American Battery Revenue Jumps 83% to $1,713,289 in Fiscal First Quarter
Key Facts
American Battery Technology said revenue rose 83% year over year to $1,713,289 in the three months ended September 30, 2026, compared with $937,589 in the same period of 2025. The company reported the figures in its quarterly filing with the U.S. Securities and Exchange Commission for the first quarter of fiscal 2027. It attributed revenue growth to an increase in raw materials processed, which enabled higher production volumes, and to higher market prices for its products and byproducts. But sales growth did not translate into an improved bottom line: cost of goods sold rose to $5,355,954 from $4,454,231 a year earlier. The company posted a net loss of $14,623,978, wider than $10,299,566 in the comparable period.
The company said federal restrictions on black mass sales affected its ability to sell during the quarter and increased its inventory. The guidance took effect on August 27, 2026, and required U.S. companies to allocate all of their monthly sales of the material to U.S. persons. This came as the company was expanding its battery recycling business and relying on sales of products and byproducts to generate revenue. On September 30, the company received a license from the U.S. Commerce Department's Bureau of Industry and Security allowing it to sell up to $100 million of recycled black mass, subject to specific conditions. The company said it expects revenue to begin recovering in the second quarter of fiscal 2027 as it resumes or expands activities restricted by the export controls.
Management tied the timing and extent of a recovery to operational and commercial factors, including processing accumulated inventory, demand and converting finished products into sales. The new license and the potential to move inventory therefore rank among the factors that will determine whether revenue growth accelerates in the next quarter, while the company continues to record losses exceeding its quarterly revenue. The license does not permit unconditional sales; it applies to a value of up to $100 million and is subject to its terms. In fiscal 2026, the company reported revenue of $21.7 million, up 407% from $4.3 million in the previous fiscal year, driven by increased production at the recycling facility, byproducts and improved prices. In the fourth quarter of fiscal 2026, revenue was $8.2 million, up 5.1% from the previous quarter, and gross profit was $1.3 million, an increase of 86%.
On liquidity, the company said cash and cash equivalents totaled $43.3 million on September 30, 2026, compared with $49.5 million on June 30. It used $5.0 million in operations and $1.9 million in investing during the three months ended in September, attributing the decline in cash to those uses. It also reported an accumulated deficit of $348.1 million on September 30. Management said available cash and expected revenue from product sales would be sufficient to fund operations for at least 12 months from the date the financial statements were issued. In September, the U.S. Bureau of Land Management approved the plan of operations for the Tonopah Flats Lithium project, which the company described as an important milestone in the federal permitting process.
The federal guidance restricting black mass sales to non-U.S. persons runs from August 27, 2026, to August 27, 2027. The deadline for public comments on it was November 4, 2026, according to the U.S. Federal Register. The second quarter will therefore take place under continuing rules, as the company relies on the license it received at the end of September to expand its sales opportunities subject to its conditions. Processing accumulated inventory, demand and converting finished products into sales remain factors the company explicitly cited in linking the restrictions to its revenue recovery outlook. The next results will be watched for signs that these factors are translating into higher revenue while operating costs and a net loss persist.