Why did Aqua Metals' operating expenses surge in Q4 2023?

Aqua Metals' operating expenses surged in Q4 2023 due to several strategic initiatives and operational changes that the company underwent during this period. Here are the key reasons:

1. **Deployment of AquaRefining Technology**: Aqua Metals signed a Letter of Intent with ACME Metal Enterprise Co., Ltd. to deploy and license AquaRefining equipment at its facility in Keelung, Taiwan. This strategic move likely involved significant upfront costs for equipment installation and setup.
2. **Joint Development with Global Battery Manufacturer**: The company planned to jointly develop processing AquaRefined briquettes into battery-ready oxide material with a global battery manufacturer. This partnership likely required investment in research and development, as well as potential licensing fees.
3. **Scaling Up Operations**: Aqua Metals was expanding its operations and scaling up its production capacity. This expansion often involves significant capital expenditures, including the purchase of new equipment, construction of new facilities, and hiring additional staff.

These initiatives are likely reflected in the company's Q4 2023 financial statements, indicating that the surge in operating expenses was a result of strategic investments to grow the business and expand its technological capabilities.