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- **$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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AQMS

AQMS fundamentals

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