American Battery Technology Lifts FY26 Revenue 407% to $21.7M

American Battery Technology Company (NASDAQ: ABAT) reported fiscal 2026 revenue of $21.7 million, a 407% year-over-year increase, and its first positive adjusted gross profit, while the shares traded at 2.37, down 4.05% on the day as of 15:30 GMT on 14 September 2026.

American Battery Technology Company (NASDAQ: ABAT) has put a number on its transition from development-stage project to operating business. The Nevada-based critical minerals group reported fiscal 2026 revenue of $21.7 million, a 407% increase year over year, and said adjusted gross profit had turned positive for the first time — a threshold that separates a plant selling material above the cost of making it from one that is still paying for the privilege of running.

Investors were unmoved. As of the last trade at 15:30 GMT on 14 September 2026, ABAT changed hands at 2.37, down 4.05% from the prior close of 2.47, inside a day range of 2.32 to 2.44. That decline was steeper than the broad market: the S&P 500 tracker (SPY) was off 0.61% at $759.61, the Nasdaq 100 tracker (QQQ) down 1.02% at $707.57 and the Dow tracker (DIA) 0.34% lower at $524.00. On a risk-off day for equities generally, a small-cap industrial with a fresh set of results underperformed all three benchmarks.

What a 407% increase actually represents

Percentage growth off a small base flatters. The more useful way to read the figure is in absolute terms: $21.7 million of annual revenue for a company that operates lithium-ion battery recycling alongside primary critical mineral development. That is the scale of a single commissioned production line, not of a diversified minerals processor. The value of the disclosure is directional — it tells the market that material is moving out the door and being paid for, in volume, across a full fiscal year rather than in a demonstration run.

Adjusted gross profit turning positive is the more consequential item. It indicates that, on the adjusted basis management reports, the revenue from recycled battery material now exceeds the direct cost of producing it. Recycling economics are notoriously unforgiving: feedstock has to be acquired, transported, discharged, shredded and separated, and the black mass or refined salts sold into a market whose prices the operator does not set. Clearing that bar is the operational milestone that makes everything downstream — throughput increases, second lines, primary resource development — worth financing.

Adjusted is doing real work in that sentence

The word to hold onto is "adjusted." A positive adjusted gross profit is not net income, and it is not operating cash flow. It sits above corporate overhead, research and development, depreciation on the plant, interest, and whatever items management has excluded to arrive at the adjusted figure. A company can report positive adjusted gross profit and still consume cash at a substantial rate, and early-stage minerals processors typically do, because the capital programme that builds the next increment of capacity runs ahead of the revenue it eventually produces.

So the path to actual profitability depends on variables the headline does not address: how much fixed cost sits above the gross line, how fast throughput can rise against that fixed base, and how much construction capital the primary minerals side still requires. The company describes itself as an integrated domestic critical mineral manufacturer commercialising internally developed technologies for both primary manufacturing and secondary recycling — which is to say it is funding two capital-hungry activities at once. Scale-up costs money before it saves money.

Why domestic processing capacity has a policy tailwind

The wider context is a Western push to build critical minerals supply chains that do not route through a single dominant refiner. Battery-grade lithium, nickel, cobalt, manganese and graphite are the inputs for electric vehicles and grid storage, and processing capacity — not ore in the ground — has been the binding constraint. Recycling is the part of that chain with the shortest lead time: the feedstock is already inside the country in the form of end-of-life packs and manufacturing scrap, so the permitting and construction burden is lighter than for a new mine.

That is the strategic case for a company like this one, and it is why a modest revenue line attracts attention disproportionate to its size. It is also why the equity has been volatile. Policy support and offtake interest can arrive quickly; so can the reminder that a plant must still run at high utilisation, with stable recoveries, to make money.

The results were reported by Critical Minerals Review.

The share price is not reading this as an inflection

A 4.05% decline on results day, against a market down less than half that, suggests the numbers either matched what holders already expected or were overshadowed by something in the fuller disclosure — funding requirements, cash position, or the pace of the ramp. Small-cap industrial equities in the pre-profit phase trade on the next financing as much as on the last income statement, and a capital raise dilutes existing holders regardless of how the gross line looks.

An illustrative way to frame the move: the day's low of 2.32 against the prior close of 2.47 represents a decline of roughly 6.1% at the worst point of the session, with the close-to-date price of 2.37 recovering part of that. The full 2.32-to-2.44 intraday range spans about 5.2% of the day's low — wide for a single session, and typical of a name where a few large orders shift the quote.

What determines whether this becomes a trend

Three things are worth tracking from here. First, sequential revenue rather than annual: a full fiscal year of $21.7 million says little about the run rate exiting the period, and quarterly disclosure will show whether throughput is still climbing. Second, whether adjusted gross profit holds positive across successive quarters, or whether it was a function of favourable metals pricing in part of the year. Recycling margins move with the underlying commodity, and one good stretch is not a cost structure.

Third, the capital plan. The company's own description commits it to primary critical mineral manufacturing as well as recycling, and primary projects are the expensive half of that sentence. How that build is funded — equity, debt, government loan programmes, strategic partners or customer prepayments — will do more to determine the return to shareholders over the next several years than the revenue growth rate in the headline.

For now, the company has crossed from zero-margin to positive-margin on an adjusted basis while multiplying revenue several times over. That is a genuine operational step in a sector where most entrants never reach it. Converting it into net profit is a separate problem, and one the market is plainly still discounting.

Key facts

• ABAT share price: 2.37, -4.05% as of 15:30 GMT, 14 Sep 2026 (NASDAQ)
• FY26 revenue: $21.7 million, up 407% year over year
• Adjusted gross profit: Positive for the first time
• Day range: 2.32 – 2.44, prior close 2.47

Frequently asked questions

What did American Battery Technology report for fiscal 2026?

The company reported fiscal 2026 revenue of $21.7 million, an increase of 407% year over year, and said its adjusted gross profit turned positive for the first time. It described the result as a milestone in scaling up domestic critical mineral manufacturing. It did not, in the reported summary, claim net profitability.

How did ABAT shares react?

ABAT traded at 2.37 as of the last trade at 15:30 GMT on 14 September 2026, down 4.05% from the prior close of 2.47, with an intraday range of 2.32 to 2.44. That fall was larger than the declines in the S&P 500, Nasdaq 100 and Dow trackers on the same day.

Does positive adjusted gross profit mean the company is profitable?

No. Adjusted gross profit measures revenue less the direct costs of production, on a basis management adjusts. It sits above corporate overhead, research and development, depreciation, interest and taxes. A company can report positive adjusted gross profit while still reporting a net loss and consuming cash to fund construction.

What does American Battery Technology do?

It describes itself as an integrated domestic critical mineral manufacturing company commercialising internally developed technologies across two activities: primary critical mineral manufacturing, meaning producing metals from resources, and secondary critical mineral recycling, meaning recovering battery metals from end-of-life lithium-ion batteries and manufacturing scrap.

Why does domestic battery recycling capacity matter?

Processing and refining capacity, rather than ore in the ground, has been the main constraint on Western battery supply chains. Recycling uses feedstock already inside the country — spent packs and factory scrap — so it can be built faster than a new mine, and it reduces reliance on a small number of overseas refiners.

What should investors watch next from the company?

Quarterly revenue to see whether throughput is still rising rather than relying on a single annual figure; whether adjusted gross profit stays positive across successive quarters rather than reflecting one favourable stretch of metals pricing; and how the capital programme for the primary minerals side is funded, since equity raises dilute existing holders.

Sources

• American Battery Technology Company Reports FY 26 Financial Results, Delivering 407% Revenue Growth and Positive Adjusted Gross Profit — Critical Minerals Review

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