The Reno-based critical minerals company reported $7.8 million in revenue for the quarter ended March 31, up 64% from the previous quarter. Cost of goods sold increased 11% to $7.1 million, allowing the company to post $0.7 million in gross margin. Adjusted gross margin reached $2.0 million when depreciation and stock-based compensation were excluded.
For a company working to prove that domestic battery recycling can move beyond policy momentum and into commercial execution, the quarter marks a useful step. ABTC is still in the early stages of scaling, but the results suggest its Nevada operation is beginning to generate the kind of operating traction needed to support a larger critical minerals strategy.
ABTC’s revenue growth was led by higher throughput at its Nevada lithium-ion battery recycling facility. The site processes material from battery energy storage systems, end-of-life electric and hybrid vehicles, and consumer electronics.
The company also pointed to demand tied to data centers and AI-related battery storage as a contributor to higher-value recycled product volumes. That is an important shift for the battery recycling market. While electric vehicles remain a major source of industry demand, digital infrastructure is becoming another route for recycled battery materials to enter the supply chain.
That broader demand base gives ABTC more room to grow, but execution remains the real test. The company’s ability to increase revenue faster than costs during the quarter points to better facility utilization and tighter operating discipline. At the same time, the business is still moving through an early scale-up phase, where consistency, customer contracts and cost control will matter as much as headline growth.
The Nevada facility also has a regulatory angle that could shape its competitive position. ABTC has described the site as one of the few battery recyclers in the Western U.S. able to handle CERCLA-classified waste. That capability may help the company serve more difficult battery streams, though it also means operating in a highly regulated environment where compliance and permitting remain central to performance.
ABTC ended the quarter with a stronger balance sheet than it had at the prior fiscal year-end. Cash rose to $37.7 million as of March 31, 2026, compared with $7.5 million at June 30, 2025. Total assets increased to $119.4 million from $84.5 million, while total liabilities declined to $6.7 million from $13.9 million.
The improved cash position gives the company more flexibility as it looks to fund its next stage of growth. That includes a second recycling site, as well as plans connected to its Tonopah Flats Lithium Project in Nevada.
The lithium project could expand ABTC’s role beyond recycling and into primary lithium production. The company is advancing claystone-to-lithium hydroxide demonstration work, has submitted baseline studies for the NEPA review process and has started a Definitive Feasibility Study. Its pre-feasibility work outlines a possible 30,000-ton-per-year lithium hydroxide operation over a 45-year mine life.
Those plans would give ABTC a more vertically integrated position in the U.S. battery materials supply chain, connecting recycled battery content with new lithium production. They also add complexity. Mining and refining projects depend on permitting, construction timelines, commodity pricing, customer demand and access to financing.
The near-term takeaway is more focused: ABTC’s recycling operation is beginning to produce margin. That does not remove the risks tied to expansion, especially with an accumulated deficit of $313.5 million, but it gives the company a more credible operating base as it works to build a larger domestic critical minerals platform.
