Revenue and Losses - Revenue for the three months ended March 31, 2025, was $979,977, compared to $0 for the same period in 2024, indicating a significant increase[12] - Net loss for the three months ended March 31, 2025, was $(11,495,947), compared to $(9,995,136) for the same period in 2024, representing an increase in losses[12] - For the nine months ended March 31, 2025, the company reported a net loss of $36.6 million, compared to a net loss of $29.1 million for the same period in 2024, indicating a 26% increase in losses year-over-year[21] - The company reported a net loss per share of $(0.14) for the three months ended March 31, 2025, compared to $(0.19) for the same period in 2024[12] Expenses and Financial Performance - Gross loss for the three months ended March 31, 2025, was $(2,689,960), while the gross loss for the nine months ended March 31, 2025, was $(8,003,944)[12] - Total operating expenses for the nine months ended March 31, 2025, were $26,245,059, compared to $25,433,780 for the same period in 2024, reflecting a slight increase[12] - The company incurred stock-based compensation expenses of $12.8 million for the nine months ended March 31, 2025, compared to $12.3 million in the same period of 2024[21] - Stock-based compensation expense for the period reached $6,330,914, contributing to the overall financial performance[15] Assets and Liabilities - Cash and cash equivalents as of March 31, 2025, were $2,849,257, down from $7,001,786 as of June 30, 2024[9] - Total current assets increased to $23,285,228 as of March 31, 2025, compared to $18,406,048 as of June 30, 2024[9] - Total liabilities decreased to $10,851,323 as of March 31, 2025, from $16,207,492 as of June 30, 2024[9] - Stockholders' equity increased to $65,605,927 as of March 31, 2025, compared to $61,467,640 as of June 30, 2024[9] Inventory and Production - As of March 31, 2025, the total inventory was $252,945,000, an increase from $154,320,000 as of June 30, 2024, representing a growth of 63.9%[49] - The cost of goods sold for the three months ended March 31, 2025, was $3.7 million, significantly exceeding the related revenue, attributed to the depreciation of fixed assets and production process finalization[36] - The Company expects the high cost of goods sold to continue rising but to decrease as a percentage of revenue as production scales and efficiencies are gained[36] Financing and Capital Structure - The company issued 8,773,586 common shares and warrants pursuant to registered direct offerings, raising $13,911,000[16] - The company completed an At-The-Market offering, resulting in the issuance of 5,938,786 shares, raising $6,327,168[15] - The Company’s shareholders approved an increase in authorized shares from 80 million to 250 million, allowing for the reclassification of derivative liabilities totaling $2.1 million to additional paid-in capital[62] - The Company has authorized a total of 250,000,000 shares of common stock as of March 31, 2025, following an amendment to increase the number of authorized shares[93] Grants and Tax Credits - The Company was awarded a tax credit of up to $40.5 million through the 48C program for a new battery recycling facility in the U.S.[56] - The Company received a grant award of $144 million from the U.S. DOE for the construction of a lithium-ion battery recycling facility, with cumulative funds invoiced totaling $0.2 million as of March 31, 2025, representing 0.2% of total eligible reimbursements[57] - The Company recognized $4.3 million of invoiced government funds as an offset to research and development costs during the nine months ended March 31, 2025[50] Operational Challenges and Future Outlook - The company has a significant reliance on obtaining debt or equity financing to continue operations, with substantial doubt regarding its ability to continue as a going concern for the next 12 months[25] - The company is focused on increasing domestic production of critical battery materials and developing new technologies for extraction and recycling of lithium-ion batteries[22] - The continuation of the company as a going concern is dependent on generating profit from operations and obtaining financing, with substantial doubt existing regarding its ability to continue for the next 12 months[25] Shareholder and Stock Activity - The weighted average shares outstanding increased to 85,090,957 for the three months ended March 31, 2025, from 51,993,863 for the same period in 2024[12] - The total unvested share awards as of March 31, 2025, were 7,816,136, with a weighted average grant date fair value of $2.18 per unit[110] - The Company issued 14,360,308 total warrants during the nine months ended March 31, 2025, including 3,548,426 warrants from a private placement[106] Depreciation and Impairment - The Company recognized a depreciation expense of $3.8 million for the nine months ended March 31, 2025, significantly higher than $121,075 in the previous year[21] - The Company recognized a depreciation expense of $1.2 million for the three months ended March 31, 2025, compared to $39,665 for the same period in 2024[65] - An impairment charge of $10.3 million was recorded on assets held-for-sale for the fiscal year ended June 30, 2024[67]
American Battery Technology pany(ABAT) - 2025 Q3 - Quarterly Report