American Battery Technology Company (NASDAQ: ABAT) reported fiscal year 2026 revenue of $21.7 million, up 407% from $4.3 million in fiscal year 2025, according to a company press release. The Reno, Nevada-based battery recycling and critical mineral company reported results for the year ended June 30, 2026.

On a non-GAAP basis, the company reported adjusted gross profit of $1.7 million, compared to an adjusted gross loss of $6.2 million in the prior year. The non-GAAP figure excludes $3.7 million in depreciation and $1.1 million in stock-based compensation. Under GAAP, the company posted a gross loss of $3.1 million, narrowed from a $10.6 million gross loss in fiscal year 2025.

Cost of goods sold rose 67% to $24.8 million from $14.9 million. Total operating expenses grew to $71.6 million from $31.4 million, driven by a jump in general and administrative expenses to $51.6 million from $21.2 million. Net loss attributable to common stockholders widened to $73.4 million, or $0.58 per share, compared to $46.8 million, or $0.58 per share, in the prior year.

Cash and cash equivalents increased to $49.5 million as of June 30, 2026, from $7.5 million a year earlier. Total assets rose to $132.8 million from $84.5 million. The company reported no outstanding debt at fiscal year end, compared to $7.7 million in notes payable in the prior year. Total stockholders' equity increased to $126.4 million from $70.6 million, while the accumulated deficit reached $333.5 million.

CEO Ryan Melsert stated: "These achievements demonstrate our continued success in increasing production volumes, improving operating economics, and scaling a critical domestic source of battery materials."

The company said it was selected to recycle batteries from what it described as the largest lithium-ion battery cleanup project in U.S. history, representing an estimated $30 million project opportunity. American Battery Technology also published a Pre-Feasibility Study for its Tonopah Flats Lithium Project, citing approximately 21.3 million tonnes of lithium hydroxide monohydrate resource.