American Battery Technology Co (ABAT) 2026 Q2 法說會逐字稿

Good afternoon. I'm Tiffiany Moehring and I'm the Director of communications and Marketing at the American Battery Technology Company. We would like to welcome everyone to our second quarter fiscal 2026 earnings call. On behalf of the entire team at American Battery Technology Company, We would like to thank everyone for taking the time to join our call today. Following this presentation, a recording of this call, along with our press release and our quarterly SEC filing will be made available on our website.

午安.我是蒂芬妮·莫林，我是美國電池技術公司的傳播與行銷總監。歡迎各位參加我們2026財年第二季財報電話會議。我謹代表美國電池技術公司全體員工，感謝各位今天抽空參加我們的電話會議。本次簡報結束後，我們將把本次電話會議的錄音、新聞稿以及季度美國證券交易委員會文件發佈在我們的網站上。

This presentation does include forward-looking statements within the meeting the safe harbor provisions of the US Private Securities Litigations Act of 1995. These statements are subject to risk and uncertainties that can cause actual results to differ from those anticipated.

本次演講包含前瞻性陳述，但符合 1995 年美國私人證券訴訟法的安全港條款。這些聲明存在風險和不確定性，可能導致實際結果與預期結果不同。

Additional information regarding the factors that may cause actual results to differ can be found in our annual filings.

有關可能導致實際結果出現差異的因素的更多信息，請參閱我們的年度報告。

On today's call, our CEO and CTO Ryan Melsert will provide remarks regarding our two lines of business, which include our lithium-ion battery recycling business and our primary claystone to lithium hydroxide business.

在今天的電話會議上，我們的執行長兼首席技術長瑞安·梅爾塞特將就我們的兩大業務板塊發表講話，其中包括我們的鋰離子電池回收業務和我們主要的粘土石製氫氧化鋰業務。

It is now my pleasure to turn the meeting over to Ryan.

現在我很高興將會議交給瑞恩主持。

Thank you and welcome everyone to this meeting. As we've discussed beforehand, we at American Battery Technology Company have our two main business units and we are working to implement the closed loop infrastructure shown on the right.

謝謝大家，歡迎各位參加本次會議。正如我們之前討論過的，美國電池技術公司有兩個主要業務部門，我們正在努力實施右側所示的閉環基礎設施。

So, first, we have our lithium-ion battery recycling technology that we've developed over the past several years. We built our first commercial scale facility about three years ago and we're in the process of designing and constructing a second facility.

首先，我們有過去幾年開發的鋰離子電池回收技術。大約三年前，我們建造了第一個商業規模的工廠，目前正在設計和建造第二個工廠。

We work closely with each of the partners and the other sectors of this closed loop economy. We receive waste streams back from each of them as well as end of life material to process in our battery recycling plant where we then manufacture critical mineral products to sell back to our domestic customers to work to close that supply chain. Implementing this closed loop is very important and if the amount of batteries in the field was fixed, battery recycling alone could supply just about all of the minerals needed.

我們與每個合作夥伴以及這個閉環經濟中的其他部門密切合作。我們從每個工廠回收廢棄物以及報廢材料，並在我們的電池回收廠進行處理，然後生產關鍵礦物產品，再銷售給我們的國內客戶，從而努力完善供應鏈。實施這種閉環非常重要，如果現場電池數量固定，僅電池回收就能提供所需的幾乎所有礦物質。

However, as the amount of batteries in the field is growing, in addition to closing the loop, we also need to fill the loop the first time. So that's why here at ABTC we also have our own critical mineral resource, and we've developed our own technologies for how to extract the critical mineral lithium from the ground here in the US, how to extract it, how to purify it, and how to make it into a final battery grade critical mineral product.

然而，隨著現場電池數量的增加，除了形成閉環之外，我們還需要首次填充閉環。所以，這就是為什麼ABTC也擁有自己的關鍵礦產資源，並且我們開發了自己的技術，用於從美國地下提取關鍵礦物鋰，如何提取它，如何提純它，以及如何將其製成最終的電池級關鍵礦物產品。

So, we are happy to be joined by a new executive in the company as well. So, Alejandro Flores as our new Chief Financial Officer is joined as of this coming Monday. He has over 20 years of experience leading financial organizations in both the battery and the automotive sectors throughout North America. He's worked, leading significant projects and proposals with the US government supporting different types of financing. And a significant experience driving operational improvements through large organizations. So, we're excited to welcome him this coming Monday as we ramp our business units to their next levels.

因此，我們也很高興公司迎來一位新的主管。所以，Alejandro Flores 將於下週一正式加入我們，擔任新的財務長。他在北美電池和汽車行業的金融機構領導方面擁有超過 20 年的經驗。他曾與美國政府合作，領導多個重要項目和提案，以支持不同類型的融資。在推動大型組織的營運改善方面擁有豐富的經驗。因此，我們非常高興地歡迎他於下週一加入我們，屆時我們將把各個業務部門提升到新的水平。

As far as our financial summary for the previous quarter ending in December, we're excited to highlight that we have broken all of our records and achieved record high level of revenues for this facility.

就我們截至 12 月的上一季財務總結而言，我們很高興地強調，我們打破了所有記錄，並實現了該工廠創紀錄的收入水平。

So, we sold about $4.8 million worth of products just in the quarter ending December and additionally had about $300,000 in our interest from income. So substantial amount of $5.1 million regenerated in that revenue and interest income for the quarter.

因此，僅在截至 12 月的季度，我們就售出了價值約 480 萬美元的產品，此外，我們還從收入中獲得了約 30 萬美元的利息。因此，該季度收入和利息收入中增加了510萬美元。

Well, we substantially scaled operations at our first recycling facility, through a lot of operational efficiencies, our operating costs actually increased by a much smaller factor than our revenue. So, as we're operating now going forward, that $5.1 million in revenue and interest income, during that same corresponding period, we had about $4.9 million in cash expenses to operate that plant. And when including non-cash costs, including depreciation and stock-based compensation, about $6.4 million.

我們大幅擴大了第一家回收工廠的營運規模，透過提高營運效率，我們的營運成本實際成長幅度遠小於我們的收入成長幅度。因此，在我們目前的營運情況下，在同期，我們獲得了 510 萬美元的收入和利息收入，而營運工廠的現金支出約為 490 萬美元。如果將折舊和股票選擇權等非現金成本也計算在內，則約為 640 萬美元。

So, we were getting to the point where the amount of revenue and interest income, we're generating is very close to the amount of cash costs it requires to run this plant. We have additional ramp up operations in place for this facility, additional operational efficiencies to put in place, and we're excited to be passing through the break-even point on this plant and continuing to grow our margin as we move forward.

因此，我們逐漸意識到，我們產生的收入和利息收入已經非常接近營運這家工廠所需的現金成本。我們已經為該工廠制定了額外的產能提升計劃，並採取了額外的營運效率措施。我們很高興該工廠已經達到盈虧平衡點，並且隨著我們繼續前進，我們的利潤率將繼續成長。

We also are at one of our highest cash positions we've been at in years, through strong market actions last fall as well as many of our existing shareholders electing to exercise their warrants.

由於去年秋季強勁的市場行情以及許多現有股東選擇行使認股權證，我們的現金儲備也達到了多年來最高的水平之一。

We had a cash balance of $48.7 million as of the end of the quarter in December. So, as we have this cash balance, we'll be using that to continue to scale operations at this first recycling plant, continue to add additional value add processes. And also work to move our two new facilities forward.

截至 12 月底季度末，我們的現金餘額為 4,870 萬美元。因此，憑藉這筆現金餘額，我們將利用它繼續擴大第一家回收工廠的營運規模，並繼續增加其他增值製程。同時，也要努力推動我們兩個新設施的建設。

Just as important, we were able to pay off any remaining debt or convertible notes in the past quarter and as of now, we as a company have absolutely zero debt. So, very strong balance sheet as we move forward. Some of our largest cash positions in history, no debt, significantly increased revenue, and only minor increase in operating costs for this quarter ending December.

同樣重要的是，我們在上個季度償還了所有剩餘債務或可轉換債券，截至目前，我們公司完全沒有債務。因此，展望未來，我們的資產負債表將非常穩健。我們擁有史上最大的現金儲備之一，沒有債務，收入大幅成長，而截至 12 月的本季營運成本僅略有增加。

And that ramp of revenue is again more revenue generated in this quarter ending December than the previous four combined. So, this is much greater than linear growth as we work to scale this facility.

而且，本季（截至 12 月）的營收成長再次超過了前四個季度的總和。因此，在我們努力擴大該設施規模的過程中，這種成長速度遠遠超過了線性成長速度。

Some of the highlights from the past quarter, we are receiving quite a bit of material from the automotive sector, but an increase in amount from the stationary grid battery energy storage system field as well. Several large projects we've announced, we continue to receive material from each of those sectors and again, increasing these operational efficiencies in the plant as we continue to scale operations, have reduced costs through economy of scale. But also, lessons learned that we have an ever more trained workforce and keep operating the plant in more efficient manners.

上個季度的一些亮點是，我們收到了來自汽車行業的大量資料，但來自固定電網電池儲能係統領域的資料數量也有所增加。我們已經宣布了幾個大型項目，我們繼續從這些領域接收材料，隨著我們不斷擴大營運規模，工廠的營運效率也隨之提高，透過規模經濟降低了成本。但我們也吸取了教訓，那就是我們擁有一支訓練有素的員工隊伍，並且工廠的運作方式也越來越有效率。

As mentioned, we have received our circular certification. We are able to receive this type of material that is generated from different types of stationary facilities throughout the country. It's a rare certification we have. We have a strong relationship with the EPA to manage this certification and are proud to be receiving these types of materials from different types of applications throughout the country.

如前所述，我們已經獲得了循環經濟認證。我們可以接收來自全國各地不同類型固定設施所產生的這類材料。這是我們獲得的一項非常罕見的認證。我們與美國環保署 (EPA) 保持著密切的合作關係來管理這項認證，我們很自豪能夠從全國各地不同類型的應用領域獲得這類材料。

As far as our recycling operations, we have announced that in addition to our first recycling plant near Reno, that we are moving forward with the design and construction of a second battery recycling facility in the southeast US. So even just the past few months, we've had several team members at our site in the southeast US really working with local partners, a lot of our strategic partners in the area as well and moving the second recycling facility forward.

就我們的回收業務而言，我們已經宣布，除了我們在裡諾附近的第一家回收廠外，我們正在推進在美國東南部建造第二家電池回收廠的設計和建設。所以即使只是在過去的幾個月裡，我們位於美國東南部的工廠的幾名團隊成員也一直在與當地合作夥伴，以及該地區的許多戰略合作夥伴密切合作，以推進第二個回收設施的建設。

In our second business unit, we are manufacturing this lithium hydroxide from our clay stone material.

在我們的第二個業務單位中，我們正在利用我們的黏土石原料來生產這種氫氧化鋰。

Again, we are continuing to move this Tonopah Flats Lithium Project forward. This is one of the few lithium projects in the country that has been identified at this scale and is actually moving through the maturity steps.

我們將繼續推進托諾帕弗拉茨鋰礦計畫。這是國內為數不多的達到如此規模並正在逐步走向成熟的鋰礦項目之一。

We built our integrated demonstration scale facility about two years ago, have had that running and actually demonstrating a much larger scale than is conventionally seen. How we take our actual clay stone from our own mine, how we move it through each of the operating steps, through our extraction, our purification, our conversion, and our crystallization into a final battery grade lithium hydroxide product.

大約兩年前，我們建造了綜合示範規模設施，該設施一直在運行，並且實際演示的規模比通常看到的要大得多。我們如何從自己的礦場開採真正的黏土石，如何將其運送到每一個操作步驟，透過我們的萃取、純化、轉化和結晶，最終製成電池級氫氧化鋰產品。

We were proud to be selected last summer and fall by the Trump administration as a priority project. So, we have been assigned essentially a liaison from the Fast-41 permitting council holding weekly meetings, really working to drive each of our federal permits forward to accelerate the commercialization of this critical mineral facility. So, we're excited to have a lot of that status on the public dashboard on the Fast-41 website and we continue to move through these permitting steps at an accelerated rate after becoming a priority project.

我們很榮幸在去年夏秋兩季被川普政府選為優先項目。因此，我們基本上被指派了一名來自 Fast-41 許可委員會的聯絡員，每週召開會議，努力推進我們的每一項聯邦許可，以加速這一關鍵礦產設施的商業化。因此，我們很高興能在 Fast-41 網站的公共儀表板上看到很多相關狀態，並且在成為優先項目後，我們將繼續加快這些許可步驟的審批速度。

We have completed all of the steps for submitting the baseline studies and are going through the NEPA process with the Department of Interior and the Department of Energy and have been working on that process since the spring of 2023. So, we're excited as we move forward to keep taking steps with the federal government.

我們已經完成了提交基準研究的所有步驟，並且正在與內政部和能源部一起進行 NEPA 流程，自 2023 年春季以來，我們一直在進行該流程。因此，我們很興奮能夠繼續與聯邦政府攜手並進。

We did publish our pre-feasibility study last fall showing the technology and financial roadmap for bringing this mine and refinery to market. So, this is for the 30,000 ton per year facility. We modeled it with a 45-year life of mine, showed very attractive returns with a NPV after tax of about 8%.

去年秋天，我們發布了預可行性研究報告，展示了將礦場和煉油廠推向市場的技術和財務路線圖。這是針對年產能 3 萬噸的工廠而言的。我們以我 45 年的壽命為模型進行模擬，結果顯示收益非常可觀，稅後淨現值約為 8%。

And one of the most competitive portions is the production costs at just over $4300 per ton of product. This would make it one of the most competitive commercial scale facilities in the world and it's really an artifact of us designing these processes internally from the ground up with a blank page system as we work to bring one of the first and only clay stone mining refineries to commercialization.

其中最具競爭力的部分之一是生產成本，每噸產品僅略高於 4,300 美元。這將使其成為世界上最具競爭力的商業規模設施之一，這實際上是我們從零開始，從頭開始設計這些流程，努力將首批也是唯一一家粘土石礦精煉廠實現商業化的成果。

We've updated our lithium resource and reserve estimates several times. Within the PFS we showed about 21.3 million tons of lithium hydroxide that is accessible from this report, including a substantial portion that has been upgraded beyond a resource and proven and probable reserves.

我們已經多次更新了鋰資源和儲量估算。在 PFS 中，我們展示了本報告中可獲得的約 2,130 萬噸氫氧化鋰，其中包括相當一部分已升級為資源量、已探明儲量和可能儲量的氫氧化鋰。

As we've published that PFS last fall, we are now working diligently on the definitive feasibility study to be published shortly. This really is the last step to having a bankable design as we engage with each of our investors for the investment in the refinery mine itself in addition to finalizing the off-take agreements for the product out of this facility.

由於我們已經在去年秋季發布了 PFS，我們現在正在努力進行最終可行性研究，該研究將很快發布。這確實是獲得可融資設計方案的最後一步，因為我們需要與每位投資者洽談對煉油廠礦山本身的投資，並最終敲定該設施產品的承購協議。

For the financials, again in summary, we are excited to show about $4.8 million in revenue from selling our product, an additional $300,000 in interest income for the quarter.

財務方面，總而言之，我們很高興地宣布，本季產品銷售收入約為 480 萬美元，利息收入為 30 萬美元。

The cost of goods sold increased by a much lower factor than our revenue increased, showing our approach on the margin for this recycling facility. We continue to receive funds from each of our government grants that we have contracted that are supporting the operation and construction of these facilities.

銷售成本的成長幅度遠低於收入的成長幅度，這表明我們對這家回收設施採取了邊際效益分析方法。我們繼續從我們簽訂合約的各項政府撥款中獲得資金，這些資金用於支持這些設施的運作和建設。

And again on our cash balance, substantial investments were made in the fall, in this quarter ending December to bring our total cash balance up to about $47.9 million. So again, that balance is being used now to expand our current facilities and to break ground on our new facilities.

此外，就我們的現金餘額而言，秋季我們進行了大量投資，在本季度（截至 12 月）我們的現金餘額總額達到了約 4,790 萬美元。所以，我們現在再次利用這種平衡來擴大我們現有的設施，並為我們的新設施破土動工。

So again, thanks to our stakeholders, our shareholders, our partners, and we look forward to continuing to inform you as we scale up each of these operations moving forward.

再次感謝我們的利害關係人、股東和合作夥伴，我們期待隨著各項業務的逐步擴大，繼續向大家通報最新進展。

And I believe we may have a question or two from the audience now.

我想現在觀眾席上可能會有一兩個問題。

Yes, we do have one question by Jake Sekelsky, who's the Managing Director and Head of Metals and Mining Research at AGP.

是的，我們有一個問題，來自 AGP 的董事總經理兼金屬和礦業研究主管 Jake Sekelsky。

And he has the following question for you. Can you discuss progress related to the ramp up of the $30 million, EPA cleanup agreement?

他還有以下問題想問你。您能否談談與美國環保署 (EPA) 3000 萬美元清理協議相關的進展？

Yes, that's in reference to the Moss Landing Project in Northern California that has been going through decommissioning for many months. We have been receiving material from that facility since the end of the summer.

是的，我指的是位於北加州的莫斯蘭丁項目，該項目已經進行了數月的退役工作。自夏季結束以來，我們一直從該工廠接收材料。

It represents a substantial portion of the feed into our factory, but we do have several other sources from the stationary market as well as the automotive market and the consumer electronics field.

它占我們工廠原料的很大一部分，但我們還有其他幾個來源，包括固定資產市場、汽車市場和消費性電子領域。

So, we've received large amounts of material from that project. We are still on pace to receive substantially more material and are happy to be working with them as partners.

所以，我們已經收到了來自該項目的大量資料。我們仍有望收到更多資料，並很高興能與他們合作。

I believe that's our only question for today. So again, thank you everybody for joining this webinar. Our actual Thank you Finals are being published now as well and thank you everyone for your support.

我想這就是我們今天唯一的問題了。再次感謝大家參加本次網路研討會。我們的最終感謝名單也已發布，感謝大家的支持。