Did Aqua Metals beat or miss consensus estimates last quarter?

What is Aqua Metals's latest dividend and current dividend yield?

What were the key takeaways from Aqua Metals’s earnings call?

What guidance did Aqua Metals's management provide for the next earnings period?

What is Aqua Metals's gross profit margin?

What is the market's earnings forecast for Aqua Metals next quarter?

What were the key takeaways from Aqua Metals's earnings call?

What does Aqua Metals do and what are its main business segments?

- **LFP Recycling Breakthrough**: Demonstrated commercial-scale lithium carbonate recovery from LFP scrap, a first in the industry. 
- **Strategic Acquisitions**: In advanced talks to acquire Lion Energy, integrating battery recycling with LFP cell production. 
- **Financial Strength**: $10.8M cash, no debt, and 24.8% YoY reduction in operating cash use. 
- **Commercial Momentum**: Simplified ARC design for 2026 deployment, with contracted feedstock and offtake in final stages. 
- **IP Leadership**: Granted U.S. patent for lithium recycling, expanding defensibility of AquaRefining platform.

**【CEO Summary Section】**
- **2025 Milestones**: Expanded AquaRefining platform to include LFP recycling, achieving battery-grade lithium carbonate with 30 ppm fluorine, and producing nickel, cobalt MHP. Signed MOUs with Impossible Metals and Moby Robotics for deep-sea minerals, and LOI with Westwin Elements for U.S. nickel supply chain. 
- **Commercial ARC Strategy**: Simplified first facility to process 10,000-60,000 mt/year of NMC/LFP black mass, targeting 2026 site selection with contracted feedstock, offtake, and financing. 
- **Partnerships**: 6K Energy supply agreement for battery-grade nickel; Lion Energy acquisition in progress to integrate battery recycling with LFP cell production. 
- **IP & Governance**: Granted U.S. patent for lithium recycling; added directors with commercialization expertise. 
- **2026 Priorities**: Advance ARC engineering, deepen partner negotiations, and qualify lithium carbonate/MHP for commercial use. 

**【CFO Financial Commentary】**
- **Balance Sheet**: Ended 2025 with $10.8M cash, no long-term debt, and $20M raised via equity. 
- **Cost Control**: Operating expenses down 24.8% YoY to $23.3M; G&A reduced 12% to $10.5M. 
- **Liquidity**: 2026 runway supported by disciplined capital allocation; net loss narrowed to $22.6M vs. $24.6M in 2024. 
- **Cash Flow**: Operating cash use down 24.8% YoY to $10.3M. 

**【Q&A Highlights】**
- **Lion Energy Acquisition**: Potential to integrate battery recycling with LFP cell production at American Battery Factory's Tucson GigaFactory. 
- **Site Selection**: Evaluating 2 sites for ARC, focusing on feedstock access, permitting, and economics. 
- **Feedstock Market**: U.S. black mass exports to China create opportunity; lithium price recovery supports 2026 economics. 
- **LFP Breakthrough**: Recover lithium and iron phosphate from LFP scrap, positioning for growth in LFP EV and storage. 
- **Industry Consolidation**: AquaRefining's lower-cost, zero-waste process differentiates from China-based competitors. 


Aqua Metals, Inc. (AQMS) Q4 2025 Earnings Call Transcript

- **$17M Proactive Capital Raise**: Strengthens balance sheet, providing >6 months of runway for commercialization.
- **LFP Processing Breakthrough**: 1 metric ton pilot-scale success validates battery-grade lithium carbonate production from scrap.
- **Strategic Partnerships**: MOUs for deep sea minerals and LOI for $12M annual nickel carbonate supply (2027+).
- **Financial Improvement**: Year-to-date net loss down 33%, operating cash use reduced 30% YoY.
- **Disciplined Execution**: No commercial build until feedstock, offtake, and capital conditions are met.

**【CEO Summary Section】**
- Aqua Metals raised $17.1 million post-quarter, providing multiple quarters of operating runway and flexibility to accelerate commercialization.
- Demonstrated successful processing of 1 metric ton of LFP cathode scrap into battery-grade lithium carbonate, validated by OEM and third-party testing.
- Expanded partnerships: MOUs with MOBY Robotics and Impossible Metals for deep sea minerals, and LOI with Westwin Elements for up to $12 million annual nickel carbonate supply (2027+).
- Regained NASDAQ compliance and strengthened balance sheet, positioning for long-term growth.
- Emphasized disciplined approach to avoid speculation, focusing on feedstock certainty and offtake contracts before commercial build.

**【CFO Financial Commentary】**
- Q3 2025 cash balance: $2.9 million (up from $1.9 million Q2), with $17 million raised post-quarter.
- Operating costs: $2.7 million (down 10% YoY), G&A: $2.1 million (down 16% YoY), R&D: $0.6 million (flat).
- Net loss: $2.8 million (vs. $4.7 million Q3 2024), year-to-date loss reduced 33% to $12.3 million.
- Year-to-date cash use: $7.2 million (down 30% YoY), with modest increase expected for R&D and site readiness.

**【Q&A Key Highlights】**
- **Gating Factors for First Build**: Feedstock availability, offtake contracts, and capital readiness. CEO prioritizes securing commercial relationships before construction.
- **Nickel Product Pathway**: Near-term focus on U.S.-produced nickel carbonate for battery and broader metals markets, with Westwin partnership targeting 2027+ production.
- **Site Selection**: Advanced engineering and permitting reviews for commercial facility, with updates expected Q4 2025.
- **Business Development**: Increased OEM and preprocessor interest, with disciplined approach to announcing only bankable partnerships.


Aqua Metals, Inc. (AQMS) Q3 2025 Earnings Call Transcript

- **Best-in-class lithium quality**: 30 ppm fluorine lithium carbonate meets top-tier specs, validating AquaRefining's sustainability.
- **Cost leadership**: U.S. AquaRefining operates at half the cost of traditional U.S. methods, competitive with China.
- **Debt-free and cash-positive**: $3.2 million post-asset sale, no debt, and improved cash flow through cost reductions.
- **Strategic partnerships**: Engaging with 100+ industry leaders, testing new feedstocks, and designing scalable ARC facilities for commercial launch.

**【CEO Opening Remarks】**
- Achieved best-in-class lithium carbonate with fluorine content below 30 ppm, exceeding cathode material producer specifications.
- Produced 1 metric ton of high-purity NMC cake for partner qualification, enabling direct integration into the precursor cathode active material (pCAM) process.
- Tested alternative feedstocks, including nickel refinery residue and undersea nodules, with trials scheduled for later this year.
- Launched sodium sulfate regeneration technology to reduce chemical costs and waste streams.
- Designed modular ARC facilities for 10,000-60,000 metric tons of black mass annual processing, with strategic partner discussions underway.
- Internal analysis shows AquaRefining in the U.S. is cost competitive with Chinese hydrometallurgical recycling and operates at half the cost of traditional U.S. methods.
- Engaged with potential partners to build a domestic closed-loop battery material supply chain.

**【CFO Financial Commentary】**
- Ended Q2 with $1.9 million in cash, increasing to $3.2 million post-Sierra ARC facility sale.
- Retired $3 million Summit building loan, eliminating associated interest expense and achieving debt-free status.
- Operating expenses decreased 67% YoY to $0.8 million, G&A down 35% to $2.2 million, driven by workforce reductions.
- Net loss for Q2 was $6.8 million, reflecting non-cash impairments and disposal costs related to the Sierra ARC exit.
- Year-to-date cash used in operations improved to $5.3 million, with $4.9 million from asset sales offsetting $1.8 million in financing activities.

**【Q&A Highlights】**
- **Technology Flexibility**: Delivers nickel as metal, carbonate, or NMC cake, meeting diverse partner needs and enabling licensing or build-own-operate models.
- **Market Impact**: U.S. lithium carbonate production economics are improving, driven by China supply disruptions and rising prices.
- **Regulatory Support**: Advocating for tax incentives to encourage domestic black mass preprocessing, supporting U.S. recycling infrastructure.
- **Partnership Strategy**: Focused on securing offtake agreements for first commercial ARC facility, with discussions leveraging patent-protected IP and cost competitiveness.
- **Cash Runway**: Prudent cash management and asset sales provide flexibility to pursue strategic partnerships without immediate capital constraints.

Aqua Metals, Inc. (AQMS) Q2 2025 Earnings Call Transcript

- **Strategic Asset Sale**: Sierra ARC sale reduces debt and monthly costs by $100k, freeing capital for partnerships.
- **Product Line Expansion**: LFP recycling doubles lithium output, unlocking new revenue streams.
- **Leadership Transition**: Eric West brings 6+ years of internal experience to CFO role, ensuring seamless continuity.
- **Government Support**: Engaging with DOE/DOD for potential policy and funding support for domestic supply chain.
- **Financial Resilience**: Q1 2025 cash balance of $1.6M and $5.2M impairment charge reflect prudent capital management.

**【CEO Operational Update】**
- Sold Sierra ARC facility to reduce debt and monthly holding costs by $100,000, generating cash runway for strategic partnerships.
- Expanded product line with nickel carbonate, MHP, and LFP recycling breakthroughs, doubling lithium carbonate output and improving project economics.
- Transitioned CFO Judd Merrill to consulting role and appointed Eric West as incoming CFO, leveraging internal expertise for continuity.

**【CFO Financial Highlights】**
- Q1 2025 cash balance: $1.6 million, with $5.2 million impairment charge on Sierra ARC assets.
- Plant operations expenses decreased 67.2% YoY due to workforce reductions and cost controls.
- Net loss of $8.3 million (-$1.03 per share) vs. $5.5 million (-$1.05) in Q1 2024, driven by lower revenue and one-time charges.
- Completed sale of Sierra ARC in Q2, retiring all debt and improving liquidity for commercial deployment.

**【Q&A Key Takeaways】**
- Customer engagement surged amid U.S. battery material import tariffs, with partners testing AquaRefining samples for battery-grade materials.
- Government policy support expected to accelerate domestic supply chain, with ongoing discussions with DOE and DOD.
- Near-term financing focused on ATM usage and asset sales; long-term plans include project financing with strategic partners.
- Targeting brownfield locations near feedstock sources to reduce CapEx and OpEx for first commercial ARC deployment.

Aqua Metals, Inc. (AQMS) Q1 2025 Earnings Call Transcript

- **Technology Leap**: Pilot plant produced record 600+ lbs of battery-grade lithium carbonate, validating low-carbon AquaRefining process.
- **Strategic Shift Wins**: Focused on lithium carbonate/MHP cuts capital intensity by 30%, positions for faster revenue generation.
- **Partnership Power**: 6K Energy deal secures 30% recycled content for US cathode production; nickel-to-cathode conversion tests with top battery makers.
- **Financial Resilience**: $50M insider-backed funding, $2.2M tax abatement, and 2025 cost cuts position for disciplined growth.
- **Government Tailwind**: DOE ACME-REVIVE program participation and executive order support domestic critical minerals production.

**【CEO Key Updates】**
- **Technology Validation Success**: Achieved 24/7 continuous operation at pilot plant, producing 600+ pounds of battery-grade lithium carbonate with 99.5% purity. Independent analysis shows 83% lower CO2 emissions vs traditional methods.
- **Commercial Partnerships**: 
  - 6K Energy agreement to supply 30% of recycled content for US cathode production.
  - Converted recycled domestic nickel into cathode material validated by leading battery manufacturers.
- **Strategic Adjustments**: 
  - Shifted focus to lithium carbonate and MHP production to reduce capital intensity and improve margins.
  - Sierra ARC facility on hold pending financing, but 70% of equipment already ordered.
  - Exploring colocation, toll processing, and licensing models to accelerate deployment.
- **Financial Position**: Raised $50M in 2024, with $35M from insiders. Secured $2.2M tax abatement from Nevada.

**【CFO Financial Highlights】**
- **Cash Position**: $4.1M at quarter-end, up from prior quarter.
- **Net Loss**: $24.6M for 2024, driven by operational expenses and warrant liability remeasurement.
- **Impairment**: $2.6M related to unused equipment for revised Sierra ARC design.
- **Cost Optimization**: 2025 G&A and payroll expenses expected to be lower than 2024.
- **Financing Strategy**: Pursuing project finance and debt options with lenders, leveraging improved plant economics.

**【Q&A Key Takeaways】**
- **Sierra ARC Progress**: Facility is 90% ready; $15M remaining capital needed. New design reduces CAPEX by 30% and increases EBITDA margins.
- **Offtake Agreements**: Engaged with 10+ potential customers, focusing on battery-grade lithium carbonate demand.
- **Government Support**: Actively engaging with DOE for ACME-REVIVE funding; executive order emphasizes critical minerals production.
- **Liquidity**: Current cash runway extends into Q2 2025; exploring equity and debt options to accelerate projects.

Actual												-8.6294	-12.0046	-6	-23.38	-12	-24	-4	-12	-12	-8	-10	-10	-12	-12	-8	-18	-10	-10	-7.6	-10.7	-10.3	-7.44	-2.19
Forecast												-10	-16	-14	-12	-12	-13	-12	-13	-11	-12	-9	-10	-9	-9	-10	-10	-10	-10	-8	-4	-6	-6	-6	-4
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+13.71%	+24.97%	+57.14%	-94.83%	0.00%	-84.62%	+66.67%	+7.69%	-9.09%	+33.33%	-11.11%	0.00%	-33.33%	-33.33%	+20.00%	-80.00%	0.00%	0.00%	+5.00%	-167.50%	-71.67%	-24.00%	+63.50%	0.00%

Actual	--	--	--	--	--	--	--	--	--	--	--	18.00K	0	90.00K	0	0	0	0	186.50K	0	4.00K	0	0	0	0	25.00K	25.00K	0	0	0	--	--	--	--	--
Forecast	--	--	--	--	--	--	--	--	--	--	--	0	0	0	0	0	0	0	0	50.00K	50.00K	0	0	0	51.00K	76.00K	25.00K	26.00K	50.00K	0	0	0	0	0	1.20M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	-92.00%	0.00%	0.00%	0.00%	-100.00%	-67.11%	0.00%	-100.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

AQMS

AQMS fundamentals

AQMS Q4 2025 Earnings Preview

Earnings Call

You can ask Aime

AQMS

AQMS fundamentals

AQMS Q4 2025 Earnings Preview

Earnings Call

AQMS Earnings Call Summary for Q4/20254:30 PM on Mar 31, 2026

AQMS Earnings Call Summary for Q3/20254:30 PM on Nov 12, 2025

AQMS Earnings Call Summary for Q2/20254:30 PM on Aug 13, 2025

AQMS Earnings Call Summary for Q1/20254:30 PM on May 8, 2025

AQMS Earnings Call Summary for Q4/20244:30 PM on Mar 31, 2025

You can ask Aime