ABAT — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-09-14

• The domestic manufacturing of critical minerals has become an issue of paramount importance, with broad support from the US federal government, state and local governments, and private industry. As of 2025, the US Geological Survey lists 60 minerals as critical and essential for economic growth, nat…

• In November 2022, ABTC was awarded a $10 million competitive grant from the U.S. Department of Energy for a three-year project to demonstrate and commercialize ABTC’s next generation of technologies for its recycling of critical minerals. The first year of this award was for the demonstration of the…

• In March 2024, ABTC was selected for a competitively awarded investment tax credit for $19.5 million by the U.S. Department of Energy and administered by the U.S. IRS through the 48C program to support the construction and scale-up of ABTC’s first critical mineral battery recycling facility.

• In September 2024, ABTC was selected for a competitively awarded $150 million grant from the U.S. Department of Energy to support the construction of ABTC’s second critical mineral battery recycling facility. This four-year grant supports the construction of a recycling facility designed to process …

• In March 2024, ABTC was selected for a competitively awarded investment tax credit for $40.5 million by the US Department of Energy and administered by the U.S. Internal Revenue Service through the 48C program to support the construction and scale-up of ABTC’s second critical mineral battery recycli…

Text removed vs the prior filing · source: 10-K · 2025-09-18

• Lithium-ion batteries have become the rechargeable battery of choice in cell phones, computers, electric vehicles, and large scale electric stationary storage systems. The global market for lithium-ion batteries surpassed $100B in 2024 and is projected to exceed $250B by 2030, as there continues to …

• The Company expects to recover several types of byproducts as well as battery cathode grade lithium, nickel, cobalt, and manganese products through its recycling process and will compete with two categories of producers of these commodities: competing recycling processers and facilities and primary …

• Competing recycling processes and facilities are primarily located in the United States, Europe, South Korea, and China and employ various techniques for extraction of the contained battery metals. In general, processers that employ high-temperature thermal processes or shredding/solvent extraction …

• In October 2021, the Company, as the primary grantee, with DuPont Water Solutions as a sub-grantee, was awarded a $4.5 million competitive grant through the US Department of Energy’s Advanced Manufacturing Office, Critical Materials Innovation program to advance the research, development, and commer…

Text added vs the prior filing · source: 10-K · 2026-09-14

• ●We have a limited operating history and have incurred substantial losses since inception, and we may never achieve or sustain profitability.

• ●We depend on federal grants, cooperative agreements, and tax credits that are subject to conditions, milestones, appropriations, audit, suspension, and termination, and the loss or delay of these awards could materially impair our development plans.

• ●A small number of customers account for a substantial majority of our revenue, and the loss of any of them, or a change in their purchasing practices, could materially reduce our revenue.

• ●Safety concerns in handling lithium-ion batteries, changes in battery chemistry or technology, slower-than-expected adoption of electric vehicles or stationary energy storage batteries, or reduced government support for critical minerals could all negatively impact our revenues and operating result…

• ●We rely in part on third parties to collect, transport, and store lithium-ion battery feedstock that is regulated as hazardous material, and any accident, release, thermal event, or non-compliance in the supply chain could result in liability, penalties, and operational disruption.

Text removed vs the prior filing · source: 10-K · 2025-09-18

• ●There is substantial doubt about Company’s ability to continue as a going concern and to achieve or sustain profitability.

• ●Safety concerns in handling lithium-ion batteries, changes in battery chemistry or technology, slower-than-expected adoption of electric vehicles or stationary energy storage batteries, or reduced government support for clean energy could all negatively impact our revenues and operating results.

• ●Our common shares have experienced, and may continue to experience significant volatility. We also do not currently anticipate paying dividends in the foreseeable future.

• ●Failure to comply with covenants in our debt agreements could result in default, acceleration of repayment obligations, or loss of collateral, which could materially adversely affect our business and operations.

• ●We may be required to record write-downs, impairments, restructurings, or other charges, any of which could materially and negatively impact our financial condition, operating results, and share value.

Text added vs the prior filing · source: 10-K · 2026-09-14

• To implement this business strategy, the Company has constructed and is operating its first integrated lithium–ion battery recycling facility, which takes in waste and end–of–life battery materials from the electric vehicle, battery energy storage system (“BESS”), consumer electronics industries, an…

• The development and demonstration of these recycling technologies was supported by a competitively awarded grant from the U.S. Advanced Battery Consortium, which consists of General Motors, Ford Motor Company, Stellantis NV, and the US Department of Energy. The continued expansion of this facility i…

• With the successful operations of ABTC’s first critical mineral recycling facility with a design processing rate of approximately 20,000 tonnes per year, ABTC was awarded a competitive $150 million grant from the U.S. Department of Energy to support the construction of a second critical mineral recy…

• In addition to its critical mineral recycling facilities, ABTC is also developing TFLP, one of the largest identified lithium resources in the United States. In September 2025, ABTC published a Pre-Feasibility Study (PFS) for this project that details the inferred, indicated, and measured resources …

• To demonstrate the performance of ABTC’s internally-developed claystone-to-lithium hydroxide technologies, ABTC was awarded a competitive $2.3 million grant from the U.S. Department of Energy to construct and operate a multi-tonne per day integrated demonstration facility. ABTC has constructed and o…

Text removed vs the prior filing · source: 10-K · 2025-09-18

• To implement this business strategy, the Company has constructed its first integrated lithium–ion battery recycling facility, which takes in waste and end–of–life battery materials from the electric vehicle, stationary storage, and consumer electronics industries. The Company’s revenue increased fro…

• Additionally, the Company is accelerating the demonstration and commercialization of its internally developed low–cost and low–environmental impact processing train for the manufacturing of battery grade lithium hydroxide from Nevada–based sedimentary claystone resources. The Company has been awarde…

• The Company has completed the construction and commissioning of its lithium hydroxide (LiOH) pilot plant, marking a significant milestone in the commercialization of its internally-developed processes to access an unrealized domestic primary lithium resource. The construction and commissioning of th…

• The TFLP is one of the largest identified lithium resources in the United States, and while initial pit designs and economic analyses in previous assessments evaluated the full resource, an updated Initial Assessment utilizes a commercialization pathway with a more rigorous mine plan that contemplat…

• On March 28, 2024, the Company was selected for an approximately $19.5 million tax credit through the Qualifying Advanced Energy Project Credits program (the “48C program”). This tax credit was granted by the U.S. Department of Treasury Internal Revenue Service following a highly competitive technic…