American Battery Technology (NASDAQ:ABAT) Issues Earnings Results

American Battery Technology (NASDAQ:ABAT) announced its earnings results on Monday. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18), FiscalAI reports. The firm had revenue of $7.81 million for the quarter, compared to the consensus estimate of $3.70 million. American Battery Technology had a negative return on equity of 66.80% and a negative net margin of 390.48%.

Here are the key takeaways from American Battery Technology’s conference call:

• Achieved a record quarter with $7.8 million in revenue (a 64% increase QoQ) and reported the company’s first positive gross margin, with an adjusted gross margin of about $2.0 million for the quarter.
• Strong balance sheet with approximately $38.5 million in cash at quarter-end and no debt, while generating some interest income and not needing to raise funds via ATM or warrant exercises this quarter.
• Operational scaling continues — management is constructing a second battery recycling facility in the U.S. Southeast and increasing capacity factors at the Reno site, driven by partnerships with automotive, grid operators and government agencies.
• Fiscal year-to-date revenue is $13.5 million versus COGS of $17.9 million (cash COGS ~$14.0 million), leaving the company close to adjusted gross-margin breakeven with three months remaining in the fiscal year.

American Battery Technology Stock Performance

Shares of American Battery Technology stock traded up $0.17 on Wednesday, hitting $3.42. The company had a trading volume of 1,033,833 shares, compared to its average volume of 4,766,241. The stock has a market capitalization of $449.79 million, a price-to-earnings ratio of -6.57 and a beta of -0.04. American Battery Technology has a 1 year low of $1.20 and a 1 year high of $11.49. The stock has a 50 day moving average of $3.14 and a 200-day moving average of $3.79.

Analyst Ratings Changes

ABAT has been the topic of several research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of American Battery Technology in a research report on Friday. Maxim Group assumed coverage on shares of American Battery Technology in a research report on Tuesday, April 28th. They set a “buy” rating and a $6.00 target price on the stock. Finally, Wall Street Zen cut shares of American Battery Technology from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. One analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $6.00.

Hedge Funds Weigh In On American Battery Technology

Several large investors have recently bought and sold shares of ABAT. Goldman Sachs Group Inc. bought a new stake in shares of American Battery Technology in the 1st quarter worth $27,000. Creative Planning lifted its position in shares of American Battery Technology by 35.8% during the second quarter. Creative Planning now owns 18,958 shares of the company’s stock valued at $31,000 after purchasing an additional 5,000 shares in the last quarter. Cetera Investment Advisers grew its position in American Battery Technology by 67.2% in the 2nd quarter. Cetera Investment Advisers now owns 22,117 shares of the company’s stock worth $36,000 after purchasing an additional 8,886 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in American Battery Technology in the 2nd quarter valued at about $37,000. Finally, Atom Investors LP bought a new position in shares of American Battery Technology during the 4th quarter worth approximately $38,000. 9.88% of the stock is currently owned by institutional investors.

American Battery Technology Company Profile

American Battery Technology Company (NASDAQ: ABAT) is a U.S.-based company focused on developing domestic supply chain solutions for critical battery metals. The company’s core activities span from exploration and extraction of lithium resources to the design and operation of recycling facilities targeted at end-of-life batteries and manufacturing scrap. By integrating upstream resource development with downstream recycling, ABAT aims to create a closed-loop system that bolsters North American battery manufacturing.

On the resource side, American Battery Technology holds lithium claystone claims in Nevada’s Clayton Valley and is advancing a pilot direct-extraction facility designed to recover lithium and other valuable metals from brines.