American Battery Technology Company (ABAT) 2026 Q3 法說會逐字稿

Good afternoon. I'm Tiffany Moring, and I'm the Director of Communications and Marketing at the American Battery Technology Company.

下午好。我是 Tiffany Moring，擔任 American Battery Technology Company 的傳播與行銷總監。

I would like to welcome everyone to our fiscal year third quarter 2026 earnings call.

歡迎各位參加我們 2026 會計年度第三季財報電話會議。

On behalf of the entire team at American Battery Technology Company, I would like to sincerely thank everyone for taking the time to join our call today.

我謹代表 American Battery Technology Company 全體團隊，誠摯感謝各位撥冗參加今天的電話會議。

Following this presentation, a recording of this call, along with our press release. Will be available on our website.

在本次簡報結束後，本次電話會議的錄音以及我們的新聞稿將可於我們的網站上取得。

This presentation does include forward-looking statements within the meeting of the Safe Harbor provisions of the U.S. Private Securities and Litigations 1995 Act. These statements are subject to risks and uncertainties that can cause actual results to differ from those anticipated. Additional information regarding the factors that may cause actual results to differ can be found in our annual filings.

本次簡報包含前瞻性陳述，符合美國《1995 年私人證券訴訟改革法案》之安全港條款的定義。這些陳述受風險與不確定性影響，可能導致實際結果與預期有所差異。有關可能導致實際結果不同之因素的更多資訊，請參閱我們的年度申報文件。

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

在今天的電話會議中，我們的執行長兼技術長 Ryan Meltzer 將就我們的兩大業務線發表談話，包括鋰離子電池回收業務，以及從原生黏土石生產氫氧化鋰的業務。

It is now my pleasure to turn the meeting over to Ryan, who is joined by our CFO, Alex Flores.

現在很榮幸將會議交給 Ryan；他將與我們的財務長 Alex Flores 一同出席。

Great.

很好。

Thank you, Tiffany, and thank you, everyone, for joining today.

謝謝你，Tiffany，也謝謝各位今天的參與。

As a reminder, we are a critical mineral manufacturing business, and we are working to implement a domestic closed-loop supply chain.

提醒各位，我們是一家關鍵礦物製造企業，正致力於建立並落實國內的閉環供應鏈。

In order to do this, we have three primary mechanisms. We have designed and are operating a lithium-ion battery recycling facility. This facility takes in waste from different steps of the manufacturing process, as well as end-of-life batteries. We process those materials and make critical minerals that we then sell back into the market to our partners.

為了達成這個目標，我們有三項主要機制。我們已設計並正在營運一座鋰離子電池回收設施。該設施接收來自製造流程不同階段的廢料，以及報廢電池。我們處理這些材料並製造關鍵礦物，之後再銷售回市場給我們的合作夥伴。

Closing the loop is extremely important for gaining access to these critical minerals. However, in addition to closing the loop, we also need to fill that loop the first time. And that's why we also have acquired critical mineral deposits within the U.S. And have designed our own processes for how to access these critical minerals and how to manufacture them back into battery-grade products.

完成閉環對於取得這些關鍵礦物至關重要。然而，除了完成閉環之外，我們也需要在第一次就把這個循環「填滿」。因此，我們也在美國境內收購了關鍵礦物礦藏。並設計了我們自有的流程，用以取得這些關鍵礦物，並將其製造成電池級產品。

So with these two lines of business, we're both closing the loop and filling that loop the first time with domestic low-cost, low-impact critical minerals.

因此，透過這兩條業務線，我們一方面完成閉環，另一方面也以國內低成本、低影響的關鍵礦物在首次建立循環時補足供給。

When we look at operations from our past quarter, we have been operating in our first battery recycling facility near Reno, Nevada. And while operating this quarter, we did have record-breaking revenue. So we were able to generate about $7.8 million, a 64% increase from our previous quarter.

回顧上一季的營運，我們持續在內華達州雷諾附近的第一座電池回收設施進行營運。而在本季營運期間，我們創下破紀錄的營收。因此，我們約創造 780 萬美元營收，較上一季成長 64%。

And this was achieved largely through increased capacity factor at our first facility as we've continued to ramp operations and scale production.

這主要是因為我們第一座設施的產能利用率提升，隨著我們持續爬坡營運並擴大產量。

While our revenue grew substantially, our cost of goods sold to operate this facility grew at a much lower rate. So an about 11% increase in cost of goods sold compared to our previous quarter.

雖然營收大幅成長，但營運該設施的銷貨成本成長幅度低得多。也就是相較上一季，銷貨成本約增加 11%。

And when in removing non-cash expenses, such as depreciation and stock-based compensation. This drops down to about $5.8 million of actual cash costs.

而在剔除折舊與股份基礎給付等非現金費用後，實際現金成本約降至 580 萬美元。

This allows us to have a positive gross margin, the first positive gross margin that this company has had. And this is an achievement that many startups never get to. So we are very excited and proud at AVTC that we have achieved these positive gross margin operations at our first battery recycling facility and encourages us as we move forward with future facilities. Again, we're not including cash expenses. This adjusted gross margin grows to $2 million for the quarter.

這使我們得以實現正的毛利率，這也是公司首次達成正毛利率。這是一項許多新創公司從未能達成的里程碑。因此，我們 AVTC 對於在第一座電池回收設施達成正毛利率營運感到非常振奮與自豪，也鼓舞我們持續推進未來的設施建置。同樣地，在不計入非現金費用的情況下，本季調整後毛利增加至 200 萬美元。

We've also maintained a healthy cash balance, about $38.5 million as of the end of the quarter. And also, we as a company still have no debt whatsoever. So leaves us with a very strong balance sheet as we move forward, continuing to scale our first facility and also moving forward with the construction of additional facilities.

我們也維持了健康的現金餘額，截至季末約為 3,850 萬美元。此外，公司目前完全沒有任何負債。因此，隨著我們持續擴大第一座設施的規模並推進額外設施的建設，我們擁有非常強健的資產負債表。

In addition to our three-month performance, if we step back and look at our fiscal year to date, so nine months into this year, we've generated about $13.5 million in revenue so far this fiscal year.

除了三個月的表現之外，若拉長來看本會計年度迄今，也就是今年已過九個月，我們本會計年度迄今已創造約 1,350 萬美元營收。

And again, our cost of goods sold is about $17.9 million. And we're looking specifically at our cash cost of goods sold, $14 million.

同樣地，我們的銷貨成本約為 1,790 萬美元。而若特別看現金銷貨成本，則為 1,400 萬美元。

So as we look at the nine months of operations to date. Again, we are getting very close to adjusted gross margin positive operations. So we have three more months in our fiscal year, and we are looking forward to continue to ramp our facility and to show even stronger performance as we wrap up our fiscal year in a few months.

因此，從迄今九個月的營運來看，我們再次看到已非常接近調整後毛利轉正的營運狀態。本會計年度尚有三個月，我們期待持續提升設施產能，並在幾個月後結束本會計年度時展現更強勁的表現。

Within the battery recycling business itself, the growth in revenue and operations really was about an increase in our operational effectiveness as we continue to scale these operations.

就電池回收業務本身而言，營收與營運的成長，主要來自於我們在持續擴大營運規模的同時，營運效率的提升。

We work very closely, not just with automotive companies to recycle electric vehicle batteries, but also with large grid operators. And a significant portion of our feed over the past few months has come from these large energy storage systems. That are largely used to support data centers and artificial intelligence development.

我們不僅與汽車公司密切合作以回收電動車電池，也與大型電網營運商合作。而在過去幾個月中，我們相當大一部分的進料來自這些大型儲能系統，其主要用於支援資料中心與人工智慧的發展。

While our revenue grew again by about 64%, we only grew the cash cost of operations by about 11% as we continue to implement our cost down optimizations to really be able to provide a much healthier gross margin in this past quarter.

雖然我們的營收再次成長約 64%，但在持續推動降本優化的同時，我們的營運現金成本僅增加約 11%，使我們在本季得以呈現更健康的毛利率。

We continue to work with many government agencies and handle both universal waste and CERCLA classified material. Which does end up being a significant portion of our feed as we work with all different types of battery material throughout the country.

我們持續與多個政府機關合作，並處理一般廢棄物（universal waste）以及依 CERCLA 分類的材料。隨著我們在全國各地處理各類電池材料，這些也確實構成我們進料中相當重要的一部分。

Because of the operational effectiveness of this first facility, and as we've continued to increase the capacity factor, we are moving forward with the construction of a second critical mineral recycling facility. And over the past few months, the team has spent significant time meeting with economic development agencies, with politicians at the state level.

由於第一座設施的營運成效良好，且我們持續提高產能利用率（capacity factor），我們正推進建設第二座關鍵礦物回收設施。在過去幾個月中，團隊也投入大量時間與經濟發展機構會面，並與州級政治人物交流。

And we're excited to shortly announce the details of our next recycling facility to be located in the southeast U.S.

我們很期待在不久後公布下一座回收設施的細節，該設施將設於美國東南部。

And we continue to work with a lot of our partners as well. A lot of the decision of where we actually specifically put the second facility is in consultation with our partners throughout the supply chain so that we continue to enhance operations as we scale the second facility.

我們也持續與許多合作夥伴共同推進。第二座設施的具體選址決策，很大一部分是在與供應鏈各環節的合作夥伴協商下完成，以便在擴建第二座設施時持續提升營運。

On our primary lithium business, we are continuing to develop our Tonopuff Flats lithium project, which is one of the largest identified lithium deposits in the US.

在我們的核心鋰業務方面，我們持續推進 Tonopuff Flats 鋰專案的開發，該專案是美國已識別的最大鋰礦床之一。

We published our pre-feasibility study last fall and are now moving forward with our definitive feasibility study.

我們於去年秋季發布了預可行性研究（PFS），目前正推進最終可行性研究（DFS）。

We're excited to have been chosen by the National Energy Dominance Council and the Fast 41 Permit Council as a covered project. So essentially, we've been selected for. Streamlined federal permitting as we move this critical mineral lithium project forward.

我們很高興被國家能源主導委員會（National Energy Dominance Council）與 Fast 41 許可委員會選定為涵蓋專案（covered project）。因此本質上，我們已被選入。在推進此關鍵礦物鋰專案的過程中，可適用精簡化的聯邦許可程序。

This deposit is located entirely on land managed by the Bureau of Land Management within the Department of Interior. So working closely with the federal government and having these fast-tracked streamlined operations has been extremely meaningful over the past year.

該礦床完全位於內政部（Department of Interior）轄下土地管理局（Bureau of Land Management, BLM）管理的土地上。因此，過去一年與聯邦政府密切合作並採用這些加速、精簡的作業流程，具有極其重大的意義。

Last fall, we announced that we did complete all of our environmental studies that were submitted to the BLM and have been reviewed by the BLM itself. This is something we started back in the fall of 2022. So almost four years of efforts were culminated by completing each of those baseline studies and environmental analyses.

去年秋季，我們宣布已完成所有提交給 BLM 的環境研究，且已由 BLM 本身完成審查。這項工作我們自 2022 年秋季開始推進。因此，將近四年的努力，最終以完成各項基線研究與環境分析而告一段落。

The DFS is really the final phase of the engineering and financial analysis that we need to communicate to our offtake partners, to our investors, and to all stakeholders.

DFS 確實是工程與財務分析的最後階段，我們需要將其向承購（offtake）合作夥伴、投資人以及所有利害關係人進行溝通。

So again, as we complete our PFS last fall, we are working towards the completion of this definitive feasibility study.

因此，如同先前所述，在去年秋季完成 PFS 之後，我們正朝完成這份最終可行性研究邁進。

And some of the stats from the PFS are on the right, which really show how we plan to scale and operate this 30,000 ton per year facility and the financial attractiveness of moving this project forward.

PFS 的部分數據列於右側，清楚顯示我們計畫如何擴產並營運這座年產 30,000 噸的設施，以及推進此專案在財務上的吸引力。

For the three months ending in March, our financials presented here against that same quarter a year ago. So again, substantial growth in revenue from this quarter, about $7.8 million worth.

截至 3 月止的三個月，我們在此呈列的財務數據與去年同期相比。因此，本季營收大幅成長，約增加 780 萬美元。

With our cash balance, we also are generating income from interest on that cash balance itself.

就我們的現金餘額而言，我們也從該現金餘額所產生的利息中取得收益。

And while the revenue grew dramatically, we see only moderate increases in the cost of goods sold as we scale these operations.

雖然營收大幅成長，但隨著我們擴大營運規模，銷貨成本僅呈現溫和增加。

We continue to work with several agencies within the US government who are funding specific parts of both our development and construction of projects.

我們持續與美國政府內的多個機構合作，這些機構正為我們部分專案的開發與建設提供資金支持。

And as we look at how we use cash over this quarter, we had a significant drop in cash really needed for operating activities compared to a year ago.

而在檢視本季現金使用情況時，相較於一年前，我們用於營運活動所需的現金大幅下降。

And within this quarter, we didn't raise any funds through issuances through our at-the-market instrument or from exercising of any outstanding warrants or options.

此外，本季我們並未透過市價發行（at-the-market）工具發行股票募資，也未因任何未行使的認股權證或選擇權被行使而募集資金。

And we ended the quarter with about $38.5 million in cash. When we look over the nine-month period for fiscal year-to-date, again, a very large increase in revenue and only a moderate increase in cost of goods sold as we continue to grow the product we make much more quickly than our operating expenses themselves.

本季末我們的現金約為 3,850 萬美元。若看本會計年度截至目前的九個月期間，同樣可見營收大幅增加，而銷貨成本僅溫和上升；因為我們擴大產品產出速度遠快於營運費用本身的成長。

Continue to work with the federal government over the past nine months. And again, we would look at how cash has been used.

過去九個月我們持續與聯邦政府合作。同樣地，我們也會檢視現金的使用情況。

So an increase in cash used to purchase property and capital equipment.

因此，用於購置不動產與資本設備的現金支出增加。

And even with a much higher throughput in our recycling facility, we actually reduced operating costs from a cash basis in the past nine months versus the nine months of last fiscal year.

即使我們的回收設施處理量（throughput）大幅提高，與上一會計年度同期九個月相比，我們在過去九個月以現金基礎計算的營運成本實際上有所下降。

Last fall, we did raise substantial funds and again, ended this quarter with about $30 and a half million in cash.

去年秋季我們確實募集了相當可觀的資金，並且本季末的現金約為 3,050 萬美元。

Separate from our financials, at ABTC, we do think it's important that really all employees have company shares as part of their compensation agreements. This is throughout the entire structure of the company itself.

除財務數據之外，在 ABTC，我們認為讓所有員工在其薪酬協議中持有公司股份非常重要。這項安排涵蓋公司整體組織架構的各個層級。

When these shares are awarded, they're generally issued over many years and spread out over time.

這些股份在授予時，通常會在多年期間分批發行並隨時間分散。

And many of them are conditional as well, meaning they're only awarded if certain individual or company milestones are achieved.

其中許多也具有條件性，亦即只有在達成特定個人或公司里程碑時才會授予。

When we work preparing our financial statements, a decision is made about whether a future milestone is likely to be achieved or not. And even before any shares are issued, then this starts appearing as an operating expense on our financial statements.

在我們編製財務報表時，會就未來某項里程碑是否可能達成作出判斷。即使在任何股份尚未實際發行之前，相關成本就會開始以營運費用的形式出現在我們的財務報表中。

So a lot of these expenses can.

因此，許多這類費用可能會。

Be inconsistent as they show in some quarters, really as it becomes more likely that a milestone is achieved.

呈現不一致，因為在某些季度中，當某項里程碑更有可能達成時，費用就會反映出來。

But the chart there really shows that over the past few years, really the amount of shares actually issued to employees is relatively consistent.

但該圖表清楚顯示，過去幾年實際發行給員工的股份數量相對一致。

So just over a million shares per quarter. And again, this goes all the way throughout the chain of the company. We do think it's important that all employees really do have ownership, it does align incentives. And it does allow us to grow together with the employees and the company itself.

也就是每季略高於 100 萬股。同樣地，這涵蓋公司體系的各個層級。我們確實認為讓所有員工擁有公司股權很重要，這能使激勵一致。也能讓我們與員工及公司本身一同成長。

So that's the walkthrough of our financials from our fiscal Q3 for the fiscal 2026 year. And again, thank everyone for joining this call, and we hope you are as excited about our path forward as we are.

以上就是我們 2026 會計年度第 3 季（fiscal Q3）的財務說明。再次感謝各位參與本次電話會議，也希望各位對我們未來的發展方向能像我們一樣感到振奮。