American Battery Technology Company (ABTC) reported its financial results for the three months ended September 30, 2024, revealing a significant net loss of $11.7 million, compared to a net loss of $8.9 million for the same period in 2023. This resulted in a loss per share of $0.17, slightly improved from a loss of $0.19 per share in the prior year. The company generated revenue of $202,000, marking its initial revenue recognition, primarily from recycled product sales. However, the cost of goods sold (COGS) for the quarter was $2.5 million, with cash COGS at $1.3 million.
General and administrative expenses increased to $5.0 million from $3.1 million year-over-year, while research and development expenses decreased to $2.0 million from $3.6 million. Total operating expenses for the quarter were reported at $7.5 million, down from $8.0 million in the same period last year.
ABTC's cash position declined to $5.8 million as of September 30, 2024, down from $7.0 million at the end of June 2024. Total current assets also decreased to $15.5 million from $18.4 million, while total assets fell to $73.8 million from $77.7 million. Current liabilities decreased significantly to $10.0 million from $15.8 million, resulting in improved working capital of $5.5 million, up from $2.6 million.
The company reported net cash used in operating activities of $5.6 million, an increase from $4.8 million in the same period last year. Cash used in investing activities dropped to $0.9 million from $7.3 million, while cash provided by financing activities was $5.2 million, down from $15.1 million in the prior year.
Strategically, ABTC has been active in securing grants and tax credits to support its operations. The company received $1.4 million in government grant reimbursements during the quarter, compared to $0.5 million in the same period of the previous year. Notably, ABTC was awarded a $19.5 million tax credit for its battery recycling facility and an additional $40.5 million tax credit for a new commercial battery recycling facility.
The company also reported material weaknesses in its internal controls over financial reporting, citing insufficient personnel with appropriate technical expertise and a lack of proper segregation of duties in accounting processes. These deficiencies raise concerns about the potential for material misstatements in financial statements.
About AMERICAN BATTERY TECHNOLOGY Co
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