ABATHIGH SIGNALOPERATIONAL10-K

ABAT has transitioned from commissioning to operating its McCarran recycling plant, generating significant revenue growth but with deteriorating operational cash flows.

The company has achieved a major operational milestone by moving its recycling plant from commissioning to production phase, evidenced by the 1,125% surge in accounts receivable and substantial inventory buildup. However, the dramatic worsening of gross losses from -$3.0M to -$10.6M suggests the initial production phase is highly cash-intensive and not yet profitable, which is typical for early-stage manufacturing operations.

Comparing 2025-09-18 vs 2024-09-23View on EDGAR →
FINANCIAL ANALYSIS

ABAT shows clear signs of transitioning from development to early production, with accounts receivable exploding 1,125% and inventory increasing 165%, while strengthening its balance sheet through debt reduction (-70%) and equity growth (+15%). However, operational performance deteriorated significantly with gross losses more than tripling and operating cash flow burning an additional $12M annually, though reduced R&D spending (-41%) and capex (-48%) suggest the company is shifting from development to production phase investments.

FINANCIAL STATEMENT CHANGES
Accounts Receivable
Balance Sheet
+1125.2%
$228K→$2.8M

Receivables surged 1125.2% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Gross Profit
P&L
-257.1%
-$3.0M→-$10.6M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Inventory
Balance Sheet
+164.5%
$154K→$408K

Inventory surged 164.5% — growing significantly faster than typical sales pace; potential demand softening or supply chain overcorrection.

Operating Cash Flow
Cash Flow
-72.8%
-$16.7M→-$28.9M

Operating cash flow fell 72.8% — earnings quality concerns; investigate working capital changes and non-cash items.

Total Debt
Balance Sheet
-70.4%
$7.1M→$2.1M

Debt reduced 70.4% — deleveraging strengthens balance sheet and reduces financial risk.

Current Assets
Balance Sheet
+60.4%
$18.4M→$29.5M

Current assets grew 60.4% — improving short-term liquidity or inventory/receivables build.

Capital Expenditure
Cash Flow
-47.5%
$12.9M→$6.8M

Capex reduced 47.5% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

R&D Expense
P&L
-40.9%
$14.3M→$8.5M

R&D spending cut 40.9% — could signal cost discipline or concerning reduction in innovation investment.

Stockholders Equity
Balance Sheet
+14.9%
$61.5M→$70.6M

Equity base grew 14.9% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Liabilities
Balance Sheet
-14.5%
$16.2M→$13.9M

Liabilities reduced 14.5% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2025-09-18
PRIOR — 2024-09-23
ADDED
This Report includes our audited consolidated financial statements as of and for the fiscal years ended June 30, 2025 and June 30, 2024.
Business Introduction American Battery Technology Company (the Company , ABTC , we and us ) is an integrated critical battery materials company in the lithium-ion battery industry that is working to increase the domestic U.S.
production of critical battery materials, such as lithium, nickel, cobalt, and manganese through its engagement in the exploration of new primary resources of battery metals, the development and commercialization of new technologies for the extraction of these battery metals from primary resources, and the commercialization of an internally developed integrated process for the recycling of lithium-ion batteries.
Through this three-pronged approach the Company is working to both increase the domestic production of these battery materials and to ensure that as these materials reach their end of lives, the constituent elemental battery metals are returned to the domestic manufacturing supply chain in a closed-loop fashion.
The Company s recycling plant for recycling lithium-ion batteries is in McCarran, Nevada.
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REMOVED
This Report includes our audited consolidated financial statements as of and for the fiscal years ended June 30, 2024 and June 30, 2023.
Business Introduction American Battery Technology Company (the Company , we and us ) is a technology development and commercialization company in the battery materials sector of the lithium-ion battery industry.
The Company is working to increase the domestic US production of critical battery metals.
To do so, we are engaged in (i) the exploration of new primary resources of battery metals, (ii) the development and commercialization of new technologies for the extraction and refining of these battery metals from primary resources, and (iii) the commercialization of an internally developed integrated process for the recycling of lithium-ion batteries for the recovery of battery materials.
Through this three-pronged approach we are working to both increase the domestic production of these battery materials through the acquisition and exploration of mining claims and to ensure that these constituent elemental metals are returned to the domestic manufacturing supply chain in a closed-loop fashion.
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