Aqua Metals, Inc.

AQMS

$2.89

+1.05%

2026-09-03 16:00:00 EDT+$0.03

Industrials

Waste Management

NASDAQ

Active Trading

Predominantly operating in the United States, Aqua Metals, Inc. specializes in the reclamation of lead. This company manufactures and supplies various forms ...

Price Action of AQMS

$2.89

+1.05%+$0.03

High—

Low—

52W High-92.7%

Rel. vol—

Interval

Range5.2h

Volume—SMA5SMA10

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Aqua Metals, Inc. (NASDAQ: AQMS) is a pioneer in sustainable metals recycling, headquartered in Reno, Nevada. Founded in 2014, the company has developed and commercialized its proprietary AquaRefining™ technology, a hydrometallurgical process that operates at room temperature and uses water-based chemistry to reclaim high-purity metals, notably lead, from spent batteries ...Aqua Metals, Inc. (NASDAQ: AQMS) is a pioneer in sustainable metals recycling, headquartered in Reno, Nevada. Founded in 2014, the company has developed and commercialized its proprietary AquaRefining™ technology, a hydrometallurgical process that operates at room temperature and uses water-based chemistry to reclaim high-purity metals, notably lead, from spent batteries and other sources. This method offers a cleaner alternative to traditional smelting, significantly reducing emissions and environmental impact. The company's primary focus is on the recycling of lead-acid batteries, producing hard lead and lead-based compounds, as well as recovering plastic materials. More recently, Aqua Metals has expanded its expertise to lithium-ion battery recycling, aiming to create a circular supply chain for critical minerals. The company's business model includes licensing its technology and establishing partnerships, such as with 6K Energy, to develop next-generation recycling solutions. Financially, Aqua Metals is in a growth phase, with minimal revenue and ongoing investments in R&D and pilot facilities; its financial metrics indicate losses, but the company holds a strong cash position relative to its market cap, emphasizing long-term potential. The leadership team, led by CEO Steve Cotton, has extensive experience in the industry, driving innovation and strategic alliances. Aqua Metals aims to globalize its technology, with a licensed facility being established in Taiwan, addressing the growing demand for sustainable lead and critical mineral recycling. The company's stock trades on NASDAQ, and it has a small workforce of around 11 full-time employees, reflecting its early-stage status. Despite challenges, Aqua Metals is well-positioned in the emerging clean-technology recycling sector, with a vision to revolutionize metals recovery and support the battery industry's future needs.ExpandCollapse

Founded

2014

Employees

CEO

Stephen D. Cotton

Full Name

Aqua Metals, Inc.

Sector

Industrials

Industry

Waste Management

ROE

-145.58%

Market Cap

$0.01B

Current Ratio

2.43

WACC

18.93%

ROIC

-168.67%

Contact Information

https://www.aquametals.com

775 446 5486

5370 Kietzke Lane, Reno, NV 89511

Key Metrics of AQMS

Snapshot

Latest / TTM · 6 periods

Market Cap

$10.27M

ROCE

-145.9%

EV / EBITDA

-0.40x

+6.8% YoY

FCF Yield

-113.1%

+35.8% YoY

Cash Conversion Cycle

-39.1d

Current Ratio

2.43

Quick take

TTM —

No major risk flags in selected headline metrics.

Financial Highlights of AQMS

Profitability trend

Latest / TTM · 6 periods

Gross Margin

0.0%

Net Margin

0.0%

P/E Ratio

-0.38x

n/a

Debt / Equity

0.05

n/a

Current Ratio

2.43

Dividend Yield

0.0%

Understanding

TTM —

Interest coverage is weak

Calendar of AQMS

Upcoming

Dec 31, 2026
FY2026 · Estimated annual results
Est. EPS $-24.00 · Revenue $7.80M · 1 analysts
Dec 31, 2027
FY2027 · Estimated annual results
Est. EPS $-10.00 · Revenue $54.60M · 1 analysts
Dec 31, 2028
FY2028 · Estimated annual results
Est. EPS $8.00 · Revenue $109.20M · 1 analysts
Mar 30, 2029
Q1 FY2029 · Estimated results
Est. EPS $-10.00 · Revenue $76000.00 · 1 analysts

Recent history

Jul 30, 2026
Q2 FY2026 · Results reported
EPS $-1.31 · Revenue $0.00
View filing
May 14, 2026
Q1 FY2026 · Results reported
EPS $-1.22 · Revenue $0.00
View filing
Mar 31, 2026
FY2025 · Annual results
EPS $-15.15 · Revenue $0.00
View filing
Nov 12, 2025
Q3 FY2025 · Results reported
EPS $-2.19 · Revenue $0.00
View filing
Aug 13, 2025
Q2 FY2025 · Results reported
EPS $-7.44 · Revenue $0.00
View filing
May 8, 2025
Q1 FY2025 · Results reported
EPS $-10.27 · Revenue $0.00
View filing

Financial Statements of AQMS

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$0	—	—
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$-22.6M	+7.8%	-13.3%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	—	—	—
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	—	—	—
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	—	—	—
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$-10.7M	+58.6%	+31.6%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	—	—	—
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	4.0%	-84.8%	+17.3%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	3.03x	+433.4%	-20.8%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$19.7M	-25.3%	-26.3%

Actual vs Estimate

A Dec 31Q Mar 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	-15.15 vs -16.00	+5.3%	-1.31 vs -10.00	+86.9%
Revenue Surprise	$0 vs $600000	-100.0%	$0 vs $76000	-100.0%

Insider Transactions of AQMS

Acquisitions (A)

Since Jul 1, 2026

Disposals (D)

Since Jul 1, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Aug 24, 2026	HENDERSON STEVEN K	director	Common Stock	A	10,427	—
Aug 24, 2026	DIVITO VINCENT L	director	Common Stock	A	15,641	—
Aug 24, 2026	Gangloff Eric John	director	Common Stock	A	10,427	—
Aug 24, 2026	Cotton Stephen	director, officer: Chief Executive Officer	Common Stock	A	104,818	—
Aug 24, 2026	West Eric	officer: Chief Financial Officer	Common Stock	A	37,352	—

Earnings Call Transcript of AQMS

3 transcript segments

Q2 2026

OperatorOperatorSentiment 0.0

Good afternoon. Welcome to Aqua Metals' First Quarter 2026 Earnings Conference Call. My name is Tom, and I will be your operator this afternoon. It is now my pleasure to turn the call over to your host, Dan Scott, Investor Relations. Dan, please proceed.

Dan ScottInvestor RelationsSentiment 0.0

Thank you, operator, and thank you, everyone, for joining us today. Earlier today, Aqua Metals issued a press release providing an operational update and discussing results for the first quarter ended March 31, 2026. This release is available in the Investor Relations section of the company's website at aquametals.com. Hosting the call today are Steve Cotton, President and Chief Executive Officer; and Eric West, Chief Financial Officer. Before we begin, I would like to remind participants that during this call, management will be making forward-looking statements. Please refer to the company's report on Form 10-K for a summary of the forward-looking statements and the risks, uncertainties and other factors that could cause actual results to differ materially from those forward-looking statements. Aqua Metals cautions investors not to place undue reliance on any forward-looking statements. The company does not undertake and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by law. As a reminder, after the formal remarks, we will conduct a question-and-answer session. With that, I'd like to turn the call over to Steve Cotton, President and CEO of Aqua Metals.

Steve CottonPresident and Chief Executive OfficerSentiment 0.8

Thank you, Dan. Good afternoon, everyone, and thank you for joining us. The first quarter of 2026 was an important quarter for Aqua Metals as we continued advancing a commercialization pathway for our AquaRefining platform while also broadening the strategic scope of the business across both critical minerals and energy storage markets. During the quarter, we continued advancing site selection and engineering work for what we intend to be our first commercial lithium battery recycling facility. We are now evaluating a short list of U.S. locations with a focus on feedstock access, logistics, strategic relationships and long-term operating economics. At the same time, we continued refining plant configuration, operating parameters and capital planning so that we are positioned to move quickly as we advance towards commercialization. One thing I want to emphasize is that Aqua enters this next phase from a position of resilience and operational readiness. Over the last two years, the battery materials industry went through a very significant downturn. Battery-grade lithium carbonate pricing, which had generally remained above roughly $20,000 per metric tonne, fell below the $10,000 per tonne level during portions of 2024 and 2025. Projects across the industry were delayed or canceled and a number of companies in the sector faced restructurings or insolvencies. Throughout that period, Aqua Metals remained disciplined. We preserved capital, …

Leadership Team of AQMS

4 executives

Name	Title	Compensation	Gender	Year Born	Status
Stephen Cotton	Chief Executive Officer, President & Director	USD 1,140,000	Male	1966	Active
Benjamin S. Taecker	Chief Engineering & Operating Officer	USD 596,000	Male	1982	Active
Eric West	Chief Financial Officer & Corporate Secretary	USD 380,000	Male	1991	Active
David Regan	Director Marketing	—	Male	—	Active

Recent News of AQMS

Seeking Alpha7/30/2026Neutral

Aqua Metals, Inc. (AQMS) Q2 2026 Earnings Call Transcript

GlobeNewsWire7/30/2026Neutral

Aqua Metals Reports Second Quarter 2026 Results and Advances Phased Commercialization Plan for Headwaters ARC

Staged commercialization plan is designed to establish domestic processing capacity for the fast-growing LFP critical minerals processing market Staged commercialization plan is designed to establish domestic processing capacity for the fast-growing LFP critical minerals processing market

GlobeNewsWire7/23/2026Neutral

Aqua Metals to Announce Second Quarter 2026 Financial Results and Host Investor Conference Call on July 30, 2026

RENO, Nev., July 23, 2026 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS), a U.S. critical minerals processing company commercializing lower-cost recovery and refining technologies, today announced it will report financial results for the second quarter ended June 30, 2026, and provide a business update on Thursday, July 30, 2026. Management will host a conference call that day at 4:30 p.m.

Globe News Wire7/7/2026Neutral

Aqua Metals Advances Headwaters ARC, Planned Midwest Battery Recycling and Critical Minerals Recovery Campus

RENO, Nev. , July 07, 2026 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS), a pioneer in sustainable critical minerals recovery and lithium battery recycling, today announced it has advanced to final site-specific diligence and negotiations for Headwaters ARC, the Company's planned commercial battery recycling and critical minerals recovery campus in the Midwest battery manufacturing corridor.

GlobeNewsWire7/7/2026Neutral

Aqua Metals Advances Headwaters ARC, Planned Midwest Battery Recycling and Critical Minerals Recovery Campus

Company advances final site-specific diligence for Midwest Headwaters ARC development opportunity with existing industrial infrastructure, substantial expansion acreage, and strategic proximity to rapidly growing LFP battery manufacturing capacity Company advances final site-specific diligence for Midwest Headwaters ARC development opportunity with existing industrial infrastructure, substantial expansion acreage, and strategic proximity to rapidly growing LFP battery manufacturing capacity

Historical Employee Count of AQMS

Current

Change

+0.00%

Minimum

Maximum

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Dec 31, 2025	11	10-K	Mar 31, 2026	View
Dec 31, 2024	11	10-K	Mar 31, 2025	View
Dec 31, 2023	53	10-K	Mar 28, 2024	View
Dec 31, 2022	30	10-K	Mar 9, 2023	View
Dec 31, 2021	23	10-K	Feb 24, 2022	View

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Aqua Metals, Inc.