American Battery Materials, Inc. (ABM) reported a net loss of $4.3 million for the fiscal year ending December 31, 2024, compared to a net loss of $2.4 million in the previous year. The company's total operating expenses decreased by 36% to approximately $1.57 million, down from $2.45 million in 2023, primarily due to reduced professional fees. Despite the decrease in operating expenses, the company has not generated any revenue since its inception in the lithium sector, maintaining an accumulated deficit of approximately $24.5 million as of the end of 2024.
In terms of strategic developments, ABM has expanded its lithium mining claims in the Lisbon Valley of Utah, acquiring an additional 641 claims in July 2023, bringing the total to 743 claims covering approximately 14,320 acres. The company is focused on employing advanced brine extraction technologies, which it believes will be more environmentally friendly and cost-effective compared to traditional methods. However, ABM remains in the exploration stage and has not yet commenced mining operations or established any mineral reserves.
Operationally, ABM's workforce consists of three full-time employees and four independent contractors, reflecting a lean organizational structure as it navigates its early-stage development. The company has engaged with industry veterans to enhance its operational capabilities and is exploring partnerships to facilitate its growth strategy. As of March 25, 2025, ABM's common stock is traded on the OTC Markets under the symbol "BLTH," with a last reported price of $4.80 following a series of reverse stock splits aimed at consolidating its equity structure.
Looking ahead, ABM acknowledges the need for additional financing to support its operations and growth plans. The company has indicated that it may pursue various funding options, including equity offerings and debt financing, to address its liquidity challenges. The management has expressed uncertainty regarding its ability to continue as a going concern without securing sufficient capital, highlighting the risks associated with its exploration activities and the broader market conditions for lithium. The company is also subject to regulatory approvals and potential environmental liabilities as it seeks to advance its projects.
About AMERICAN BATTERY MATERIALS, INC.
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