Critical battery material firm American Battery Technology Company (OTCMKTS:ABML) may well prove to be an interesting proposition for some investors at this point. Hence, it may be a good move to perhaps take a look at the company’s financial results for the fiscal year 2022 that were announced yesterday.
On Tuesday, ABML stock rose 0.43% to $0.6750 with 988.09K shares, compared to volume of 1.31 million shares. The stock moved within a range of $0.6500 – 0.6799 after opening trade at $0.6637.
American Battery Technology Company Releases FY22 Financial Results
The company noted that the 12 months had been a transformational phase since it has accelerated its move towards commercializing its technology meant for the lithium ion battery recycling and battery metals manufacturing spaces. American Battery Technology Company ended the 2022 fiscal year with a cash balance to the tune of $29 million. In the prior year, the company ended up with a cash balance of $16.1 million.
In addition to that, American Battery Technology Company also announced that it had made investments of $1.1 million towards research and development in the 2022 fiscal year. It was made so as to further advance the development of its mineral extraction technologies. On the other hand, the corporate governance in place at the company had also been enhanced considerably during the period with the appointment of a new Chief Executive Officer and a newly constituted Board of Director.
“Over the past year, with our new leadership in place, we have prioritized company resources towards the technical demonstration of our core technologies, the formation of collaborations and partnerships with our key corporate strategics, and the construction and commissioning of our initial revenue-generating facilities,” said Ryan Melsert, CEO of the American Battery Technology Company. “We are experiencing unprecedented tailwinds in this domestic battery metals industry, where corporate OEMs, institutional investors, the federal government, and state governments are all aligned in demanding the rapid scale-up and commercialization of domestic battery mineral technologies and facilities. We are working with each of our stakeholders on a daily basis to ensure that we are addressing these needs as rapidly as possible.”
ABML stock is trading below the 50-Day and 200-Day Moving averages of $0.70 and $0.72 respectively. Moreover, the stock is trading below the 20-Day moving average of $0.92. The company has a total market capitalization of $436 million.