# Aqua Metals, Inc. (AQMS)

**Exchange:** NASDAQ  
**Sector:** Industrials  
**Market cap:** $2M  
**Price:** $2.68 (-19.03%)

> Aqua Metals, Inc. is an industrial company specializing in sustainable metals recycling through its patented AquaRefining technology. Unlike traditional smelting processes, AquaRefining uses a room-temperature, water-based electrochemical process that significantly reduces pollution and hazardous chemical exposure. The company applies this technology primarily to lithium-ion battery recycling and battery material refining, producing ultra-pure metals suitable for battery manufacturing and advanced industrial applications. Aqua Metals offers its services through modular Aqualyzers equipment, direct recycling operations, and licensing agreements with recyclers globally. The company's technology enables closed-loop metal recovery with competitive economics while eliminating the high-temperature furnaces and emissions associated with conventional refining. Headquartered in Reno, Nevada, Aqua Metals serves the rapidly expanding energy storage and electric vehicle sectors, positioning itself as a leader in clean metals recycling and critical mineral supply chain development.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2024 | — | -$7M | -$24M | -$25M | — |
| 2023 | $25,000 | -$6M | -$24M | -$24M | — |
| 2022 | $4,000 | -$4M | -$16M | -$15M | — |
| 2021 | $173,000 | -$7M | -$17M | -$18M | — |
| 2020 | $108,000 | -$5M | -$15M | -$26M | — |
| 2019 | $5M | -$20M | -$41M | -$45M | — |
| 2018 | $4M | -$18M | -$37M | -$40M | — |
| 2017 | $2M | -$7M | -$25M | -$27M | — |
| 2016 | — | — | -$13M | -$14M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2024 | $26M | $10M | $16M | $4M | — |
| 2023 | $34M | $8M | $26M | $17M | — |
| 2022 | $34M | $13M | $21M | $7M | — |
| 2021 | $33M | $6M | $28M | $8M | — |
| 2020 | $35M | $4M | $31M | $7M | $332,000 |
| 2019 | $69M | $20M | $50M | $8M | $9M |
| 2018 | $71M | $21M | $50M | $21M | $10M |
| 2017 | $74M | $15M | $59M | $23M | — |
| 2016 | $72M | $15M | $57M | $25M | $10M |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$10M | $425,000 | -$11M |
| 2024 | -$14M | $8M | -$22M |
| 2023 | -$3M | $6M | -$9M |
| 2022 | -$10M | $5M | -$15M |
| 2021 | -$7M | $2M | -$9M |
| 2020 | -$11M | $3M | -$14M |
| 2019 | -$25M | $13M | -$38M |
| 2018 | -$26M | $4M | -$30M |
| 2017 | -$19M | $9M | -$28M |
| 2016 | -$11M | $29M | -$40M |
| 2015 | -$1M | $12M | -$13M |

Source: [CompaniesByCap](https://companiesbycap.com/company/AQMS)