Key Highlights

  • Fiscal 2026 revenue rose 407% to $21.7 million, and the GAAP net loss widened to $73.4 million.
  • Cash was $49.5 million and debt was zero at June 30; ATM sales added 18.5 million shares during fiscal 2026.
  • A rule effective August 27 restricts black mass exports; a Commerce license announced October 1 covers up to $100 million.
  • The reinstated $57.7 million DOE grant covers the first processing train at the Tonopah Flats lithium project.

American Battery Technology (NASDAQ:ABAT) shares were trading near their 52-week low at USD 1.45 on October 19, 2026, down 2.36%. The Reno, Nevada-based company, which recycles lithium-ion batteries and is developing a Nevada lithium project, reported fiscal 2026 revenue of $21.7 million and a net loss of $73.4 million. A federal black mass export rule took effect on August 27, and the company announced an export license on October 1.

Fiscal 2026 results: revenue up 407%, net loss widens

For the fiscal year ended June 30, 2026, revenue was $21.7 million, against $4.3 million a year earlier. The company credited higher recycling throughput, more byproduct production and better product pricing. Cost of goods sold rose to $24.8 million from $14.9 million, leaving a GAAP gross loss of $3.1 million, compared with $10.6 million. Excluding depreciation and stock-based compensation, the company reported adjusted gross profit of $1.7 million, a non-GAAP measure, versus an adjusted gross loss of $6.2 million.

Operating expenses climbed to $71.6 million from $31.4 million, including general and administrative expense of $51.6 million and research and development of $17.9 million. The net loss was $73.4 million, or $0.58 per share, compared with $46.8 million, or $0.58 per share. Five customers made up about 86% of fiscal 2026 revenue.

Cash and cash equivalents were $49.5 million at June 30, up from $7.5 million, and notes payable fell to zero from $7.7 million. Operating activities used $24.2 million of cash. The company sold 18,528,078 shares through its at-the-market program for net proceeds of $64.9 million during the year, and shares outstanding rose to 141.5 million from 97.4 million. Management said cash plus anticipated product sales should fund operations for at least 12 months from the issuance of the financial statements. The annual report lists material weaknesses in internal control over financial reporting as a risk factor and notes that the company may need additional financing, and the company's forward-looking statements list the ability to continue as a going concern among risks.

Black mass export rule, license and the DOE grant

A federal rule published August 6 requires U.S. entities to allocate all monthly black mass sales to U.S. persons, effective August 27, 2026, for about one year. Black mass sales are most of the company's revenue, and substantially all current customers are outside the United States. The company warned that the rule could have a material adverse effect on revenue and its ability to fund operations if no exception were granted. The public comment period runs until November 4.

On October 1, the company said the Bureau of Industry and Security granted a license allowing the sale of up to $100 million of exported recycled black mass. The release gave no duration. It also listed the ability to maintain the license among its risks.

The $57.7 million Department of Energy award, terminated on October 9, 2025, was reinstated after the company's appeal.

Outlook: Tonopah Flats and a second recycling plant

The company is ramping up its 20,000-tonne-per-year recycling facility at McCarran, Nevada, and is advancing a second commercial facility designed for about 100,000 tonnes of battery materials a year, supported by a DOE grant of $150 million. It did not provide financial guidance.

At Tonopah Flats, the October 2025 pre-feasibility study described a mine and refinery producing about 30,000 tonnes of lithium hydroxide monohydrate per year, with an after-tax net present value of $2.57 billion at an 8% discount rate. The company has started a definitive feasibility study, and the Bureau of Land Management accepted the plan of operations. An EXIM Letter of Interest for a loan of up to $900 million remains in due diligence and is not a loan agreement.