One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Aqua Metals, Inc.
AQMS · NCM · Industrials · Waste Management
Current price
$1.46
52-week range
$1.40 - $11.48
Market cap
$5.20M
Balance sheet
Healthy
-21.31x Concerning
Net cash $4.30M. Interest coverage shows how many times profit covers the interest bill.
What stands out
0 Rewards
2 Risks
0 rewards · 2 risks
- Risk Return on equity was -218.4% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 14.4% (peer median: 39.3%).
What this company does
Aqua Metals, Inc.
Aqua Metals, Inc. is developing a special recycling process to get valuable metals like lithium from old batteries, which is important as the demand for these metals grows. Their main goal is to sell this recycling technology and the pure metals they recover, but they are still in the early stages of proving their technology and generating significant income. This means their financial success depends heavily on how well their recycling process works and if companies want to use it.
How the company got here
Aqua Metals was founded in 2014 with the goal of revolutionizing metals recycling. The company has focused on developing its proprietary AquaRefining process, which uses electro-hydrometallurgy—a combination of electricity and water-based solutions—to extract metals. This approach was developed as a cleaner, more cost-effective alternative to traditional methods like smelting, which often involve high temperatures and can produce significant pollution and waste. The company has invested in research and development, operating a pilot facility to demonstrate and refine its technology, particularly for lead-acid and lithium-ion batteries.
What it actually does
Aqua Metals develops and aims to commercialize technologies for recycling and refining metals, primarily from batteries. Their main innovation is the AquaRefining process, which uses electricity and water-based solutions to recover high-purity metals from used batteries. This process is designed to be more sustainable, producing less waste and emissions compared to traditional recycling methods. The company's technology can recover valuable materials like lithium, cobalt, nickel, and copper from spent batteries.
AquaRefining Technology (Lead-Acid Batteries)
Aqua Metals' AquaRefining technology was initially proven with lead-acid batteries, which are used in most cars and trucks. Their process can recover ultra-pure lead from these batteries, offering a cleaner alternative to traditional lead smelting. This technology is designed to reduce emissions and operating costs for lead recyclers. Aqua Metals has also explored licensing this technology to other recyclers globally.
AquaRefining Technology (Lithium-Ion Batteries)
The company is heavily focused on applying its AquaRefining technology to lithium-ion batteries, which power electric vehicles, smartphones, and other electronics. This process recovers high-purity critical metals like lithium, cobalt, nickel, and manganese from "black mass" (the material left after shredding lithium-ion batteries). Aqua Metals aims to produce battery-grade materials directly, which are essential for manufacturing new batteries. This business line is central to their strategy for the growing electric vehicle and energy storage markets.
What management is betting on now
Management is focused on transitioning Aqua Metals from technology development to commercial execution. This involves building out their first commercial-scale recycling and refining facility, known as the Headwaters ARC campus. The strategy is phased, starting with commercially proven equipment to recover materials like copper and aluminum from battery waste, establishing an early revenue stream. Subsequently, they plan to integrate the AquaRefining process to recover higher-value materials like lithium carbonate. This phased approach aims to reduce risk, generate revenue sooner, and capitalize on the increasing demand for domestically sourced battery materials.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-4.65M
FY2024 Q4
$-2.46M
FY2025 Q1
$-3.04M
FY2025 Q2
$-2.68M
FY2025 Q3
$-2.35M
FY2025 Q4
$-2.61M
FY2026 Q1
$-3.84M
FY2026 Q2
$-2.63M
Revenue
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Net income
$-4.48M
Diluted EPS
—
Operating cash flow
$-2.63M
Free cash flow
$-2.63M
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Sources
Revenue
—
Net income
$-3.95M
Diluted EPS
—
Operating cash flow
$-3.84M
Free cash flow
$-3.84M
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Sources
Revenue
—
Net income
$-4.44M
Diluted EPS
—
Operating cash flow
$-2.60M
Free cash flow
$-2.61M
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Sources
Revenue
$0.00
Net income
$-3.12M
Diluted EPS
—
Operating cash flow
$-2.35M
Free cash flow
$-2.35M
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Sources
Revenue
—
Net income
$-6.77M
Diluted EPS
—
Operating cash flow
$-2.55M
Free cash flow
$-2.68M
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Sources
Revenue
$0.00
Net income
$-8.31M
Diluted EPS
—
Operating cash flow
$-2.75M
Free cash flow
$-3.04M
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Sources
Revenue
$0.00
Net income
$-7.44M
Diluted EPS
—
Operating cash flow
$-2.00M
Free cash flow
$-2.46M
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Sources
Revenue
$0.00
Net income
$-5.21M
Diluted EPS
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Operating cash flow
$-3.63M
Free cash flow
$-4.65M
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Sources
Is it cheap or expensive?
Fair value — vs current price $1.46
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $4.3M - more cash than debt. Interest coverage -21.3x.
Net debt
$-4.30M
Interest coverage
-21.31x
Aqua Metals, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
AQMS
BASELINE
Aqua Metals, Inc.
Total debt $441.00K Interest coverage -21.31x This is the baseline the peer rows are being compared against.
Total debt $12.83M Interest coverage -7.05x Neither company has much profit cushion over interest right now.
Total debt $62.18M Interest coverage -0.04x Neither company has much profit cushion over interest right now.
Total debt $34.31M Interest coverage 0.99x This peer still has a real interest-payment cushion, while AQMS does not.
What you should know
The case for and against AQMS
0 Rewards
2 Risks
Rewards
Risks
-
Return on equity was -218.4% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 14.4% (peer median: 39.3%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-0.91x
P/B
0.54x
P/S
—
EV/EBITDA
-0.07x
PEG ratio
0.72x
Profitability
How much profit each dollar creates
Gross margin
0.0%
Operating margin
0.0%
Net margin
0.0%
ROE
-218.4%
ROA
-92.9%
Health
Liquidity and balance-sheet strength
Debt / equity
0.05x
Current ratio
2.43x
Quick ratio
1.69x
Total debt
$441.00K
Total cash
$4.74M
Growth
How the business has been compounding
Revenue TTM
$0.00
Revenue 5Y CAGR
—
EPS TTM
-2.53
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-11.43M
Free CF TTM
$-10.68M
FCF margin
—
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
—
Last ex-div date
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