarily of drilling, assay, claim fees, personnel, stock-based compensation, office and warehouse, travel, and other
costs related to exploration of claims in central Nevada. Exploration expenses totaled $0.8 million for the six months ended December
31, 2025, compared to $0.7 million during the same period in the prior year. Mineral exploration costs increased for the period, primarily
reflecting the ongoing pre-feasibility study activities and annual mineral claim maintenance fees, offset by capitalization of costs
related to proven and probable reserves..
Other
income was $0.4$1.0 million in the sixnine months ended December
March 31, 2025,2026, versus other expense of $1.5$2.3 million during the same period in the
prior year. The change for the sixnine months ended December March
31, 20252026 primarily resulted from a change in fair value of the derivative liability
of $0.7 million (see Note 13 of the condensed consolidated
financial statements for further detail), $0.7 loss on debt extinguishment,
$0.6 million loss on private placement, $0.9 million for change
in fair value of liability classified instruments, an increase in interest
income due to investment of cash in money market funds,funds of $0.7
million, an increase in other income of $0.5 million, and a decrease in the amortization and accretion of financing costs of $1.6$2.5 million.
At
December March 31, 2025,2026, the Company had available cash
of $47.9$37.7 million and total assets of $123.3$119.4 million compared to available cash of $7.5
million and total assets of $84.5 million at June
30, 2025. The increase of cash is due to the raising of capital through the exercising
of warrant agreements, utilization of the ATM sales
agreement with Virtu Americas, LLC, and revenue from sales of its products.
The
Company had total current liabilities of $4.2 $6.6
million at DecemberMarch 31, 2025,2026, compared to $13.7 million at June 30, 2025. The decrease
related to conversion of the debt as discussed in
Note 11 and timing of payments for accounts payable and accrued expenses.
As
of DecemberMarch 31, 2025,2026, the Company had working capital
of $58.0$46.0 million compared to $10.9 million at June 30, 2025.
For
the sixnine months ended DecemberMarch 31:
Cash
from Operating Activities.Activities
During
the sixnine months ended DecemberMarch 31, 2025,2026, the Company
used $16.9$19.6 million of cash for operating activities, compared to use of $12.8$23.1 million
during the sixnine months ended DecemberMarch 31, 2024.2025. In both periods,
the cash used supported an increased scale of operations including increased
employee headcount and personnel costs, increased production,
and increased administrative costs.
During
the sixnine months ended DecemberMarch 31, 2025,2026, the Company
used cash in investing activities of $2.2$9.7 million. The Company used $1.6$8.4 million
for acquisition of property and equipment for its recycling
facilities while $0.5$1.3 million was used for capitalization of costs related
to proven and probable reserves. This is in comparison to cash
used in investing activities of $1.5$2.0 million for the sixnine months ended
December March 31, 20242025 for acquisition of property and equipment.
During
the sixnine months ended DecemberMarch 31, 2025,2026, the Company
had cash provided by financing activities of $55.4 million, compared to $27.9$25.9 million
provided during the sixnine months ended DecemberMarch 31, 2024.
2025. The Company has relied on equity and debt financing to support its increased
operating activities, the ramp up of the recycling
plant, development of the lithium claystone pilot plant, and upgrades to the geological
classification of its Tonopah Flats claims through
additional studies and assessments.
The
Company received proceeds of $55.4 million from
equity financings and warrant conversions during the sixnine months ended DecemberMarch 31, 2025,
2026, compared to $33.4 million in the prior year period.
In the sixnine months ended DecemberMarch 31, 2024,2025, equity financing proceeds were offset
by the repayment of $5.5$7.5 million of notes payable. In the
current period, the carrying value of notes payable totaling $8.0 million was
fully extinguished through conversion to equity, and no
amounts remain outstanding.
As
of DecemberMarch 31, 2025,2026, we had no off-balance sheet
arrangements.
ABAT insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 3 filings (3 insiders, 2 trade dates, 156,215 shares, about $499.5K). Net open-market shares: -156,215 (purchases minus sales); net value about -$499.5K.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-17 | Wu Steven |
Shares withheld for tax | 58,680 | $2.18 | $127.9K |
| 2026-09-16 | Wu Steven |
Grant/award | 111,667 | — | — |
| 2026-09-16 | Lowery Elizabeth Ann |
Open-market sale | 19,375 | $2.18 | $42.2K |
| 2026-09-16 | Lee Susan Y |
Open-market sale | 21,360 | $2.16 | $46.1K |
| 2026-09-03 | Melsert Ryan Mitchell |
Shares withheld for tax | 866 | $2.70 | $2.3K |
| 2026-09-02 | Melsert Ryan Mitchell |
Grant/award | 33,383 | — | — |
| 2026-08-24 | Wu Steven |
Shares withheld for tax | 31,344 | $2.40 | $75.2K |
| 2026-08-24 | Melsert Ryan Mitchell |
Shares withheld for tax | 39,397 | $2.40 | $94.6K |
| 2026-08-22 | Wu Steven |
Grant/award | 63,373 | — | — |
| 2026-08-22 | Melsert Ryan Mitchell |
Grant/award | 102,997 | — | — |
| 2026-07-22 | Melsert Ryan Mitchell |
Shares withheld for tax | 7,780 | $2.50 | $19.4K |
| 2026-07-20 | Melsert Ryan Mitchell |
Grant/award | 20,834 | — | — |
| 2026-07-20 | Jolcover Scott |
Grant/award | 8,334 | — | — |
| 2026-07-06 | Lowery Elizabeth Ann |
Grant/award | 10,949 | — | — |
| 2026-07-06 | Fezell Donald Richard Jr |
Grant/award | 22,629 | — | — |
| 2026-07-06 | Lee Susan Y |
Grant/award | 10,949 | — | — |
| 2026-07-02 | Melsert Ryan Mitchell |
Shares withheld for tax | 21,242 | $2.88 | $61.2K |
| 2026-07-01 | Melsert Ryan Mitchell |
Shares withheld for tax | 24,695 | $2.82 | $69.6K |
| 2026-07-01 | Melsert Ryan Mitchell |
Grant/award | 54,728 | — | — |
| 2026-07-01 | Jolcover Scott |
Grant/award | 21,569 | — | — |
| 2026-06-30 | Melsert Ryan Mitchell |
Grant/award | 54,971 | — | — |
| 2026-06-30 | Melsert Ryan Mitchell |
Grant/award | 10,937 | — | — |
| 2026-06-30 | Jolcover Scott |
Grant/award | 9,134 | — | — |
| 2026-06-17 | Wu Steven |
Shares withheld for tax | 55,680 | $3.18 | $177.1K |
| 2026-06-16 | Wu Steven |
Grant/award | 102,598 | — | — |
| 2026-06-15 | Wu Steven |
Open-market sale | 115,480 | $3.56 | $411.1K |
| 2026-06-08 | Melsert Ryan Mitchell |
Shares withheld for tax | 138,270 | $3.49 | $482.6K |
| 2026-06-08 | Wu Steven |
Shares withheld for tax | 107,760 | $3.49 | $376.1K |
| 2026-06-04 | Melsert Ryan Mitchell |
Grant/award | 337,955 | — | — |
| 2026-06-04 | Wu Steven |
Grant/award | 203,700 | — | — |
| 2026-06-02 | Melsert Ryan Mitchell |
Grant/award | 29,674 | $0.71 | $21.1K |
| 2026-06-02 | Melsert Ryan Mitchell |
Shares withheld for tax | 9,323 | $3.77 | $35.1K |
| 2026-06-01 | Melsert Ryan Mitchell |
Grant/award | 33,384 | — | — |
| 2026-04-22 | Melsert Ryan Mitchell |
Shares withheld for tax | 4,962 | $3.49 | $17.3K |
| 2026-04-20 | Jolcover Scott |
Grant/award | 8,333 | — | — |
| 2026-04-20 | Melsert Ryan Mitchell |
Grant/award | 20,832 | — | — |
Well-known investors holding ABAT (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Millennium Management (Israel Englander) | 2026-06-30 | 3,967,892 | $11.2M | 0.01% | Reduced 10% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 1,118,839 | $3.2M | 0.0% | Reduced 12% |
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 317,774 | $899.3K | 0.0% | Added 15% |
| Two Sigma Investments | 2026-06-30 | 88,897 | $251.6K | 0.0% | Reduced 57% |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 41,445 | $117.3K | 0.0% | Reduced 11% |
| D. E. Shaw & Co. | 2026-06-30 | 41,197 | $116.6K | 0.0% | Added 166% |