Aqua Metals, Inc. AQMS

Basic materials SIC 3341 - Secondary Smelting & Refining of Nonferrous Metals NAICS Manufacturing › Primary Metal Manufacturing › Nonferrous Metal (except Aluminum) Production and Processing › Nonferrous Metal (except Copper and Aluminum) Rolling, Drawing, Extruding, and Alloying › Secondary Smelting, Refining, and Alloying of Nonferrous Metal (except Copper and Aluminum) derived Nasdaq

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.

Last close 1.47 2026-10-23
Market cap $5.2M 2026-06-30 share count
52-week range 1.41 - 11.48

Valuation FY2025 figures against the last close

P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS—

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.) 1.5M641,9604.7M75.8M70.0M—————

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -60M -40M -20M 0 20M Revenue, FY2016: 0 Gross profit, FY2016: 0 Net income, FY2016: -13.6M Revenue, FY2017: 2.1M Gross profit, FY2017: -7.5M Net income, FY2017: -26.6M Revenue, FY2018: 4.4M Gross profit, FY2018: -18.3M Net income, FY2018: -40.3M Revenue, FY2019: 4.9M Gross profit, FY2019: -19.9M Net income, FY2019: -44.8M Revenue, FY2020: 108K Gross profit, FY2020: -5.4M Net income, FY2020: -25.8M Revenue, FY2021: 173K Gross profit, FY2021: -6.8M Net income, FY2021: -18.2M Revenue, FY2022: 4K Gross profit, FY2022: -4M Net income, FY2022: -15.4M Revenue, FY2023: 25K Gross profit, FY2023: -6.3M Net income, FY2023: -23.9M Revenue, FY2024: 0 Gross profit, FY2024: -7.2M Net income, FY2024: -24.6M Net income, FY2025: -22.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $0 $2.1M $4.4M $4.9M $108.0K $173.0K $4.0K $25.0K $0 —
Gross profit $0 -$7.5M -$18.3M -$19.9M -$5.4M -$6.8M -$4.0M -$6.3M -$7.2M —
Net income -$13.6M -$26.6M -$40.3M -$44.8M -$25.8M -$18.2M -$15.4M -$23.9M -$24.6M -$22.6M

Recent filings and events

  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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