Aqua Metals (AQMS)
NASDAQ:AQMS
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Aqua Metals
(NASDAQ:AQMS)
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Rating:47Neutral
Price Target:
$5.00
▼(-13.94% Downside)
Action:UpgradedDate:12/30/25
The score is held down primarily by weak financial performance (zero revenue, persistent losses, and ongoing cash burn) and bearish technicals (below key moving averages with negative MACD). These are partially offset by a more positive earnings call pointing to improved cost/loss trends, technology progress, and added funding runway.
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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Aqua Metals (AQMS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.34M
Dividend YieldN/A
Average Volume (3M)4.34M
Price to Earnings (P/E)―
Beta (1Y)1.58
Revenue GrowthN/A
EPS Growth-106.93%
CountryUS
Employees11
SectorIndustrials
Sector Strength72
IndustryWaste Management
Share Statistics
EPS (TTM)N/A
Shares Outstanding2,981,223
10 Day Avg. Volume7,943,334
30 Day Avg. Volume4,340,116
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.00
Price to Sales (P/S)0.00
P/FCF Ratio-0.63
Enterprise Value/Market Cap0.75
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-2.98
Enterprise Value/Ebitda-0.45
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 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 e...
Aqua Metals Earnings Call Summary
Earnings Call Date:Nov 12, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong financial management, successful funding, and technological advancements. The company is poised for future growth with strategic partnerships and compliance achievements. However, it continues to operate at a loss and delays in commercial facility decisions persist.Positive Updates
Successful Funding Efforts
Aqua Metals strengthened its balance sheet with $17.1 million in new funding, providing multiple quarters of strategic runway and flexibility.
Negative Updates
Operating Costs and Loss
Despite improvements, the company reported a net loss of $2.8 million for the quarter, although this was an improvement from the previous year.
Read all updates
Q3-2025 Updates
Positive
Negative
Successful Funding Efforts
Aqua Metals strengthened its balance sheet with $17.1 million in new funding, providing multiple quarters of strategic runway and flexibility.
Read all positive updates
Company Guidance
During the Aqua Metals Q3 2025 conference call, the company provided several key metrics and guidance updates. Aqua Metals raised $17.1 million in new funding, enhancing their financial runway for multiple quarters. Their balance sheet strengthened with $2.9 million in cash and cash equivalents at the end of Q3, up from $1.9 million in Q2. The company processed one metric ton of lithium iron phosphate (LFP) cathode scrap, producing battery-grade lithium carbonate. Operating costs were reduced to $2.7 million from $3 million in the prior year, while the net loss improved to $2.8 million compared to $4.7 million in Q3 2024. The company's disciplined financial strategy has led to a reduction in year-to-date net loss to $12.3 million, down from $19.2 million the previous year. Aqua Metals is strategically positioning itself for growth in the battery recycling industry, focusing on securing feedstock and developing partnerships, with an expected modest increase in cash use as they ramp up R&D and site readiness efforts.Aqua Metals Financial Statement Overview
Summary
Income Statement
6
Very Negative
Balance Sheet
34
Negative
Cash Flow
12
Very Negative
| Breakdown | TTM | Mar 2025 | 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
Negative
5.81
Price Trends
4.94
Negative
5.76
Negative
5.92
Negative
Market Momentum
-0.22
Positive
29.73
Positive
11.11
Positive
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 4.68, above the 50-day MA of 4.94, and below the 200-day MA of 5.92, indicating a bearish trend. The MACD of -0.22 indicates Positive momentum. The RSI at 29.73 is Positive, neither overbought nor oversold. The STOCH value of 11.11 is Positive, 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% | |
62 Neutral | $199.99M | -16.86 | -19.87% | ― | -9.64% | 40.01% | |
53 Neutral | $10.10M | 32.68 | 0.47% | ― | -4.84% | -81.73% | |
47 Neutral | $12.34M | >-0.01 | -274.21% | ― | ― | -106.93% | |
44 Neutral | $26.41M | -2.54 | -44.35% | ― | -9.25% | -189.37% |
* Industrials Sector Average
AQMS
Aqua Metals
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Aqua Metals Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
Aqua Metals Files New Registration for Stock Sales
Neutral
Dec 2, 2025
On August 30, 2024, Aqua Metals entered into an ATM Sales Agreement with The Benchmark Company, allowing the sale of its common stock through the agent. Following the expiration of a prior registration statement in October 2025, Aqua Metals filed ...
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.