Aqua Metals, Inc. AQMS
Aqua Metals was incorporated in Delaware on June 20, 2014, to develop and commercialize metals recycling technologies based on its proprietary AquaRefining process. In 2015, the Company developed its initial AquaRefining technology for lead-acid battery recycling, and between 2017 and 2019 operated a demonstration facility that achieved sustained production of recycled lead using a smelterless process.
In 2021, the Company expanded its focus to lithium-ion battery recycling following the development of intellectual property applicable to lithium battery materials. The Company established its Innovation Center in the Tahoe-Reno Industrial Center ("TRIC") to support research, development, and pilot-scale operations.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $0 | $25.0K | $4.0K | $173.0K | $108.0K | $4.9M | $4.4M | $2.1M | $0 |
| Cost of revenue | $2.4M | $7.2M | $6.3M | $4.0M | $7.0M | $5.5M | $24.8M | $22.8M | $9.5M | $0 |
| Gross profit | — | -$7.2M | -$6.3M | -$4.0M | -$6.8M | -$5.4M | -$19.9M | -$18.3M | -$7.5M | $0 |
| R&D | — | — | — | — | — | — | — | — | $8.1M | $6.3M |
| SG&A | $10.5M | $12.0M | $11.6M | $9.8M | $9.7M | $9.0M | $19.3M | $14.2M | $600.0K | $6.6M |
| Total operating expenses | $23.3M | $23.8M | $24.5M | $15.6M | $17.6M | $15.5M | $45.7M | $41.5M | $26.9M | $13.0M |
| Operating income | -$23.3M | -$23.8M | -$24.5M | -$15.6M | -$17.5M | -$15.4M | -$40.8M | -$37.0M | -$24.9M | -$13.0M |
| Interest expense | $667.0K | $574.0K | $621.0K | $125.0K | $21.0K | $1.6M | $3.5M | $3.4M | $1.8M | $639.0K |
| Pre-tax income | -$22.6M | -$24.6M | -$23.9M | -$15.4M | -$18.2M | -$25.8M | -$44.8M | -$40.3M | -$26.6M | -$13.6M |
| Income tax | $2.0K | $3.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $1.0K |
| Net income | -$22.6M | -$24.6M | -$23.9M | -$15.4M | -$18.2M | -$25.8M | -$44.8M | -$40.3M | -$26.6M | -$13.6M |
| EPS, basic | -15.15 | -38.25 | -5.10 | -0.20 | -0.26 | — | — | — | — | — |
| EPS, diluted | — | — | — | — | -0.26 | -0.42 | -0.86 | -1.18 | -1.31 | -0.89 |
| Shares, diluted (wtd. avg.) | $1.5M | $642.0K | $4.7M | $75.8M | $70.0M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $10.8M | $4.1M | $16.5M | $7.1M | $8.1M | $6.5M | $7.6M | $20.9M | $22.8M | $25.5M |
| Receivables | — | $0 | $67.0K | $12.0K | $269.0K | $32.0K | $244.0K | $725.0K | $882.0K | — |
| Inventory | $244.0K | $251.0K | $929.0K | $278.0K | $123.0K | $1.1M | $1.3M | $765.0K | $1.2M | $59.0K |
| Total current assets | $13.4M | $4.6M | $18.3M | $23.2M | $12.4M | $8.4M | $27.5M | $22.8M | $25.7M | $27.4M |
| Property, plant and equipment | $5.8M | $16.5M | $10.3M | $7.3M | $2.4M | $24.9M | $37.6M | $45.5M | $45.7M | $41.4M |
| Other intangibles | $76.0K | $146.0K | $281.0K | $461.0K | $640.0K | $819.0K | $999.0K | $1.3M | $1.5M | $1.1M |
| Total assets | $19.7M | $26.4M | $33.6M | $33.5M | $33.3M | $35.1M | $69.5M | $71.4M | $74.4M | $71.5M |
| Accounts payable | $547.0K | $1.2M | $1.8M | $1.1M | $685.0K | $1.6M | $4.8M | $2.1M | $1.4M | $1.6M |
| Total current liabilities | $4.4M | $8.2M | $4.6M | $12.3M | $4.1M | $3.5M | $9.8M | $11.8M | $3.8M | $4.0M |
| Long-term debt | — | — | — | — | — | $332.0K | $9.3M | $9.5M | — | $9.9M |
| Total liabilities | $4.9M | $10.1M | $7.5M | $12.6M | $5.7M | $4.0M | $19.9M | $21.3M | $15.5M | $14.5M |
| Retained earnings | -$270.4M | -$247.8M | -$223.2M | -$199.3M | -$183.8M | -$165.7M | -$139.9M | -$95.1M | -$54.8M | -$28.3M |
| Total equity | $14.8M | $16.2M | $26.1M | $20.9M | $27.5M | $31.1M | $49.6M | $50.1M | $59.0M | $57.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$10.3M | -$13.6M | -$3.2M | -$10.1M | -$7.1M | -$11.0M | -$25.2M | -$26.3M | -$19.0M | -$11.1M |
| Depreciation and amortisation | $815.0K | $902.0K | $900.0K | $500.0K | $600.0K | $1.9M | $3.5M | $3.2M | $2.9M | $687.0K |
| Stock-based compensation | $2.3M | $2.7M | $2.5M | $2.3M | $2.2M | $3.6M | $4.2M | $1.2M | $1.1M | $1.1M |
| Capital expenditure | $425.0K | $7.9M | $5.6M | $4.8M | $2.4M | $3.4M | $12.8M | $3.7M | $8.8M | $29.2M |
| Investing cash flow | $2.9M | -$11.6M | -$9.8M | -$3.4M | -$2.2M | $6.6M | -$10.6M | -$3.9M | -$9.8M | -$29.6M |
| Financing cash flow | $14.1M | $12.8M | $22.4M | $12.5M | $10.9M | $3.4M | $22.4M | $28.3M | $25.0M | $35.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-023053.
Others in SIC 3341
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CSTM | CONSTELLIUM SE | $3.70B | 14.1x | 15.2% |
| HCAC | Hall Chadwick Acquisition Corp | — | — | — |