Executive Summary

ABTC generated first-ever revenue in Q4 FY2024 from sales of recycled black mass, recognized FY revenue of $0.344M while still in ramp mode; Q3 had no revenue .
Government funding accelerated: FY2024 grants increased to $3.3M vs $0.9M prior year; additionally selected for $48C tax credits of ~$19.6M (first facility) and $40.5M (second facility), plus selected for a $150M DOE grant to build a second recycling facility .
Operational progress: Recycling facility processed at >115% of design rate in fixed-duration run and moved to multi-shift operations; LiOH pilot produced demonstration-scale battery-grade lithium hydroxide from ABTC’s claystone resource .
Risk balance: FY net loss widened to $52.5M (EPS -$1.02) as ramp costs, depreciation, and impairment weighed; material weaknesses in internal controls remain but remediation actions are underway .
Catalyst: Confirmation and monetization of 48C credits, progress to phase-two hydrometallurgical refining, and contracting of the $150M DOE grant could be near-term stock drivers; absence of published financial guidance and S&P consensus limits beat/miss assessment .

What Went Well and What Went Wrong

What Went Well

“First company revenue” achieved from recycled product sales; facility capable of ~20,000 MT/year once fully ramped .
CEO on execution: “progressing through purchasing a vacant facility, installing…commissioning… and selling first product… within a single year,” highlighting rapid commercialization pace .
LiOH pilot success: Demonstration-scale battery-grade lithium hydroxide manufactured from ABTC’s Tonopah Flats claystone, enabling qualification with strategic customers .
Major external support: Selected for $150M DOE grant for second recycling facility; 48C tax credits of ~$19.6M and $40.5M bolster capital for Nevada and new facility .

What Went Wrong

Economics still challenged at scale: FY cost of goods sold of $3.3M far exceeded $0.3M net sales due to time-based depreciation and ramp-in-process (negative FY gross margin) .
Losses widened: FY net loss of $52.5M (EPS -$1.02), driven by higher OpEx, impairment ($10.2M) on held-for-sale Fernley assets, and financing accretion .
Controls and estimates issues: Material weaknesses in segregation of duties/complex accounting; prior immaterial corrections to equity comp and derivative accounting; KPMG noted going-concern uncertainty .

Financial Results

Revenue, EPS, Net Loss – Quarterly

Metric	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD Thousands)	n/a	$0	$344
Net Loss ($USD Millions)	$10.18	$10.00	n/a
EPS (Basic & Diluted, $)	($0.21)	($0.19)	n/a

Notes: Company disclosed first revenue occurred in Q4; FY revenue $0.344M; earlier quarters pre-revenue .

FY 2024 Snapshot (for context)

Metric	FY 2023	FY 2024
Revenue ($USD Thousands)	$0	$344
Government Grant Funding ($USD Millions)	$0.9	$3.3
Net Loss ($USD Millions)	$22.19	$52.5
EPS ($)	($0.51)	($1.02)
Cash at Year-End ($USD Millions)	$2.3	$7.0

Operational/Capacity KPIs

KPI	Q2 2024	Q3 2024	Q4 2024
Recycling facility design throughput (MT/year)	~20,000	~20,000	~20,000
Throughput achieved vs design (fixed-run)	n/a	>115%	n/a
Shift count	n/a	2 shifts; adding 3rd	n/a
LiOH pilot status	Commissioning	Ongoing commissioning	Produced demo-scale LiOH from claystone

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Financial guidance (Revenue/EPS/margins)	FY/Q4 2024	None disclosed	None disclosed	Maintained (no formal guidance)
Recycling facility phase 2 (hydrometallurgy)	FY 2025	Phase 2 expected FY2025	Phase 2 expected FY2025	Maintained
48C tax credits (first facility)	March 2024	n/a	Allocated ~$19.6M (monetizable)	New (raised)
48C tax credits (second facility)	March 2024	n/a	Allocated $40.5M (monetizable)	New (raised)
DOE grant – second recycling facility	2025 kickoff expected	n/a	Selected for $150M; contracting phase; kickoff expected 2025	New (raised)
DOE grant – LiOH refinery	Prime agreement start 9/1/2023	In negotiation	Funds began in FY2024	Confirmed progress

Earnings Call Themes & Trends

(Full Q4 2024 transcript not available; themes inferred from Q4 slides and press releases.)

Topic	Previous Mentions (Q2 & Q3 2024)	Current Period (Q4 2024)	Trend
Recycling ramp/throughput	Commissioning; >115% design run; added shifts	First revenue; continued ramp; plans for phase-two hydrometallurgy	Improving execution
Domestic supply chain strategy	Shift to direct domestic sales; binding black mass sale	Emphasis on domestic circularity; OEM/refiner negotiations; potential co-location	Strengthening partnerships
LiOH from claystone	Pilot commissioning; DOE support	Demo-scale LiOH manufactured; customer qualification; IA shows ~$4,600/ton cost	Technical validation advancing
Government support	48C $20M + $40M credits announced	Selected for $150M DOE grant; grant receipts underway	Increasing non-dilutive funding
Controls/governance	Material weaknesses; remediation steps	KPMG going-concern; continued remediation; 10-K disclosures	Ongoing risk but addressed
Monetization of credits	Announced intention to monetize credits	Credits allocated; monetization referenced (transferable)	Potential cash inflow ahead

Management Commentary

CEO Ryan Melsert: “Progressing through… installing our internally developed battery recycling equipment, commissioning the processing train, and selling first product… within a single year” and “manufactured our first large batch of battery grade lithium hydroxide… witnessed by the U.S. Secretary of Energy” .
On the $150M DOE grant: “We are extremely honored to be selected… after having gone through nearly one-year of technical and economic evaluation” .
On domestic strategy: Strong preference to sell recycled materials into the North American battery supply chain; direct sale to strategic customer .

Q&A Highlights

The Q4 FY2024 earnings call transcript was not available in the document set; the investor presentation (Ex. 99.2) and press releases summarized prepared themes (ramp progress, funding, pilot results). No specific Q&A clarifications can be cited due to transcript unavailability .

Estimates Context

S&P Global consensus estimates for Q4 FY2024 EPS and revenue were unavailable at the time of retrieval due to data limits. As a result, beat/miss vs Wall Street cannot be assessed. Values retrieved from S&P Global would normally be cited here, but were unavailable (daily request limit exceeded). Where estimates may adjust: given first revenue recognition and visibility on non-dilutive funding, near-term revisions likely focus on revenue trajectory from recycling operations and timing of phase-two hydrometallurgical output .

Financial Results Detail and Drivers

Revenue: ABTC recognized $0.344M in FY2024, with initial sales occurring in Q4; earlier quarters pre-revenue as operations were commissioning/ramping .
Gross margin: FY cost of goods sold of $3.3M vs $0.3M net sales reflected time-based depreciation post in-service date and ramp process; management expects ratios to improve with scale .
Operating costs: FY OpEx rose to $44.8M vs $22.4M, driven by higher R&D ($14.3M vs $7.6M) and exploration ($4.1M vs $2.0M); grants offset $3.3M of R&D and $1.0M of fixed asset reimbursements .
Cash/liquidity: Year-end cash $7.0M; ATM raised $12.1M in FY; convertible notes with zero coupon and monthly redemptions; going concern disclosure remains; monetization of 48C credits is contemplated .

Key Takeaways for Investors

Commercial inflection: First revenue in Q4 from recycled products confirms commercialization path; watch sequential revenue from recycling operations into FY2025 .
Funding runway: Significant DOE grants and 48C credits ($~60M credits; $150M grant selection) provide non-dilutive support; timing/monetization of credits is a near-term liquidity lever .
Execution risk: Negative FY gross margin and widened losses reflect early-stage ramp; focus is on phase-two hydrometallurgy commissioning and operational efficiencies to improve unit economics .
Strategic positioning: Domestic circular supply chain emphasis and LiOH-from-claystone technology could differentiate ABTC as North American demand scales; customer qualification for LiOH is pivotal .
Governance/controls: Material weaknesses and going-concern language persist; remediation progress should be monitored alongside financing activities and covenant compliance .
Trading implications (short term): Headlines on 48C monetization, phase-two commissioning milestones, or contracting of the $150M grant could drive volatility; absence of published guidance/consensus complicates beat/miss narratives .
Medium-term thesis: If ABTC scales recycling and LiOH refining with favorable unit costs and secures multi-year offtakes, the business mix can transition from grant-supported development to recurring revenue and margin expansion; execution and capital discipline remain key .

Source documents used (core Q4 FY2024 materials)

FY2024 earnings press release and 8-K Item 2.02 references: Exhibits 99.1–99.4, Sept 23–25, 2024 .
Q4 FY2024 earnings slides: Exhibit 99.2, Sept 23, 2024 .
Q3 FY2024 press release: May 15, 2024 .
Other relevant Q4 FY2024 press releases: Apr 3 (48C $20M) , Apr 4 (48C $40.5M) , Apr 22 (LiOH pilot commissioning) , Jun 18 (demo LiOH produced) , Jun 21 (DOE visit) , Jul 10 (binding black mass sale) .
FY2024 10-K (financials, risks, controls): Sept 23, 2024 .
Q3 FY2024 10-Q (quarterly losses, pre-revenue status): May 15, 2024 .

AMERICAN BATTERY TECHNOLOGY Co (ABAT)·Q4 2024 Earnings Summary