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Side-by-side financial comparison of AMERICAN BATTERY TECHNOLOGY Co (ABAT) and Spectral AI, Inc. (MDAI). Click either name above to swap in a different company.
AMERICAN BATTERY TECHNOLOGY Co is the larger business by last-quarter revenue ($4.8M vs $4.1M, roughly 1.2× Spectral AI, Inc.). Spectral AI, Inc. runs the higher net margin — 25.7% vs -195.0%, a 220.7% gap on every dollar of revenue. On growth, AMERICAN BATTERY TECHNOLOGY Co posted the faster year-over-year revenue change (1331.8% vs -46.3%).
American Battery Technology Company, formerly American Battery Metals Corporation, is a US-based battery recycling technology startup founded in 2011. It employs a hydrometallurgical process to recycle batteries and a targeted extraction system to extract raw materials from primary resources.
Spectral AI, Inc. is a medical technology firm specializing in AI-powered diagnostic imaging solutions primarily for burn and wound care. It develops non-invasive imaging tools that enable healthcare providers to deliver faster, more accurate treatment assessments, serving clinical and healthcare partner networks across North America and European markets.
ABAT vs MDAI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $4.1M |
| Net Profit | $-9.3M | $1.1M |
| Gross Margin | -33.6% | 45.2% |
| Operating Margin | -207.5% | -54.9% |
| Net Margin | -195.0% | 25.7% |
| Revenue YoY | 1331.8% | -46.3% |
| Net Profit YoY | 30.7% | 113.9% |
| EPS (diluted) | $-0.07 | $0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.8M | $4.1M | ||
| Q3 25 | $937.6K | $3.8M | ||
| Q2 25 | $2.8M | $5.1M | ||
| Q1 25 | $980.0K | $6.7M | ||
| Q4 24 | — | $7.6M | ||
| Q3 24 | — | $8.2M | ||
| Q2 24 | — | $7.5M | ||
| Q1 24 | — | $6.3M |
| Q4 25 | $-9.3M | $1.1M | ||
| Q3 25 | $-10.3M | $-3.6M | ||
| Q2 25 | $-10.2M | $-8.0M | ||
| Q1 25 | $-11.5M | $2.9M | ||
| Q4 24 | — | $-7.6M | ||
| Q3 24 | — | $-1.5M | ||
| Q2 24 | — | $-2.9M | ||
| Q1 24 | — | $-3.2M |
| Q4 25 | -33.6% | 45.2% | ||
| Q3 25 | -375.1% | 42.7% | ||
| Q2 25 | -92.6% | 45.2% | ||
| Q1 25 | -274.5% | 47.2% | ||
| Q4 24 | — | 44.0% | ||
| Q3 24 | — | 44.9% | ||
| Q2 24 | — | 44.3% | ||
| Q1 24 | — | 46.6% |
| Q4 25 | -207.5% | -54.9% | ||
| Q3 25 | -1080.8% | -88.1% | ||
| Q2 25 | -280.1% | -41.9% | ||
| Q1 25 | -1086.3% | -13.4% | ||
| Q4 24 | — | -14.6% | ||
| Q3 24 | — | -10.8% | ||
| Q2 24 | — | -32.7% | ||
| Q1 24 | — | -33.9% |
| Q4 25 | -195.0% | 25.7% | ||
| Q3 25 | -1098.5% | -93.7% | ||
| Q2 25 | -366.4% | -157.3% | ||
| Q1 25 | -1173.1% | 43.2% | ||
| Q4 24 | — | -99.8% | ||
| Q3 24 | — | -18.4% | ||
| Q2 24 | — | -38.3% | ||
| Q1 24 | — | -50.7% |
| Q4 25 | $-0.07 | $0.04 | ||
| Q3 25 | $-0.09 | $-0.13 | ||
| Q2 25 | $-0.09 | $-0.31 | ||
| Q1 25 | $-0.14 | $0.11 | ||
| Q4 24 | — | $-0.42 | ||
| Q3 24 | — | $-0.08 | ||
| Q2 24 | — | $-0.16 | ||
| Q1 24 | — | $-0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $47.9M | $15.4M |
| Total DebtLower is stronger | — | $9.3M |
| Stockholders' EquityBook value | $119.0M | $-5.7M |
| Total Assets | $123.3M | $21.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.9M | $15.4M | ||
| Q3 25 | $30.9M | $10.5M | ||
| Q2 25 | $7.5M | $10.5M | ||
| Q1 25 | $7.8M | $14.1M | ||
| Q4 24 | — | $5.2M | ||
| Q3 24 | — | $3.7M | ||
| Q2 24 | — | $6.9M | ||
| Q1 24 | — | $10.2M |
| Q4 25 | — | $9.3M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $7.8M | ||
| Q4 24 | — | $2.8M | ||
| Q3 24 | — | $1.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $119.0M | $-5.7M | ||
| Q3 25 | $96.0M | $-8.2M | ||
| Q2 25 | $70.6M | $-9.2M | ||
| Q1 25 | $65.6M | $-1.6M | ||
| Q4 24 | — | $-7.3M | ||
| Q3 24 | — | $-4.8M | ||
| Q2 24 | — | $-4.7M | ||
| Q1 24 | — | $-2.5M |
| Q4 25 | $123.3M | $21.4M | ||
| Q3 25 | $101.5M | $15.3M | ||
| Q2 25 | $84.5M | $16.0M | ||
| Q1 25 | $76.5M | $20.7M | ||
| Q4 24 | — | $12.1M | ||
| Q3 24 | — | $11.6M | ||
| Q2 24 | — | $13.9M | ||
| Q1 24 | — | $15.5M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-9.8M | $-2.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | -2.43× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.8M | $-2.6M | ||
| Q3 25 | $-7.1M | $-2.5M | ||
| Q2 25 | — | $-3.4M | ||
| Q1 25 | $-10.3M | $-1.5M | ||
| Q4 24 | — | $469.0K | ||
| Q3 24 | — | $-1.6M | ||
| Q2 24 | — | $-5.4M | ||
| Q1 24 | — | $-2.7M |
| Q4 25 | — | -2.43× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.52× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
