Companies

American Battery Technology Turns Adjusted Gross Profit Positive

The Tip Desk · September 17, 2026 · 3 min read

Full-year revenue reached $21.7 million, up 407% from $4.3 million, as the company posted a $1.7 million adjusted gross profit.

American Battery Technology Company (ABAT), an integrated domestic critical mineral manufacturer, reported fiscal 2026 revenue of $21.7 million, up 407% from $4.3 million a year earlier, as recycling throughput, byproduct output and product pricing lifted the top line.

Cost of goods sold rose 67% to $24.8 million from $14.9 million, a slower increase than revenue. The gap reflected facility-wide operational efficiencies. GAAP gross loss narrowed to $3.1 million from $10.6 million. After stripping depreciation of $3.7 million and stock-based compensation of $1.1 million, adjusted gross profit turned positive at $1.7 million, versus an adjusted gross loss of $6.2 million in fiscal 2025. That was the company’s first-ever positive gross margin for a full year.

The fourth quarter, ended June 30, 2026, was the clearest inflection. Unaudited results showed revenue of $8.2 million, up 5.1% from $7.8 million in the third quarter. Cost of goods sold fell 2.8% to $6.9 million from $7.1 million, and gross profit rose 86% to $1.3 million, the largest positive operating gross profit the company had recorded. The quarter’s margin step-up reflected continued scale-up and operational efficiencies at the Nevada recycling plant.

Cash and cash equivalents were $49.5 million at June 30, 2026, compared with $7.5 million a year earlier. Total assets were $132.8 million. The company ended the year with no outstanding debt. Weighted-average shares outstanding were 127.6 million, and net loss attributable to common stockholders was $73.4 million, or $0.58 a share, versus $46.8 million, or $0.58 a share, in fiscal 2025. General and administrative expense was $51.6 million, and research and development expense was $17.9 million.

The recycling plant, sized at 20,000 tonnes a year, continued to ramp through the year. It manufactured and sold recycled products and byproducts from lithium-ion batteries sourced from electric vehicles, consumer electronics and grid-scale storage systems. It was selected to recycle batteries from the largest lithium-ion battery cleanup project in U.S. history, an estimated $30 million opportunity, and launched a collection partnership with The Battery Network, formerly Call2Recycle.

A second commercial recycling facility, designed for about 100,000 tonnes of battery materials annually, remained in development under a competitively awarded $150 million U.S. Department of Energy grant. A separate $10 million DOE grant supported next-generation processing technologies.

At Tonopah Flats, the company published a pre-feasibility study covering about 21.3 million tonnes of lithium hydroxide monohydrate resource, including 2.7 million tonnes classified as proven and probable reserves, for a mine and refinery capable of about 30,000 tonnes a year of battery-grade lithium hydroxide. It secured reinstatement of a $57.7 million DOE cooperative agreement for the first phase of the refinery, completed NEPA baseline studies, received Bureau of Land Management acceptance of the Plan of Operations, and was designated a Priority Project by the National Energy Dominance Council and the FAST-41 Permitting Council.

Chief Executive Ryan Melsert said fiscal 2026 was a defining year as the company delivered its strongest financial results in its history while expanding domestic critical-minerals infrastructure. It is executing an integrated strategy that combines battery recycling, domestic resource development and advanced mineral processing.