Press release
American Battery Technology Company Releases First Quarter Fiscal Year 2025 Financial Report
Announces agreement to enter into additional zero coupon convertible note to unlock capital to advance core business projects Reno, Nevada, Nov. 15, 2024
About this update from American Battery Technology Company
[{"type":"text","content":"Announces agreement to enter into additional zero coupon convertible note to unlock capital to advance core business projects\nReno, Nevada, Nov. 15, 2024 (GLOBE NEWSWIRE) -- American Battery Technology Company (ABTC) (NASDAQ: ABAT), an integrated critical battery materials company, has released its financial results for the first fiscal quarter of fiscal year (FY) 2025, which ended on September 30, 2024. ABTC is focused on commercializing its technologies for primary battery minerals manufacturing and secondary minerals lithium-ion battery recycling, in order to establish a domestically-sourced lithium-ion battery metals circular supply chain for North America. The company has continued to ramp and streamline operations at its first battery recycling facility near Reno, Nevada, and was awarded an additional highly competitive grant from the U.S. Department of Energy for $150 million to support the construction of a second battery recycling facility. The company has also manufactured additional battery grade lithium hydroxide product from its Nevada-based claystone material with its internally developed processes at its multi-tonne per day integrated pilot facility, and is having these products evaluated for the long-term offtake of this critical battery material for its commercial scale lithium refinery. In August 2023, ABTC entered into an agreement for the issuance of zero coupon convertible notes for up to $50 million, and initially issued $25 million in notes under this agreement. ABTC has just announced that it entered into an agreement to issue an additional $12 million in zero coupon convertible notes. With the first $25 million in notes having been repaid, the primary purpose of the proceeds from these notes is to support the continued commercial ramp-up and expansion of the company’s battery recycling and claystone to lithium hydroxide operations. Financial Highlights First Quarter of Fiscal 2025: In the three months ended September 30, 2024, ABTC reported revenues of $202,000 from the sales of its recycled products. Non-GAAP cash cost of goods sold (COGS) for these operations amounted to $1.3 million, after excluding non-cash items such as depreciation expense and stock-based compensation. ABTC was awarded a highly competitive grant from the US Department of Energy (DOE) on September 23, 2024, securing $150 million in...