Reno, Nevada, Nov. 15, 2024 (GLOBE NEWSWIRE) -- American Battery Technology Company?(ABTC) (NASDAQ: ABAT), an integrated critical battery materials company, has released its financial results for the first fiscal quarter of fiscal year (FY) 2025, which ended on September 30, 2024. ABTC is focused on commercializing its technologies for primary battery minerals manufacturing and secondary minerals lithium-ion battery recycling, in order to establish a domestically-sourced lithium-ion battery metals circular supply chain for North America.
The company has continued to ramp and streamline operations at its first battery recycling facility near Reno, Nevada, and was awarded an additional highly competitive grant from the U.S. Department of Energy for $150 million to support the construction of a second battery recycling facility.
The company has also manufactured additional battery grade lithium hydroxide product from its Nevada-based claystone material with its internally developed processes at its multi-tonne per day integrated pilot facility, and is having these products evaluated for the long-term offtake of this critical battery material for its commercial scale lithium refinery.
In August 2023, ABTC entered into an agreement for the issuance of zero coupon convertible notes for up to $50 million, and initially issued $25 million in notes under this agreement. ABTC has just announced that it entered into an agreement to issue an additional $12 million in zero coupon convertible notes. With the first $25 million in notes having been repaid, the primary purpose of the proceeds from these notes is to support the continued commercial ramp-up and expansion of the company's battery recycling and claystone to lithium hydroxide operations.
Financial Highlights First Quarter of Fiscal 2025:
- In the three months ended September 30, 2024, ABTC reported revenues of $202,000 from the sales of its recycled products. Non-GAAP cash cost of goods sold (COGS) for these operations amounted to $1.3 million, after excluding non-cash items such as depreciation expense and stock-based compensation.
- ABTC was awarded a highly competitive grant from the US Department of Energy (DOE) on September 23, 2024, securing $150 million in federal funding for the construction of a second lithium-ion battery recycling facility.
- Government grant reimbursement for the three months ended September 30, 2024 totaled $1.4 million, compared to $0.5 million in the same period of the previous year. Out of the current period's grant funding, $0.3 million was recorded as an offset to fixed assets, related to equipment purchases, and $1.1 million was recorded as an offset to research and development costs.
- As of September 30, 2024, ABTC had $5.8 million in total cash on hand.
- During the three months ended September 30, 2024, ABTC utilized $5.6 million in cash for operations, compared to $4.8 million in the same period of the prior year.
ABTC hosted its 2024 Annual Meeting of Shareholders on Wednesday, November 13, 2024. A webcast of the presentation is available for one year at www.virtualshareholdermeeting.com/ABTC2024. The meeting presentation can be viewed at www.investors.americanbatterytechnology.com/events-and-presentations.
About American Battery Technology Company
American Battery Technology Company (ABTC), headquartered in Reno, Nevada, has pioneered first-of-kind technologies to unlock domestically manufactured and recycled battery metals critically needed to help meet the significant demand from the electric vehicle, stationary storage, and consumer electronics industries. Committed to a circular supply chain for battery metals, ABTC works to continually innovate and master new battery metals technologies that power a global transition to electrification and the future of sustainable energy.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are "forward-looking statements." Although the American Battery Technology Company's (the "Company") management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, risks and uncertainties related to the Company's ability to continue as a going concern; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended June 30, 2024 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. The Company assumes no obligation to update any of the information contained or referenced in this press release.
