American Battery Technology Co (NASDAQ: ABAT) is a critical minerals and battery recycling company that develops domestic lithium extraction and lithium-ion battery recycling technologies. Revenue comes primarily from U.S. Department of Energy grant reimbursements, with $5.7 million recognized in government grant revenue for the fiscal year ended June 30, 2025, compared to $3.3 million in the prior fiscal year. The company operates a multi-tonne per day integrated pilot recycling facility and holds 517 unpatented lode mining claims at its Tonopah Flats lithium claystone property in Nevada. ABAT has not generated material commercial product revenue and has used $28.9 million in cash for operating activities in FY2025, up from $16.7 million in FY2024. The company has been awarded a $150 million U.S. DOE grant to construct an additional battery recycling facility. ABAT has never paid a cash dividend and intends to retain all funds for operations and development. As of September 15, 2025, the company had approximately 124 shareholders of record.

Revenue model

Government grant reimbursements from U.S. DOE and the U.S. Advanced Battery Consortium are the primary revenue source. Grant revenue was $5.7 million for FY2025. No material commercial product revenue is disclosed in the filing.

Products and services

Lithium extraction from Nevada claystone resources; lithium-ion battery recycling producing battery-grade precursor materials and cathode active material; manufacturing and testing of automotive-scale multi-layer pouch cell batteries.

Customers and end markets

Primary funding source is the U.S. federal government, including the U.S. DOE and the U.S. Advanced Battery Consortium (comprised of the U.S. DOE, General Motors, Ford Motor Company, and Stellantis NV). End markets are lithium-ion batteries for electric vehicles, stationary energy storage systems, and large-format batteries.

Geographic exposure

Operations are based in Nevada (Tonopah Flats lithium claystone property and recycling facilities). All disclosed grant funding is from U.S. federal sources.

Source: SEC 10-K, filed 2025-09-18

Industry: Mining & Quarrying of Nonmetallic Minerals (No Fuels) Peers: 5E Advanced Materials Inc Ameritrust Corp Contango Silver & Gold Inc Rare Element Resources Ltd Texas Mineral Resources Corp