MeritValue

AMERICAN BATTERY TECHNOLOGY Co

ABATdata completeness 75%14 fiscal years on file
The thesis, from the filings

AMERICAN BATTERY TECHNOLOGY Co earns about -62% on equity, but has diluted owners by 206% over 5 years — worth asking whether the growth reaches owners. 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue——$343,5001$4.29M2$21.7M2
Net income−$33.5M3−$21.3M4−$52.5M5−$46.8M6−$73.4M6
Operating cash flow−$10.2M7−$13.4M8−$16.7M9−$28.9M10−$24.2M10
Capital expenditure$12.9M11$6.76M11———
Free cash flow (derived)−$23.1M7−$20.1M8———
Total debt——$13.5M12$7.73M13—
Cash & equivalents$29M14$2.32M15$7M16$7.47M17$49.5M17
Diluted shares41.7M43.8M51.2M80.3M127.6M

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
$9.91
your share of equity
Profit it earned you last year
−$5.75
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $9.91 of net worth that earned you −$5.75 last year.

iii. Is this a good business?
Moat signal · return on equity
-62% avg · 5y
FY22 -68%FY23 -35%FY24 -85%FY25 -66%FY26 -58%

It earned an average -62% 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
+206% shares · 5y

Share count is up 206% over 5 years — owners have been diluted. Worth asking what they got for it. 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 v0.5.0
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 2025-06-30 · accession 0001493152-26-042497 (RevenueFromContractWithCustomerExcludingAssessedTax)
  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 2025-06-30 · accession 0001493152-26-042497 (NetIncomeLoss)
  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 2025-06-30 · accession 0001493152-26-042497 (NetCashProvidedByUsedInOperatingActivities)
  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 2022-06-30 · accession 0001493152-23-034467 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-06-30 · accession 0001493152-24-037818 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-06-30 · accession 0001493152-25-014092 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2025-06-30 · accession 0001493152-26-042497 (CashAndCashEquivalentsAtCarryingValue)