ABAT — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-11

• ● The Company had cash and cash equivalents of $38.5 million as of March 31, 2026, of which $37.7 million was unrestricted. This was a $30.2 million increase in unrestricted cash from June 30, 2025.

• A reconciliation of cost of goods sold to cash cost of goods sold and adjusted gross margin

• (both are a non-GAAP measure) for the three months ended March 31, 2026 was as follows:

• ● The Company has achieved a critical milestone this quarter, with the achievement of its first positive gross profit on revenue of $0.7 million.

• ● Excluding non-cash items, such as stock-based compensation and depreciation, the Company achieved an adjusted gross profit (a non-GAAP measure) of $2.0 million.

Text removed vs the prior filing · source: 10-Q · 2026-02-05

• The Company has completed the construction and commissioning of its lithium hydroxide (“LiOH”) pilot plant. The construction and commissioning of this pilot plant enables the Company to demonstrate its technologies for accessing the lithium housed in its unconventional resource, Tonopah Flats Lithiu…

• The project is featured on the FAST-41 Permitting Dashboard.

• A reconciliation of cost of goods sold to cash cost of goods sold and adjusted gross margin (both are a non-GAAP measure) for the three months ended December 31, 2025 was as follows:

• ● Gross loss on revenue was $1.6 million. However, excluding non-cash items, such as stock-based compensation and depreciation, adjusted gross loss (a non-GAAP measure) was $0.1 million.

• ● The Company had cash and cash equivalents of $48.7 million at December 31, 2025, of which $47.9 million was unrestricted. This was a $40.4 million increase in unrestricted cash from June 30, 2025.

Text added vs the prior filing · source: 10-Q · 2026-05-11

• The Company did not maintain a sufficient complement of personnel with the appropriate level of technical accounting expertise to effectively identify, evaluate, and design controls related to complex transactions. Additionally, the Company did not maintain adequate segregation of duties within its …

• ●We will hire additional personnel with appropriate level of technical accounting expertise to effectively identify, evaluate and design controls related to complex transactions.

• ●On January 25, 2026, the Board of Directors of the Company appointed Alejandro Flores Arteaga to serve as Chief Financial Officer of the Company, effective February 9, 2026. Jesse Deutsch, the Interim Chief Financial Officer, retired from the Company effective February 9, 2026.

• We will consider the material weaknesses remediated when the relevant controls have been fully implemented, have operated for a sufficient period of time, and when management has concluded, through testing, that these controls are operating effectively. We expect to remediate the material weaknesses…

• Except with respect to the changes in connection with the implementation of the initiatives to remediate the material weaknesses noted above, there were no changes in the Company’s internal control over financial reporting that occurred during the three months ended March 31, 2026 that have material…

Text removed vs the prior filing · source: 10-Q · 2026-02-05

• The Company did not maintain proper segregation of duties related to accounting processes. As a consequence, the internal control deficiency related to the design and operation of process-level controls was determined to be pervasive throughout the Company’s financial reporting processes.

• ● On January 25, 2026, the Board of Directors of the Company appointed Alejandro Flores Arteaga to serve as Chief Financial Officer of the Company, effective February 9, 2026. Jesse Deutsch, the Interim Chief Financial Officer, will retire from the Company effective February 9, 2026.

• We will consider the material weakness remediated when the relevant controls have been fully implemented, have operated for a sufficient period of time, and when management has concluded, through testing, that these controls are operating effectively. We expect to remediate the material weakness by …

• Except with respect to the changes in connection with the implementation of the initiatives to remediate the material weakness noted above, there were no changes in the Company’s internal control over financial reporting that occurred during the six months ended December 31, 2025 that have materiall…