Aqua Metals (AQMS) Q1 2026 earnings summary

Executive summary

• Advanced commercialization of AquaRefining and lithium battery recycling platforms, with broadened focus on critical minerals and energy storage markets in Q1 2026.

• Progressed site selection, engineering, and pilot operations for the first commercial lithium battery recycling facility, evaluating U.S. locations based on feedstock, logistics, and economics.

• Maintained operational readiness and resilience through disciplined cash preservation during industry downturns, positioning for renewed growth as market conditions improve.

• Strategic shift in 2025 prioritized lithium carbonate production and deferred nickel/cobalt plating to improve scalability and margins.

• Decided not to proceed with the previously announced Lion Energy acquisition under current terms, but continues to evaluate alternative structures for energy storage integration.

Financial highlights

• Q1 2026 net loss ranged from $3.95 million to $8.3 million, improved from Q1 2025 due to absence of prior year non-cash impairment charges.

• Operating expenses in Q1 2026 ranged from $4.1 million to $8.7 million, with a year-over-year decrease in some reports.

• No revenue recognized in Q1 2026 or Q1 2025.

• Cash and cash equivalents were $6.8 million as of March 31, 2026, down from $10.8 million at year-end 2025.

• Working capital at $7.5 million as of March 31, 2026.

Outlook and guidance

• Priorities for 2026 include advancing site selection, engineering, technical validation, expanding commercial engagement, and evaluating strategic opportunities.

• Management expects continued losses and negative cash flow from operations for the foreseeable future, with additional capital required to fund ongoing operations and commercial facility construction.

• Focus remains on disciplined capital allocation, commercialization, and long-term value creation.