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AQMS

Aqua Metals, Inc.

AQMS

Aqua Metals, Inc. • NASDAQ
$8.10 ▲ 6.44% (+0.49)
Market Cap $24.16 M
52w High $39.40
52w Low $3.37
Dividend Yield 0%
P/E -0.29
Volume 61.37K
Outstanding Shares 2.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $2.464M ▼ $-3.121M ▲ 0% $-2.188 ▲ $-2.833M ▲
Q2-2025 $0 $6.255M ▼ $-6.77M ▲ 0% $-7.44 ▲ $-6.243M ▲
Q1-2025 $0 $7.959M ▲ $-8.315M ▼ 0% $-10.3 ▲ $-7.614M ▼
Q4-2024 $0 $5.667M ▲ $-7.443M ▼ 0% $-10.4 ▼ $-3.76M ▲
Q3-2024 $0 $3.594M $-5.21M 0% $-7.64 $-4.808M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.586M ▲ $10.504M ▲ $3.982M ▼ $6.522M ▲
Q2-2025 $1.933M ▲ $9.244M ▼ $4.126M ▼ $5.118M ▼
Q1-2025 $1.589M ▼ $18.065M ▼ $8.534M ▼ $9.531M ▼
Q4-2024 $4.079M ▲ $26.365M ▼ $10.121M ▲ $16.244M ▼
Q3-2024 $2.95M $28.483M $7.585M $20.898M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.121M ▲ $-2.349M ▲ $35K ▼ $3.967M ▲ $1.653M ▲ $-2.349M ▲
Q2-2025 $-6.77M ▲ $-2.546M ▲ $5.311M ▲ $-2.421M ▼ $344K ▲ $-2.723M ▲
Q1-2025 $-8.315M ▼ $-2.753M ▼ $-375K ▲ $638K ▼ $-2.49M ▼ $-3.228M ▼
Q4-2024 $-7.443M ▼ $-1.995M ▲ $-574K ▲ $3.698M ▲ $1.129M ▲ $-2.726M ▲
Q3-2024 $-5.21M $-3.635M $-1.3M $52K $-4.883M $-5.1M

Five-Year Company Overview

Income Statement

Income Statement Aqua Metals is still in the “pre-revenue” phase. Over the last several years, it has not generated meaningful sales, while continuing to record steady operating losses. In plain terms, money has been going out for development, staff, and overhead, but none has been coming in from a fully ramped commercial business yet. The size of those losses has been fairly consistent year after year, which suggests disciplined but ongoing spending to build the technology and platform. Because there is no revenue base to absorb these costs, earnings per share look very negative. Overall, the income statement reflects a company still firmly in the build-out stage, with future profitability entirely dependent on successfully commercializing its battery recycling technology.

Balance Sheet

Balance Sheet The balance sheet is small and lean, reflecting a company that is still early in its commercial life. Assets are modest, with only a limited cash cushion and a relatively small base of physical and other assets tied to its operations and projects. The business has relied more on shareholder equity than on borrowing, with little to no traditional debt in most years. That lowers financial leverage risk but also means the company has likely depended on issuing stock or similar equity financing to fund itself. Given the modest asset and cash levels, Aqua Metals appears to have limited room to absorb prolonged delays or setbacks without raising additional capital. The history of reverse stock splits also hints at ongoing pressure to support the share price and maintain access to capital markets, which is common for early-stage, pre-revenue companies but still worth keeping in mind as a sign of financing dependence.

Cash Flow

Cash Flow Cash flow is negative and fairly consistently so, which is typical for a company still developing and scaling a new technology. Operating activities have used cash each year, meaning day-to-day business and R&D efforts are not yet self-sustaining. Free cash flow has been even more negative, reflecting spending on equipment and facilities. Capital spending has been present but not extreme, pointing to a gradual rather than aggressive build-out so far. Overall, Aqua Metals is a cash-consuming rather than cash-generating business at this stage. Its future health will depend on a combination of: securing enough funding to carry it through the commercialization phase, turning pilot and demonstration successes into recurring revenue, and eventually narrowing and reversing the cash burn. Until that happens, liquidity and access to external financing remain key risks.

Competitive Edge

Competitive Edge Aqua Metals is trying to carve out a niche as a cleaner, more sustainable alternative to traditional battery recycling methods. Its main edge is a proprietary, water-based recycling process designed to avoid the high heat, pollution, and heavy emissions of smelting. This positions the company squarely within the growing environmental and clean-tech theme. The firm’s patents and know-how around its AquaRefining technology form the backbone of its moat. A strong intellectual property portfolio, combined with early work on lithium-ion batteries and the ability to produce high-purity metals, can make it harder for direct competitors to copy its exact approach. Strategic partnerships with industry players, including efforts to build a domestic supply chain and expand into Asia, provide validation and potential routes to market. At the same time, Aqua Metals competes in a space where larger, better-funded companies and established recyclers already operate. Its competitive position will ultimately depend on whether it can prove its process is reliably cheaper, cleaner, and scalable at industrial volumes—and whether customers commit to long-term supply and offtake agreements. In short, there is a clear strategic angle and some early-mover advantages in sustainable recycling, but the competitive strength is still more “promising potential” than fully proven dominance.

Innovation and R&D

Innovation and R&D Innovation is the core of Aqua Metals’ story. The company’s AquaRefining process is a room-temperature, water-based method intended to recover key battery metals with lower emissions and waste than traditional approaches. It has evolved from lead-acid batteries to the more complex and strategically important lithium-ion space. R&D has focused on recovering a full suite of valuable metals—like lithium, nickel, cobalt, and copper—in forms pure enough to feed directly into new battery production. That is important because battery makers need very clean, consistent inputs. The company has also been expanding into newer battery chemistries such as LFP, which are gaining share in electric vehicles. Beyond the core process, Aqua Metals is working on a flexible business model: selling high-purity recycled materials, licensing its technology, and supplying equipment. Its ongoing patent activity and pilot work at the Sierra AquaRefining Campus highlight a strong emphasis on protecting and scaling its technology. However, much of this remains at the pilot and early-commercial stage. The step from lab and pilot success to full-scale, profitable industrial deployment is significant and often difficult. Execution, reliability at scale, and real-world economics are the main unknowns that future R&D and operational data will need to clarify.

Summary

Aqua Metals is an early-stage, technology-driven recycling company attempting to bring a cleaner, lower-emission process to the battery materials supply chain. Financially, it is still pre-revenue, with recurring losses, ongoing cash burn, and a small balance sheet, which together underline a high dependence on outside funding and successful execution of its plans. Strategically, the company sits at the intersection of two powerful trends: the growth of batteries for electric vehicles and energy storage, and the push for more sustainable, circular use of critical minerals. Its patented AquaRefining technology, focus on high-purity metals, and partnerships in the U.S. and Asia all point to a thoughtful attempt to build a differentiated position. The key opportunities lie in: bringing the Sierra AquaRefining Campus into full commercial operation, closing additional partnerships and offtake agreements, scaling a licensing model, and demonstrating clear cost and environmental advantages at industrial scale. The key risks are: continued lack of revenue, the need for ongoing financing, scale-up and technology execution challenges, and competition from better-capitalized or more established recyclers. Overall, Aqua Metals represents a high-uncertainty, innovation-led business where the long-term outcome depends heavily on turning promising technology into reliable, profitable operations.