Episode Details

American Battery Technology Company (ABAT) FY2026 — September 11 close $2.47 precedes the September 14 audited annual filing. August 20 Q4 figures were preliminary; no completed post-filing session is attributed here. Can a recycling company grow if its customers cannot buy? ABAT’s audited FY2026 report shows better factory economics, substantial stock compensation and a new customer-access constraint. We trace sales and financing through to common-share value. THE CALL: SELL (3/5, MEDIUM) — base-case value ~$1.25 vs ~$2.47 today. KEY METRICS: - Audited FY2026 revenue $21.742M, up 406.8%; net loss $73.379M - Derived Q4 revenue $8.233M and gross profit $1.289M; annual less nine months - Annual stock compensation $46.481M, 214% of revenue - June unrestricted cash $49.519M; operating + investing cash use $37.765M - Black mass supplies majority of revenue; substantially all current black-mass buyers are abroad - Exception requested to domestic allocation requirement; approval not verified - Primary DCF $1.23; terminal-sales / funding-reserved-book checks $1.43 / $1.57; $1.25 anchor - SELL, $1.25 base, 3/5 conviction, Very High uncertainty; scenario-weighted $1.48 What to watch: Conditional entry near $0.81 with a viable customer route and financing discipline. Analyst review November 30, 2026; watch GAAP gross margin above 15%, collected revenue, quarterly cash use above $12M without funded progress, or >10% additional common dilution without per-share benefit. These are research thresholds, not guidance. Full research packet: https://chargedalpha.com/research/abat-fy2026 Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.