The core risk is the August 27 federal directive banning black mass exports, which represents the majority of ABAT's current revenue. Monitor the company's BIS exception request outcome and any Q1 FY2027 revenue impact. The widening GAAP loss and surging operating expenses also warrant close scrutiny.
Price Chart
Executive Summary
American Battery Technology Company reported fiscal year 2026 revenue of $21.7M, a 407% increase YoY from $4.3M, and achieved positive adjusted gross profit of $1.7M. However, the company reported a GAAP net loss of $73.4M ($0.58 per share), significantly wider than the $46.8M loss in FY2025, driven by a 128% increase in operating expenses to $71.6M. The company ended the year with $49.5M cash and no debt, but faces a material risk from a new federal directive effectively prohibiting black mass exports, which could disrupt the majority of its revenue stream.
Key Financial Metrics
Key Facts
- FY2026 revenue increased 407% to $21.7M from $4.3M in FY2025
- GAAP gross loss improved to ($3.1M) from ($10.6M) in FY2025
- Adjusted gross profit (non-GAAP) turned positive to $1.7M from ($6.2M) in FY2025
- GAAP net loss widened to ($73.4M) from ($46.8M) in FY2025, a 57% increase
- Operating expenses surged 128% to $71.6M from $31.4M in FY2025
- Cash balance increased to $49.5M from $7.5M; company has zero debt
- A new federal directive (effective Aug 27, 2026) prohibits black mass exports, threatening the majority of revenue
- Company has requested an exception from the Bureau of Industry and Security (BIS) for the export ban
- Net loss per share was ($0.58), unchanged from FY2025, despite a 59% increase in weighted average shares outstanding
Financial Impact
Revenue grew 407% to $21.7M, but GAAP net loss widened 57% to ($73.4M). The new black mass export ban threatens the majority of revenue, with no guarantee of an exception.
Risk Factors
- Federal directive effectively banning black mass exports threatens the majority of revenue; BIS exception request outcome is uncertain
- GAAP net loss widened 57% to ($73.4M) with operating expenses growing 128% to $71.6M, outpacing revenue growth
- Pre-revenue on the lithium project (Tonopah Flats) with no near-term production timeline; cash burn remains high
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-042948 |
| Document: form8-k.htm | 0001493152-26-042948 |
| Document: 0001493152-26-042948-index-headers.html | 0001493152-26-042948 |
| Document: 0001493152-26-042948-index.html | 0001493152-26-042948 |
| Document: 0001493152-26-042948.txt | 0001493152-26-042948 |
| 8-K Data (Synthetic) | 0001493152-26-042948 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 20d ago | EFFECT | $2.09 | awaiting T+20 | — | $1.49 (+28.71%) |
Oct 1, 2026 26d ago | 8-K | $2.19 | awaiting T+20 | — | $1.49 (−31.96%) |
Oct 1, 2026 26d ago | Press Release | $2.28 | awaiting T+20 | — | $1.49 (−34.65%) |
Sep 18, 2026 5w ago | S-3 | $2.33 $1.45 | ▲ +37.77% | ▲ +36.86% | $1.49 (+36.05%) |
Sep 16, 2026 5w ago | 8-K | $2.24 $1.57 | ▲ +29.91% | ▲ +31.12% | $1.49 (+33.48%) |
Sep 14, 2026 6w ago | Press Release | $2.36 $1.83 | ▲ +22.46% | ▲ +24.72% | $1.49 (+36.86%) |
Aug 25, 2026 9w ago | Insider Cluster | $2.60 $2.33 | ▼ −10.38% | ▼ −11.59% | $1.49 (−42.69%) |
Aug 20, 2026 9w ago | 8-K | $2.57 $2.33 | ▼ −9.34% | ▼ −10.35% | $1.49 (−42.02%) |
Aug 20, 2026 9w ago | Press Release | $2.33 $2.18 | ▲ +6.44% | ▲ +6.32% | $1.49 (+36.05%) |
Aug 14, 2026 10w ago | Institutional Cluster | $2.49 $2.36 | ▼ −5.22% | ▼ −3.23% | $1.49 (−40.16%) |
US Market Status
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