American Battery Technology pany(ABAT) - 2025 Q2 - Quarterly Report

Financial Performance - Revenue for the three months ended December 31, 2024, was $332,440, compared to$ 0 for the same period in 2023, indicating a significant increase[12] - Gross loss for the six months ended December 31, 2024, was $5.31 million, compared to a gross loss of$ 0 for the same period in 2023[12] - Net loss for the three months ended December 31, 2024, was $13.40 million, compared to a net loss of$ 10.18 million for the same period in 2023, reflecting an increase in losses of 31.5%[12] - The company reported a net loss of $(13,400,506) for the period ending December 31, 2024[16] - The company reported a net loss of$ 25.1 million for the six months ended December 31, 2024, compared to a net loss of $19.1 million for the same period in 2023, representing a 31.6% increase in losses year-over-year[21] - The net loss attributable to common stockholders for the six months ended December 31, 2023, was$ 19,069,836, resulting in a net loss per share of $0.40[39] Assets and Liabilities - Total assets increased to$ 88.29 million as of December 31, 2024, up from $77.68 million on June 30, 2024, representing a growth of 13.5%[9] - Total liabilities increased to$ 17.69 million as of December 31, 2024, from $16.21 million on June 30, 2024, marking an increase of 9.1%[9] - Cash and cash equivalents rose to$ 15.62 million as of December 31, 2024, compared to $7.00 million on June 30, 2024, a growth of 123.2%[9] - The accumulated deficit reached$ 238.4 million as of December 31, 2024[24] - Total stockholders' equity increased to $70.60 million as of December 31, 2024, from$ 61.47 million on June 30, 2024, representing a growth of 14.7%[9] Expenses - General and administrative expenses for the three months ended December 31, 2024, were $7.67 million, up from$ 4.42 million in the same period of 2023, an increase of 73.5%[12] - Research and development expenses decreased to $2.92 million for the three months ended December 31, 2024, from$ 3.57 million in the same period of 2023, a decrease of 18.2%[12] - The company incurred stock-based compensation expenses of $9.5 million for the six months ended December 31, 2024, compared to$ 7.7 million for the same period in 2023, reflecting a 23.4% increase[21] - Stock-based compensation expense for the period was $2,420,747[15] Shareholder Information - The weighted average shares outstanding increased to 75,315,210 for the three months ended December 31, 2024, compared to 47,760,809 for the same period in 2023, an increase of 57.8%[12] - The total common shares outstanding increased to 73,342,037 as of September 30, 2024, from 64,061,763 as of June 30, 2024[15] - The total common shares outstanding as of December 31, 2024, reached 84,392,375[16] - The Company authorized a total of 1,666,667 shares of preferred stock, with 5 shares of Series D Preferred Stock issued and outstanding as of December 31, 2024[94] - The Company increased the number of authorized shares of common stock from 80,000,000 to 250,000,000 as of December 31, 2024[102] Financing Activities - The company reported a net cash provided by financing activities of$ 27.9 million for the six months ended December 31, 2024, compared to $23.6 million for the same period in 2023, showing an 18.8% increase[21] - The company issued 5,938,786 shares through an At-The-Market offering, raising$ 6,327,168 in capital[15] - The Company received $25.0 million from a Securities Purchase Agreement for senior secured convertible notes, with a total potential of$ 51.0 million[80] - The Company received total proceeds of $15.0 million from two securities purchase agreements in December 2024, net of offering costs of$ 1.1 million[112] Government Grants and Contracts - The company recognized $2.3 million of invoiced government funds as an offset to R&D costs during the six months ended December 31, 2024[54] - The company has a grant from the U.S. Department of Energy with a total budget of$ 4.5 million, of which it is eligible to receive up to $2.3 million in reimbursements[55] - The Company received a$ 2.0 million contract award from the USABC for a 30-month project focused on lithium-ion battery recycling, with $0.5 million in eligible reimbursements invoiced as of December 31, 2024, representing 100% of total eligible reimbursements[56] - The Company was selected for a$ 115.5 million project by the U.S. DOE to construct a lithium hydroxide refinery, eligible for up to $57.7 million in reimbursements, with$ 3.2 million invoiced as of December 31, 2024, representing 6% of total eligible reimbursements[57] - A $20.0 million project was awarded by the U.S. DOE for next-generation lithium-ion battery recycling techniques, with$ 1.1 million invoiced as of December 31, 2024, representing 11% of total eligible reimbursements[58] - The Company received a $144 million grant from the U.S. DOE for constructing a new lithium-ion battery recycling facility, announced on December 18, 2024[61] Operational Focus - The company is focused on increasing domestic U.S. production of battery materials through exploration and commercialization of new technologies[22] - The company is engaged in the exploration and commercialization of new technologies for battery metal extraction and recycling, aiming for a closed-loop supply chain[22] - The Company is advancing its Tonopah Flats Lithium Project, with over 50% of inferred mineral resources upgraded to measured and indicated classifications[71] Accounting and Compliance - The company is in the process of assessing the impact of recent accounting pronouncements on its financial disclosures, which may affect future reporting[49] - The Company identified errors in accounting standards that resulted in increased compensation costs of$ 2.2 million for the six months ended December 31, 2023[32]