Aqua Metals (AQMS)
NASDAQ:AQMS
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Aqua Metals
(NASDAQ:AQMS)
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Rating:48Neutral
Price Target:
$4.50
▼(-22.55% Downside)
Action:Reiterated
Date:05/15/26
Overall score is held down primarily by very weak financial performance (near-zero revenue, persistent losses, and ongoing cash burn) despite low leverage. Technicals are mixed/neutral and valuation support is limited due to negative earnings and no dividend. The latest earnings call adds some support from improved expense discipline and technical validation, but near-term liquidity and execution risk around commercialization remain significant.
Positive Factors
Technical validation
Independent production of battery‑grade lithium carbonate across NMC and LFP feedstocks and 5,000+ operating hours represent durable technical validation. This materially reduces technology execution risk, supports customer qualification for recycled inputs, and strengthens the company’s ability to scale commercial operations once site and financing are secured.
Negative Factors
Limited cash runway and quarterly cash burn
With only ~$6.8M in cash and a ~ $3.8M quarterly operating burn, the company faces a constrained runway absent new financing or rapid revenue conversion. This structural liquidity pressure forces reliance on dilutive financing, the ATM, or partners, and could delay site selection, engineering progression, or commercial launches over the next several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Technical validation
Independent production of battery‑grade lithium carbonate across NMC and LFP feedstocks and 5,000+ operating hours represent durable technical validation. This materially reduces technology execution risk, supports customer qualification for recycled inputs, and strengthens the company’s ability to scale commercial operations once site and financing are secured.
Read all positive factors
Aqua Metals (AQMS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.19M
Dividend YieldN/A
Average Volume (3M)4.34M
Price to Earnings (P/E)―
Beta (1Y)1.73
Revenue GrowthN/A
EPS Growth-111.52%
CountryUS
Employees11
SectorIndustrials
Sector Strength72
IndustryWaste Management
Share Statistics
EPS (TTM)-13.82
Shares Outstanding3,362,006
10 Day Avg. Volume7,943,334
30 Day Avg. Volume4,340,116
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.49
Price to Sales (P/S)0.00
P/FCF Ratio-0.67
Enterprise Value/Market Cap0.56
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-3.61
Enterprise Value/Ebitda-0.46
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-24
Revenue Forecast (FY)$7.80M
Aqua Metals Business Overview & Revenue Model
Company Description
Aqua Metals, Inc. engages in the recycling of lead primarily in the United States. It produces and sells hard lead, lead compounds, and plastics. Aqua Metals, Inc. was incorporated in 2014 and is headquartered in Reno, Nevada....
How the Company Makes Money
Aqua Metals makes money primarily by generating revenue from recycling services and the sale of recovered battery materials. Its revenue model includes (1) selling recovered products derived from lithium-ion battery feedstocks (e.g., black mass or...
Aqua Metals Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call conveyed meaningful technical progress and financial discipline: Aqua Metals demonstrated validated battery-grade lithium carbonate production from multiple feedstocks, achieved >5,000 operating hours, and materially reduced operating expenses and net loss year-over-year. However, the company faces near-term liquidity constraints (cash of ~$6.8M and ~$3.8M quarterly cash burn), unresolved exposure to the Lion Energy financing (~$4.1M) with a $437k provision, and no binding commercial contracts yet—progress toward commercialization is contingent on site selection and financing. Overall, the positives around validated technology, reduced losses and financing flexibility (ATM capacity) outweigh the near-term operational and liquidity risks, but execution on site selection and commercial conversions remains critical.Positive Updates
Significant Reduction in Net Loss
Net loss improved to approximately $4.0M in Q1 2026 from $8.3M in Q1 2025, a ~51.8% year-over-year reduction; loss per share improved to $1.22 from $10.27, an ~88.2% improvement driven primarily by the absence of prior-year noncash impairment charges.
Negative Updates
Limited Cash Position and Quarterly Cash Burn
Ended the quarter with approximately $6.8M in cash and cash equivalents and used ~$3.8M in operating activities during the quarter, signaling a limited near-term cash runway without additional financing despite ATM capacity.
Read all updates
Q1-2026 Updates
Positive
Negative
Significant Reduction in Net Loss
Net loss improved to approximately $4.0M in Q1 2026 from $8.3M in Q1 2025, a ~51.8% year-over-year reduction; loss per share improved to $1.22 from $10.27, an ~88.2% improvement driven primarily by the absence of prior-year noncash impairment charges.
Read all positive updates
Company Guidance
Guidance from the call emphasized advancing commercialization through site selection, continued engineering/technical validation and expanded commercial engagement over the balance of 2026, with the company saying site selection for its first commercial lithium battery recycling facility is well underway (short list of U.S. locations) and that progress to FEL2-style engineering will follow once site, feedstock and offtake alignment are finalized; key operational metrics cited include more than 5,000 cumulative operating hours, independent production of battery‑grade lithium carbonate from both NMC and LFP feedstocks, and manganese sulfate purity of ~99.8%, while financial metrics reported for Q1 2026 were a net loss of ~$4.0M (~$1.22 per share) versus a net loss of ~$8.3M (~$10.27 per share) in Q1 2025, operating expenses of ~$4.1M (vs. $8.7M), cash and equivalents of ~$6.8M, working capital of ~$7.5M, cash used in operations of ~$3.8M, ~$1.3M raised under the ATM with ~$48.6M remaining capacity, and disclosed Lion Energy exposure of ~ $4.1M (including a $2.0M advance) with a $437k provision for credit losses; management reiterated disciplined capital management and said it expects to report additional updates soon.Aqua Metals Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
52
Neutral
Cash Flow
18
Very Negative
| Breakdown | Mar 2026 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 25.00K | 4.00K | 173.00K |
| Gross Profit | -2.41M | -7.21M | -6.26M | -3.96M | -6.84M |
| EBITDA | -20.84M | -22.70M | -22.05M | -14.24M | -16.85M |
| Net Income | -22.65M | -24.55M | -23.94M | -15.43M | -18.19M |
Balance Sheet | |||||
| Total Assets | 19.71M | 26.36M | 33.60M | 33.50M | 33.27M |
| Cash, Cash Equivalents and Short-Term Investments | 10.81M | 4.08M | 16.52M | 7.08M | 8.14M |
| Total Debt | 592.00K | 4.27M | 3.23M | 6.48M | 718.00K |
| Total Liabilities | 4.94M | 10.12M | 7.54M | 12.59M | 5.74M |
| Stockholders Equity | 14.77M | 16.24M | 26.06M | 20.92M | 27.53M |
Cash Flow | |||||
| Free Cash Flow | -10.68M | -25.79M | -13.08M | -14.92M | -9.96M |
| Operating Cash Flow | -10.25M | -13.63M | -3.19M | -10.15M | -7.62M |
| Investing Cash Flow | 2.90M | -11.64M | -9.81M | -3.42M | -2.23M |
| Financing Cash Flow | 14.09M | 12.82M | 22.45M | 12.51M | 11.45M |
Aqua Metals Technical Analysis
Negative
5.81
Price Trends
4.34
Negative
4.68
Negative
5.61
Negative
Market Momentum
-0.16
Positive
41.68
Neutral
59.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AQMS, the sentiment is Negative. The current price of 5.81 is above the 20-day moving average (MA) of 4.50, above the 50-day MA of 4.34, and above the 200-day MA of 5.61, indicating a bearish trend. The MACD of -0.16 indicates Positive momentum. The RSI at 41.68 is Neutral, neither overbought nor oversold. The STOCH value of 59.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AQMS.
Aqua Metals Risk Analysis
Aqua Metals disclosed 28 risk factors in its most recent earnings report. Aqua Metals reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Aqua Metals Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
52 Neutral | $9.90M | 17.33 | 0.47% | ― | 5.10% | -26.69% | |
48 Neutral | $14.19M | -0.72 | -274.21% | ― | ― | -111.52% | |
47 Neutral | $182.30M | -10.28 | -34.48% | ― | -0.91% | 23.41% | |
46 Neutral | $24.80M | -3.95 | -44.35% | ― | -14.35% | 70.98% |
* Industrials Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.