American Battery Technology (NASDAQ:ABAT) Posts Earnings Results, Misses Expectations By $0.18 EPS

by · The Cerbat Gem

American Battery Technology (NASDAQ:ABAT – Get Free Report) posted 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 business had revenue of $7.81 million during the quarter, compared to the consensus estimate of $3.70 million. American Battery Technology had a negative return on equity of 46.98% and a negative net margin of 436.31%.

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 Trading Down 2.1%

Shares of ABAT traded down $0.07 during mid-day trading on Tuesday, hitting $3.25. The company’s stock had a trading volume of 5,075,609 shares, compared to its average volume of 4,817,534. The company’s 50-day moving average is $3.15 and its 200-day moving average is $3.81. American Battery Technology has a 52-week low of $1.20 and a 52-week high of $11.49. The firm has a market capitalization of $428.06 million, a price-to-earnings ratio of -8.13 and a beta of -0.04.

Analysts Set New Price Targets

Several equities analysts recently commented on ABAT shares. Maxim Group started coverage on shares of American Battery Technology in a report on Tuesday, April 28th. They set a “buy” rating and a $6.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of American Battery Technology in a research note on Friday. Finally, Wall Street Zen downgraded shares of American Battery Technology from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $6.00.

View Our Latest Stock Analysis on ABAT

Institutional Investors Weigh In On American Battery Technology

Several hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. purchased a new stake in American Battery Technology during the first quarter valued at approximately $27,000. Creative Planning lifted its position in 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 acquiring an additional 5,000 shares during the last quarter. Cetera Investment Advisers lifted its position in American Battery Technology by 67.2% during the second quarter. Cetera Investment Advisers now owns 22,117 shares of the company’s stock valued at $36,000 after acquiring an additional 8,886 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in American Battery Technology during the second quarter valued at approximately $37,000. Finally, Atom Investors LP purchased a new stake in American Battery Technology during the fourth quarter valued at approximately $38,000. Hedge funds and other institutional investors own 9.88% of the company’s stock.

About American Battery Technology

(Get Free Report)

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.

Further Reading