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Aqua Metals (AQMS)
NASDAQ:AQMS
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Aqua Metals
(NASDAQ:AQMS)
Rating:36Underperform
Price Target:―
Aqua Metals (AQMS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.46M
Dividend YieldN/A
Average Volume (3M)59.53K
Price to Earnings (P/E)―
Beta (1Y)1.53
Revenue Growth-100.00%
EPS Growth-112.68%
CountryUS
Employees11
SectorIndustrials
Sector Strength79
IndustryWaste Management
Share Statistics
EPS (TTM)-7.44
Shares Outstanding1,406,005
10 Day Avg. Volume38,594
30 Day Avg. Volume59,528
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap-0.16
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit0.22
Enterprise Value/Ebitda0.03
Forecast
1Y Price Target
$7.00Price Target Upside93.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
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:Aug 13, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Oct 30, 2025
Earnings Call Sentiment Positive
The call highlighted several significant achievements, including technological advancements in lithium carbonate production, cost competitiveness, strategic partnerships, and a strengthened financial position. However, it also revealed financial losses and the need for a reverse stock split to maintain NASDAQ compliance. Overall, the sentiment is balanced with a slight positive tilt due to the potential for future growth and partnerships.Q2-2025 Updates
Positive Updates
Best-in-Class Lithium Carbonate Production
Aqua Metals produced lithium carbonate with fluorine content below 30 parts per million, potentially the highest spec globally for recycled lithium. Approximately 100 kilograms were produced for strategic counterparties to evaluate.
Cost Competitiveness Achieved
Aqua Metals' internal analysis shows that AquaRefining in the U.S. is cost competitive with Chinese hydrometallurgical recycling and operates at roughly half the cost of traditional U.S. methods.
Strategic Partnerships and Collaboration
The company is in discussions with potential strategic partners for a phased build-out of a scalable commercial ARC facility and to support a fully domestic closed-loop battery material supply chain.
Strong Financial Position
Completed the sale of the Sierra ARC facility, generating approximately $4.3 million, which was used to retire the $3 million Summit building loan, eliminating all company debt.
Patent Allowance Secured
Secured a U.S. patent allowance that covers foundational aspects of AquaRefining technology for the lithium-ion battery recycling space, supporting licensing and partnership opportunities.
Negative Updates
Financial Loss and Noncash Impairments
Q2 2025 net loss was approximately $6.8 million, including noncash impairment and loss on disposal of property and equipment totaling $3.8 million for the quarter.
Reverse Stock Split
Executed a 1-for-10 reverse stock split to regain compliance with NASDAQ listing requirements, reflecting ongoing challenges with stock price and market perception.
Company Guidance
In the recent Aqua Metals second quarter financial results call, a comprehensive guidance was provided, highlighting several key metrics and developments. The company reported producing lithium carbonate with fluorine content below 30 parts per million, which is considered best-in-class globally for recycled lithium. They achieved production of over 1 metric ton of high-purity nickel-manganese-cobalt mixed hydroxide cake for qualification sampling. Aqua Metals also successfully tested nickel refinery residue and is preparing for tests on undersea nodules rich in nickel and cobalt. They initiated trials for sodium sulfate regeneration technology, aiming to reduce chemical costs and minimize waste streams. The company is designing a modular, scalable commercial ARC facility capable of processing between 10,000 and 60,000 metric tons of black mass annually. Aqua Metals' internal analysis suggests that their U.S.-based AquaRefining process is cost-competitive with Chinese hydrometallurgical recycling and operates at roughly half the cost of traditional U.S. methods. Financially, Aqua Metals ended the quarter with cash and cash equivalents of approximately $1.9 million, which increased to $3.2 million by the date of the call. They completed the sale of their Sierra ARC facility, generating $4.3 million in cash, which was used to retire a $3 million building loan. This resulted in the company having no debt. Operating expenses were reduced to $0.8 million from $2.4 million a year ago, and G&A expenses decreased to $2.2 million from $3.4 million, reflecting workforce reductions. Despite these efforts, the company reported a net loss of $6.8 million for the quarter.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.15
Very Negative
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.30
Negative
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.20
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 | -4.13M | -7.21M | -6.26M | -3.96M | -6.84M | -5.37M |
| EBITDA | -26.30M | -22.70M | -22.05M | -14.24M | -16.85M | -21.68M |
| Net Income | -27.74M | -24.55M | -23.94M | -15.43M | -18.19M | -25.76M |
Balance Sheet | ||||||
| Total Assets | 9.24M | 26.36M | 33.60M | 33.50M | 33.27M | 35.14M |
| Cash, Cash Equivalents and Short-Term Investments | 1.93M | 4.08M | 16.52M | 7.08M | 8.14M | 6.53M |
| Total Debt | 593.00K | 4.27M | 3.23M | 6.48M | 718.00K | 1.19M |
| Total Liabilities | 4.13M | 10.12M | 7.54M | 12.59M | 5.74M | 4.00M |
| Stockholders Equity | 5.12M | 16.24M | 26.06M | 20.92M | 27.53M | 31.14M |
Cash Flow | ||||||
| Free Cash Flow | -13.55M | -21.55M | -13.08M | -14.92M | -9.96M | -14.39M |
| Operating Cash Flow | -10.93M | -13.63M | -3.19M | -10.15M | -7.62M | -11.03M |
| Investing Cash Flow | 3.06M | -11.64M | -9.81M | -3.42M | -2.23M | 6.63M |
| Financing Cash Flow | 1.97M | 12.82M | 22.45M | 12.51M | 11.45M | 3.35M |
Aqua Metals Technical Analysis
Negative
3.61
Price Trends
4.80
Negative
8.07
Negative
14.39
Negative
Market Momentum
-0.39
Negative
38.70
Neutral
43.76
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 3.61 is below the 20-day moving average (MA) of 3.85, below the 50-day MA of 4.80, and below the 200-day MA of 14.39, indicating a bearish trend. The MACD of -0.39 indicates Negative momentum. The RSI at 38.70 is Neutral, neither overbought nor oversold. The STOCH value of 43.76 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
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $10.96B | 16.35 | 8.89% | 1.96% | 2.68% | -15.17% | |
52 Neutral | $222.94M | ― | -34.16% | ― | -16.87% | -124.96% | |
47 Neutral | $9.90M | 82.12 | 0.32% | ― | -6.27% | 308.11% | |
46 Neutral | $37.28M | ― | -46.57% | ― | -5.20% | -275.34% | |
36 Underperform | $5.46M | ― | -182.91% | ― | -100.00% | -112.68% | |
| ― | $4.67M | ― | -147.18% | ― | ― | ― | |
| ― | $271.61M | ― | ― | ― | ― |
* Industrials Sector Average
Performance Comparison
AQMS
Aqua Metals
3.61
-40.49
-91.81%
AWX
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2.48
-0.08
-3.13%
PESI
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11.92
0.92
8.36%
QRHC
Quest Resource
1.84
-7.00
-79.19%
GWAV
Greenwave Technology Solutions
7.13
-44.15
-86.10%
AMBI
Ambipar Emergency Response
4.50
0.28
6.64%
Aqua Metals Corporate Events
Executive/Board Changes
Aqua Metals CFO Judd Merrill to Resign
Neutral
May 1, 2025
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.
Executive/Board ChangesBusiness Operations and Strategy
Aqua Metals Strengthens Board with New Appointments
Positive
Feb 7, 2025
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.
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.