International Battery Metals reported a first-quarter net loss of $28 thousand, or $0.00 per share, for the period ended June 30, 2026, shifting from a net income of $1.7 million, or $0.01 per share, in the same period of fiscal 2026.

Revenue for the quarter rose to $120 thousand compared to $7 thousand in the prior-year period, reflecting service revenue generated from ongoing brine testing activities. Operating costs, excluding depreciation, fell to $0.4 million from $0.6 million, while selling, general and administrative expenses decreased to $1.8 million from $2.3 million.

These expense reductions helped narrow the operating loss for the quarter to $2.9 million, compared with an operating loss of $3.6 million in the first quarter of fiscal 2026. The company also recorded a $2.9 million gain from the change in fair value of its warrant liability, down from a $5.3 million gain a year earlier. Cash stood at $9.4 million as of June 30, 2026, up slightly from $9.2 million at the end of March.

The financial update follows leadership changes at the advanced technology provider, with Garrett Galloway stepping in as Interim Chief Executive Officer. International Battery Metals uses proprietary extraction media housed in patented extraction columns within modular, transportable skid-mounted platforms to extract lithium from brine.

“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.”

— Garrett Galloway, Interim Chief Executive Officer

Read the full announcement: International Battery Metals Ltd. Reports First Quarter of Fiscal Year 2027 Financial Results