The brief

Analyst view

• Nevada recycling facility (operational Q4 2023) generated $21.7M FY26 revenue (407% growth) and positive adjusted gross profit of $1.7M.
• Won reinstatement of $115M DOE grant (June 2026) for Tonopah Flats Lithium Project to extract lithium from Nevada geothermal brines.
• $144M DOE grant for second recycling facility (100k tpa, 5x current capacity) in Southeast US; FY26 ended with $49.5M cash, zero debt.

Technical approach

As reported

Recycling

Battery disassembly and black mass production

Disassemble end-of-life batteries and thermally process to black mass concentrating Ni, Co, Mn, Li.

Mineral recovery

Chemical processing and metal separation

Recovered metals are separated chemically and refined to battery-grade purity for reuse in new battery production.

Lithium extraction

Brine evaporation and chemical refining

TFLP extracts lithium from Nevada geothermal brines via evaporation and refining to lithium hydroxide.