Saturday 17 October 2026 Export AQMS’s income statement to Excel — free account

Aqua Metals, Inc.

Aqua Metals, Inc.’s revenue for fiscal 2023 (year ended December 2023) was $25,000.00, up 525.0% from fiscal 2022. In the quarter to June 2026, EPS grew 82.4% and free cash flow fell 257.6%, each against the same quarter a year earlier. Revenue growth for three consecutive years.

1.70 0.01 +0.59%

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Market cap: $6.0M
P/E: 65.9×
Fwd P/E: −0.8×
Dividend yield: —
F-score: 4/9
Altman Z: −5.53
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 14.03%

Capital & Financial Ratios $m

Market Cap 6.02

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 65.89

Fwd P/E (0.82)

P/S ratio 19.84

P/B ratio 0.61

Past 5Y EPS Growth —

This Y EPS Growth 27.50%

Next Y EPS Growth 44.83%

Next Y revenue growth 31,100.00%

Next 5Y EPS Growth 35.00%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 20.89%

10-year low 10-year high

P/B against its own 10 years 3.83%

10-year low 10-year high

EV/Sales against its own 10 years 33.04%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

special payouts not included in total or ratios

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%)

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)	(7)	0	(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)	(12)	0	(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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(1.22)	(1.31)	—	—	—
’25	(10.30)	(7.44)	(2.19)	4.75	(15.15)
’24	(10.00)	(7.64)	(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)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	900.00	368.00	284.00	82.00	66.00	240.00	100.00	134.00	13.30	3.37	Analyst estimates 2026–2028 Powerpack
	High	2,826.00	4,550.00	844.00	866.40	710.00	1,612.00	334.00	353.00	159.00	39.40
People
People	Employees	67	69	76	23	21	23	30	53	11	11
	Revenue/emp, $m	0.00	0.03	0.06	0.21	0.01	0.01	0.00	0.00	0.00	0.00
Income, $m
Income, $m	Revenue	—	2	4	5	0	0	0	0	—	—
	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
	EBT	(14)	(27)	(40)	(45)	(26)	(18)	(15)	(24)	(25)	(23)
	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
	Net income	(14)	(27)	(40)	(45)	(26)	(18)	(15)	(24)	(25)	(23)
	Depreciation	1	4	5	4	3	1	1	1	1	1
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
	Earnings	(178.00)	(262.00)	(236.00)	(172.00)	(84.00)	(52.00)	(40.00)	(50.00)	(38.30)	(15.15)
	Cash flow	(145.75)	(187.21)	(154.09)	(96.35)	(36.24)	(20.18)	(26.77)	(6.80)	(21.23)	(6.86)
	Capex	(384.74)	(92.91)	(21.62)	(48.99)	(10.52)	(5.93)	(7.94)	(11.77)	(12.30)	2.65
	Free cash flow	(530.50)	(280.12)	(175.71)	(145.35)	(46.76)	(26.11)	(34.71)	(18.57)	(33.54)	(4.21)
	Book value	746.92	580.94	293.27	189.78	102.33	78.67	55.17	55.49	25.30	9.88
	Shares, m	0	0	0	0	0	0	0	0	1	1
Valuation, ×
Valuation, ×	P/E	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—
	P/S	—	0.00	13.97	8.10	59.63	98.51	305.94	244.18	—	—
	P/B	—	0.82	1.24	0.80	5.86	3.13	4.17	2.74	—	—
	EV/Sales	—	0.00	12.13	9.10	58.92	94.24	296.35	211.56	—	—
	EV/FCF	—	(1.45)	(1.80)	(1.17)	(12.68)	(9.01)	(6.42)	(7.08)	—	—
Cash, $m
Cash, $m	Operating cash flow	(11)	(19)	(26)	(25)	(11)	(7)	(10)	(3)	(14)	(10)
	Capex	(29)	(9)	(4)	(13)	(3)	(2)	(3)	(6)	(8)	4
	Free cash flow	(40)	(28)	(30)	(38)	(14)	(9)	(13)	(9)	(22)	(6)
Balance, $m
Balance, $m	Working capital	23	22	11	18	5	8	11	14	(4)	9
	Total debt	10	11	13	8	0	0	0	3	—	—
	Net debt	(17)	(12)	(8)	1	(6)	(8)	(7)	(14)	(4)	(11)
	Shareholders’ equity	57	59	50	50	31	28	21	26	16	15
Returns, %
Returns, %	ROA	(22.82)	(36.42)	(55.21)	(63.62)	(49.26)	(53.19)	(46.22)	(71.35)	(81.90)	(98.31)
	ROIC	(20.12)	(33.23)	(55.27)	(50.57)	(38.62)	(55.34)	(68.95)	(122.66)	(122.52)	(368.23)
	ROE	(29.91)	(45.85)	(73.82)	(89.88)	(63.82)	(62.02)	(63.70)	(101.91)	(116.08)	(146.04)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2023 · latest quarter Sep 2023 · fundamentals updated 5 Oct 2026

Charts ten years each

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.	$58.3M	0.3×	—	−0.77% (below 0%: shrinking)	n/m	+90.37% (above 0%: growing)	19.99%	(109.53%)	Compare
AMBIQ Ambipar Emergency Response	$29.9M	— (loss-making)	—	—	−86.74% (below 0%: shrinking)	+296.67% (above 0%: growing)	19.05%	17.12%	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.	$25.1M	— (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.	$7.3M	— (loss-making)	—	+45.47% (above 0%: growing)	n/m	−156.09% (below 0%: shrinking)	37.88%	(17.80%)	Compare
AQMS Aqua Metals, Inc.	$6.0M	65.9×	— (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	$3.3M	—	—	—	—	+67.03% (above 0%: growing)	—	—	Compare
DXST Decent Holding Inc.	$3.1M	—	—	—	—	−1,205.75% (below 0%: shrinking)	—	—	Compare
Median of peers	$17.4M	—	—	+7.61%	—	+41.58%	19.52%	(16.67%)

All 20 Waste Management stocks →

Aqua Metals, Inc. (AQMS) key facts

Strength: Aqua Metals, Inc.’s revenue for fiscal 2023 (year ended December 2023) was $25,000.00, up 525.0% from fiscal 2022.
Aqua Metals, Inc. (AQMS) is a Waste Management company in the Industrials sector, listed on Nasdaq.
As of October 16, 2026, AQMS traded at $1.70, a market capitalization of $6.0 million.
Return on equity was −146.0% and debt-to-equity 0.00.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is −5.53 (distress zone) for fiscal 2023.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Oct 5, 2026.