FY2021
German coating feasibility begins
The 75%-owned German business began a coating-plant PFS and secured workshop space. The planned 10,000tpa capacity was a study assumption, not output.
ASX: ATC · Five-year financial review
(ASX: ATC) Altech Batteries Financial Review - FY2021~25
Altech’s five-year record captures a shift from Malaysian high-purity alumina development toward German battery technologies. Prototype progress came alongside substantial cash requirements, a major asset write-down and continuing dependence on external funding.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2025 cash
A$0.448m
At 30 June 2025.
FY2025 group loss
A$15.858m
Not parent-only or comprehensive loss.
Working-capital deficit
A$0.849m
Current liabilities exceed current assets.
FY2025 financing cash
A$14.259m
Net inflow, not committed project financing.
Five years in context
The investment story changed faster than the financial statements became cash-generative. Battery-coating feasibility work in Germany expanded into Silumina Anodes and CERENERGY development. Proposed plant capacities and prototype specifications are not realised production or sales.
The FY2023 Malaysian HPA impairment reshaped book assets. Subsequent losses also included investment valuation movements, while the cash record shows ongoing operating and project expenditure. Evaluating those separately is more useful than treating net loss as a single cash-burn number.
Events behind the numbers
FY2022
Silumina pilot pathway
Silumina feasibility and pilot planning advanced alongside equity funding. The CERENERGY joint venture was signed on 14 September 2022, after June, and belongs to the following financial year.
FY2023
CERENERGY agreement; HPA write-down
The Fraunhofer R&D agreement was entered in December 2022. Malaysian HPA plant development was impaired while on care and maintenance with further funding uncertain.
FY2024
Feasibility studies and pilot completion
The CERENERGY 120MWh and Silumina 8,000tpa full-scale studies advanced. The Silumina pilot was completed to provide customer qualification samples, not full-scale commercial sales.
FY2025
Prototype and financing negotiations
A 60kWh CERENERGY prototype and offtake letters of intent marked development progress. Project funding remained under discussion; the bond-security arrangement was amended after year-end.
FINANCIAL REVIEW / 01
Funding continued, but year-end cash remained tight
FY2025 operating and investing outflows exceeded financing inflows before currency movements, leaving a small cash balance. The auditor identified a material uncertainty related to going concern; funding interest from banks is not a substitute for completed funding.
Year-end cash
A$ million
Closing cash
AI-generated presentation · values from Five-year consolidated financial record; no missing values plotted as zero.
Operating and investing cash flows
A$ million
Operating cash flowInvesting cash flow
AI-generated presentation · values from Five-year consolidated financial record; no missing values plotted as zero.
Five-year consolidated financial record
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net profit / (loss), group | 2.326 | (5.802) | (61.780) | (32.294) | (15.858) |
| Operating cash flow | (3.700) | (4.822) | (8.282) | (11.411) | (7.650) |
| Investing cash flow | (6.789) | (4.335) | (2.154) | (13.659) | (8.282) |
| Financing cash flow | 16.384 | 13.351 | 3.077 | 23.633 | 14.259 |
| Closing cash | 6.729 | 10.913 | 3.571 | 2.117 | 0.448 |
Australian dollars; consolidated group result including non-controlling interests, not parent-only profit.
FY2021 profit includes A$7.942m other income; it does not demonstrate cash-generating battery production.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
The large losses include non-cash remeasurement
FY2023 included a A$63.958m impairment of plant and development assets and a A$14.741m fair-value gain on the AAM investment. These had opposite effects on the reported loss and neither is a current-period cash receipt or payment.
The cash reconciliation records investment fair-value losses of A$12.332m in FY2024 and A$2.884m in FY2025. They help explain why losses differ from operating cash use, but this report does not present a partial adjustment as a complete underlying-profit measure.
FY2021 other income of A$7.942m sits alongside an operating cash outflow. The extraction does not establish that other income as recurring battery sales, so it remains labelled other income.
FINANCIAL REVIEW / 03
A smaller asset base after the HPA impairment
The HPA write-down and later German spending changed the composition of assets. At June 2025, substantial plant book value coexisted with a working-capital deficit. Group equity includes negative non-controlling interests and is not the parent-only capital figure.
Assets and equity
A$ million
Total assetsTotal equity including NCI
AI-generated presentation · values from Capital tied up in development assets; no missing values plotted as zero.
Capital tied up in development assets
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 89.767 | 98.388 | 44.878 | 38.103 | 36.886 |
| Total equity including NCI | 88.927 | 97.538 | 33.875 | 22.637 | 20.435 |
| Property, plant and equipment | 29.932 | 32.000 | 12.596 | 20.964 | 25.726 |
| Current assets | 6.976 | 11.416 | 6.456 | 6.202 | 2.487 |
| Current liabilities | 0.686 | 0.687 | 6.585 | 5.900 | 3.336 |
| Working capital | 6.289 | 10.728 | (0.130) | 0.303 | (0.849) |
FY2021 equity uses the FY2022 restated comparative.
Working capital is calculated; asset carrying amounts are not spendable cash. NCI is included in group equity rather than removed.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Separate plant purchases from R&D and disposal receipts
The investment cash total is net of receipts, including staged consideration for the German interest sale in FY2023 and FY2024. Gross plant purchases therefore reveal a different pattern from net investing cash. Future Fraunhofer payments were paused pending financial close.
Plant acquisition payments
A$ million
Plant and equipment acquisitions
AI-generated presentation · values from Cash payments for plant and equipment; no missing values plotted as zero.
R&D cash payments
A$ million
Research and development payments
AI-generated presentation · values from R&D spending and German interest-sale receipts; no missing values plotted as zero.
Cash payments for plant and equipment
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Plant and equipment acquisitions | (0.096) | (2.443) | (3.262) | (9.367) | (4.647) |
This is not total development spending. FY2021 separately included A$5.078m development payments. Later R&D cash payments are shown below.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
R&D spending and German interest-sale receipts
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Research and development payments | (3.749) | (6.710) | (3.346) |
| Receipts from sale of 25% of AIG | 5.097 | 2.596 | 0.000 |
Cash-flow classifications as extracted. R&D cash may also be an expense; do not add accounting expense and cash payment together.
The 25% interest-sale receipts are not battery customer revenue and do not mean a new 25% disposal happened every year.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Drawn cash, commitments and security changes
The recent cash statements show share raisings, AAM loans and a bearer-bond receipt. These are retained separately rather than calling all funding equity. The EUR-denominated facility cap and August 2025 share-security amendment are subsequent arrangements, not additional June cash.
The September 2024 ZISP letter of intent depended on performance and specifications. It is a FY2025 commercial milestone, not FY2024 delivered battery revenue or guaranteed cash collection.
Recent sources of cash financing
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Gross share proceeds | 19.580 | 12.958 |
| Share issue costs | (0.951) | (1.006) |
| Loans from AAM | 5.062 | 1.447 |
| Bearer-bond drawdown receipts | 0.000 | 0.895 |
| Option exercise receipts | 0.000 | 0.013 |
A$ cash receipts, not authorised facility sizes. Net financing also includes lease payments.
The bond facility was amended after June 2025 from EUR2.5m to EUR2.0m; neither headline amount is added to June cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Frozen annual extraction only; no original-report or new DB retrieval, no financial web research or MiniMax calls. Published review.
- AUD consolidated statements are not mixed with EUR project-cost and facility proposals. Group totals include non-controlling interests.
- No commodity-production template is imposed on a battery-development company; prototypes, LOIs and proposed capacity are not realised output.
- FY2021 comparative equity is explicitly restated; no unsupported claim that every historic line uses a uniform restatement basis.
Annual-report source registry
- Altech Batteries - Annual Report to shareholdersFrozen annual extraction; project-stage, NCI, cash and timing distinctions preserved.
- Altech Batteries - Annual Report to shareholdersFrozen annual extraction; project-stage, NCI, cash and timing distinctions preserved.
- Altech Batteries - Annual Report to shareholdersFrozen annual extraction; project-stage, NCI, cash and timing distinctions preserved.
- Altech Batteries - Annual Report to shareholdersFrozen annual extraction; project-stage, NCI, cash and timing distinctions preserved.
- Altech Batteries - Annual Report to shareholdersFrozen annual extraction; project-stage, NCI, cash and timing distinctions preserved.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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AI-led method
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