Aqua Metals (AQMS) AI Stock Analysis

• Market Cap: $21.09M
• Dividend Yield: N/A
• Average Volume (3M): 4.34M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.74
• Revenue Growth: N/A
• EPS Growth: -106.93%
• Country: US
• Employees: 11
• Sector: Industrials
• Sector Strength: 72
• Industry: Waste Management
• EPS (TTM): -2.19
• Shares Outstanding: 2,982,762
• 10 Day Avg. Volume: 7,943,334
• 30 Day Avg. Volume: 4,340,116
• PEG Ratio: 0.03
• Price to Book (P/B): 1.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.75
• Enterprise Value/Market Cap: -0.04
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 0.29
• Enterprise Value/Ebitda: 0.04
• 1Y Price Target: $12.00
• Price Target Upside: 48.15% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 36 Underperform
• Price Target: ―

Aqua Metals faces significant financial and operational challenges, marked by negative revenue growth and persistent losses. While there are promising strategic initiatives and technological advancements, these are overshadowed by the immediate financial hurdles and bearish technical indicators. The overall stock score reflects these substantial risks, tempered slightly by strategic partnerships and board enhancements.

Positive Factors

Technological Advancements

The successful operation of the pilot plant demonstrates Aqua Metals' capability to innovate and produce high-purity lithium carbonate, positioning the company as a leader in sustainable metal recycling.

Strategic Partnerships

Partnerships with key industry players like 6K Energy enhance Aqua Metals' market reach and support its closed-loop recycling initiatives, strengthening its competitive position in the battery materials supply chain.

Board Strengthening

The addition of experienced board members is expected to bolster strategic decision-making, aiding in growth and commercialization efforts, and enhancing the company's industry influence.

Negative Factors

Revenue Growth Challenges

Persistent negative revenue growth indicates ongoing struggles in monetizing AquaRefining technology, impacting the company's ability to achieve financial stability and long-term profitability.

Operational Losses

Continued operational losses highlight inefficiencies and financial strain, which could hinder the company's ability to invest in growth initiatives and maintain competitive positioning.

Leadership Changes

The resignation of the CFO may lead to transitional challenges and uncertainty in financial management, potentially impacting strategic execution and investor confidence.

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 generates revenue primarily through the licensing and deployment of its AquaRefining™ technology, which is used by recycling facilities to process lead and other metals in a more sustainable manner. The company earns money by selling equipment and licensing its technology to third-party recyclers, who pay fees based on the amount of material processed using AquaRefining. Additionally, Aqua Metals may generate revenue from partnerships and joint ventures aimed at expanding its technology's reach and application. The company's focus on innovation and sustainability positions it to benefit from increasing regulatory and market demand for greener recycling solutions.

Aqua Metals Financial Statement Overview

Summary

Aqua Metals is facing significant financial challenges with negative revenue growth and operational losses. The balance sheet shows reasonable leverage, but profitability metrics are poor. Cash flow issues are evident, with negative free cash flow and operational difficulties impacting liquidity.

Income Statement

Aqua Metals has been struggling with negative revenue growth, with consistent losses over the years. The company has not generated substantial revenue recently, and both EBIT and EBITDA margins are deeply negative, indicating significant operational challenges and inefficiencies.

Balance Sheet

The company's debt-to-equity ratio is relatively low, indicating manageable levels of debt compared to equity. However, the negative net income results in a poor return on equity, reflecting inefficiencies in generating profit from shareholders' investments. The equity ratio is moderate, suggesting a balanced capital structure.

Cash Flow

Free cash flow has been substantially negative, and operating cash flow to net income ratio indicates operational difficulties. While investing cash flow shows efforts towards investment, the negative free cash flow to net income ratio highlights challenges in converting earnings into cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	25.00K	4.00K	173.00K	108.00K
Gross Profit	-3.09M	-7.21M	-6.26M	-3.96M	-6.84M	-5.37M
EBITDA	-20.45M	-22.70M	-22.05M	-14.24M	-16.85M	-21.68M
Net Income	-25.65M	-24.55M	-23.94M	-15.43M	-18.19M	-25.76M
Balance Sheet
Total Assets	10.50M	26.36M	33.60M	33.50M	33.27M	35.14M
Cash, Cash Equivalents and Short-Term Investments	3.59M	4.08M	16.52M	7.08M	8.14M	6.53M
Total Debt	520.00K	4.27M	3.23M	6.48M	718.00K	1.19M
Total Liabilities	3.98M	10.12M	7.54M	12.59M	5.74M	4.00M
Stockholders Equity	6.52M	16.24M	26.06M	20.92M	27.53M	31.14M
Cash Flow
Free Cash Flow	-11.03M	-25.79M	-13.08M	-14.92M	-9.96M	-14.40M
Operating Cash Flow	-9.64M	-13.63M	-3.19M	-10.15M	-7.62M	-11.03M
Investing Cash Flow	4.40M	-11.64M	-9.81M	-3.42M	-2.23M	6.63M
Financing Cash Flow	5.88M	12.82M	22.45M	12.51M	11.45M	3.35M

Aqua Metals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 8.10
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AQMS, the sentiment is Positive. The current price of 8.1 is above the 20-day moving average (MA) of 7.13, below the 50-day MA of 8.12, and below the 200-day MA of 9.94, indicating a neutral trend. The MACD of -0.24 indicates Negative momentum. The RSI at 52.34 is Neutral, neither overbought nor oversold. The STOCH value of 64.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AQMS.

Aqua Metals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
QRHC	53 Neutral	$39.24M	―	-44.35%	―	-9.25%	-189.37%
AWX	47 Neutral	$10.18M	56.62	0.47%	―	-4.84%	-81.73%
PESI	47 Neutral	$237.71M	―	-23.26%	―	-9.64%	40.01%
AQMS	36 Underperform	$21.09M	-0.07	-187.08%	―	―	-106.93%

Aqua Metals Corporate Events

Aqua Metals CFO Judd Merrill to Resign

On April 25, 2025, Aqua Metals announced that Judd Merrill, the Chief Financial Officer, will resign effective May 16, 2025, following the filing of the company’s quarterly report. To ensure a smooth transition, Merrill will continue to provide financial and accounting support as a consultant until August 2025.

Spark’s Take on AQMS Stock

According to Spark, TipRanks’ AI Analyst, AQMS is a Underperform.

Aqua Metals faces significant financial and operational challenges, marked by negative revenue growth and persistent losses. While there are promising strategic initiatives and technological advancements, these are overshadowed by the immediate financial hurdles and bearish technical indicators. The overall stock score reflects these substantial risks, tempered slightly by strategic partnerships and board enhancements.

To see Spark’s full report on AQMS stock, click here.

Aqua Metals Strengthens Board with New Appointments

On February 3, 2025, Aqua Metals appointed Steve Henderson and Eric Gangloff to its Board of Directors. With extensive experience in automotive, specialty chemicals, manufacturing, and finance, Henderson and Gangloff bring strategic expertise to support the company’s growth and commercialization strategy. Their addition is expected to aid Aqua Metals in advancing its AquaRefining™ process, strengthening industry reach, securing financing, and expanding commercial partnerships to enhance its position in the battery recycling and critical minerals production market.