International Battery Metals (IBAT) Q4 2026 earnings summary

Executive summary

• Advanced DLE technology demonstrated over 98% lithium recovery and 99%+ contaminant rejection across diverse brine sources in the US, Middle East, and Argentina, confirming efficiency and durability in real-world conditions.

• Two advanced commercial opportunities are in late-stage discussions: one in the Middle East and one in the Smackover Play (Texas/Arkansas), with decisions expected in the coming months.

• Renewed industry activity and rising lithium prices have increased inbound interest and project momentum.

• A smaller, easily deployable pilot plant is being engineered to accelerate customer adoption and reduce demonstration costs.

• Focused on commercial positioning, customer engagement, and disciplined cost management while progressing toward commercial deployment of the MDLE plant.

Financial highlights

• Fiscal Q4 2026 recognized $63,000 in service revenue; full year revenue was $164,000, reflecting pre-revenue status and driven by brine testing services.

• Operating expenses for Q4 decreased to $0.5M (from $1M YoY); full year operating expenses fell to $2.1M (from $3.5M YoY).

• Net loss for Q4 was $5.3M (vs. net income of $0.3M YoY); full year net income was $0.1M (vs. $3.5M loss YoY), driven by non-cash warrant liability changes.

• EPS for the year was $0.00 (vs. -$0.01 YoY).

• Cash balance as of March 31, 2026, was $9.2M.

Outlook and guidance

• Management expects to secure a commercial contract for the DLE plant within the year, which would trigger the next phase of growth.

• Ongoing discussions with multiple counterparties for plant deployment, with optimism for near-term commercial agreements.

• Additional fundraising will be required upon contract signing to fund new plant construction or upgrades.

• Continued focus on expanding the commercial pipeline in the U.S., Middle East, and Argentina.

• Anticipates continued industry demand for lithium and further customer engagement.