Rankings Commodities & uranium American Battery Technology

American Battery Technology

Commodities & uranium · United StatesRank 664 of 829Prices 2 Nov 2026Model 1.4

15070100

The model found several serious problems. That does not mean the stock will fall.

Biggest deductions

Margin−12
Capital allocation−8
Funding need−5

Strengths

Net cash+2
Operational progress+1

How the score is built

From 100 to 42, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

42Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 1.33 USD
Median analyst target: 6.00 USD
Upside to median: +351.1%
Analysts: 2
Target range: 5.00 – 7.00 USD
52-week change: −74%
P/E (trailing): n/a
Forward P/E: n/a
PEG: n/a

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 4 findings−27 of −30

Margin
FY2026: revenue 21.7 m USD, GAAP gross loss 3.1 m (adjusted gross profit +1.7 m), operating loss 74.7 m and net loss 73.4 m. Operating expenses rose from 31.4 to 71.6 m (G&A 51.6 m).
sec.gov
−12
Quality of growth
Revenue rose 407%, but from a very low level, and growth slowed to +5% from Q3 to Q4 (7.8 → 8.2m). Five customers accounted for 86% of revenue in FY2026.
sec.gov
−3
Capital allocation
Share-based pay of USD 27.6m in fiscal Q3 2026 alone (more than the year's revenue), accumulated deficit 333.5m, and the share count rose from 97.4 to 142.6m (+46%) in just over a year via ATM and issues.
sec.gov
−8
Moat
Battery recycling is a field with weak economics: Li-Cycle went bankrupt in 2025, and Redwood Materials, Ascend Elements and Cirba Solutions are larger. The Tonopah Flats lithium project is at the exploration stage, and the company has no experience building a mine.
sec.gov
−4

Price

Today's multiples against the company's own history and its peers. · 2 findings−7 of −35

Multiples vs own history
EV/Sales 12.1 and PS 14.4 vs 17.8 (FY2026) and 34.9 (FY2025) - falling, but still high; P/B 2.45 vs 1.19 in 2024. The price rests on future projects, not current earnings.
stockanalysis.com
−3
Peers and absolute level
EV about USD 263m vs ioneer 177m (Rhyolite Ridge, a more advanced lithium project) and Aqua Metals 4m (recycling). Lithium Americas (Thacker Pass under construction) has EV 1.8bn. ABAT is expensive relative to its revenue and the project's maturity.
stockanalysis.com
−4

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 6 findings−21 of −35

Funding need
Cash of USD 49.5m vs free cash flow of approx. −9–10m per quarter, and Tonopah Flats' first process train costs approx. 115m (57.7m from DOE) plus a new recycling plant of 100,000 tons. The company itself writes that it may need significant new financing within 12 months.
sec.gov
−5
Dependence on DOE grants
The DOE grant of 57.7m for the lithium refinery was terminated on 9/10-2025 and only reinstated after an appeal; only 11% has been invoiced, 1% of the grant of 143.6m for the new recycling plant. The company warns that the grants may again be terminated, reduced or delayed.
sec.gov
−5
Dilution and ATM
ATM programme of USD 50m with Virtu (2024), 19m raised via ATM in the latest period, registered direct offerings and ongoing large share grants; share count +46% in a little over a year.
hollandhart.com
−4
Customer concentration
Five customers = 86% of revenue in FY2026 (three customers = 74% the year before).
sec.gov
−3
Short interest
22.1m shares sold short = 16.1% of free float, 6.6 days to cover.
stockanalysis.com
−2
Commodity prices
Both the recycling revenue (nickel, cobalt, lithium, manganese) and the economics of Tonopah Flats (30,000 tonnes of lithium hydroxide a year) depend on metal prices, which have been low since 2023.
sec.gov
−2

Plus

Only documented strengths. · 2 findings+3 of +15

Net cash
USD 49.5m in cash and no long-term debt at 30/6-2026 (debt repaid in FY2026).
sec.gov
+2
Operational progress
Record revenue of USD 8.2m in Q4 FY2026, gross profit +86% quarter on quarter to 1.3m, and the first positive adjusted gross profit for a full year.
sec.gov
+1

Caveats

What the score does not capture, or where the data is weak.

Price USD 2.19 (2/10-2026), i.e. above DKK 3 (about DKK 14.4). 142.6m shares (8/9-2026) give a market cap of about USD 312m (about DKK 2,056m), same as Nordnet. Fiscal year ends 30/6; figures are from the 10-K for FY2026. No explicit going concern warning found in the 10-K excerpt, but the company writes that it 'may require significant additional financing within the next 12 months'. The USD 50m ATM program (Virtu, 2024) was used during the period; remaining capacity not determined. Analyst price targets (USD 5-7, +128-220%) come from two small brokers (Maxim, Alliance Global) and look optimistic for a company with ongoing dilution. Insider trades (Form 4) not reviewed. Industry: battery recycling + lithium project, closest to 'Commodities & uranium'; cyclical due to metal and lithium prices.