Aqua Metals Q2 2025: Unraveling Contradictions in Cash Strategy, Policy Engagement, and Tech Partnerships

Technological Advancements and Quality Improvement:
- Aqua Metals announced they had produced lithium carbonate with fluorine content below 30 parts per million, a likely best-in-class result globally for recycled lithium.
- This was attributed to advancements in their recycling technology, which met and exceeded the strict specifications of cathode-active material producers.

Cost Competitiveness:
- AquaRefining in the U.S. was found to be cost competitive with Chinese hydrometallurgical recycling and operates at roughly half the cost of traditional U.S. hydrometallurgical methods.
- This cost competitiveness is driven by Aqua Metals' use of electricity to regenerate chemicals, eliminating the need for single-use chemicals and reducing disposal expenses.

Financial Strengthening:
- The company ended the quarter with $1.9 million in cash and cash equivalents, and after generating $4.3 million from the sale of the Sierra ARC facility, they had approximately $3.2 million.
- The sale proceeds were used to retire a $3 million note, eliminating future interest expenses and ensuring the company is now debt-free.

Partnership and Collaboration:
- Aqua Metals hosted a tech showcase with NAAT Battery, which resulted in increased engagement from industry leaders.
- This event helped validate the company's technology and capabilities, opening doors to potential new partnerships and solidifying strategic relationships.