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American Battery Technology Company (ABAT-10.51%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing revenue of $332,000, attributed to the sale of recycled products. This follows the company's initial revenue generation in the fourth quarter of fiscal 2024.
Cost of goods sold for the quarter was $3.3 million, including non-cash items such as depreciation and stock-based compensation. The cash cost of goods sold was $2.1 million.
Operating expenses for the quarter were $10.8 million, compared to $8.8 million in the same quarter the previous year. General and administrative expenses increased to $7.7 million, primarily due to higher employee stock-based compensation and personnel costs.
Research and development expenses decreased to $2.9 million from $3.6 million, due to the allocation of costs to inventory and cost of goods sold as phase 1 recycling operations commenced.
The company reported a net loss of $13.4 million for the quarter, compared to a net loss of $10.2 million in the previous year.
Cash used in operating activities was $12.8 million for the six months ended December 31, 2024, compared to $7.4 million in the previous year.
The company had cash on hand of $20.6 million as of December 31, 2024, with $15.6 million available and $5.0 million restricted.
During the quarter, the company issued a new series of senior convertible notes totaling $12 million and entered into two registered direct offerings for a total of $15 million in gross proceeds.
The filing also details a $150 million grant awarded by the U.S. Department of Energy for the construction of a new lithium-ion battery recycling facility, with a contracted grant award of $144 million received.
American Battery Technology Company continues to focus on increasing domestic production of battery materials and enhancing its recycling operations, supported by various government grants and tax credits.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Battery Technology Company quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.