ABAT Targets US Battery Material Supply Gap with Recycling & Extraction

Ticker: ABAT · Form: 10-K · Filed: Sep 18, 2025 · CIK: 1576873

Sentiment: mixed

Topics: Battery Recycling, Critical Minerals, Lithium-ion Batteries, Supply Chain Security, Nevada Mining, Green Technology, EV Materials

TL;DR

**ABAT is a speculative bet on domestic battery material independence, but its innovative recycling tech could be a game-changer.**

AI Summary

AMERICAN BATTERY TECHNOLOGY Co (ABAT) reported for the fiscal year ended June 30, 2025, focusing on increasing domestic U.S. production of critical battery materials like lithium, nickel, cobalt, and manganese. The company operates through exploration of new primary resources, development of extraction technologies, and commercialization of an integrated lithium-ion battery recycling process. ABAT's recycling plant in McCarran, Nevada, utilizes a two-phase system: automated de-manufacturing followed by targeted chemical extraction. The global lithium-ion battery market surpassed $100 billion in 2024 and is projected to exceed $250 billion by 2030, driving demand for battery materials. ABAT aims to address the significant domestic capacity imbalance, as less than 1% of global battery materials needed for U.S. facilities are sourced domestically. The company's unique recycling process boasts decreased air and liquid pollutant emissions and high recovery and purity of high-value products due to no high-temperature operations and early separation of low-value materials. The aggregate market value of common equity held by non-affiliates was approximately $208 million as of December 31, 2024, with 118,046,888 shares outstanding as of September 15, 2025.

Why It Matters

ABAT's focus on domestic battery material production and recycling directly addresses a critical supply chain vulnerability for the U.S. electric vehicle and renewable energy sectors. With less than 1% of global battery materials sourced domestically, ABAT's efforts could significantly de-risk supply for investors in EV manufacturers and energy storage companies. For employees, this creates high-tech manufacturing jobs in Nevada, while customers benefit from a more secure and potentially environmentally friendlier source of battery components. In a market dominated by Asian refining capacity and primary production from geopolitically sensitive regions, ABAT's integrated approach offers a competitive advantage by reducing reliance on foreign supply chains.

Risk Assessment

Risk Level: high — The company operates in a capital-intensive industry with long development times for primary resources and new technologies, as highlighted by the 'long development times and high capital costs' for new primary supply. While ABAT has developed a recycling system, it is still in the commissioning phase, with Phase 1 separating components and Phase 2 for chemical extraction yet to be fully operational, indicating significant execution risk.

Analyst Insight

Investors should monitor ABAT's progress on commissioning its two-phase recycling plant, particularly the successful implementation of Phase 2 for chemical extraction. Evaluate the company's ability to secure long-term offtake agreements for its black mass and refined battery-grade materials to assess market acceptance and revenue potential.

Financial Highlights

debt To Equity
Not Disclosed
revenue
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operating Margin
Not Disclosed
total Assets
Not Disclosed
total Debt
Not Disclosed
net Income
Not Disclosed
eps
Not Disclosed
gross Margin
Not Disclosed
cash Position
Not Disclosed
revenue Growth
Not Disclosed

Key Numbers

Key Players & Entities

FAQ

What is AMERICAN BATTERY TECHNOLOGY Co's primary business strategy?

AMERICAN BATTERY TECHNOLOGY Co (ABAT) employs a three-pronged strategy: exploring new primary resources for battery metals, developing and commercializing new extraction technologies, and commercializing an internally developed integrated process for recycling lithium-ion batteries. This aims to increase domestic U.S. production of critical battery materials like lithium, nickel, cobalt, and manganese.

Where are AMERICAN BATTERY TECHNOLOGY Co's main operational facilities located?

AMERICAN BATTERY TECHNOLOGY Co's corporate headquarters are in Reno, Nevada. Its mineral exploration office is located in Tonopah, Nevada, and its lithium-ion battery recycling plant is situated in McCarran, Nevada.

What is the projected growth of the global lithium-ion battery market?

The global market for lithium-ion batteries surpassed $100 billion in 2024 and is projected to exceed $250 billion by 2030, driven by increasing demand from electric vehicles, computers, cell phones, and large-scale electric stationary storage systems.

What are the key benefits of AMERICAN BATTERY TECHNOLOGY Co's recycling process?

AMERICAN BATTERY TECHNOLOGY Co's recycling process offers several benefits, including decreased air and liquid pollutant emissions due to the absence of high-temperature operations. It also achieves high recovery and purity of high-value products by separating low-value materials early in the processing train.

What is the current state of domestic battery material sourcing in the United States?

Currently, less than 1% of the global battery materials needed to supply U.S. cell manufacturing and OEM facilities are sourced within the United States. This creates a severe domestic capacity imbalance and poses a risk to the domestic economy.

What was the market value of AMERICAN BATTERY TECHNOLOGY Co's common equity held by non-affiliates?

As of December 31, 2024, the aggregate market value of the voting and non-voting common equity held by non-affiliates of AMERICAN BATTERY TECHNOLOGY Co was approximately $208 million.

How many shares of common stock did AMERICAN BATTERY TECHNOLOGY Co have outstanding recently?

As of September 15, 2025, AMERICAN BATTERY TECHNOLOGY Co had 118,046,888 shares of its common stock, par value $0.001, outstanding.

What are the two phases of AMERICAN BATTERY TECHNOLOGY Co's lithium-ion battery recycling system?

AMERICAN BATTERY TECHNOLOGY Co's recycling system consists of two phases: Phase 1 is an automated de-manufacturing process that separates battery components into scrap metals and black mass filter cake. Phase 2, upon commissioning, will feed the black mass into a proprietary chemical extraction train to recover and upgrade lithium, nickel, cobalt, and manganese to battery cathode grade specifications.

What are the primary critical battery materials AMERICAN BATTERY TECHNOLOGY Co focuses on?

AMERICAN BATTERY TECHNOLOGY Co focuses on increasing the domestic U.S. production of critical battery materials such as lithium, nickel, cobalt, and manganese, which are essential components for lithium-ion batteries.

What are the risks associated with the current global battery material supply chain?

The current global battery material supply chain faces risks due to long development times and high capital costs for new primary supply, concentration of primary production in high geopolitical risk locations, and a significant imbalance where investment in cell manufacturing and OEMs has far outpaced investment in battery material suppliers and chemical refining capacity.

Risk Factors

Industry Context

The global lithium-ion battery market is experiencing exponential growth, driven by electric vehicles and energy storage solutions, projected to exceed $250 billion by 2030. This surge creates immense demand for critical battery materials like lithium, nickel, cobalt, and manganese. However, the U.S. faces a significant domestic supply chain deficit, with less than 1% of needed battery materials sourced domestically, while China dominates global cell manufacturing capacity at 70%. This imbalance presents a substantial opportunity for companies like ABAT focused on domestic production and recycling.

Regulatory Implications

ABAT's operations, particularly its chemical extraction phase, will be subject to stringent environmental regulations concerning air and liquid pollutant emissions. Compliance with these regulations, along with obtaining and maintaining necessary operating permits, is critical. While ABAT highlights reduced emissions from its process, ongoing monitoring and adherence to evolving environmental standards will be essential for sustained operations and market access.

What Investors Should Do

  1. Monitor Phase 2 Commissioning Timeline
  2. Assess Offtake Agreement Strength and Market Pricing
  3. Evaluate Competitive Landscape and Technological Differentiation
  4. Track Regulatory Compliance and Permitting Status

Key Dates

Glossary

Black Mass Filter Cake
A powder-like material produced after the de-manufacturing of lithium-ion batteries, containing valuable metals like lithium, nickel, cobalt, and manganese, which is then processed further for metal extraction. (This is a key intermediate product from ABAT's Phase 1 recycling process, which will be sold or further processed in Phase 2.)
Cathode Chemistries
Refers to the specific chemical composition of the positive electrode in a lithium-ion battery, which significantly impacts its performance, cost, and recyclability. Examples include LCO, NMC, and NCA. (ABAT's system is designed to handle a wide range of cathode chemistries, increasing its feedstock flexibility.)
Hydrometallurgical Process
A process that uses aqueous chemistry to recover and separate metals. It typically involves leaching, solvent extraction, and electrowinning, often considered more environmentally friendly than pyrometallurgical (smelting) methods. (ABAT employs a targeted chemical extraction train, which is a form of hydrometallurgy, to recover high-value metals without high-temperature operations.)
De-manufacturing
The process of dismantling a product into its constituent components for the purpose of reuse, recycling, or disposal. In ABAT's context, it refers to the automated breakdown of battery packs. (This is the first phase of ABAT's recycling system, designed to efficiently separate battery components.)
Offtake Agreements
Contracts where a buyer agrees to purchase a specified quantity of a seller's future production, often used in commodity-based industries. (ABAT relies on these agreements for selling byproducts like scrap metals and black mass, impacting its revenue streams.)

Year-Over-Year Comparison

As specific financial data for the fiscal year ending June 30, 2025, is not yet available in this excerpt, a direct comparison to the previous filing cannot be made. However, the company's strategic focus remains on advancing its integrated lithium-ion battery recycling process, aiming to address the critical domestic supply chain gap for battery materials. Key developments to watch for in future filings will include progress on commissioning Phase 2 of its recycling plant, securing offtake agreements, and any reported revenue generated from its operations, which will be compared against prior periods to assess growth and operational milestones.

Filing Stats: 4,295 words · 17 min read · ~14 pages · Grade level 16.3 · Accepted 2025-09-18 17:02:27

Key Financial Figures

Filing Documents

forward-looking statements

forward-looking statements. Forward-looking with our customers; consumer demand; financial resources and condition; changes in revenues; changes in profitability; changes in accounting treatment; cost of sales; selling, general and administrative expenses; interest expense; the ability to produce the liquidity or enter into agreements to acquire the capital necessary to continue our operations and take advantage of opportunities; legal proceedings and claims. Forward-looking experience and our perception of historical trends, current conditions, expected future developments, and other factors that we believe are appropriate under the circumstances. We caution you that forward-looking statements are not guarantees of future performance and these statements are subject to known and unknown risks and uncertainties, which may cause our actual results or performance to be materially different from any future results or performance expressed or implied by the forward-looking statements. Factors that may cause our financial condition, results of operations, business prospects or economic performance to differ from expectations include the factors discussed in Part I, Item 1A, Risk Factors below and elsewhere in this Report. Also, forward-looking statements represent our estimates and assumptions only as of the date of this Report. You should read this Report and the documents that we reference and file as exhibits to this Report completely and with the understanding that our actual future results may be materially different from what we expect. The forward-looking statements in this report speak only as of the filing of this Report. Except as required by applicable securities laws, we assume no obligati

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 20 Item 1C. Cybersecurity 20 Item 2.

Properties

Properties 21 Item 3.

Legal Proceedings

Legal Proceedings 27 Item 4 Mine Safety Disclosures 27 PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6. [Reserved.] 28 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 34 Item 8. Financial 35 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 36 Item 9A

Controls and Procedures

Controls and Procedures 36 Item 9B. Other Information 38 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 38 PART III Item 10. Directors, Executive Officers and Corporate Governance 38 Item 11.

Executive Compensation

Executive Compensation 38 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 38 Item 13. Certain Relationships and Related Transactions, and Director Independence 38 Item 14. Principal Accounting Fees and Services 38 PART IV Item 15. Exhibits and Financial Statement Schedules 39 Item 16. Form 10-K Summary 42

Signatures

Signatures 43 3 PART I Item 1. Business Introduction American Battery Technology Company (the "Company", "ABTC", "we" and "us") is an integrated critical battery materials company in the lithium-ion battery industry that is working to increase the domestic U.S. production of critical battery materials, such as lithium, nickel, cobalt, and manganese through its engagement in the exploration of new primary resources of battery metals, the development and commercialization of new technologies for the extraction of these battery metals from primary resources, and the commercialization of an internally developed integrated process for the recycling of lithium-ion batteries. Through this three-pronged approach the Company is working to both increase the domestic production of these battery materials and to ensure that as these materials reach their end of lives, the constituent elemental battery metals are returned to the domestic manufacturing supply chain in a closed-loop fashion. In addition, we are committed to operating our business in a safe and environmentally responsible manner by working with our employees, customers, vendors, and local communities to minimize our environmental impact and comply with local, state and federal environmental laws and regulations. The Company's corporate headquarters are in Reno, Nevada, and its mineral exploration office is located in Tonopah, Nevada. The Company's recycling plant for recycling lithium-ion batteries is in McCarran, Nevada. Company History The Company was incorporated as Oroplata Resources, Inc. under the laws of the State of Nevada on October 6, 2011, for the purpose of acquiring rights to mineral properties with the eventual objective of being a producing mineral company. On August 8, 2016, the Company formed Lithortech Resources Inc. as a wholly owned subsidiary of the Company to serve as its operating subsidiary for lithium resource exploration and mine development. On June 29, 2018, the Company

Business

Business Lithium-Ion Battery Recycling ABTC has developed a universal lithium-ion battery recycling system that is capable of recycling batteries with both a wide range of form factors (packs, modules, cylindrical cells, prismatic cells, pouch cells, defect and intermediate waste cells, metal scraps, slurries, and powders) and of a wide range of cathode chemistries (lithiated cobalt oxide, lithiated nickel-cobalt-aluminum oxide, lithiated nickel-cobalt-manganese oxide, lithiated nickel-cobalt-manganese-aluminum oxide, lithiated nickel-oxide, and lithiated manganese-oxide) of various relative weighting of transition metals. The Company's recycling system is a two-phase process: an automated de-manufacturing process followed by a targeted chemical extraction train to separate the individual high-value metals. The Company intends to commission each phase in sequence. Phase 1, the automated de-manufacturing process, separates the components of battery feedstock material into its constituent components, including scrap metals and cathode and anode powders in the form of black mass filter cake. Scrap metals are then sold as byproducts under various offtake agreements or into the open scrap market. The black mass filter cake produced in this phase will also be sold under offtake contracts or into the open market. Upon commissioning of Phase 2, the black mass produced in Phase 1 will be fed into a proprietary chemical extraction train to extract lithium, nickel, cobalt, manganese and other products and upgrade them to the battery cathode grade specifications demanded by high energy density cathode manufacturers. 6 The Company has acquired and leveraged the experience of several members of its leadership and implementation teams who worked on the design, construction, commissioning, and optimization of one of the largest lithium-ion battery manufacturing giga factories in the world. This significant pool of experience has enabled the team to leverage their knowledg

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