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Aqua Metals, Inc.

AQMS Industrials Waste Management

Aqua Metals, Inc.’s revenue for fiscal 2023 (year ended December 2023) was $25,000.00, up 525.0% from fiscal 2022.

EPS
+82.4%
Free cash flow
−257.6%

Quarter to June 2026, against a year earlier

1.23 0.06 +5.13%
Market cap
$4.2M
P/E
0.0×
Fwd P/E
−0.8×
Dividend yield
—
F-score
4/9
Altman Z
−5.53
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 14.61%

Capital & Financial Ratios $m

Size
Market Cap 4.17
Revenue ttm 0.29
Net income ttm (15.99)
Free cash flow ttm (11.43)
Net debt Q (4.74)
Valuation
P/E 0.00
Forward P/E (0.82) (negative: loss-making)
Price / sales 13.77 (above 10: high)
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.42
Financial health
Current ratio Q 2.43 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (765.67)
Growth
Revenue growth Q +38.89% (above 0%: growing)
Operating income growth Q +34.66% (above 0%: growing)
EPS, this year +27.50% (at or above 15%: strong)
EPS, next year A +44.83% (at or above 15%: strong)
Revenue, next year A +31,100.00% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +35.00% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 21.5×, against a ten-year median of 49.0×; over the ten years it ranged from 7.4× in 2020 to 404× in 2023.
P/S against its own 10 years 9.52%
10-year low 10-year high
P/B against its own 10 years 0.44%
10-year low 10-year high
EV/Sales against its own 10 years 27.83%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 17 4 11 5
Receivables 0 — — 0
Inventory 1 0 0 0
Other — — — —
18 5 13 7
2023 2024 2025 Q'26
Payables 2 1 1 0
ST’ Debt — — — —
Other — — — —
5 8 4 3

Compound Annual Growth %

10y 5y 3y
Sales — (64.52%) (38.60%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value (7.91%) (13.86%) (10.95%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY24 Estimate −6.00 Actual −7.60

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY23 −10.00 −10.00 Met by 0.00
Q1 FY24 −10.00 −10.00 Met by 0.00
Q2 FY24 −10.00 −10.00 Met by 0.00
Q3 FY24 −6.00 −7.60 Miss by 1.60

EPS $

Mar Jun Sep Dec Year
’26 (1.22) (1.31) — — —
’25 (10.30) (7.44) (2.19) (1.57) (15.15)
’24 (10.00) (7.64) (7.60) (12.82) (38.30)
’23 (12.00) (12.00) (8.95) (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)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 — — — — —
’23 — — 0 — 0
’22 — 0 — — 0
’21 — — — 0 0
’20 0 — 0 — 0
’19 0 1 2 1 5
’18 2 0 1 1 4
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (4) (3) — — —
’25 (3) (3) (2) (3) (10)
’24 (4) (4) (4) (2) (14)
’23 (3) 8 (3) (5) (3)
’22 (3) (3) (3) (1) (10)
’21 (2) (3) 1 (3) (7)
’20 (4) (4) (1) (2) (11)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (4) (3) — — —
’25 (3) 2 (2) (3) (6)
’24 (7) (8) (4) (2) (22)
’23 (8) 8 (4) (5) (9)
’22 (3) (3) (4) (4) (13)
’21 (3) (3) 1 (4) (9)
’20 (6) (5) (1) (2) (14)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — 2 4 5 0 0 0 0 — — 0 (52.2%) 8 — — —
Gross margin, % 0.00 (356.94) (411.60) (408.80) (4,970.37) (3,956.07) (98,875.00) (25,028.00) 0.00 0.00 0.00 0.0 pt
EBT (14) (27) (40) (45) (26) (18) (15) (24) (25) (23) (16) +5.9%
EBT margin, % 0.00 (1,272.89) (904.74) (919.02) (23,851.85) (10,515.03) (385,725.00) (95,752.00) 0.00 0.00 0.00 0.0 pt
Net income (14) (27) (40) (45) (26) (18) (15) (24) (25) (23) (16) +5.9%
Per share, $
Per share, $ Revenue 0.00 20.57 26.05 18.65 0.35 0.49 0.01 0.05 0.00 0.00 0.00 n/m
Earnings (178.00) (262.00) (236.00) (172.00) (84.00) (52.00) (40.00) (50.97) (38.30) (15.15) (6.29) (23.9%)
Cash flow (145.75) (187.21) (154.09) (96.35) (36.24) (20.18) (26.77) (6.80) (21.23) (6.86) (3.35) (28.8%)
Capex (384.74) (92.91) (21.62) (48.99) (10.52) (5.93) (7.94) (11.77) (12.30) 2.65 0.00 n/m
Free cash flow (530.50) (280.12) (175.71) (145.35) (46.76) (26.11) (34.71) (18.57) (33.54) (4.21) (3.35) (41.6%)
Book value 746.92 580.94 293.27 189.78 102.33 78.67 55.17 55.49 25.30 9.88 2.80 (38.2%)
Shares, m 0 0 0 0 0 0 0 0 1 1 2 +39.2%
Valuation, ×
Valuation, × P/E — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — — 0.00 0.0
P/S — 0.00 13.97 8.10 59.63 98.51 305.94 244.24 — — 13.77 104.3
P/B — 0.82 1.24 0.80 5.86 3.13 4.17 2.74 — — 0.42 2.7
EV/Sales — 0.00 12.13 9.10 58.92 94.24 296.35 211.63 — — 21.49 97.5
EV/FCF — (1.45) (1.80) (1.17) (12.68) (9.01) (6.42) (7.09) — — (0.84) (5.7)
Cash, $m
Cash, $m Operating cash flow (11) (19) (26) (25) (11) (7) (10) (3) (14) (10) (11) (0.9%)
Capex (29) (9) (4) (13) (3) (2) (3) (6) (8) 4 4 n/m
Free cash flow (40) (28) (30) (38) (14) (9) (13) (9) (22) (6) (11) (18.7%)
Balance, $m
Balance, $m Working capital 23 22 11 18 5 8 11 14 (4) 9 4 (10.1%)
Net debt (17) (12) (8) 1 (6) (8) (7) (14) (4) (11) (5) (4.7%)
Shareholders’ equity 57 59 50 50 31 28 21 26 16 15 10 (13.9%)
Returns, %
Returns, % ROA (22.82) (36.42) (55.21) (63.62) (49.26) (53.19) (46.22) (71.35) (81.90) (98.31) (146.30) (75.5) pt
ROIC (20.12) (33.23) (55.27) (50.57) (38.62) (55.34) (68.95) (122.66) (122.52) (368.23) (213.53) (348.1) pt
ROE (29.91) (45.85) (73.82) (89.88) (63.82) (62.02) (63.70) (101.91) (116.08) (146.04) (218.39) (116.1) pt
People
People Employees 67 69 76 23 21 23 30 53 11 11 — (18.2%)
Revenue/emp, $m 0.00 0.03 0.06 0.21 0.01 0.01 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2023 · latest quarter Sep 2023 · fundamentals updated 26 Oct 2026

Aqua Metals, Inc. vs peers in Waste Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LNZA LanzaTech Global, Inc. $65.4M 0.3× — −0.77% (below 0%: shrinking) n/m +90.37% (above 0%: growing) 19.99% (109.53%) Compare
YDDL One and One Green Technologies. Inc $56.6M — — — — — — — Compare
LICYQ Li-Cycle Holdings Corp. $29.9M — (loss-making) — (loss-making) +9.38% (above 0%: growing) n/m +68.50% (above 0%: growing) (191.43%) (417.14%) Compare
QRHC Quest Resource Holding Corporation. $21.9M — (loss-making) — (loss-making) +7.61% (above 0%: growing) n/m +16.13% (above 0%: growing) 16.28% (15.55%) Compare
AWX Avalon Holdings Corporation $9.8M 8.1× 8.3× +3.19% (above 0%: growing) +228.57% (above 0%: growing) −13.53% (below 0%: shrinking) 23.39% 6.50% Compare
GWAV Greenwave Technology Solutions, Inc. $6.1M — (loss-making) — +45.47% (above 0%: growing) n/m −156.09% (below 0%: shrinking) 37.88% (17.80%) Compare
AQMS Aqua Metals, Inc. $4.2M — (loss-making) — (loss-making) +38.89% (above 0%: growing) n/m −257.58% (below 0%: shrinking) 0.00% 0.00%
CDTG CDT Environmental Technology Investment Holdings Limited $2.8M — — — — +67.03% (above 0%: growing) — — Compare
DXST Decent Holding Inc. $1.9M — — — — −1,205.75% (below 0%: shrinking) — — Compare
Median of peers $15.9M — — +7.61% — +16.13% 19.99% (17.80%)

All 22 Waste Management stocks →

Pay and ownership Proxy statement filed 8 July 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.87m 62.20k 1.92
2024 1.46m 869.74k 10.08
2023 2.46m 1.45m 60.80
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Aqua Metals, Inc. (AQMS) Latest News

14 Sep

Impact 4 ·

31 Aug

Impact 4 ·

31 Jul

Impact 4 · transcript

30 Jul

Impact 4 ·

7 Jul

Impact 4 ·

3 Jul

Impact 4 ·

11 Jun

Impact 4 ·

27 May

Impact 3 · · The Motley Fool transcript

15 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · GuruFocus.com
Impact 3 · · Moby transcript

14 May

Impact 4 · · GlobeNewswire
Impact 3 · · Moby transcript

6 Apr

Impact 4 · · Investing.com

1 Apr

Impact 4 · · Moby

31 Mar

Impact 4 · · GuruFocus.com
Impact 4 · · GlobeNewswire

11 Feb

Impact 4 · · GlobeNewswire

3 Feb

Impact 4 · · GlobeNewswire

2 Feb

Impact 3 · · GlobeNewswire

21 Jan

Impact 4 · · GlobeNewswire

13 Nov

Impact 4 · · The Motley Fool transcript
Impact 3 · · GuruFocus.comBarchartSimply Wall St.GuruFocus.comGuruFocus.comGuruFocus.com

12 Nov

Impact 4 ·
Impact 3 · · Associated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceBarchartAssociated Press FinanceAssociated Press FinanceAssociated Press Finance

10 Nov

Impact 4 ·

4 Nov

Impact 3 · · GlobeNewswire

3 Nov

Impact 4 ·

15 Oct

Impact 4 · · GlobeNewswire

14 Oct

Impact 4 · · Barchart
stockrow.com/AQMS · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com