Free cash flow remains deeply negative at -$10.7 million in 2026Q3, driven by capital expenditures of $7.6 million that represent 97.9% of quarterly revenue.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 |
|---|
| Cash from Operations | -25.84M | -28.92M | -16.74M | -13.37M | -10.18M | -7.76M | -3.02M | -3.43M | -993.42K | -484.9K | -402.4K | -32.94K | -35.99K | -35.74K |
| Operating CF Margin % | - | -674.12% | -4872.27% | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -31.69% | -72.81% | -25.2% | -31.34% | -31.22% | -156.96% | 12.05% | -245.48% | -104.87% | -20.5% | -1121.58% | 8.48% | -0.71% | - |
| Net Income | -63.59M | -46.76M | -52.5M | -21.34M | -33.54M | -41.86M | -17.76M | -12.63M | -6.05M | -2.69M | -28.33M | -37.99K | -43.4K | -41.45K |
| Depreciation & Amortization | 5.72M | 5.16M | 1.78M | 197.73K | 47.26K | 14.67K | 4.15K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 7.36M | 14.65M | 14.57M | 9.25M | 1.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 9.76K | 215.77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 29.08M | 5.01M | 14.79M | 43.9K | 20.97M | 34.19M | 14.61M | 8.98M | 4.68M | 2.13M | 27.8M | 0 | 0 | 0 |
| Working Capital Changes | -4.42M | -6.99M | 4.63M | -1.53M | 895.25K | -100.39K | 136.4K | 211.13K | 371.82K | 78.69K | 124.19K | 5.05K | 7.4K | 5.71K |
| Change in Receivables | -6.42M | -2.57M | -228.5K | -320.46K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.35M | -3.17M | -29.12K | -125.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 2.57M | 0 | 0 | -187.8K | 687.49K | 1.1M | 0 | 199.81K | 140.69K | 91.09K | 75.19K | 6.05K | 7.4K | 5.71K |
| Cash from Investing | -10.38M | -2.55M | -12.97M | -36.72M | -15.08M | -7.08M | -3.9K | 0 | -10.2K | 0 | -100K | 0 | 0 | 0 |
| Capital Expenditures | -10.38M | -2.55M | -11.92M | -14.84M | -15.08M | -7.08M | -3.9K | 0 | -10.2K | 0 | -100K | 0 | 0 | 0 |
| CapEx % of Revenue | 63.74% | 59.4% | 3470.93% | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | -279.88K | -21.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -766.69K | -21.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 67.6M | 36.94M | 34.39M | 23.42M | 41.41M | 26.85M | 3.84M | 3.32M | 1.12M | 404K | 582.5K | 20.64K | 35.64K | 25.29K |
| Debt Issued (Net) | 0 | 2.42M | -3.71M | 6M | 0 | 40.56K | 0 | 3.12M | 1.12M | 404K | 231K | 0 | 0 | 0 |
| Equity Issued (Net) | 47.97M | 33.58M | 38.06M | 17.42M | 40.93M | 25.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -125.7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 19.63M | 945.51K | 37.5K | 0 | 605.42K | 881.25K | 3.84M | 0 | 0 | 0 | 351.5K | 20.64K | 35.64K | 25.29K |
| Net Change in Cash | 30.64M | 5.47M | 4.68M | -26.67M | 16.15M | 12.01M | 707.15K | -115.4K | 113.63K | -80.9K | 80.09K | -12.3K | -356 | -10.45K |
| Free Cash Flow | -36.22M | -31.47M | -29.43M | -28.2M | -25.26M | -14.84M | -3.02M | -3.43M | -1M | -484.9K | -502.4K | -32.94K | -35.99K | -35.74K |
| FCF Margin % | -222.43% | -733.52% | -8566.4% | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -21.73% | -6.95% | -4.33% | -11.65% | -70.22% | -390.99% | 11.94% | -241.97% | -106.98% | 3.48% | -1425.16% | 8.48% | -0.71% | - |
| FCF per Share | -0.27 | -0.39 | -0.57 | -9.67 | -9.08 | -0.45 | -0.18 | -0.46 | -0.18 | -0.12 | -0.17 | -0.01 | -0.01 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.57x | 0.62x | 0.32x | 0.60x | 0.30x | 0.19x | 0.07x | 0.27x | 0.16x | 0.18x | 0.01x | 0.87x | 0.83x | 0.86x |
| Interest Paid | 15.9K | 19.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent liquidity and dilution
According to the latest quarterly filings, ABAT's operating cash flow of -$3.1 million against a net loss of -$33.8 million highlights a persistent disconnect between accounting losses and actual cash consumption, suggesting that non-cash charges and accruals continue to mask the true underlying cash burn of the business.
The OCF/NI ratio of 0.09 in 2026Q3 indicates that the company's reported net loss is significantly larger than its cash outflow, largely due to non-cash expenses that do not reflect the firm's actual liquidity needs. Investors should monitor whether this gap narrows as the company attempts to transition from development to commercial-scale operations.
As reported in financial statements, ABAT's free cash flow remained deeply negative at -$10.7 million in 2026Q3, reflecting a consistent trend of cash outflows that have failed to show meaningful improvement despite the company's ongoing efforts to scale its primary recycling facility in Nevada.
The persistent negative FCF trajectory suggests that the company remains in a capital-intensive phase where operational cash generation is insufficient to cover both maintenance and growth-related expenditures. This trend warrants further investigation into the company's ability to reach a self-sustaining cash flow profile without continued reliance on external capital.
Based on the company's reported figures, capital expenditures reached $7.6 million in 2026Q3, representing a significant 97.9% of revenue, which underscores the heavy investment required to build out the infrastructure necessary for the company's hydrometallurgical recycling process and long-term extraction projects.
The high ratio of CapEx to revenue suggests that the firm is still heavily focused on asset construction rather than operational efficiency. This level of capital intensity appears to be a structural requirement for the business model, implying that future cash flows will remain under pressure until the facility reaches full capacity.
Data from recent quarterly reports indicates that working capital changes have been highly erratic, swinging from a $1.5 million source of cash in 2026Q3 to a $4.6 million use of cash in 2025Q3, reflecting the inherent difficulties in managing inventory and payables during an early-stage ramp.
Such fluctuations in working capital suggest that the company's cash conversion cycle is not yet optimized, potentially due to the challenges of securing consistent feedstock and managing the timing of payments. Investors should monitor these shifts as they may indicate underlying friction in the supply chain or inventory management processes.
Quick answers to the most common questions about buying ABAT stock.
American Battery Technology Company Common Stock (ABAT) generated $-28.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
American Battery Technology Company Common Stock (ABAT) reported negative free cash flow of $31.5M in 2025, indicating capital requirements exceeded cash from operations.
American Battery Technology Company Common Stock (ABAT) spent $2.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.