Revenue and Growth - Revenue for the three months ended September 30, 2025, was $937,589, a significant increase from $201,960 in the same period of 2024, representing a growth of approximately 364%[14] - The company generated $22.2 million from the issuance of common shares through At-The-Market offerings during the three months ended September 30, 2025, compared to $6.9 million in the same period of 2024[18] - The company generated its initial revenue in the fourth quarter of the fiscal year ended June 30, 2024[20] Losses and Expenses - The gross loss for the three months ended September 30, 2025, was $(3,516,642), compared to $(2,340,681) for the same period in 2024, indicating a decline in gross margin[14] - The net loss attributable to common stockholders for the three months ended September 30, 2025, was $(10,299,566), compared to $(11,780,206) for the same period in 2024, reflecting an improvement of approximately 13%[14] - Cash flows from operating activities resulted in a net cash used of $7.1 million for the three months ended September 30, 2025, compared to $5.6 million for the same period in 2024, indicating a 28% increase in cash outflow[18] - The company incurred negative cash flows from operating activities of $28.9 million for the fiscal year ended June 30, 2025[21] - Management anticipates that operating losses will lessen in the near term due to revenue growth and ongoing cost efficiencies[21] Assets and Equity - Total assets increased to $101,473,201 as of September 30, 2025, up from $84,457,791 as of June 30, 2025, representing a growth of about 20%[12] - Total stockholders' equity increased to $95,998,304 as of September 30, 2025, from $70,599,023 as of June 30, 2025, marking an increase of about 36%[12] - Cash and cash equivalents rose to $30,122,498 as of September 30, 2025, compared to $7,474,304 as of June 30, 2025, indicating a substantial increase of approximately 303%[11] Shareholder Activity - The company issued 8,217,533 shares pursuant to an At-The-Market offering, raising approximately $21 million in additional paid-in capital[15] - The weighted average shares outstanding for the three months ended September 30, 2025, were 112,240,128, compared to 69,519,432 for the same period in 2024, indicating a significant increase in share count[14] - Total common shares of 6,666,651 were issued upon conversion of $5,000,000 of the 2024 Notes, with a fair market value of $16.0 million[72] Research and Development - Research and development expenses for the three months ended September 30, 2025, were $2,697,639, compared to $2,032,135 for the same period in 2024, reflecting an increase of about 33%[14] Inventory and Grants - As of September 30, 2025, total inventories amounted to $104.1 million, a decrease from $408.1 million on June 30, 2025[43] - Grants receivable increased from $0.2 million on June 30, 2025, to $0.5 million on September 30, 2025[44] - The Company completed a DOE project with cumulative funds invoiced totaling $2.3 million, representing 100% of eligible reimbursements[46] Debt and Financing - The Company amended the Purchase Agreement to issue a new series of senior secured convertible notes (the "2024 Notes") totaling $12.0 million, with a discount of $2.1 million[68] - The 2024 Notes bear zero coupon, mature on September 1, 2025, and require $5.0 million in cash to be maintained in a restricted account[68] - The Company recognized amortization of the debt discount of the 2024 Notes totaling $2.3 million for the fiscal year ended June 30, 2025[70] Tax Credits and Compliance - The Company has incurred qualifying expenditures for a tax credit of up to $19.5 million but will not recognize amounts until compliance assurance is met[50] - The Company has not incurred any qualifying expenditures toward an additional tax credit of up to $40.5 million as of September 30, 2025[52] Operational Focus - The company is focused on increasing domestic U.S. production of critical battery materials through exploration and commercialization of new technologies[19] - The Company began a third exploration program for its Tonopah Flats Lithium Project, involving 6,500 feet of total drilling[59] Stock-Based Compensation - Stock-based compensation expense for the three months ended September 30, 2025, was $2.3 million, compared to $3.2 million for the same period in 2024[105] - The Company recognized $18.1 million of unamortized expenses related to outstanding equity compensation awards to be recognized over a remaining weighted-average period of 3.5 years[106] Other Financial Metrics - The operating lease cost for the three months ended September 30, 2025, was $144,511 compared to $86,937 for the same period in 2024[78] - Total accounts payable and accrued liabilities decreased to $5.2 million as of September 30, 2025, from $5.8 million on June 30, 2025[64]
American Battery Technology pany(ABAT) - 2026 Q1 - Quarterly Report