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Aqua Metals, Inc. AQMS

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Get access to target analyst prices, predictions, compound annual growth rates and more than four years of historical data.

Insider Decisions

in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy
Sell
Insider Ownership
14.03%

Capital & Financial Ratios

Market Cap
8.55
Revenue
0.29
Net Income
(15.99)
Free Cash Flow
(11.43)
Net Debt
(4.74)
Current Ratio
2.43
Debt/Equity
0.00
P/E ratio
0.00
P/S ratio
27.66
P/B ratio
0.85
Past 5Y EPS Growth
25.92%
This Y EPS Growth
27.50%
Next Y EPS Growth
44.83%
Next 5Y EPS Growth
35.00%
in millions of $

Dividends

Payout Ratio
0.00
Annual Dividend Rate
Annual Dividend Yield
total individual payouts
2023 ‡‡‡
2022 ‡‡‡
2021 ‡‡‡
2020 ‡‡‡
2019 ‡‡‡
2017 ‡‡‡
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 16.52 4.08 10.81 4.74
Receivables 0.07 0.02
Inventory 0.93 0.25 0.24 0.24
Other
18.30 4.64 13.41 6.88
2023 2024 2025 Q'26
Payables 1.84 1.23 0.55 0.39
ST’ Debt
Other
4.61 8.18 4.43 2.83
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡ ‡‡‡ ‡‡‡
Earnings ‡‡‡ ‡‡‡ ‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26
’23 0.03
0.03
’22 0.00
0.00
’21 0.17
0.17
’20 0.02 0.09
0.11
’19 0.44 1.48 2.36 0.59
4.87
’18 1.73 0.48 1.17 1.07
4.45
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 (3.84) (2.63)
’25 (2.75) (2.55) (2.35) (2.60)
(10.25)
’24 (4.25) (7.39) 0.00 (1.99)
(13.63)
’23 (2.86) 8.34 (3.25) (5.41)
(3.19)
’22 (3.40) (2.53) (2.73) (1.48)
(10.15)
’21 (2.16) (2.78) 1.19 (3.31)
(7.06)
’20 (4.26) (4.06) (0.67) (2.04)
(11.03)
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 (3.84) (2.63)
’25 (3.04) 1.67 (2.31) (2.61)
(6.30)
’24 (6.99) (12.09) 0.00 (2.46)
(21.53)
’23 (8.05) 8.09 (3.89) (4.87)
(8.72)
’22 (2.52) (3.25) (3.76) (3.63)
(13.16)
’21 (2.62) (3.26) 0.73 (3.99)
(9.14)
’20 (5.82) (4.74) (1.28) (2.39)
(14.23)
in millions of $

EPS

Mar Jun Sep Dec Year
’26 (1.22) (1.31)
’25 (10.30) (7.44) (2.19)
(15.15)
’24 (10.00) (10.00) (7.60) (10.60)
(38.30)
’23 (12.00) (12.00) (8.00) (20.00)
(50.00)
’22 (12.00) (8.00) (10.00) (10.00)
(40.00)
’21 (12.00) (24.00) (4.00) (12.00)
(52.00)
’20 (14.00) (14.00) (6.00) (50.00)
(84.00)

Target Price Range

High
‡‡‡‡‡
‡‡‡
Average
‡‡‡‡‡
‡‡‡
Low
‡‡‡‡‡
‡‡‡

Recommendation Rating

1
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 100.00 134.00 13.30 3.37
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 334.00 353.00 159.00 39.40
High Price
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 30 53 11 11
Employees
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.00 0.00 0.00 0.00
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.00 0.03 ‡‡‡‡‡
Revenue
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (98,875.00%) (25,028.00%) 0.00% 0.00%
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (15.43) (23.94) (24.55) (22.64) ‡‡‡‡‡
EBT
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (385,725.00%) (95,752.00%) 0.00% 0.00% ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (15.43) (23.94) (24.55) (22.65) ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.07 1.40 1.35 1.47
Depreciation
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.01 0.05 0.00 0.00 ‡‡‡‡‡
Revenue/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (40.00) (50.00) (38.30) (15.15) ‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (26.77) (6.80) (21.23) (6.86)
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (7.94) (11.77) (12.30) 2.65 ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (34.71) (18.57) (33.54) (4.21)
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 55.17 55.49 25.30 9.88
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.38 0.47 0.64 1.50 ‡‡‡‡‡
Shares
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 0.00 0.00 ‡‡‡‡‡
PE Ratio
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 305.94 244.18 ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.17 2.74 ‡‡‡
PB Ratio
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 303.83 198.79 ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (6.58) (6.66)
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (10.15) (3.19) (13.63) (10.25) ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (3.01) (5.53) (7.90) 3.96 ‡‡‡‡‡
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (13.16) (8.72) (21.53) (6.30) ‡‡‡‡‡
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 10.90 13.69 (3.54) 8.98
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.48 2.92
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.60) (13.60) (4.08) (10.81)
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 20.92 26.06 16.24 14.77
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (46.22%) (71.35%) (81.90%) (98.31%) ‡‡‡‡‡
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (47.89%) (122.66%) (122.52%) (368.23%)
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (63.70%) (101.91%) (116.08%) (146.04%) ‡‡‡‡‡
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Aqua Metals, Inc. (AQMS) exemplifies the volatile world of clean tech speculation, pioneering a water-based AquaRefining process to recycle lead-acid batteries without smelting’s toxic emissions. Debuting around 2015, it rode hype to revenue peaks of $4.9 million in 2019, but execution faltered amid plant delays in Nevada, COVID disruptions, relentless cash burn, and dilutive financings, cratering sales to near zero by 2024 while gross margins plunged into triple-digit negatives.

Fundamentals remain grim: cumulative losses exceed $245 million, ROE has eroded to -116%, shareholders’ equity has shrunk 72% to $16.2 million, and shares outstanding ballooned 744% since 2016, slashing book value per share by 97%. Cash flows bleed with negative working capital signaling liquidity strains, and stock prices have tumbled from 2017 highs near $4,550 to 2024 lows around $13, trading at sky-high PS ratios like a high-stakes bet on unproven tech.

Yet analysts forecast a dramatic pivot, with revenue surging to $7.8 million in 2025-2026, net losses improving 62%, and unanimous price targets implying 150% upside amid EV-driven recycling mandates and potential partnerships. No insider buying adds caution, but catalysts like revenue beats could ignite a turnaround—or more dilution. Dive into the full analysis for the metrics driving this high-risk revival story.

Aqua Metals, Inc. (AQMS) Latest News

News by impact score

Fine-tune

14 Sep

4 , 8:00 AM
Aqua Metals signed a five-year copper and aluminum offtake LOI, completing commercial coverage for all three Project Headwaters product streams. Securing five-year offtake agreements finalizes long-term sales channels for every Project Headwaters output and supports project commercialization.

31 Aug

4 , 8:00 AM
Aqua Metals and WMC sign LOI covering 100% of planned lithium carbonate output from first commercial-scale AquaRefining facility. LOI locks in full offtake for initial commercial production, strengthening revenue visibility and scaling path.

31 Jul

4 transcript , 1:03 AM
Aqua Metals Inc (AQMS) highlighted a strategic pivot to phased operations in its Q2 2026 earnings call. Strategic pivot to phased operations signals major changes likely to alter company trajectory and investor sentiment.

30 Jul

4 , 4:05 PM
Aqua Metals reported second quarter 2026 results and advanced its phased commercialization plan for Headwaters ARC. Advancing the commercialization plan constitutes a major strategic move that can significantly shift company trajectory.

7 Jul

4 , 7:00 AM
Aqua Metals advances Headwaters ARC, its planned Midwest battery recycling and critical minerals recovery campus. Major expansion of core battery recycling operations signals strategic growth with direct market impact.

3 Jul

4 , 8:10 AM
Aqua Metals’ (AQMS) DOE-backed project adds validation to its battery recycling technology. DOE backing validates battery recycling technology and strengthens strategic position.

11 Jun

4 , 7:00 AM
Aqua Metals selected as industrial partner for DOE-funded Idaho National Laboratory program advancing critical minerals refining. Government-backed program partnership directly supports AQMS core refining technology with major strategic upside.

27 May

3 transcript www.fool.com, 5:28 PM
Aqua Metals (AQMS) Q4 2025 earnings call transcript covers financial performance, strategic updates, and executive discussions on company operations. Q4 earnings transcript provides performance details and outlook that moderately influence near-term market views.

15 May

4 transcript www.fool.com, 1:21 PM
Aqua Metals (AQMS) released Q1 2026 earnings call transcript detailing first-quarter financial results, operational updates, and management's forward guidance. Q1 2026 earnings transcript discloses financial metrics, strategic initiatives, and outlook that could significantly shape AQMS investor sentiment and stock performance.

4 GuruFocus.com, 1:02 AM
Aqua Metals Inc (AQMS) Q1 2026 earnings call highlights progress in commercialization efforts alongside other operational updates. Commercialization progress marks a major strategic milestone enhancing AQMS revenue potential and market positioning.

3 transcript app.moby.co, 8:30 AM
Aqua Metals held its Q2 2026 earnings call covering financial results, operational updates and forward outlook for the company. Q2 earnings call provides financial metrics and guidance that can moderately shift short-term sentiment and valuation for AQMS.

14 May

4 GlobeNewswire, 4:05 PM
Aqua Metals reported first quarter 2026 progress on commercialization, strategic initiatives, and expanded platform capabilities across critical minerals and energy storage markets. Progress on commercialization and strategic expansion into critical minerals and energy storage signals major advancements in core operations and market positioning.

3 transcript app.moby.co, 8:30 AM
Aqua Metals reported Q1 2026 earnings results in its earnings call, covering revenue, operational updates, and forward outlook for battery recycling and metal recovery activities. Q1 earnings call delivers standard financial metrics and guidance that moderately shape near-term investor sentiment without signaling major strategic shifts.

6 Apr

4 Investing.com, 11:00 AM
Aqua Metals CEO discusses Lion Energy deal and plans to build end-to-end battery platform. Lion Energy deal and end-to-end battery platform represent major strategic expansions enhancing Aqua Metals' competitive position.

1 Apr

4 app.moby.co, 8:30 AM
Aqua Metals, Inc. released Q4 2025 earnings call summary highlighting financial results, operational progress, and future outlook. Q4 earnings call summaries disclose critical financial metrics and strategic guidance that significantly shape investor sentiment and company trajectory.

31 Mar

4 GuruFocus.com, 11:02 PM
Aqua Metals Inc. (AQMS) Q4 2025 earnings call highlights technological advancements, operational progress, and strategic initiatives amid ongoing efforts to scale innovative battery recycling processes. Technological advancements and Q4 2025 earnings highlights indicate significant strategic shifts enhancing competitive positioning and market performance.

4 GlobeNewswire, 4:05 PM
Aqua Metals reports 2025 milestone advancements, strategic progress, and continued commercialization momentum. Milestone advancements and commercialization momentum represent major strategic progress poised to significantly boost AQMS trajectory and investor sentiment.

11 Feb

4 GlobeNewswire, 9:00 AM
Aqua Metals, Inc. has entered into a term sheet to acquire Lion Energy, a leading energy storage company. This strategic move aims to enhance Aqua Metals' capabilities in the energy storage sector, aligning with its focus on sustainable technologies and expanding its market presence. The acquisition is expected to bolster Aqua Metals' growth and innovation in energy solutions. Acquiring Lion Energy is a significant strategic move that could enhance Aqua Metals' competitive positioning in the energy storage market.

3 Feb

4 GlobeNewswire, 8:00 AM
Aqua Metals, Inc. and American Battery Factory have announced a proposed strategic collaboration aimed at enhancing the domestic circular supply of battery materials. This partnership is expected to leverage Aqua Metals' innovative recycling technology and American Battery Factory's manufacturing capabilities to create a sustainable supply chain for battery materials in the U.S. The collaboration could significantly impact Aqua Metals' strategic positioning and market dynamics in the battery materials sector.

2 Feb

3 GlobeNewswire, 8:00 AM
Aqua Metals, Inc. will participate in the NAATBatt 2026 Annual Meeting in Tucson, where the company plans to discuss its commercial and technical milestones related to domestic battery materials. This engagement highlights Aqua Metals' commitment to advancing its position in the battery materials sector. Participation in industry events can enhance visibility and networking opportunities, potentially influencing future business developments.

21 Jan

4 GlobeNewswire, 8:00 AM
Aqua Metals, Inc. has entered into a multi-year supply agreement with 6K Energy to support the commercialization of domestic battery materials. This partnership aims to enhance the production and availability of battery materials, aligning with the growing demand for sustainable energy solutions. The collaboration is expected to bolster Aqua Metals' position in the battery recycling and materials market. The agreement with 6K Energy is a significant strategic move that could enhance Aqua Metals' market position and financial performance in the growing battery materials sector.

13 Nov

4 transcript www.fool.com, 12:17 PM
Aqua Metals, Inc. reported its Q3 2025 earnings, highlighting significant advancements in its lead-acid battery recycling technology and increased production capacity. The company noted a rise in revenue compared to the previous quarter, driven by higher demand for sustainable battery recycling solutions. Management emphasized ongoing efforts to enhance operational efficiency and expand market reach. Future projections indicate continued growth, supported by strategic partnerships and investments in innovation. The earnings call included insights into market trends and competitive positioning within the recycling industry. Significant advancements in technology and increased production capacity are likely to alter the company's trajectory and investor sentiment.

3 GuruFocus.comBarchartSimply Wall St.GuruFocus.comGuruFocus.comGuruFocus.com, 12:01 AM
Aqua Metals, Inc. reported its Q3 2025 earnings, highlighting strategic advances in its recycling technology and operational efficiency. The company faced market challenges, including fluctuating demand and regulatory hurdles, impacting its financial outlook. Despite these obstacles, Aqua Metals remains focused on expanding its market presence and enhancing its product offerings to drive future growth. Strategic advances and market challenges are expected to moderately influence Aqua Metals' financial performance and competitive positioning.

12 Nov

4 , 4:05 PM
Aqua Metals, Inc. reported its third quarter 2025 results, highlighting ongoing advancements in the commercialization of its AquaRefining™ technology. The company continues to make progress in its efforts to enhance battery recycling processes, aiming to establish a more sustainable and efficient method for lead-acid battery recycling. Financial results indicate growth and investment in technology development, positioning Aqua Metals favorably within the industry. Significant advancements in AquaRefining™ technology could alter the company's competitive position and investor sentiment.

3 Associated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceBarchartAssociated Press FinanceAssociated Press FinanceAssociated Press Finance, 4:31 PM
Aqua Metals, Inc. reported its Q3 earnings, highlighting a significant increase in revenue compared to the previous year. The company continues to focus on its innovative lead recycling technology, which is expected to drive future growth. Despite challenges in the market, Aqua Metals remains optimistic about its strategic initiatives and partnerships aimed at expanding its operations. The earnings report reflects a commitment to sustainability and efficiency in the recycling sector, positioning the company favorably for upcoming quarters. The earnings report indicates moderate growth and strategic focus, which may influence financial performance but is balanced by market challenges.

10 Nov

4 , 8:00 AM
Aqua Metals, Inc. has signed a Letter of Intent (LOI) with Westwin Elements to supply U.S.-produced nickel carbonate. This partnership aims to enhance the domestic supply chain for nickel carbonate, which is essential for battery production and other applications. The collaboration is expected to support Aqua Metals' strategic initiatives in the battery recycling and materials sector, aligning with the growing demand for sustainable and locally sourced materials. The partnership with Westwin Elements is a significant strategic move that could enhance Aqua Metals' competitive positioning and market dynamics.

4 Nov

3 GlobeNewswire, 8:00 AM
Aqua Metals, Inc. (AQMS) has announced it will provide a quarterly business update on November 12, 2025. This update is anticipated to cover the company's recent performance and strategic initiatives. Quarterly updates can influence investor sentiment and provide insights into financial performance.

3 Nov

4 , 8:00 AM
Aqua Metals, Inc. has signed a Memorandum of Understanding (MOU) with MOBY Robotics to establish a collaboration framework aimed at the sustainable refining of critical minerals sourced from deep-sea environments. This partnership is expected to leverage advanced robotics and Aqua Metals' innovative recycling technologies to enhance the efficiency and sustainability of mineral extraction processes. The collaboration with MOBY Robotics represents a significant strategic move that could enhance Aqua Metals' competitive positioning in the critical minerals market.

15 Oct

4 GlobeNewswire, 9:15 AM
Aqua Metals, Inc. has secured $13 million in funding from a prominent institutional investor to expedite its commercialization efforts and support strategic growth initiatives. This investment is aimed at enhancing the company's operations and expanding its market presence in the recycling of lead-acid batteries through its innovative AquaRefining technology. The funding will significantly bolster Aqua Metals' capabilities and market positioning, potentially leading to major advancements in its operations and growth trajectory.

14 Oct

4 www.barchart.com, 4:34 PM
Aqua Metals, Inc. (AQMS) has seen its stock price double recently, driven by positive developments in its lead recycling technology and increased demand for sustainable practices in the metals industry. The company's innovative approach positions it favorably in a market that is increasingly focused on environmental sustainability. Investors are weighing the potential for continued growth against the backdrop of market volatility and competition. Analysts are divided on whether the current price reflects the company's long-term value, prompting discussions about whether now is the right time to invest. The doubling of stock price indicates significant investor interest and potential for major strategic growth in the sustainable metals sector.

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