Aqua Metals, Inc.

Listed Company

AQMSCIK 0001621832NasdaqNon-AcceleratedSmaller ReportingSecondary Smelting & Refining Of Nonferrous MetalsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-22.65M

Total Assets

—

Equity

—

Shares Out

3.36M

Op. Cash Flow

$-10.25M

Business

Aqua Metals, Inc. develops and commercialized AquaRefining technologies to recycle metals from spent batteries using a closed‑loop, electricity‑powered electro‑hydrometallurgical process. The company offers AquaRefining systems and Aqualyzer cells, a PureMetrics production portal, and services that recover high‑purity products such as lithium hydroxide or carbonate, nickel, cobalt, manganese dioxide and copper. It operates as a single business segment focused on lithium‑ion and lead‑acid battery recycling through pilot and planned commercial facilities, licensing, and strategic partnerships. Aqua Metals targets the U.S. battery supply chain and global metals markets, selling product and systems directly and through partnerships with non‑pyro black mass producers.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Plant operations	2	7	6	4	7
Research and development cost	1	2	2	2	933,000
Impairment and loss on disposal of property, plant and equipment	9	3	−23,000	−596,000	−6
General and administrative expense	10	12	12	10	10
Total operating expense	23	24	24	16	18
Loss from operations	−23	−24	−24	−16	−17
Interest expense	−667,000	−574,000	−621,000	—	—
Interest and Other Income	913,000	376,000	1	262,000	379,000
Loss on extinguishment of debt	−825,000	0	—	0	332,000
Change in fair value of warrant liability	1	−507,000	0	—	—
Total other income (expense), net	687,000	−705,000	526,000	137,000	−726,000
Loss before income tax expense	−23	−25	−24	−15	−18
Income tax expense	−2,000	−3,000	0	—	—
Net loss	−23	−25	−24	−15	−18
Weighted average shares outstanding, basic and diluted (in shares)	1	641,960	5	76	70
Basic and diluted net loss per share (in dollars per share)	−15.15	−38.25	−5.1	−0.2	−0.26

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-10-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Common stock, par value (in dollars per share)	0	0	0	0	0
Cash and cash equivalents	11	—	4	17	7
Inventory	244,000	—	251,000	929,000	278,000
Prepaid expenses and other current assets	282,000	—	214,000	181,000	263,000
Total current assets	13	—	5	18	23
Property, plant and equipment, net	6	—	16	10	7
Intellectual property, net	76,000	—	146,000	281,000	461,000
Other assets	462,000	—	5	5	489,000
Total non-current assets	6	—	22	15	10
Total assets	20	—	26	34	34
Accounts payable	547,000	—	1	2	1
Accrued Expenses	4	—	3	2	2
Operating and Finance Lease Liability, Current	311,000	—	289,000	275,000	307,000
Notes payable, current portion	0	—	4	35,000	6
Total current liabilities	4	—	8	5	12
Operating and Finance Lease, Liability, Noncurrent	281,000	—	446,000	0	275,000
Total liabilities	5	—	10	8	13
Commitments and contingencies (see Note 14)	—	—	—	—	—
Common stock; $0.001 par value; 300,000,000 shares authorized; 3,004,898 and 2,999,592, shares issued and outstanding as of December 31, 2025, respectively and 776,026 and 773,084 shares issued and outstanding as of December 31, 2024	3,000	—	1,000	5,000	79,000
Additional paid-in capital	285	—	264	250	220
Accumulated deficit	−270	—	−248	−223	−199
Treasury stock, at cost; common shares: 5,306 and 2,942 as of December 31, 2025 and December 31, 2024, respectively	−29,000	—	−192,000	−516,000	0
Total stockholders equity	15	—	16	26	21
Total liabilities and stockholders equity	20	—	26	34	34

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and ROU asset amortization	1	1	1	882,000	1
Amortization of intellectual property	70,000	135,000	180,000	179,000	200,000
Fair value of common stock issued for consulting services	261,000	150,000	12,000	19,000	225,000
Fair value of common stock issued for director fees	0	37,000	96,000	21,000	0
Stock-based compensation	2	3	3	2	2
Amortization of deferred financing costs	336,000	73,000	128,000	13,000	0
Loss on extinguishment of debt	639,000	0	—	—	—
Inventory NRV adjustment	0	283,000	0	0	146,000
Write off of debt issuance costs	0	563,000	0	—	—
Accrued interest expense	0	10,000	0	—	—
Accounts receivable	0	67,000	−55,000	120,000	−237,000
Inventory	7,000	396,000	−651,000	−155,000	822,000
Prepaid expenses and other current assets	−68,000	−33,000	82,000	93,000	345,000
Accounts payable	−261,000	−21,000	139,000	22,000	8,000
Accrued expenses	440,000	2	209,000	1	378,000
Other assets and liabilities	−216,000	−130,000	−307,000	−497,000	−508,000
Net cash used in operating activities	−10	−14	−3	−10	−7
Purchases of property, plant and equipment	−425,000	−8	−6	−5	−2
Proceeds from sale of equipment	4	22,000	70,000	2	275,000
Proceeds from note receivable - LINICO	100,000	500,000	0	—	—
Proceeds from refund of equipment deposit	1	0	—	—	—
Payments for note receivable - LION ENERGY	−2	0	—	—	—
Equipment deposits	−231,000	−4	−4	—	—
Net cash provided by (used in) investing activities	3	−12	−10	−3	−2
Proceeds from issuance of common stock, net of transaction costs	12	7	23	0	—
Proceeds from issuance of common stock for exercise of pre-funded warrants	1,000	0	—	—	—
Proceeds from employee stock purchase plan	0	54,000	14,000	108,000	0
Payments on note payable	−5	0	−6	0	0
Principal payments on finance leases	−39,000	−72,000	0	—	—
Cash paid for tax withholdings on RSUs vesting	−147,000	−552,000	−1	0	—
Cash paid for reverse split fractional shares	−2,000	−1,000	0	—	—
Debt issuance costs	0	−424,000	−140,000	0	—
Net cash provided by financing activities	14	13	22	13	11
Net increase (decrease) in cash and cash equivalents	7	−12	9	−1	2
Cash paid for interest	528,000	333,000	480,000	84,000	84,000
Cash paid for income taxes	2,000	3,000	0	2,000	2,000
Acquisitions of property, plant and equipment included in accounts payable	65,000	485,000	1	451,000	−368,000
Acquisitions of property, plant and equipment paid by prior-period deposits	2	0	—	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro