alpha-En Corporation

What they do

Alpha-En is developing its proprietary Reductive Lithium Extraction (RLE) process, which uses an applied voltage at room temperature to convert lithium raw materials such as brine-derived solutions, recycled lithium-ion battery solutions and dissolved lithium carbonate into thin lithium metal films for battery anodes. The process is designed to operate as both a lithium extraction and thin-film deposition technique and to produce cell-ready electrodes in a single step. The company has not commenced commercial production of lithium metal or lithium battery electrodes; since 2023 its operations have consisted primarily of research and development funded principally by federal and state government awards, together with private investment, and work to re-establish compliance with SEC reporting obligations.

Revenue drivers

• Product sales — The company reports no revenue and has not begun commercial production of lithium metal or lithium battery electrodes, so product sales do not currently contribute.
• Government research and development awards — Since 2023 operations have been funded principally by federal and state government awards, including SBIR-type support referenced in the 10-K and, in the 2019 10-Q, a June 2019 NYSERDA technology development grant that could provide up to approximately $1.0 million in grant funding over time; no award amounts are disclosed in the annual figures provided.
• Related-party funding and settlement — In September 2024 NRL acquired approximately 45% of the company's outstanding common stock under a stock purchase agreement in exchange for settlement of related-party obligations and provision of rent-free laboratory and office space, and NRL has since funded the company's non-SBIR operating expenses through advances.
• Potential joint development agreements — The company is engaged with multiple battery cell manufacturers under non-disclosure agreements regarding potential joint development agreements, but as of the date of the 10-K no such agreement had been executed.

Recent performance

Revenue was zero for fiscal 2025, 2024 and 2023, as reported in the 10-K. Operating expenses rose to $1,498,594 in 2025 from $1,047,421 in 2024 and $780,171 in 2023, driven primarily by payroll and management fees ($640,865 in 2025 vs. $524,990 in 2024) and general and administrative costs ($450,132 in 2025 vs. $218,538 in 2024). The reported net loss was $646,684 in 2025, $1,436,543 in 2024 and $476,240 in 2023, with other income of $851,910 in 2025 partly offsetting the larger operating loss. At December 31, 2025, total assets were $24,007 and total liabilities were $534,762, producing negative shareholder equity of approximately $8.6 million. For context, the most recent quarterly revenue figure in the data is $58,000 for the quarter ended September 30, 2019, and cash and equivalents were $278,000 at that date.

Strategy

The company's stated strategy is to develop and commercialize the RLE process and to scale it toward commercial production of high-purity lithium metal and cell-ready lithium metal electrodes. Management says it is continuing to develop its pilot Reductive Lithium Extraction coating unit and is engaged with multiple battery cell manufacturers under non-disclosure agreements regarding potential joint development agreements. Government research and development awards and funding from NRL, its principal stockholder, have supported the rebuilding of technical operations since 2023. In March 2026 the company engaged WWC, P.C. as its independent registered public accounting firm to audit fiscal 2023, 2024 and 2025, and it filed a comprehensive Form 10-K to become current in its Exchange Act reporting after being delinquent since the fiscal year ended December 31, 2019. Management identifies execution of one or more joint development agreements and further scale-up of the RLE process as important milestones in the commercialization strategy.

Risks

• No commercial revenue — The company has not generated any product revenue and states it may not generate revenue from product sales in the near future, with all fiscal 2025, 2024 and 2023 revenue reported as zero.
• Development-stage technology risk — The RLE process remains under development, and the company states there can be no assurance that its development activities will result in commercially viable products or processes.
• Liquidity and capital needs — At December 31, 2025, total liabilities of $534,762 exceeded total assets of $24,007 and shareholder equity was negative approximately $8.6 million; the 10-Q risk disclosures include potential inability to raise capital when and if needed.
• Dependence on related-party and government funding — Operations since 2023 have been funded principally by government research and development awards and by NRL, which acquired approximately 45% of outstanding common stock in September 2024 and has funded non-SBIR operating expenses through advances.

Outlook

Management says the company is continuing to develop its pilot Reductive Lithium Extraction coating unit and is in discussions with multiple battery cell manufacturers under non-disclosure agreements, though no joint development agreement had been executed as of the 10-K date. It identifies execution of one or more joint development agreements and further scale-up of the RLE process as important milestones. The company also states that it has not generated any revenue and may not generate revenue from product sales or other sources in the near future.