American Battery Technology slid 4.5% today to US$2.36, extending a rough three month stretch. Yet the headline from this quarter is not the share price. The business just booked roughly US$21.7 million in annual revenue and delivered its first adjusted gross profit of about US$1.7 million, a rare milestone for an early stage recycler and lithium resource developer that still reports sizeable net losses. Traders focused on the red on screen. Long term investors will likely spend more time on what this shift in unit economics could mean for a company priced at a rich P/S multiple.

Love the first adjusted gross profit from American Battery Technology but worried about paying up for a rich P/S on a business still posting net losses? Review…