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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)
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.
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 (AQMS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.22M
Dividend YieldN/A
Average Volume (3M)4.34M
Price to Earnings (P/E)―
Beta (1Y)1.55
Revenue GrowthN/A
EPS Growth-106.93%
CountryUS
Employees11
SectorIndustrials
Sector Strength72
IndustryWaste Management
Share Statistics
EPS (TTM)-2.19
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 Cap0.78
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-3.61
Enterprise Value/Ebitda-0.55
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Aqua Metals Business Overview & Revenue Model
Company DescriptionAqua 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 MoneyAqua 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 Earnings Call Summary
Earnings Call Date:Nov 12, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 19, 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.Q3-2025 Updates
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.
Technology Advancements
Aqua Metals successfully processed one metric ton of lithium iron phosphate cathode scrap at pilot scale, producing battery-grade lithium carbonate, a first in the industry.
Strategic Partnerships
The company expanded its commercial pathways with MOUs with Moby Robotics and Impossible Metals, and an LOI with Westwind Elements for potential delivery of recycled nickel carbonate.
Improved Financial Performance
Year-to-date net loss improved to $12.3 million from $19.2 million in the previous year, a reduction of more than one-third.
Nasdaq Compliance
Aqua Metals regained compliance with Nasdaq listing requirements, strengthening its market position.
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.
Delayed Commercial Facility Decision
The decision on the first commercial-scale facility site remains pending, with details expected later.
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
Fundamentals remain very weak: TTM revenue is $0 with negative gross profit and large operating/net losses, alongside ongoing cash burn (TTM operating cash flow -$9.6M; free cash flow -$11.0M). Low leverage helps, but shrinking equity highlights continued capital erosion and reliance on external funding.Income Statement
AQMS remains pre-revenue in TTM (Trailing-Twelve-Months) (revenue of $0) and continues to generate sizeable operating losses (TTM EBIT of -$25.4M; net loss of -$25.6M). Profitability is structurally weak with negative gross profit in every period shown, indicating the cost base has not scaled to support sustainable operations. Losses have not meaningfully improved versus prior years, keeping the earnings profile highly speculative despite some reduction in EBITDA losses versus 2024 annual.6
Very Negative
Balance Sheet
Leverage is low in TTM (Trailing-Twelve-Months) with total debt of ~$0.5M and a modest debt-to-equity ratio (~0.12), which reduces near-term balance sheet risk. However, the equity base has shrunk materially over time (stockholders’ equity down to ~$6.5M in TTM (Trailing-Twelve-Months) from ~$16.2M in 2024 annual), reflecting ongoing losses and potential dilution/erosion of capital. Returns on equity are deeply negative (TTM ROE ~-2.14), underscoring that the balance sheet is being consumed by continued unprofitability.34
Negative
Cash Flow
Cash generation remains weak, with negative operating cash flow in TTM (Trailing-Twelve-Months) (-$9.6M) and negative free cash flow (-$11.0M), implying continued cash burn to sustain operations. While free cash flow burn is lower than the 2024 annual level (-$25.8M), the TTM (Trailing-Twelve-Months) free cash flow growth is still negative, suggesting volatility and limited consistency in cash improvement. Free cash flow is negative even with net losses, reinforcing that the company is not yet self-funding.12
Very Negative
| 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
Negative
5.81
Price Trends
6.14
Negative
6.85
Negative
7.11
Negative
Market Momentum
-0.25
Positive
36.54
Neutral
9.13
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 5.58, below the 50-day MA of 6.14, and below the 200-day MA of 7.11, indicating a bearish trend. The MACD of -0.25 indicates Positive momentum. The RSI at 36.54 is Neutral, neither overbought nor oversold. The STOCH value of 9.13 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% | |
60 Neutral | $282.76M | -23.28 | -23.26% | ― | -9.64% | 40.01% | |
51 Neutral | $44.87M | -1.93 | -44.35% | ― | -9.25% | -189.37% | |
47 Neutral | $14.22M | -0.05 | -187.08% | ― | ― | -106.93% | |
47 Neutral | $10.61M | 59.00 | 0.47% | ― | -4.84% | -81.73% |
* Industrials Sector Average
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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 a new registration statement in October 2025, which became effective in November 2025, to continue stock sales under the agreement. This move is part of Aqua Metals’ ongoing efforts to maintain financial flexibility and support its operational goals.
The most recent analyst rating on (AQMS) stock is a Buy with a $12.00 price target. To see the full list of analyst forecasts on Aqua Metals stock, see the AQMS Stock Forecast page.
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.