AQMS earnings analysis
What we found in AQMS's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.57
What they said about what is next.
Management indicated the need for liquidity improvements and action plans but deferred explicit numerical guidance.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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