American Battery Technology Company (ABAT) Q4 2025 earnings summary

Executive summary

• FY 2025 revenue surged 1,149% year-over-year to $4.3 million, with Q4 revenue up 183% sequentially to $2.8 million, driven by increased operations at the first battery recycling plant near Reno.

• Successfully ramped operations at the first battery recycling facility, increasing throughput by 70% in Q4 over Q3, and expanded business lines to include lithium-ion battery recycling and primary claystone to lithium hydroxide production.

• Completed all requirements for major government contracts and grants, including a $144 million DOE grant for a second recycling facility.

• Advanced commercialization of the Tonopah Flats Lithium Project, including pilot facility demonstration and progress toward a 30,000 tonne/year refinery.

• Added to the Russell 2000 and 3000 indices, increasing market visibility, trading volume, and institutional ownership.

Financial highlights

• FY 2025 revenue reached $4.3 million, up from $0.3 million in FY 2024; Q4 revenue nearly tripled from Q3.

• Cash cost of goods sold rose 483% to $10.5 million, well below the rate of revenue growth.

• Total operating expenses decreased 30% year-over-year to $31.4 million, reflecting economies of scale and cost control.

• Net loss narrowed to $46.8 million in FY 2025 from $52.5 million in FY 2024, with net loss per share improving to $(0.58) from $(1.02).

• Cash and restricted cash totaled $25.4 million as of September 15, 2025.

Outlook and guidance

• Accelerating commercialization of the Tonopah Flats Lithium Project and development of a second recycling facility.

• Long-term commercial offtake agreements for lithium hydroxide are under negotiation.

• Continued focus on operational efficiency and scaling of recycling and lithium manufacturing businesses.

• Ongoing receipt of government grant funds and competitive tax credits to support further expansion.

• Annual shareholder and earnings meetings scheduled for further operational and strategic updates.