American Battery Technology (ABAT)


Market Price (10/19/2026): $1.49 | Market Cap: $204.3 MilSector: Industrials | Industry: Environmental & Facilities Services

American Battery Technology (ABAT)


Market Price (10/19/2026): $1.49
Market Cap: $204.3 Mil
Sector: Industrials
Industry: Environmental & Facilities Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -24%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 407%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -59%

Megatrend and thematic drivers
Megatrends include Circular Economy & Recycling, Battery Technology & Metals, and Renewable Energy Transition. Themes include Advanced Recycling Technologies, Show more.

Weak multi-year price returns
3Y Excs Rtn is -153%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -75 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -344%

Expensive valuation multiples
P/SPrice/Sales ratio is 9.3x

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 214%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -111%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -174%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -42%

High stock price volatility
Vol 12M is 110%

Key risks
ABAT key risks include [1] substantial doubt from its auditors about the company's ability to continue as a going concern, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -24%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 407%
2 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -59%
3 Megatrend and thematic drivers
Megatrends include Circular Economy & Recycling, Battery Technology & Metals, and Renewable Energy Transition. Themes include Advanced Recycling Technologies, Show more.
4 Weak multi-year price returns
3Y Excs Rtn is -153%
5 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16%
6 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -75 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -344%
7 Expensive valuation multiples
P/SPrice/Sales ratio is 9.3x
8 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 214%
9 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -111%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -174%
10 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -42%
11 High stock price volatility
Vol 12M is 110%
12 Key risks
ABAT key risks include [1] substantial doubt from its auditors about the company's ability to continue as a going concern, Show more.

ABAT in ETFs

Weight = ABAT's share of each fund

VTI0.00%
ITOT0.00%
IWM0.01%
IWO0.02%
VTWO0.01%
DFAS0.00%
DFAC0.00%
IWV0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/14/2026

American Battery Technology (ABAT) stock has lost about 50% since 6/30/2026 because of the following key factors:

1. American Battery Technology Company (ABAT) reported a significant earnings miss for fiscal Q4 2026, which ended on June 30, 2026. The company posted an earnings per share (EPS) of -$0.15, notably missing analysts' expectations of -$0.05 by 200%. This earnings miss was reported on September 13, 2026, likely contributing to negative investor sentiment and stock price decline.

2. A new U.S. federal directive, effective August 27, 2026, significantly impacted ABAT's black mass export operations. This directive prohibits the export of black mass from the United States without an exception. ABAT explicitly stated that sales of black mass constitute the majority of its total revenue, with substantially all of its current black mass customers located in international markets, primarily OECD countries. This regulatory change introduced considerable near-term risk and uncertainty regarding a major revenue stream.

Show more
Updated on 10/14/2026

American Battery Technology (ABAT) stock has lost about 50% since 6/30/2026 because of the following key factors:

1. American Battery Technology Company (ABAT) reported a significant earnings miss for fiscal Q4 2026, which ended on June 30, 2026. The company posted an earnings per share (EPS) of -$0.15, notably missing analysts' expectations of -$0.05 by 200%. This earnings miss was reported on September 13, 2026, likely contributing to negative investor sentiment and stock price decline.

2. A new U.S. federal directive, effective August 27, 2026, significantly impacted ABAT's black mass export operations. This directive prohibits the export of black mass from the United States without an exception. ABAT explicitly stated that sales of black mass constitute the majority of its total revenue, with substantially all of its current black mass customers located in international markets, primarily OECD countries. This regulatory change introduced considerable near-term risk and uncertainty regarding a major revenue stream.

3. The broader market experienced a substantial decline in critical mineral prices, particularly lithium, during fiscal Q1 2027 (July-September 2026). Lithium carbonate prices in China fell by nearly 21% in Q3 2026, with battery-grade lithium carbonate (EXW China) closing the quarter at US$19,025, representing a 20.8% quarter-over-quarter decrease. Concurrently, battery cell prices also decreased across most grades, with the global battery-cell price benchmark falling by 6.7% over the quarter to $71.85/kWh in September. These macroeconomic price declines for key materials can pressure ABAT's revenue and profitability, despite operational efficiencies.

4. Despite achieving its first positive quarterly gross profit of $1.3 million in fiscal Q4 2026, ABAT continued to face overall unprofitability and concerns regarding dilution. The company reported a net loss of $73.4 million for the full fiscal year 2026 and remained cash-flow negative. Additionally, ABAT cautioned that the capital-intensive nature of scaling its lithium extraction and battery recycling operations continued to pose challenges through dilution effects, highlighting ongoing financial hurdles despite operational milestones.

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Stock Movement Drivers

Fundamental Drivers

The -47.7% change in ABAT stock from 6/30/2026 to 10/18/2026 was primarily driven by a -59.3% change in the company's P/S Multiple.
(LTM values as of)630202610182026Change
Stock Price ($)2.831.48-47.7%
Change Contribution By: 
Total Revenues ($ Mil)162233.5%
P/S Multiple22.99.3-59.3%
Shares Outstanding (Mil)132137-3.8%
Cumulative Contribution-47.7%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/18/2026
ReturnCorrelation
ABAT-47.7% 
Market (SPY)2.2%56.2%
Sector (XLI)-9.4%31.3%

Fundamental Drivers

The -47.0% change in ABAT stock from 3/31/2026 to 10/18/2026 was primarily driven by a -75.5% change in the company's P/S Multiple.
(LTM values as of)331202610182026Change
Stock Price ($)2.791.48-47.0%
Change Contribution By: 
Total Revenues ($ Mil)922130.0%
P/S Multiple38.29.3-75.5%
Shares Outstanding (Mil)129137-5.7%
Cumulative Contribution-47.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/18/2026
ReturnCorrelation
ABAT-47.0% 
Market (SPY)17.7%57.2%
Sector (XLI)4.0%34.3%

Fundamental Drivers

The -69.5% change in ABAT stock from 9/30/2025 to 10/18/2026 was primarily driven by a -91.0% change in the company's P/S Multiple.
(LTM values as of)930202510182026Change
Stock Price ($)4.861.48-69.5%
Change Contribution By: 
Total Revenues ($ Mil)422406.8%
P/S Multiple103.89.3-91.0%
Shares Outstanding (Mil)92137-33.2%
Cumulative Contribution-69.5%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/18/2026
ReturnCorrelation
ABAT-69.5% 
Market (SPY)15.5%40.1%
Sector (XLI)9.7%33.5%

Fundamental Drivers

The -82.8% change in ABAT stock from 9/30/2023 to 10/18/2026 was primarily driven by a null change in the company's P/S Multiple.
(LTM values as of)930202310182026Change
Stock Price ($)8.621.48-82.8%
Change Contribution By: 
Total Revenues ($ Mil)0229.2233720368547763E17%
P/S Multiple∞9.3 
Shares Outstanding (Mil)45137-66.9%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/18/2026
ReturnCorrelation
ABAT-82.8% 
Market (SPY)84.7%27.9%
Sector (XLI)72.1%24.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ABAT Return-24%-62%-23%-48%36%-53%-93%
Peers Return187%17%-29%-52%55%-39%7%
S&P 500 Return27%-19%24%23%16%14%108%

Monthly Win Rates [3]
ABAT Win Rate25%33%42%25%58%40% 
Peers Win Rate43%52%42%38%50%38% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
ABAT Max Drawdown-76%-76%-80%-84%-71%-70% 
Peers Max Drawdown-45%-48%-60%-66%-64%-61% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: AQMS, ALB, SGML, MP, LAC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/16/2026 (YTD)

How Low Can It Go

EventABATS&P 500
2025 US Tariff Shock
  % Loss-22.7%-18.8%
  % Gain to Breakeven29.3%23.1%
  Time to Breakeven52 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-60.7%-9.5%
  % Gain to Breakeven154.6%10.5%
  Time to Breakeven719 days24 days
2023 SVB Regional Banking Crisis
  % Loss-14.1%-6.7%
  % Gain to Breakeven16.4%7.1%
  Time to Breakeven6 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-50.7%-24.5%
  % Gain to Breakeven103.0%32.4%
  Time to Breakeven158 days427 days
2020 COVID-19 Crash
  % Loss-66.5%-33.7%
  % Gain to Breakeven198.7%50.9%
  Time to Breakeven79 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-33.7%-19.2%
  % Gain to Breakeven50.9%23.8%
  Time to Breakeven2 days105 days

Compare to AQMS, ALB, SGML, MP, LAC

In The Past

American Battery Technology's stock fell -22.7% during the 2025 US Tariff Shock. Such a loss loss requires a 29.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventABATS&P 500
2025 US Tariff Shock
  % Loss-22.7%-18.8%
  % Gain to Breakeven29.3%23.1%
  Time to Breakeven52 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-60.7%-9.5%
  % Gain to Breakeven154.6%10.5%
  Time to Breakeven719 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-50.7%-24.5%
  % Gain to Breakeven103.0%32.4%
  Time to Breakeven158 days427 days
2020 COVID-19 Crash
  % Loss-66.5%-33.7%
  % Gain to Breakeven198.7%50.9%
  Time to Breakeven79 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-33.7%-19.2%
  % Gain to Breakeven50.9%23.8%
  Time to Breakeven2 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-69.3%-3.7%
  % Gain to Breakeven226.2%3.9%
  Time to Breakeven1350 days6 days

Compare to AQMS, ALB, SGML, MP, LAC

In The Past

American Battery Technology's stock fell -22.7% during the 2025 US Tariff Shock. Such a loss loss requires a 29.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About American Battery Technology (ABAT)

American Battery Technology Company (ABAT) operates within the critical battery metals supply chain, engaging in both the sourcing and recovery of essential materials. The company's core business involves the exploration, mining, and extraction of battery metals from its substantial land holdings in Western Nevada. Complementing these upstream activities, ABAT also focuses on the recycling of battery metals, aiming to provide sustainable and circular solutions for the global battery market.

ABAT's primary assets include approximately 12,880 acres across 644 placer mining claims located in Nevada's Railroad Valley, a region known for its potential battery metal resources, along with vital water rights. The company's main offerings are the extracted and recycled battery metals, which serve as crucial raw materials for various industries. ABAT primarily serves manufacturers within the rapidly expanding markets of electric vehicles, grid energy storage, and other sectors that rely on advanced battery technologies, thereby addressing the growing demand for critical battery components.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe American Battery Technology (ABAT):

  • Like Albemarle (a major lithium miner) but with a significant focus on recycling old batteries for their valuable metals.
  • Essentially a combination of a traditional battery metals miner (think Albemarle) and a modern battery recycling operation (like Redwood Materials).

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  • Battery Metal Exploration: Identifying and evaluating potential mineral deposits containing battery metals.
  • Battery Metal Mining and Extraction: Recovering and processing raw materials to produce battery metals from geological deposits.
  • Battery Metal Recycling: Processing end-of-life batteries to recover and purify valuable battery metals.

AI Analysis | Feedback

American Battery Technology (ABAT) is an early-stage company focused on developing its lithium-ion battery recycling facilities and lithium extraction projects. As such, it has not yet commenced large-scale commercial production of battery metals or recycled materials and therefore does not have major, established commercial customers in the traditional sense.

However, based on its business model of exploring, mining, extracting, and recycling battery metals, ABAT's prospective major customers would primarily be other companies within the battery and electric vehicle supply chains. These potential customer categories include:

  • Battery Manufacturers: Companies that produce lithium-ion batteries for various applications, including consumer electronics, energy storage, and electric vehicles.
  • Electric Vehicle (EV) Manufacturers: Companies that integrate advanced batteries into their products and require a secure supply of battery-grade raw materials.
  • Specialty Chemical and Metal Processors: Companies that further refine battery metals into specific chemical compounds or forms required by downstream industries.

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  • Primus Builders Inc. (private company)

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Ryan Melsert – CEO, CTO, Director

Ryan Melsert joined American Battery Technology Company (ABTC) in September 2019 and was appointed CEO on August 27, 2021. He also serves as the company's Chief Technology Officer and a Director. Melsert was a founding member of Tesla's Gigafactory design team and served as the R&D Manager for Tesla's Battery Materials Processing group, where he was awarded five patents. Earlier in his career, he led advanced energy R&D at Southern Research, securing multiple Department of Energy grants and earning the company's 2015 "Invention of the Year" award. At ABTC, he oversees battery metal extraction and lithium-ion battery recycling programs.

Alejandro Flores Arteaga – CFO

Alejandro Flores Arteaga was appointed Chief Financial Officer of American Battery Technology Company, effective February 9, 2026. He brings over two decades of financial leadership experience, with a specific focus on the automotive and battery manufacturing sectors. A notable achievement includes securing a $7.54 billion Department of Energy loan as CFO of StarPlus Energy, a joint venture between Stellantis and Samsung SDI. Prior to joining ABTC, Flores Arteaga served as CFO of Stellantis Mexico from 2015 to 2022, where he managed full profit and loss responsibility, treasury operations, financial planning and analysis, and tax functions for one of Mexico's largest automakers. His earlier career included finance and treasury roles at PACCAR Mexico and corporate finance and credit operations at Scotiabank Inverlat.

Steven Wu – COO

Steven Wu serves as the Chief Operating Officer of American Battery Technology Company. He is a key member of the executive leadership team.

AI Analysis | Feedback

Here are the key risks for American Battery Technology Company (ABAT):
  1. Execution Risk and Unproven Technology Scale-Up: American Battery Technology Company's core technologies for battery recycling and mineral extraction are still in the scale-up phase. There is a significant risk of delays, cost overruns, or failure to achieve commercial-scale operations and consistent profitability. The company has reported net losses and negative gross margins, indicating that scaled operations are currently unproven.
  2. Funding and Dilution / Grant Dependency: As ABAT's operations are capital-intensive and not yet profitable, the company relies on ongoing capital raises and government grants for funding. This creates a risk of significant dilution for existing shareholders through new share issuances. The company also faces dependency on government awards, and there's a risk associated with potential regulatory shifts, grant cancellations, or difficulty securing future funding.
  3. Competitive Pressure and Market Volatility: American Battery Technology Company operates in a competitive landscape with rivals that may be better funded and have existing scale advantages, which could impact ABAT's margins and market position. Furthermore, the company's stock has demonstrated high volatility, making it particularly sensitive to broader market swings and company-specific financial reports and developments.

AI Analysis | Feedback

The emerging trend of major battery manufacturers (OEMs) and automotive companies investing in and developing their own proprietary, vertically integrated battery recycling facilities. If these companies successfully create closed-loop systems that secure their raw material supply internally at competitive costs, it could significantly reduce the available feedstock and market for independent battery recycling companies like ABAT, making it harder for them to compete or secure profitable contracts.

AI Analysis | Feedback

Addressable Markets for American Battery Technology (ABAT)

American Battery Technology Company (ABAT) is involved in the exploration, mining, extraction, and recycling of battery metals. The addressable markets for their main products and services are significant, driven by the global demand for batteries, particularly in electric vehicles and energy storage systems.

Battery Metals Market (Mining and Extraction)

  • The global battery metals market size was estimated at USD 10.72 billion in 2023 and is projected to grow to USD 18.41 billion by 2030, exhibiting a CAGR of 8.3% from 2024 to 2030. Other estimates place the global battery metals market at USD 11.35 billion in 2024, projected to reach USD 22.88 billion by 2033 with an 8.1% CAGR from 2026–2033. Yet another report estimates the market size at USD 16.35 billion in 2023.
  • The North American battery metals market held over 7.0% of the global market share in 2023. North America is also expected to exhibit a CAGR of 8.35% during the forecast period.

Lithium Mining Market

  • The global lithium mining market size was estimated at USD 1.625.2 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 7.80% from 2023 to 2030. Another source valued the global lithium mining market at USD 7.682.4 million in 2024, projected to reach USD 15.103.1 million by 2033 at a CAGR of 7.8%.
  • Other estimates value the global lithium mining market at USD 4.2 billion in 2025, projected to reach USD 8.4 billion by 2035, growing at a 7.2% CAGR. Yet another report indicates a market size of USD 11.61 billion in 2024, expected to reach USD 17.90 billion by 2032 at a CAGR of 5.56% from 2025 to 2032.
  • North America held more than 26% of the global revenue for lithium mining in 2023, with a market size of USD 422.55 million, and is expected to grow at a CAGR of 6.0% from 2023 to 2030.

Nickel Mining Market

  • The global nickel mining market size was USD 56.6 billion in 2024, predicted to reach USD 87.8 billion by 2032, growing at a CAGR of 5.8% during 2025–2032. Another report states the global nickel mining market size was valued at USD 93.7 billion in 2025 and is projected to reach USD 112.23 billion by 2034, exhibiting a CAGR of 2.03% during the forecast period.
  • The global nickel mining market size was valued at USD 73.46 billion in 2024, growing at a CAGR of 2.4% from 2025–2034. The market is anticipated to reach USD 105.82 billion by 2033, growing at a CAGR of 2.0% from 2025 to 2033.
  • The North American nickel mining market is gaining momentum due to increasing demand for battery materials.

Cobalt Mining Market

  • The global cobalt mining market size was valued at USD 18.36 billion in 2025 and is projected to grow to USD 33.15 billion by 2034, exhibiting a CAGR of 6.78%.
  • Other estimates project the global cobalt mining market to reach USD 8 billion to USD 10 billion by 2025, with an estimated CAGR of 4% to 5% through 2030. The global cobalt market size was estimated at USD 16.96 billion in 2024 and is projected to reach USD 25.91 billion by 2030, growing at a CAGR of 6.7% from 2025 to 2030.
  • The North American cobalt market size is USD 3.18 billion.

Battery Recycling Market

  • The global battery recycling market size was valued at USD 28.62 billion in 2025 and is projected to grow to USD 91.72 billion by 2034, exhibiting a CAGR of 13.95% during the forecast period. Other estimations place the global battery recycling market size at USD 26.9 billion in 2024, projected to reach USD 77.1 billion by 2034, growing at a CAGR of 11.2% from 2025 to 2034.
  • Another report states the global battery recycling market size was valued at USD 18.0 billion in 2025 and is estimated to reach USD 32.9 billion by 2034, exhibiting a CAGR of 6.74% from 2026-2034. The global market was valued at USD 11.9 billion in 2024 and is projected to reach USD 19.8 billion by the end of 2030, at a CAGR of 9.2% for the forecast period 2025-2030.
  • The North America battery recycling market was valued at USD 3.393.09 million and is projected to reach USD 7.510.41 million by the end of 2030, growing at a CAGR of 12.02% from 2024-2030.
  • Specifically, the North America lithium-ion battery recycling market accounted for a market value of USD 1 billion in 2025. The North America lithium-ion battery recycling market size was valued at USD 7.82 billion in 2024 and is projected to grow to USD 16.15 billion by 2033, growing at a CAGR of 40% during the forecast period (2025-2033). The market in North America is projected to grow from USD 9.70 billion in 2025 to USD 15.27 billion by 2030, at a CAGR of 9.5%.

AI Analysis | Feedback

American Battery Technology Company (ABAT) is poised for future revenue growth over the next 2-3 years, driven by several key initiatives within its battery metals exploration, extraction, and recycling operations.

Here are the expected drivers of future revenue growth:

  1. Expansion and Increased Throughput of Battery Recycling Operations: ABAT expects significant revenue growth from ramping up and expanding its lithium-ion battery recycling facilities. This includes increasing the processing volumes at its existing Nevada recycling plant and bringing online a second commercial-scale recycling facility in the Southeast U.S. The company is also focusing on processing high-value feed materials such as batteries from Battery Energy Storage Systems (BESS), end-of-life electric vehicles (EVs), and consumer electronics. Furthermore, ABAT has secured approval from the U.S. Environmental Protection Agency (EPA) to recycle damaged lithium-ion batteries classified as CERCLA waste, opening up a new market for its recycling services.
  2. Commercialization and Production from the Tonopah Flats Lithium Project: A major driver of future revenue will be the advancement and commercialization of the Tonopah Flats Lithium Project in Nevada. The company has published a Pre-Feasibility Study (PFS) projecting an annual production of 30,000 tonnes of lithium hydroxide monohydrate (LHM) and has made significant progress towards developing a commercial-scale lithium hydroxide refinery. The substantial estimated net present value (NPV) and identified reserves highlight the significant revenue potential from this primary resource development.
  3. Sales of Refined Battery Metals and Recycling Services: As both its recycling and primary extraction operations scale, ABAT's direct sales of recovered and refined battery-grade critical materials, including lithium, cobalt, and nickel, will contribute substantially to revenue. The company also generates revenue through the provision of its specialized recycling services to battery manufacturers and automotive companies.

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Share Issuance

  • American Battery Technology Company executed an at-the-market (ATM) equity offering for up to $50 million in common stock, filed in September 2025.
  • In fiscal year 2025, the company issued equity and converted debt into common shares, increasing shares outstanding to approximately 97.4 million as of June 30, 2025.
  • Over the 12 months ending January 16, 2026, shares outstanding increased from 69.5 million to 112.2 million, indicating significant dilution.

Inbound Investments

  • The company secured $900 million in low-interest debt financing from the US Export-Import Bank for the Tonopah Flats Lithium Project.
  • ABAT was awarded a $144 million grant from the U.S. Department of Energy (DOE) for the construction of a second battery recycling facility, with construction commencing in January 2025.
  • The company received tax credits totaling $60 million under the 48C program to support its recycling facilities.
  • ABAT was awarded a $57.7 million competitive grant from the U.S. DOE for the construction of a lithium hydroxide refinery near Tonopah, Nevada, though a previous $57.7 million grant for a lithium hydroxide processing facility was withdrawn in October 2025, which ABAT planned to appeal.

Capital Expenditures

  • The Pre-Feasibility Study for the Tonopah Flats Lithium Project, published in October 2025, estimated an initial Capital Expenditure (CapEx) of $2.0 billion.
  • ABAT is focused on expanding its lithium-ion battery recycling operations and advancing its lithium hydroxide production capabilities, including accelerating plans for a second battery recycling facility in the Southeast U.S. with approximately five-fold the capacity of its first facility.
  • In fiscal year 2025, the company used cash in investing activities of $2.55 million.

Peer Outperformance in Environmental & Facilities Services

ABAT has trailed 90% of its 29 Environmental & Facilities Services peers over 5Y. Environmental & Facilities Services ranks 14th of 23 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Environmental & Facilities Services constituents that ABAT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
27%
of 33 industry peers · -69.5% return
3Y
19%
of 31 industry peers · -78.0% return
5Y
10%
of 29 industry peers · -92.5% return
No Environmental & Facilities Services peer with a comparable growth profile has beaten ABAT by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Environmental & Facilities Services is ABAT's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering 30 0.6%110.0%170.8% STRL 1765% · FIX 1720% · AGX 753%
Marine Transportation 5 59.5%48.6%134.6% MATX 202% · KEX 147%
Construction Machinery & Heavy Transportation Equipment 13 -2.4%49.8%87.7% CAT 302% · ALSN 244% · WAB 224%
Aerospace & Defense 51 -11.1%59.9%60.0% ATI 1013% · FTAI 796% · HWM 625%
Trading Companies & Distributors 19 8.6%33.7%41.3% DXPE 432% · AIT 254% · URI 205%
Industrial Machinery & Supplies & Components 72 10.4%51.6%38.7% CRS 1109% · MLI 491% · SYM 292%
Rail Transportation 7 30.3%66.2%35.5% CSX 52% · UNP 43% · NSC 32%
Cargo Ground Transportation 16 35.1%7.6%26.0% XPO 277% · R 216% · ARCB 56%
Diversified Support Services 34 12.0%30.7%25.2% CXW 232% · OPLN 143% · CACI 118%
Building Products 33 -10.5%16.9%20.5% GFF 333% · TT 178% · JCI 123%
Electrical Components & Equipment 38 -8.9%64.9%9.5% POWL 2002% · BE 940% · VRT 793%
Industrial Conglomerates 17 11.6%5.4%-5.0% CSW 113% · DD 67% · CSL 63%
Agricultural & Farm Machinery 17 1.2%-9.3%-13.6% DE 106% · TTC 11% · AGCO -4%
Environmental & Facilities Services ← 30 -27.8%27.1%-16.2% CECO 715% · GEO 244% · CLH 190%
Data Processing & Outsourced Services 6 -24.1%-5.9%-20.3% EXLS 57% · BR 8% · G -19%
Office Services & Supplies 9 21.2%22.3%-23.1% PBI 198% · TILE 145% · HNI 46%
Security & Alarm Services 9 -56.2%8.4%-23.2% BCO 79%
Research & Consulting Services 13 -2.1%-19.2%-24.2% HURN 247% · FCN 2% · BAH 1%
Passenger Ground Transportation 3 -23.8%64.7%-31.6% UBER 49% · CAR -32% · LYFT -67%
Air Freight & Logistics 11 -25.2%-16.0%-35.6% FDX 78% · EXPD 75% · CHRW 62%
Passenger Airlines 11 -1.4%9.6%-38.8% LTM 2989% · UAL 104% · DAL 91%
Human Resource & Employment Services 22 13.0%-19.5%-41.9% ADP 52% · PAYX 9% · FA 2%
Airport Services 4 -70.2%-69.3%-82.4% JOBY -46%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ABATAQMSALBSGMLMPLACMedian
NameAmerican.Aqua Met.AlbemarleSigma Li.MP Mater.Lithium . 
Mkt Price1.491.6995.358.5740.092.205.38
Mkt Cap0.20.011.21.07.20.80.9
Rev LTM2205,908142305-142
Op Inc LTM-75-1681120-104--16
FCF LTM-38-111,34224-505-1,079-25
FCF 3Y Avg-33-19-39-3-313-606-36
CFO LTM-24-111,80038-84-36-18
CFO 3Y Avg-23-131,18612-47-37-18

Growth & Margins

ABATAQMSALBSGMLMPLACMedian
NameAmerican.Aqua Met.AlbemarleSigma Li.MP Mater.Lithium . 
Rev Chg LTM406.8%-18.3%7.3%26.1%-22.2%
Rev Chg 3Y Avg---12.5%-3.9%--4.3%
Rev Chg Q196.6%-31.1%223.9%89.0%-142.8%
QoQ Delta Rev Chg LTM33.5%-7.5%36.1%20.1%-26.8%
Op Inc Chg LTM-77.8%-4.7%456.1%199.8%33.9%-33.9%
Op Inc Chg 3Y Avg-52.4%-2.6%130.9%62.9%-56.2%--2.6%
Op Mgn LTM-343.6%-13.7%14.0%-34.1%--10.2%
Op Mgn 3Y Avg-4,081.6%--3.2%6.5%-56.4%--29.8%
QoQ Delta Op Mgn LTM38.3%-6.4%19.3%16.9%-18.1%
CFO/Rev LTM-111.2%-30.5%26.5%-27.5%--0.5%
CFO/Rev 3Y Avg-1,885.9%-19.7%10.3%-17.6%--3.7%
FCF/Rev LTM-173.7%-22.7%16.8%-165.2%--74.2%
FCF/Rev 3Y Avg-3,157.9%-0.6%-0.0%-128.0%--64.0%

Valuation

ABATAQMSALBSGMLMPLACMedian
NameAmerican.Aqua Met.AlbemarleSigma Li.MP Mater.Lithium . 
Mkt Cap0.20.011.21.07.20.80.9
P/S9.4-1.96.723.4-8.1
P/Op Inc-2.7-0.413.947.9-68.8--0.4
P/EBIT-2.7-0.432.791.3-135.3--0.4
P/E-2.8-0.450.2-34.8-118.0--2.8
P/CFO-8.4-0.56.225.3-85.2-22.9-4.5
Total Yield-36.2%-276.1%3.7%-2.9%-0.8%--2.9%
Dividend Yield0.0%0.0%1.7%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-22.4%-569.5%-0.9%-0.5%-6.7%-67.9%-14.5%
D/E0.00.10.20.30.11.40.1
Net D/E-0.2-0.70.00.3-0.10.4-0.0

Returns

ABATAQMSALBSGMLMPLACMedian
NameAmerican.Aqua Met.AlbemarleSigma Li.MP Mater.Lithium . 
1M Rtn-31.7%-28.7%-14.0%-14.0%-15.2%-23.1%-19.1%
3M Rtn-36.9%-35.5%-20.8%-16.5%-11.4%-25.4%-23.1%
6M Rtn-56.2%-61.6%-51.5%-56.5%-34.3%-54.5%-55.4%
12M Rtn-69.3%-88.4%4.0%38.0%-50.4%-67.6%-59.0%
3Y Rtn-77.9%-99.1%-30.9%-66.9%127.4%-69.1%-68.0%
1M Excs Rtn-33.8%-28.7%-17.4%-3.8%-19.1%-24.2%-21.6%
3M Excs Rtn-37.9%-42.7%-22.0%-18.8%-15.2%-27.1%-24.5%
6M Excs Rtn-63.7%-69.0%-59.0%-64.1%-41.7%-62.1%-62.9%
12M Excs Rtn-98.3%-102.6%-16.5%14.2%-70.2%-91.6%-80.9%
3Y Excs Rtn-153.8%-173.7%-114.2%-143.6%55.7%-153.4%-148.5%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil2026202520242023
Single Segment22400
Total22400


Assets by Segment
$ Mil20232022202120202019
Single Segment75532110
Total75532110


Price Behavior

Price Behavior
Market Price$1.48 
Market Cap ($ Bil)0.2 
First Trading Date02/24/2016 
Distance from 52W High-78.0% 
   50 Days200 Days
DMA Price$2.34$3.08
DMA Trenddowndown
Distance from DMA-36.7%-52.0%
 3M1YR
Volatility70.0%110.1%
Downside Capture535.57600.66
Upside Capture225.49299.71
Correlation (S&P 500)54.4%44.8%
ABAT Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta3.113.843.673.993.722.15
Up Beta1.801.862.161.523.041.16
Down Beta4.024.574.383.732.411.58
Up Capture262%514%400%839%1406%5324%
Bmk +ve Days6162766132424
Stock +ve Days10212858113320
Down Capture405%383%378%330%192%113%
Bmk -ve Days16263760120328
Stock -ve Days12203563131395

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ABAT
ABAT-83.6%110.1%-1.12-
Sector ETF (XLI)10.9%17.2%0.4335.0%
Equity (SPY)15.8%12.7%0.8644.0%
Gold (GLD)-1.4%29.4%-0.0537.6%
Commodities (DBC)52.4%20.7%1.924.3%
Real Estate (VNQ)4.8%13.7%0.095.8%
Bitcoin (BTCUSD)-26.5%43.6%-0.5939.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ABAT
ABAT-41.4%108.9%-0.01-
Sector ETF (XLI)12.3%17.6%0.5323.4%
Equity (SPY)13.2%17.1%0.5925.5%
Gold (GLD)18.4%18.9%0.7915.1%
Commodities (DBC)9.9%19.5%0.392.1%
Real Estate (VNQ)1.6%18.8%-0.0211.9%
Bitcoin (BTCUSD)8.6%51.8%0.3414.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ABAT
ABAT-11.5%139.9%0.52-
Sector ETF (XLI)13.0%20.0%0.5714.4%
Equity (SPY)15.2%17.9%0.7217.1%
Gold (GLD)12.3%16.4%0.617.2%
Commodities (DBC)8.3%18.1%0.372.8%
Real Estate (VNQ)5.2%20.7%0.2110.7%
Bitcoin (BTCUSD)63.1%66.2%1.037.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity21.5 Mil
Short Interest: % Change Since 9152026-2.8%
Average Daily Volume3.0 Mil
Days-to-Cover Short Interest7.1 days
Basic Shares Quantity137.1 Mil
Short % of Basic Shares15.7%

Earnings Returns History

Updated 10/19/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/16/2026-5.4%6.7%-28.1%
5/12/20269.2%-12.6%5.2%
2/9/20260.4%-8.8%-14.3%
9/23/20259.5%36.9%61.8%
5/19/2025-10.3%-14.8%-16.1%
2/19/2025-5.6%-21.3%-13.5%
9/25/202416.0%27.2%24.7%
SUMMARY STATS   
# Positive433
# Negative344
Median Positive9.4%27.2%24.7%
Median Negative-5.6%-13.7%-15.2%
Max Positive16.0%36.9%61.8%
Max Negative-10.3%-21.3%-28.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/16/2026-5.4%6.7%-28.1%
5/12/20269.2%-12.6%5.2%
2/9/20260.4%-8.8%-14.3%
9/23/20259.5%36.9%61.8%
5/19/2025-10.3%-14.8%-16.1%
2/19/2025-5.6%-21.3%-13.5%
9/25/202416.0%27.2%24.7%
SUMMARY STATS   
# Positive433
# Negative344
Median Positive9.4%27.2%24.7%
Median Negative-5.6%-13.7%-15.2%
Max Positive16.0%36.9%61.8%
Max Negative-10.3%-21.3%-28.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202609/14/202610-K
03/31/202605/11/202610-Q
12/31/202502/05/202610-Q
09/30/202511/06/202510-Q
06/30/202509/18/202510-K
03/31/202505/15/202510-Q
12/31/202402/14/202510-Q
09/30/202411/14/202410-Q
06/30/202409/23/202410-K
03/31/202405/15/202410-Q
12/31/202302/14/202410-Q
09/30/202311/14/202310-Q
06/30/202309/28/202310-K
03/31/202305/15/202310-Q
12/31/202202/14/202310-Q
09/30/202211/14/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202609/14/202610-K
03/31/202605/11/202610-Q
12/31/202502/05/202610-Q
09/30/202511/06/202510-Q
06/30/202509/18/202510-K
03/31/202505/15/202510-Q
12/31/202402/14/202510-Q
09/30/202411/14/202410-Q
06/30/202409/23/202410-K
03/31/202405/15/202410-Q
12/31/202302/14/202410-Q
09/30/202311/14/202310-Q
06/30/202309/28/202310-K
03/31/202305/15/202310-Q
12/31/202202/14/202310-Q
09/30/202211/14/202210-Q
06/30/202209/12/202210-K
03/31/202205/16/202210-Q
12/31/202102/14/202210-Q
09/30/202111/15/202110-Q
06/30/202110/13/202110-K
03/31/202105/17/202110-Q
12/31/202002/16/202110-Q
09/30/202011/16/202010-Q
06/30/202009/28/202010-KT
03/31/202005/18/202010-Q
12/31/201902/19/202010-Q
09/30/201912/27/201910-K

Insider Activity

Updated 10/8/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Lowery, Elizabeth AnnLowery and Associates, LLCSell91720262.1819,37542,238162,140Form
2Lee, Susan YRocketbox, LLCSell91720262.1621,36046,138369,014Form
3Wu, StevenChief Operating OfficerDirectSell61520263.56115,480411,1091,219,994Form
4Jolcover, ScottChief Mineral Resource OfficerDirectSell121820253.8817,50067,9001,247,125Form
5Lowery, Elizabeth AnnLowery and Associates, LLCSell121820253.9737,600149,272243,432Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Lowery, Elizabeth AnnLowery and Associates, LLCSell91720262.1819,37542,238162,140Form
2Lee, Susan YRocketbox, LLCSell91720262.1621,36046,138369,014Form
3Wu, StevenChief Operating OfficerDirectSell61520263.56115,480411,1091,219,994Form
4Jolcover, ScottChief Mineral Resource OfficerDirectSell121820253.8817,50067,9001,247,125Form
5Lowery, Elizabeth AnnLowery and Associates, LLCSell121820253.9737,600149,272243,432Form
6Wu, StevenChief Operating OfficerDirectSell120820254.0512,33349,9981,160,401Form
7Fezell, Donald Richard JRDirectSell111220254.3490,000390,6001,369,665Form
8Melsert, Ryan MitchellChief Executive OfficerDirectSell1017202510.2278,746804,67428,297,204Form
Core Cache Last Updated: 10/18/2026