American Battery

Execution has delivered tangible milestones (commercial recycling start, CERCLA approval, PFS, FAST‑41 designation), but financing has leaned on dilution: common shares outstanding rose from 64.1 million (June 30, 2024) to 131.0 million (December 31, 2025), including ATM issuance and warrant exercises.

Stock‑based compensation was $14.7 million in FY25. While an EXIM $900 million LOI is encouraging for project debt, it is nonbinding and contingent. We view capital allocation discipline as developing rather than proven, with dilution risk elevated until cash generation improves.