International Battery Metals (IBATF) swings to small Q1 loss on lower warrant gains

Rhea-AI Filing Summary

International Battery Metals Ltd. reported results for the first quarter of fiscal 2027 ended June 30, 2026. Revenue was $120 thousand, up from $7 thousand a year earlier, driven by service revenue from brine testing activities. The company recorded an operating loss of $2.9 million compared with $3.6 million in the prior-year quarter, reflecting lower operating, selling, general and administrative costs.

A non-cash gain of $2.9 million from the change in fair value of warrant liability, versus $5.3 million previously, contributed to a net loss of $28 thousand, or $0.00 per share, compared with net income of $1.7 million, or $0.01 per share, a year earlier. As of June 30, 2026, the company reported cash of $9.4 million and total assets of $39.2 million, against total liabilities of $10.6 million and shareholders’ equity of $28.6 million. Management highlighted continued commercial discussions and brine testing in the United States, the Middle East and Argentina, and ongoing efforts to position its modular direct lithium extraction technology for field deployment.

Positive

• Revenue grew to $120 thousand from $7 thousand year over year, reflecting initial service income from brine testing activities and showing early commercial traction for the company’s modular direct lithium extraction offering.
• Operating loss narrowed to $2.9 million from $3.6 million, supported by lower operating and SG&A expenses, while cash remained solid at $9.4 million and shareholders’ equity at $28.6 million.

Negative

• Net results declined to a $28 thousand loss from $1.7 million in net income in the prior-year quarter, mainly due to a smaller non-cash gain on warrant liability revaluation.
• Profitability remains dependent on non-cash warrant revaluation gains, with core operations still generating an operating loss of $2.9 million despite reduced expenses.

Filing Explained

As of June 30, 2026, the company reported 378,001 common shares issued and outstanding, up from 343,033 on March 31, 2026. For an existing holder whose share count did not change, this larger share base represents a smaller percentage ownership of the company.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Revenue: $120 thousand Operating loss: $2.9 million Net income (loss): ($28 thousand) +5 more

8 metrics

Revenue $120 thousand Three months ended June 30, 2026, service revenue from brine testing

Operating loss $2.9 million Operating loss for the quarter ended June 30, 2026

Net income (loss) ($28 thousand) Net loss for the quarter ended June 30, 2026

Prior-year net income $1.7 million Net income for the quarter ended June 30, 2025

Warrant liability gain $2.9 million Change in fair value of warrant liability in Q1 fiscal 2027

Cash balance $9,441 Cash as of June 30, 2026 (in thousands)

Total assets $39,183 Total assets as of June 30, 2026 (in thousands)

Shareholders’ equity $28,597 Shareholders’ equity as of June 30, 2026 (in thousands)

Key Terms

direct lithium extraction, warrant liability, modular DLE plant, shareholders' equity, +1 more

5 terms

direct lithium extraction technical

"an advanced technology provider of modular direct lithium extraction (DLE) systems"

A method for pulling lithium directly out of salty water or other raw sources using special materials and electrical or chemical processes, instead of relying on long evaporation ponds or mining rock. It matters to investors because it can speed up production, lower costs and environmental impact, and make lithium supply for batteries more reliable—like replacing a slow, weather-dependent harvest with a faster, machine-driven picker that boosts output and predictability.

warrant liability financial

"Change in fair value of warrant liability: gain of $2.9 million"

Warrant liability is the financial obligation a company records when it grants warrants—special options giving the holder the right to buy company shares at a set price in the future. It matters to investors because changes in this liability can affect a company's reported earnings and overall financial health, similar to how a pending contract can influence a company's future value.

modular DLE plant technical

"opportunities to deploy the existing modular DLE plant in the Smackover"

shareholders' equity financial

"Total shareholders' equity | | | 28,597"

Shareholders' equity is the portion of a company's value that belongs to its owners after subtracting what the company owes to others — like a person’s net worth calculated as assets minus debts. For investors, it signals the company’s financial cushion and underlying book value per share, helping gauge solvency, how much owners would theoretically receive in liquidation, and whether reported profits are building real owner value.

amortization of intangible assets financial

"Amortization of intangible assets | | | 269"

Amortization of intangible assets is the accounting practice of spreading the purchase cost of non-physical items—like patents, trademarks, or customer lists—over their expected useful life. Investors care because this non-cash charge reduces reported profits and book value over time, affecting earnings trends and valuation, even though it does not immediately change the company’s cash; think of it as paying off a large one-time purchase in small, regular amounts on the books.

Earnings Snapshot

Revenue: $120 thousand

First quarter of fiscal year 2027, three months ended June 30, 2026

Revenue $120 thousand increased versus prior-year quarter

Operating loss $2.9 million improved versus prior-year quarter

Net income (loss) ($28 thousand) declined from prior-year net income

Warrant liability gain $2.9 million lower than prior-year period

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did International Battery Metals (IBATF) perform financially in Q1 fiscal 2027?

International Battery Metals reported revenue of $120 thousand and an operating loss of $2.9 million for the quarter ended June 30, 2026. After a non-cash warrant liability gain, it posted a net loss of $28 thousand.

How did IBATF’s Q1 2027 results compare to the prior-year quarter?

Quarterly revenue rose to $120 thousand from $7 thousand, while the operating loss improved to $2.9 million from $3.6 million. Net results shifted from $1.7 million income to a $28 thousand loss due to a smaller warrant liability gain.

What is International Battery Metals’ cash and balance sheet position as of June 30, 2026?

As of June 30, 2026, the company reported cash of $9.4 million and total assets of $39.2 million. Total liabilities were $10.6 million, resulting in shareholders’ equity of $28.6 million.

What drove revenue for International Battery Metals (IBATF) in Q1 fiscal 2027?

Revenue of $120 thousand primarily reflected service revenue from brine testing activities. These activities support prospective customers in regions such as the United States, the Middle East and Argentina for the company’s modular DLE technology.

How significant was the warrant liability revaluation in IBATF’s Q1 2027 results?

The company recorded a $2.9 million gain from the change in fair value of warrant liability, down from $5.3 million a year earlier. This non-cash item had a major impact on moving from prior net income to a small net loss.

Where is International Battery Metals focusing its commercial efforts for its DLE technology?

The company reported it is actively pursuing opportunities in the Smackover, the Middle East and Argentina, continuing brine testing and technical evaluations and seeking deployments for its modular direct lithium extraction plant.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 13, 2026

INTERNATIONAL BATTERY METALS LTD.
(Exact Name of Registrant as Specified in Charter)
British Columbia, Canada			333-286616			Not applicable
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)
12 Greenway Plaza, Suite 1100 Houston, Texas 77046 (Address of Principal Executive Offices)
Registrant’s telephone number, including area code: (832) 683-8839
N/A
(Former name or former address, if changed since last report)

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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, no par value

IBAT

TSX Venture Exchange

Common Shares, no par value

IBATF

OTCQB

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 August 13, 2026, International Battery Metals LTD (TSXV: IBAT) & (OTCQB:IBATF) reported its financial and operational results for the three months and year ended June 30, 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.		Description
99.1		Press release dated August 13, 2026
104		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.

International Battery Metals LTD.
/s/ Michael Rutledge						August 13, 2026
Michael Rutledge						Date
Chief Financial Officer

International Battery Metals Ltd. Reports First Quarter of Fiscal Year 2027 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 first quarter of fiscal 2027, ended June 30, 2026.

Garrett Galloway, Interim Chief Executive Officer of IBAT, commented:

"First off, I want to thank Joe Mills for everything we accomplished over the past year and a half. Under Joe's leadership, IBAT stabilized the business, built out a strong execution team, and ran testing programs that proved out our technology across various different brines and regions. We also defined our flowsheet and exactly where IBAT fits in, and what counterparties are right for our application and strategy. Importantly, we also moved key initiatives forward that will carry us from the lab to the field.

"My focus is the next step, taking that work and putting our technology into the field. I've been leading the counterparty conversations for the past year, so this transition doesn't change where we're headed or how we get there. The technical and operational teams have not changed and are ready for execution. We're actively pursuing opportunities in the Smackover, the Middle East and Argentina. The market remains supportive and resource owners are engaging more in evaluating potential projects and DLE."

First Quarter Fiscal Year 2026 Business Highlights

•Continued brine testing and technical evaluation activities with prospective customers in the United States, the Middle East and Argentina;

•Actively pursued commercial opportunities to deploy the existing modular DLE plant in the Smackover and the Middle East;

•Implemented a disciplined cost structure while prioritizing customer engagement and proposal development;

•Continued positioning IBAT's modular DLE technology as a scalable component within a broader lithium production flowsheet with additional resource owners in the Smackover and other North American locations.

First Quarter Financial Highlights (fiscal year 2027 versus fiscal year 2026)

•Revenue: $120 thousand compared to $7 thousand, reflecting service revenue from brine testing activities.

•Operating Costs (excluding depreciation): $0.4 million compared to $0.6 million.

•Selling, General and Administrative Expenses (excluding depreciation): $1.8 million compared to $2.3 million.

•Operating Income/Loss: loss of $2.9 million compared to $3.6 million.

•Change in Fair Value of Warrant Liability: gain of $2.9 million compared to $5.3 million in the prior year.

•Net Income/(Loss) and Basic and Diluted Earnings Per Share (EPS): net loss of $28 thousand, or $0.00 basic and diluted earnings per share, compared to net income of $1.7 million, or $0.01 basic and diluted earnings per share.

Conference Call Information

The Company will host a conference call tomorrow, Thursday, August 13, 2026, at 11:00 a.m. Eastern Time to discuss financial and operational results.

Dial-in and Webcast Information

Date/Time: Thursday, August 13, 2026, at 11:00 a.m. Eastern Time

Toll-Free (North America): +1 (800) 715-9871

Toll/International: +1 (646) 307-1963

Conference Call ID: 1630864

Webcast Link: https://app.webinar.net/d3e8yX6Wrnx

Replay Information

Toll-Free (North America) +1 (800) 770-2030

Toll/International: +1(609) 800-9909

Conference Call ID: 1630864#

Expiration: Thursday, August 27, 2026, 11:59 p.m. CST.

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 expectations regarding industry demand for lithium;

•our beliefs regarding demand for our current MDLE Plant and MDLE Plant technology;

•our strategies for attracting customers and deploying our MDLE Plant; and

•our expectations regarding the amount and timing of our future financing requirements and fund raising process.

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:

•industry demand and market prices for lithium;

•our ability to attract and negotiate a definitive agreement with a customer for our current MDLE Plant;

•our ability to customize the MDLE Plant to meet the needs of a customer, including our ability to fund such customizations;

•our ability to protect our intellectual property rights in our technology;

•the success or failure of management’s efforts to continue to develop the next generation of our MDLE Plant technology;

•rapid technological change that could cause our technology to become obsolete or not cost-effective;

•the loss of key members of our management team;

•our ability to expand in existing and new markets; and

•our ability to obtain adequate or timely funding to operate our business and meet our future capital expenditure requirements.

Investor Relations Contact:

Brian Siegel, IRC, MBA

Senior Managing Director

Hayden IR

(346) 396-8696

brian@haydenir.com

International Battery Metals Ltd.

Condensed Consolidated Balance Sheets

As of June 30, 2026 and March 31, 2026

(In thousands)

		June 30,				March 31,
		2026				2026
		(Unaudited)
Assets
Current assets
Cash		$	9,441			$	9,187
Accounts receivable, net			58				90
Supply inventory			1,061				1,061
Other current assets			245				251
Total current assets			10,805				10,589
Plant and equipment, net			26,341				26,842
Intangible assets, net			1,921				2,190
Right of use asset			116				141
Total assets		$	39,183			$	39,762
Current liabilities
Accounts payable		$	187			$	395
Accrued liabilities			489				892
Lease obligation, current			100				99
Total current liabilities			776				1,386
Warrant liability			9,790				9,968
Lease obligation, long-term			20				44
Total liabilities			10,586				11,398
Commitments and contingencies (Note 15)
Shareholders' equity
Share capital, no par 378,001 and 343,033 common shares issued and outstanding, respectively, as of June 30, 2026 and March 31, 2026, respectively			68,069				67,808
Accumulated deficit			(39,472	)			(39,444	)
Total shareholders' equity			28,597				28,364
Total liabilities and shareholders' equity		$	39,183			$	39,762

International Battery Metals Ltd.

Condensed Consolidated Statements of Income (Loss)(Unaudited)

For the Three Months and Years Ended June 30, 2026 and 2025

(In thousands, except per share amounts)

		Three Months Ended June 30,
		2026				2025
REVENUE
Service		$	120			$	7
Total Revenue			120				7
COST OF REVENUE
Cost of revenue			3				1
Gross margin			117				6
OPERATING COSTS AND EXPENSES
Operating costs, excluding depreciation			409				600
Selling, general and administrative expenses, excluding depreciation			1,843				2,277
Amortization of intangible assets			269				269
Depreciation			503				498
Operating loss			(2,907	)			(3,638	)
Change in fair value of warrant liability			2,883				5,323
Other income (loss)			(4	)			3
Net income (loss) before income tax provision			(28	)			1,688
Net income (loss)		$	(28	)		$	1,688
Net income (loss) per share, basic		$	(0.00	)		$	0.01
Net income (loss) per share, diluted		$	(0.00	)		$	0.01
Weighted average shares outstanding, basic			361,957				271,055
Weighted average shares outstanding, diluted			361,957				277,424

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 219.4 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 53.0 KB