Aqua Metals (AQMS)
NASDAQ:AQMS
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Aqua Metals
(NASDAQ:AQMS)
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Rating:48Neutral
Price Target:
$4.00
▼(-31.15% Downside)
Action:ReiteratedDate:04/01/26
The score is held down primarily by very weak financial performance (minimal revenue, large losses, and ongoing cash burn). Technicals also reflect a weak downtrend with negative MACD. Offsetting these, the latest earnings call outlined tangible technical milestones, partnerships/IP progress, and improved balance-sheet positioning (low debt), but the company remains pre-revenue with meaningful execution and funding risk.
Positive Factors
Pilot‑scale technical validation
Demonstrated pilot‑scale recovery and third‑party validation of battery‑grade lithium carbonate is a durable technical milestone. It reduces technical adoption risk, supports future offtake negotiations, and evidences the core process can scale beyond bench trials—key for long‑term commercial credibility.
Negative Factors
Pre‑revenue with persistent losses
The company remains pre‑revenue with sustained, large operating losses and negative cash flow. This structural lack of recurring income means continued reliance on external capital to reach breakeven, creating dilution risk and making long‑term viability contingent on turning pilot success into profitable commercial throughput.
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Positive Factors
Negative Factors
Pilot‑scale technical validation
Demonstrated pilot‑scale recovery and third‑party validation of battery‑grade lithium carbonate is a durable technical milestone. It reduces technical adoption risk, supports future offtake negotiations, and evidences the core process can scale beyond bench trials—key for long‑term commercial credibility.
Read all positive factors
Aqua Metals (AQMS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.44M
Dividend YieldN/A
Average Volume (3M)4.34M
Price to Earnings (P/E)―
Beta (1Y)1.68
Revenue GrowthN/A
EPS Growth-106.93%
CountryUS
Employees11
SectorIndustrials
Sector Strength72
IndustryWaste Management
Share Statistics
EPS (TTM)-1.48
Shares Outstanding3,350,604
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 Cap0.29
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-1.75
Enterprise Value/Ebitda-0.20
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
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Aqua Metals Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call emphasized substantive technical and commercial progress — including pilot-scale LFP recycling, high-quality lithium carbonate (<30 ppm fluorine), strategic partnerships, patent allowance and a $20M capital raise — and demonstrated improvements in cash burn and net loss versus prior year. However, notable risks remain: the company is still pre-revenue, reported large noncash impairments, holds limited year-end cash ($10.8M), and execution depends on securing feedstock, offtake and project financing as well as the outcome of the Lion Energy transaction. On balance, the positive operational milestones, partnerships and balance sheet improvements outweigh the near-term financial and execution risks.Positive Updates
Expanded Product Portfolio & Technical Breakthroughs
Demonstrated AquaRefining across multiple outputs (battery-grade lithium carbonate, nickel/cobalt MHP, iron phosphate) and produced nickel carbonate samples aligned to partner specs. Successfully processed a full metric ton of LFP cathode scrap at pilot scale, recovering battery-grade lithium carbonate validated by OEM and third-party testing — a commercially meaningful demonstration beyond bench scale.
Negative Updates
Pre-Revenue Development Stage
Company remains pre-revenue and development-stage; full commercialization depends on securing contracted feedstock, committed offtake and bankable project financing before building the first ARC facility.
Read all updates
Q4-2025 Updates
Positive
Negative
Expanded Product Portfolio & Technical Breakthroughs
Demonstrated AquaRefining across multiple outputs (battery-grade lithium carbonate, nickel/cobalt MHP, iron phosphate) and produced nickel carbonate samples aligned to partner specs. Successfully processed a full metric ton of LFP cathode scrap at pilot scale, recovering battery-grade lithium carbonate validated by OEM and third-party testing — a commercially meaningful demonstration beyond bench scale.
Read all positive updates
Company Guidance
The company's guidance focused on advancing site selection and plant engineering this year while maintaining disciplined spending: final site selection is expected later in 2026 with subsequent FEL2 (site-specific) engineering, and the first commercial ARC is being designed to process 10,000–60,000 metric tons of black mass annually (sized to partner/configuration) and to be simplified around 2 core feedstocks (NMC and LFP) producing 3 primary outputs (battery‑grade lithium carbonate, nickel‑cobalt MHP, and iron phosphate). Management reiterated build‑only‑when‑ready criteria—contracted feedstock, committed offtake and bankable project financing—and expects a measured increase in cash use to fund engineering, permitting and site‑readiness work while continuing rigorous cost discipline. Key near‑term financial metrics: year‑end cash of ~$10.8M, ~$20M raised in 2025 (including a $13M institutional tranche and ~$7M via ATM/equity lines), no long‑term debt after retiring a $3M loan, and multiple quarters of operating runway; 2025 operating expense ~$23.3M (including ~$9.1M impairment charges), net loss ~$22.6M (‑$15.15/share), net cash used in operations ~$10.3M (vs ~$13.6M in 2024, >24.8% improvement). Operational milestones to support commercialization include lithium carbonate <30 ppm fluorine, production of nickel carbonate samples, processing a full metric ton of LFP at pilot scale with validated battery‑grade lithium carbonate, and ongoing diligence/negotiations (including a potential Lion Energy transaction and related $2.1M note receivable plus a subsequent $2M subordinated contribution).Aqua Metals Financial Statement Overview
Summary
Income Statement
6
Very Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | 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
Neutral
5.81
Price Trends
4.46
Negative
5.27
Negative
5.67
Negative
Market Momentum
-0.15
Negative
52.72
Neutral
67.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AQMS, the sentiment is Neutral. The current price of 5.81 is above the 20-day moving average (MA) of 4.02, above the 50-day MA of 4.46, and above the 200-day MA of 5.67, indicating a neutral trend. The MACD of -0.15 indicates Negative momentum. The RSI at 52.72 is Neutral, neither overbought nor oversold. The STOCH value of 67.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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% | |
53 Neutral | $9.90M | 32.68 | 0.47% | ― | -4.84% | -81.73% | |
48 Neutral | $14.44M | -0.40 | -274.21% | ― | ― | -106.93% | |
45 Neutral | $226.09M | -16.86 | -19.87% | ― | -9.64% | 40.01% | |
44 Neutral | $23.06M | -2.54 | -44.35% | ― | -9.25% | -189.37% |
* Industrials Sector Average
AQMS
Aqua Metals
4.31
-11.49
-72.72%
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Aqua Metals Corporate Events
Business Operations and StrategyM&A Transactions
Aqua Metals Plans Lion Energy Acquisition to Expand Storage
Positive
Feb 11, 2026
On February 6, 2026, Aqua Metals entered into a term sheet to acquire all equity of Lion Energy, a U.S.-based provider of commercial, residential and distributed energy storage systems, consumer power products and proprietary energy management sof...
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.