MeritValue

AMERICAN BATTERY TECHNOLOGY Co

ABATdata completeness 88%13 fiscal years on file
The thesis, from the filings

AMERICAN BATTERY TECHNOLOGY Co earns about -94% on equity, and has bought back 84% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue———$343,5001$4.29M1
Net income−$41.8M2−$33.5M3−$21.3M4−$52.5M5−$46.8M5
Operating cash flow−$7.76M6−$10.2M7−$13.4M8−$16.7M9−$28.9M9
Capital expenditure$5.44M10$12.9M11$6.76M11——
Free cash flow (derived)−$13.2M6−$23.1M7−$20.1M8——
Total debt———$13.5M12$7.73M13
Cash & equivalents$12.8M14$29M15$2.32M16$7M17$7.47M17
Diluted shares498.3M41.7M43.8M51.2M80.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$8.79
your share of equity
Profit it earned you last year
−$5.82
Free cash flow it threw off
—
Debt you’d be carrying
$0.96

10 shares is a claim on $8.79 of net worth that earned you −$5.82 last year, against $0.96 of debt.

iii. Is this a good business?
Moat signal · return on equity
-94% avg · 5y
FY21 -215%FY22 -68%FY23 -35%FY24 -85%FY25 -66%

It earned an average -94% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−84% shares · 5y

Share count is down 84% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 43% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-06-30 · accession 0001493152-25-014092 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-06-30 · accession 0001493152-22-025652 (NetIncomeLoss)
  3. 10-K · period ending 2022-06-30 · accession 0001493152-23-034467 (NetIncomeLoss)
  4. 10-K · period ending 2023-06-30 · accession 0001493152-24-037818 (NetIncomeLoss)
  5. 10-K · period ending 2024-06-30 · accession 0001493152-25-014092 (NetIncomeLoss)
  6. 10-K · period ending 2021-06-30 · accession 0001493152-22-025652 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-06-30 · accession 0001493152-23-034467 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0001493152-24-037818 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001493152-25-014092 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0001493152-22-025652 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-06-30 · accession 0001493152-23-034467 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0001493152-24-037818 (LongTermDebtCurrent)
  13. 10-K · period ending 2025-06-30 · accession 0001493152-25-014092 (LongTermDebtCurrent)
  14. 10-K · period ending 2021-06-30 · accession 0001493152-22-025652 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-06-30 · accession 0001493152-23-034467 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-06-30 · accession 0001493152-24-037818 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-06-30 · accession 0001493152-25-014092 (CashAndCashEquivalentsAtCarryingValue)