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Aqua Metals (AQMS) investor relations material
Aqua Metals Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Secured $17.1 million in new funding, including $13 million from a leading institutional investor post-quarter, providing several quarters of operational runway and strategic flexibility.
Advanced pilot-scale processing of LFP battery materials, producing battery-grade lithium carbonate validated by OEM and third-party testing, and demonstrated commercial viability.
Expanded strategic partnerships, including MOUs for deep-sea mineral refining and a LOI for domestic nickel supply valued at up to $12 million annually, broadening potential feedstock sources.
Regained compliance with NASDAQ listing requirements, maintaining investor confidence during commercialization transition.
Focused on clean, water-based recycling technology and expanded vision to double lithium carbonate output by deferring nickel and cobalt plating.
Financial highlights
Cash and cash equivalents were $3.6 million as of September 30, 2025, up from $2.9 million in Q3 and down from $4.1 million at year-end 2024.
Net loss for Q3 2025 was $3.1 million ($2.19/share), improved from $5.2 million ($7.64/share) in Q3 2024; year-to-date net loss was $18.2 million, compared to $17.1 million in 2024.
Operating expenses for Q3 2025 were $3.1 million, down from $5.2 million in Q3 2024; plant operations, R&D, and G&A all decreased year-over-year.
No revenue generated in the three or nine months ended September 30, 2025 and 2024.
Recognized $9.0 million non-cash impairment and loss on disposal of property, plant, and equipment related to the sale of the TRIC facility.
Outlook and guidance
Funding runway enables completion of detailed engineering, permitting, and site selection for the first commercial-scale facility, with an accelerated launch planned upon securing project financing.
Management expects continued losses and negative cash flow until commercial operations commence, with a modest increase in cash use as R&D and site readiness ramp up.
Focus remains on maintaining liquidity, aligning investment with milestones, and advancing commercialization efficiently.
Expects to provide updates on site selection and business development as early as this quarter.
Additional capital will be required to fund operations and execute the business plan over the next 12 months.
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Next Aqua Metals earnings date
Q4 20259 Mar, 2026
Next Aqua Metals earnings date
Q4 20259 Mar, 2026
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Frequently asked questions
Aqua Metals, Inc. is a clean technology company focused on developing and commercializing sustainable recycling solutions for metals. The company’s proprietary AquaRefining process is designed to recover high-purity metals, such as lead and lithium, from used batteries and other sources, using a water-based, environmentally friendly method. Aqua Metals aims to support the circular economy by providing efficient and less polluting alternatives to traditional smelting techniques. The company is headquartered in Reno, Nevada, and its shares are listed on the NASDAQ.
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