Aqua Metals, Inc.
Business
Aqua Metals develops and commercializes proprietary hydrometallurgical and electrochemical recycling technologies, specifically its patented AquaRefining process, for recovering critical minerals and metals from spent batteries. The company produces high-purity recovered materials such as lithium carbonate, lithium hydroxide, cobalt, nickel, copper, and manganese from lithium-ion battery black mass and lead-acid battery paste using an electricity-powered, closed-loop system. Aqua Metals operates a pilot-scale recycling facility at its Innovation Center in Nevada and is evaluating commercial deployment opportunities, strategic partnerships, and licensing arrangements for domestic and international markets.
Summary from 10-K filed 2026-03-31
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Aqua Metals, Inc.'s CIK number?
Aqua Metals, Inc.'s SEC CIK number is 0001621832 (1621832). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Aqua Metals, Inc.'s SEC filings?
All of Aqua Metals, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Aqua Metals, Inc. last report earnings?
Aqua Metals, Inc. (AQMS) most recently filed an earnings 8-K with the SEC on May 14, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001437749-26-017044). This is Aqua Metals, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Aqua Metals, Inc.'s most recent earnings 8-K?
Aqua Metals, Inc.'s latest earnings 8-K (Item 2.02) was filed May 14, 2026 under accession 0001437749-26-017044. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Aqua Metals, Inc.'s latest earnings 8-K →
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