10-K · April 30, 2026
Aqua Metals (AQMS) continues its journey towards large-scale commercial deployment of lithium-ion battery recycling, though it currently operates in a pre-commercial phase with significant financial challenges. The…
Earnings analysis · 10-Q
AQMS earnings analysis
Filed May 14, 2026 · Our reading of the company's report
The latest report
Aqua Metals (AQMS) reported no revenue for Q4 2026, consistent with the previous year, while EPS remained negative at -1.57. Operating expenses declined significantly by 52.3% year-over-year, leading to improved cash…
Read full summary
Aqua Metals (AQMS) reported no revenue for Q4 2026, consistent with the previous year, while EPS remained negative at -1.57. Operating expenses declined significantly by 52.3% year-over-year, leading to improved cash flows from financing activities of $1.85 million. Management emphasizes the need for continued capital raising to support its business plan amid ongoing operational development challenges.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.57
What stood out
-
No Revenue Generation
AQMS reported $0 in total revenue for both Q1 2026 and Q1 2025.
-
Improved Operating Expenses
Total operating expenses decreased from $8.68 million in Q1 2025 to $4.14 million in Q1 2026, a decline of 52.3%.
-
Increased Cash Position
Cash and cash equivalents rose to approximately $6.82 million as of March 31, 2026.
-
Significant Financing Activities
Net cash provided by financing activities was $1.85 million in Q1 2026, sourced from an at-the-market offering.
-
Reduction in Interest Expense
Interest expense fell significantly by 98% to $8, down from $403 in the same quarter last year.
-
Focus on Strategic Partnerships
Management continues to seek strategic partnerships to enhance commercialization efforts for lithium-ion battery recycling.
What to watch
-
Ongoing Financial Losses
AQMS faced a net loss of approximately $3.84 million from operating activities in Q1 2026, worsening from $2.75 million in Q1 2025.
-
Need for Additional Financing
The company anticipates requiring additional capital to support operations over the next 12 months, potentially leading to dilution if raised through equity.
-
Credit Losses Risk
An allowance for credit losses of $437,000 was recorded relating to Lion Energy, posing additional risk if actual recoveries fall short.
Management's outlook
Management indicated the need for liquidity improvements and action plans but deferred explicit numerical guidance.
Earlier filings 4
10-K · March 31, 2026
Aqua Metals (AQMS) remains a pre-commercial recycler that demonstrated pilot‑scale operations (a "multi-week continuous 24-hour operating campaign" at its pilot facility in late 2024) and has refined its…
10-Q · August 13, 2025
Aqua Metals reported no revenue for the quarter, recognized a large impairment related to the sale of the TRIC facility, and recorded a net loss of $6,770,000 ($7.44 loss per share) for the three months ended June 30,…
10-Q · May 8, 2025
Aqua Metals reported no revenue for the quarter and a net loss of $8.315M (basic/diluted loss per share $1.03) for the three months ended March 31, 2025. Operating expenses rose to $8.683M (including a $5.247M…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.