American Battery

Positives: as of December 31, 2025 ABTC reported $47.9 million in cash, no debt, and working capital of about $58 million.

Negatives: operating cash outflow of $16.9 million in H1 FY26 and $28.9 million in FY25 points to reliance on external capital; ATM equity issuances contributed $45.5 million in H1 FY26. The audit for FY25 included a going‑concern emphasis.

Until operations become self‑funding and capex is secured on attractive terms for TFLP, balance sheet strength is only moderate.