Key Highlights

● The company received a US export licence for recycled black mass.

● Fiscal 2026 revenue was $21.74 million, against $4.29 million.

● The net loss attributable to common stockholders was $73.4 million.

● Five customers accounted for around 86% of fiscal 2026 revenue.

American Battery Technology Company (NASDAQ:ABAT), a Nevada corporation whose common stock is listed on the Nasdaq Capital Market under the ticker ABAT, filed a Form 8-K reporting an event dated 1 October 2026. The company said it had received approval from the US Department of Commerce, Bureau of Industry and Security, for a licence to export certain recycled black mass material. The approval followed new federal export controls on critical battery materials.

The filing itself did not state the licence's value, duration or conditions. A report on 5 October said the approval covers up to $100 million of recycled black mass; that figure is not in the filing and remains unconfirmed by company documents.

Why Black Mass Exports Matter to the Company

Black mass is a powdery intermediate produced when end-of-life lithium-ion batteries are shredded, and it contains lithium, nickel, cobalt, manganese and graphite. According to the company's annual report for the year ended 30 June 2026, black mass sales are the majority of revenue and most customers are overseas. A federal directive effective 27 August 2026 largely prohibits black mass exports unless an exception is granted, and the company had applied for one. The October licence therefore addresses what the annual report described as an uncertain risk.

Fiscal 2026 Results

On 14 September 2026 the company reported results for fiscal 2026. Revenue was $21.74 million, against $4.29 million in fiscal 2025, an increase of about 407 per cent. Under GAAP, cost of goods sold was $24.83 million, producing a gross loss of $3.09 million, compared with a loss of $10.57 million a year earlier. On a non-GAAP basis, which excludes certain non-cash items, adjusted gross profit was $1.7 million after a loss of $6.2 million.

Operating expenses rose to $71.6 million from $31.4 million, led by general and administrative costs of $51.6 million. The net loss attributable to common stockholders was $73.4 million, or $0.58 per share, compared with $46.8 million in fiscal 2025, also $0.58 per share as reported. Cash and equivalents were $49.5 million at 30 June 2026, up from $7.5 million, and no notes payable were outstanding.

Operations and Development Projects

The first recycling facility, in Nevada, is rated at 20,000 tonnes a year and still ramping up. A second facility, designed for about 100,000 tonnes a year, is supported by a Department of Energy grant. Separately, the Tonopah Flats lithium project targets about 30,000 tonnes a year of battery-grade lithium hydroxide, and its pre-feasibility study reports 2.7 million tonnes of proven and probable reserves. A $57.7 million Department of Energy agreement for the first refinery phase was reinstated after being terminated in October 2025.

Risks and Limitations

The annual report is candid about vulnerabilities. Five customers accounted for around 86 per cent of fiscal 2026 revenue, operations depend on one recycling site, and management identified material weaknesses in internal control over financial reporting. Operating cash flow was negative $24.2 million. The company warned that it may need significant additional financing within twelve months, and only small proportions of eligible federal reimbursements had been invoiced by year end.

A single licence does not remove those risks. Its terms, including volume and duration, were not stated in the filing, and metal prices and feedstock supply remain volatile.

One Licence Eases an Export Risk but Not the Funding Question

Further disclosure on how much material can be shipped under the licence, progress on the second recycling facility and Tonopah Flats permitting, and any new financing are the items to watch.