International Battery Metals (OTCQB: IBATF) posts 2026 results, turns profit
Rhea-AI Filing Summary
International Battery Metals Ltd. reported fourth quarter and full year fiscal 2026 results, highlighting progress in commercializing its modular direct lithium extraction technology. The company achieved full year revenue of $164 thousand, down from $871 thousand, all from service work on brine testing.
Despite an operating loss of ($13.5) million, a non‑cash $16.5 million gain from the change in fair value of warrant liability drove full year net income of $0.1 million, versus a ($3.5) million loss. Cash was $9.2 million as of March 31, 2026.
Operationally, IBAT emphasized real‑world test results: approximately 98% lithium recovery, 99+% contaminant rejection and more than 1,200 cycles on a single column with no degradation across brines from the Smackover formation, the Middle East and Argentina. Management is focused on securing one or more commercial deployments of its existing modular DLE plant.
Positive
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Insights
Results show strong DLE performance but limited current revenue.
International Battery Metals delivered modest fiscal 2026 revenue of $164 thousand from service work while posting an operating loss of ($13.5) million. Reported net income of $0.1 million was driven mainly by a non‑cash $16.5 million warrant liability revaluation.
The technology metrics are notable: about 98% lithium recovery, 99+% contaminant rejection and over 1,200 column cycles without degradation across multiple brine sources. These data points support management’s narrative that its modular DLE system can operate across varied chemistries.
With cash of $9.2 million and shareholders’ equity of $28.4 million as of March 31, 2026, the company is prioritizing cost discipline and commercial discussions for its existing MDLE plant. Actual financial impact will depend on whether one or more deployment agreements materialize and on subsequent operating performance disclosed in future filings.
8-K Event Classification
Key Figures
Key Terms
direct lithium extraction financial
modular DLE plant financial
warrant liability financial
forward-looking statements regulatory
reimbursable revenue financial
Earnings Snapshot
FAQ
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AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act: None
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the ExchangexActx
Item 2.02 Results of Operations and Financial Condition.
On June 18, 2026, International Battery Metals LTD (TSXV: IBAT) & (OTCQB:IBATF) reported its financial and operational results for the three months and year ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
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Description |
99.1 |
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Press release dated June 17, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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International Battery Metals LTD.
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/s/ Michael Rutledge |
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June 17, 2026 |
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Michael Rutledge |
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Chief Financial Officer |
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International Battery Metals Ltd. Reports Fourth Quarter and Full Year Fiscal 2026 Financial Results
Continued Advancement Towards Commercial Positioning of Modular Direct Lithium Extraction (DLE) Technology
Vancouver, British Columbia & Houston, Texas--(BUSINESS WIRE)-- International Battery Metals Ltd. (“IBAT” or the “Company”) (TSXV: IBAT) & (OTCQB: IBATF), an advanced technology provider of modular direct lithium extraction (DLE) systems, today reported financial results for its fourth quarter and full year fiscal 2026, ended March 31, 2026.
Joseph Mills, Chief Executive Officer of IBAT, commented:
"The fourth quarter was about focus and execution, getting disciplined about where we spend our time and energy, what customers actually need and where IBAT fits in the supply chain. We've done that work, and the results are bearing fruit. The brine testing program we announced in June is the clearest demonstration of that. We have tested brine samples from multiple operators across the Smackover geological formation in Texas and Arkansas, as well as brines from the Middle East and Argentina, and the numbers are consistent. 98% lithium recovery. 99+% contaminant rejection. More than 1,200 cycles on a single column with zero degradation. Those are real-world samples from operators who are actively evaluating their commercial path forward, and our media and technology continues to perform at expected levels.
"Every brine is different, and we have now proven our technology holds up across a wide range of compositions. We continue to have ongoing dialogue with several counterparties regarding deployment of our existing modular DLE plant and we are optimistic that we will engage to negotiate a commercial agreement soon. We know what our media does, we know how to engineer a deployment efficiently and we know how to structure a deal that works for both sides. Secure the next deployment, execute well and build IBAT's reputation one project at a time. We remain focused on that objective."
Fourth Quarter Fiscal Year 2026 Business Highlights
Management remains focused on securing one or more commercial deployments aligned with its overall commercial strategy.
Fourth Quarter Financial Highlights (fiscal year 2026 versus fiscal year 2025)
Full Year Financial Highlights (fiscal year 2026 versus fiscal year 2025)
Conference Call Information
The Company will host a conference call tomorrow, Thursday, June 18, 2026, at 11:00 a.m. Eastern Time to discuss financial and operational results.
Dial-in and Webcast Information
Date/Time: Thursday, June 18 at 11:00 a.m. Eastern Time
Toll-Free (North America): +1 (800) 715-9871
Toll/International: +1 (646) 307-1963
Conference Call ID: 2668118
Webcast Link: https://app.webinar.net/dZY10b95v2L
EasyConnect 'Dial-Me In': Participants, visit the address https://registrations.events/easyconnect/8716727/recAHzvY1JZfBaJq0/ and enter your details.
The system will dial out to you and connect you into the conference. You do not need to pre-register for this service.
Replay Information
Toll-Free (North America) +1 (800) 770-2030
Toll/International: +1(609) 800-9909
Conference Call ID: 2668118#
Expiration: Replay will expire on Thursday, July 2, 2026, 11:59 p.m. Central Time.
About International Battery Metals Ltd.
International Battery Metals Ltd. is a direct lithium extraction technology company focused on advancing the development of lithium from brine resources. The Company delivers a proprietary DLE process through a modular plant design and architecture built around its media and column systems. Depending on customer requirements, IBAT integrates its DLE process into existing customer flowsheets or specifications or delivers a full flowsheet solution using its proprietary DLE design in conjunction with strategic partnerships. With operational field deployment experience, International Battery Metals is positioned to support the next phase of lithium project development as global battery demand continues to expand. The Company is headquartered in Houston, Texas.
Special Note Regarding Forward-Looking Statements
This press release and our earning call include information regarding the Company’s future financial and operational performance and plans, targets, aspirations, expectations, and objectives of management, constitute forward-looking statements within the meaning of the Section 21E of the Exchange Act and forward-looking information within the meaning of Canadian provincial and territorial securities laws. We refer to all of these as forward-looking statements. Forward-looking statements are forward-looking in nature and, accordingly, are subject to risks and uncertainties. All statements other than statements of historical fact included in this quarterly report regarding the prospects of the Company’s industry or its prospects, plans, financial position or business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as “plans,” “expects,” “does not expect,” “is expected,” “look forward to,” “budget,” “scheduled,” “estimates,” “forecasts,” “will continue,” “intends,” “the intent of,” “have the potential,” “anticipates,” “does not anticipate,” “believes,” “should,” “should not,” or variations of such words and phrases that indicate that certain actions, events or results “may,” “could,” “would,” “might,” “will,” “be taken,” “occur,” “be achieved,” or the negative of these terms or variations of them or similar terms and include, without limitation, statements regarding our expectations or beliefs regarding:
Our forward-looking statements, included in this quarterly report and elsewhere, represent management’s expectations as of the date that they are made and we undertake no obligation to update these statements. Our forward-looking statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. However, these forward-looking statements are subject to a number of risks and uncertainties and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results, level of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements include those risks set forth in our SEC filings and risks related to:
Investor Relations Contact:
Brian Siegel, IRC, MBA
Senior Managing Director
Hayden IR
(346) 396-8696
brian@haydenir.com
International Battery Metals Ltd.
Consolidated Balance Sheets
As of March 31, 2026 and March 31, 2025
(In thousands)
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March 31, |
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2026 |
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2025 |
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Assets |
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Current assets |
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Cash |
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$ |
9,187 |
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$ |
10,737 |
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Accounts receivable, net |
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90 |
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459 |
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Inventory |
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1,061 |
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1,061 |
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Other current assets |
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251 |
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273 |
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Total current assets |
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10,589 |
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12,530 |
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Plant and equipment, net |
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26,842 |
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28,450 |
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Intangible assets, net |
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2,190 |
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3,266 |
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Right of use asset |
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141 |
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232 |
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Total assets |
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$ |
39,762 |
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$ |
44,478 |
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Current liabilities |
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Accounts payable |
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$ |
395 |
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$ |
1,293 |
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Accrued liabilities |
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892 |
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533 |
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Obligation to issue shares, related party |
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— |
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679 |
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Lease obligation, current |
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99 |
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89 |
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Total current liabilities |
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1,386 |
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2,594 |
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Warrant liability |
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9,968 |
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15,151 |
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Lease obligation, long-term |
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44 |
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143 |
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Total liabilities |
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11,398 |
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17,888 |
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Commitments and contingencies |
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Shareholders' equity |
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Share capital, no par 343,033 and 268,992 common shares issued and outstanding, respectively, as of March 31, 2026 and 2025, respectively |
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67,808 |
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66,156 |
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Accumulated deficit |
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(39,444 |
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(39,566 |
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Total shareholders' equity |
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28,364 |
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26,590 |
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Total liabilities and shareholders' equity |
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$ |
39,762 |
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$ |
44,478 |
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International Battery Metals Ltd.
Consolidated Statements of Income (Loss)(Unaudited)
For the Three Months and Years Ended March 31, 2026 and 2025
(In thousands, except per share amounts)
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Three Months Ended March 31, |
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Year Ended March 31, |
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2026 |
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2025 |
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2026 |
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2025 |
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REVENUE |
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Service |
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$ |
63 |
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$ |
— |
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$ |
164 |
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$ |
— |
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Reimbursable |
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— |
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(11 |
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— |
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871 |
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Total Revenue |
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63 |
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(11 |
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164 |
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871 |
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COST OF REVENUE |
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Cost of revenue |
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— |
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— |
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34 |
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— |
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Gross margin |
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63 |
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(11 |
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130 |
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871 |
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OPERATING COSTS AND EXPENSES |
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Operating costs, excluding depreciation |
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519 |
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990 |
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2,078 |
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3,533 |
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Selling, general and administrative expenses, excluding depreciation |
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2,186 |
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2,317 |
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8,460 |
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9,042 |
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Reimbursable expenses |
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— |
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(11 |
) |
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— |
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871 |
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Amortization of intangible assets |
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269 |
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269 |
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1,076 |
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1,076 |
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Depreciation |
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504 |
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495 |
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2,009 |
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1,552 |
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Operating loss |
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(3,415 |
) |
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(4,071 |
) |
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(13,493 |
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(15,203 |
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Bad debt expense |
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— |
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(502 |
) |
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— |
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(502 |
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Excess fair value of warrants over private placement proceeds |
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(439 |
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(381 |
) |
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(439 |
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(1,040 |
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Gain/loss on warrants modification |
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2 |
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- |
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(2,442 |
) |
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— |
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Change in fair value of warrant liability |
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(1,446 |
) |
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5,283 |
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16,493 |
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13,229 |
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Other income |
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3 |
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— |
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3 |
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— |
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Net income before income tax provision |
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(5,295 |
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329 |
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122 |
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(3,516 |
) |
Net income (loss) |
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$ |
(5,295 |
) |
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$ |
329 |
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$ |
122 |
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$ |
(3,516 |
) |
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Net income/(loss) per share, basic |
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$ |
(0.02 |
) |
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$ |
0.00 |
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$ |
0.00 |
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$ |
(0.01 |
) |
Net income/(loss) per share, diluted |
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$ |
(0.02 |
) |
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$ |
0.00 |
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$ |
0.00 |
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$ |
(0.01 |
) |
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Weighted average shares outstanding, basic |
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306,233 |
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242,908 |
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296,635 |
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238,431 |
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Weighted average shares outstanding, diluted |
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310,685 |
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242,908 |
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301,027 |
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238,431 |
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