Aqua Metals Maintains Buy Rating with $7 Price Target

Benchmark Co. analyst Mickey Legg maintains a Buy rating for Aqua Metals with a price target of $7.00, a 67.06% upside from current levels. The analyst consensus is Moderate Buy, and Ladenburg Thalmann & Co. also maintains a Buy rating with a $7.00 price target. The company reported a quarterly GAAP net loss of $8.32 million for Q1.

Aqua Metals Inc. (AQMS) reported its Q2 2025 earnings, highlighting significant technological advancements and financial improvements. The company achieved a notable milestone by producing lithium carbonate with fluorine content below 30 parts per million, positioning it as a global leader in recycled lithium quality [1]. Additionally, Aqua Metals has developed a modular, scalable commercial arc facility capable of processing between 10,000 and 60,000 metric tons of black mass annually, enhancing its future scalability [1].

The company's financial position has been strengthened through the elimination of long-term debt and an increase in cash reserves, achieved through asset sales [1]. Aqua Metals has secured a US patent allowance for its refining technology, opening up high-margin licensing and joint venture opportunities [1]. Despite these positive developments, the company reported a net loss of approximately $6.8 million for Q2 2025, indicating ongoing financial challenges [1].

Aqua Metals is still in the process of securing supply and offtake partnerships necessary for financing its first commercial arc facility [1]. The company is reliant on potential policy changes and incentives to encourage domestic recycling, which are currently uncertain [1]. Additionally, Aqua Metals is in the early stages of testing new feedstocks such as refinery residues and undersea nodules, which could delay commercialization [1].

Analysts remain optimistic about Aqua Metals' prospects. Mickey Legg of Benchmark Co. maintains a Buy rating with a price target of $7.00, a 67.06% upside from current levels [2]. Ladenburg Thalmann & Co. also maintains a Buy rating with a $7.00 price target [2]. The company reported a quarterly GAAP net loss of $8.32 million for Q1, reflecting its ongoing financial challenges [2].

References
[1] https://ca.finance.yahoo.com/news/aqua-metals-inc-aqms-q2-071256006.html
[2] https://www.investing.com/news/transcripts/earnings-call-transcript-aqua-metals-q2-2025-outlines-strategic-shifts-93CH-4190253