Let $η_{1}\ge η_{2}\ge\cdots\ge η_{n}$ be the eigenavalues of $\mathcal{ABS}$ matrix. In this paper, we characterize connected graphs with $\mathcal{ABS}$ eigenvalue $η_{n}>-1$. As a result, we determine all connected graphs with exactly two distinct $\mathcal{ABS}$ eigenvalues. We show that a connected bipartite graph has three distinct $\mathcal{ABS}$ eigenvalues if and only if it is a complete bipartite graph. Furthermore, we present some bounds for the $\mathcal{ABS}$ spectral radius (resp. $\mathcal{ABS}$ energy) and characterize extremal graphs. Also, we obtain a relation between $\mathcal{ABC}$ energy and $\mathcal{ABS}$ energy. Finally, the chemical importance of $\mathcal{ABS}$ energy is investigated and it shown that the $\mathcal{ABS}$ energy is useful in predicting certain properties of molecules.