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Aqua Metals, Inc. engages in reinventing metals recycling activities with its patented AquaRefining technology. The company's technology produces metals and alloys that can be returned into the battery manufacturing supply chain markets, as well as sells metals for use in various advanced manufacturing industries. Its AquaRefining, a low-emissions and recycling technology that replaces polluting furnaces and hazardous chemicals with electricity-powered electroplating to recover valuable metals and materials from spent batteries. Aqua Metals, Inc. was incorporated in 2014 and is headquartered in Reno, Nevada.
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
Aqua Metals develops an electrochemical AquaRefining process to recover lead from spent lead‑acid batteries, targeting the battery recycling industry. Long-term growth may be supported by rising battery volumes, tighter environmental regulations and potential energy or emissions advantages versus traditional smelting, and the company appears positioned to address environmental constraints if the process scales.
The company faces material execution and financing risk given limited commercial operating history, ongoing losses, competition from established smelters and alternative recyclers, and potential permitting and scale‑up challenges.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | -22.64M | -24.55M | -23.94M | -15.43M | -18.19M |
| Net income | -22.65M | -24.55M | -23.94M | -15.43M | -18.19M |
| Selling general administrative | 10.48M | 11.97M | 11.64M | 9.81M | 9.69M |
| Gross profit | -2.41M | -7.21M | -6.26M | -3.96M | -6.84M |
| Reconciled depreciation | 1.13M | 1.27M | 1.09M | 1.06M | 1.32M |
| Ebit | -21.98M | -23.98M | -23.32M | -15.58M | -17.46M |
| Ebitda | -20.84M | -22.70M | -22.05M | -15.32M | -17.09M |
| Depreciation and amortization | 1.13M | 1.27M | 1.27M | 0.26M | 0.38M |
| Non operating income net other | - | - | - | 0.28M | - |
| Operating income | -23.33M | -23.85M | -24.46M | -15.58M | -17.46M |
| Other operating expenses | 23.33M | 23.85M | 24.49M | 15.59M | 17.64M |
| Interest expense | 0.67M | 0.57M | 0.62M | 0.12M | 0.02M |
| Tax provision | 0.00M | 0.00M | 0.00M | 0.00M | 0.00M |
| Interest income | 0.91M | 0.38M | 1.00M | 0.26M | 0.38M |
| Net interest income | 0.25M | -0.20M | 0.38M | 0.14M | 0.36M |
| Income tax expense | 0.00M | 0.00M | 1.10M | 0.00M | 0.00M |
| Total revenue | 0.00M | 0.00M | 0.03M | 0.00M | 0.17M |
| Total operating expenses | 20.92M | 16.63M | 18.21M | 11.63M | 10.62M |
| Cost of revenue | 2.41M | 7.21M | 6.28M | 3.96M | 7.02M |
| Total other income expense net | 0.69M | -0.70M | 0.53M | 0.15M | -0.73M |
| Net income from continuing ops | -22.65M | -24.55M | -17.88M | -15.43M | -18.19M |
| Net income applicable to common shares | - | - | - | -15.43M | -18.19M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 19.71M | 26.36M | 33.60M | 33.50M | 33.27M |
| Intangible assets | 0.08M | 0.15M | 0.28M | 0.46M | 0.64M |
| Other current assets | 0.28M | 0.21M | 0.18M | 0.26M | 0.36M |
| Total liab | 4.94M | 10.12M | 7.54M | 12.59M | 5.74M |
| Total stockholder equity | 14.77M | 16.24M | 26.06M | 20.92M | 27.53M |
| Other current liab | 3.57M | 3.13M | 2.47M | 5.03M | 3.00M |
| Common stock | 0.00M | 0.01M | 0.11M | 0.08M | 0.07M |
| Capital stock | 0.00M | 0.01M | 0.11M | 0.08M | 0.07M |
| Retained earnings | -270.42M | -247.77M | -223.22M | -199.28M | -183.85M |
| Other liab | - | - | - | - | 1.33M |
| Other assets | - | - | - | 0.03M | 16.32M |
| Cash | 10.81M | 4.08M | 16.52M | 7.08M | 8.14M |
| Total current liabilities | 4.43M | 8.18M | 4.61M | 12.31M | 4.08M |
| Net debt | -10.22M | 0.19M | -13.29M | -0.60M | -7.42M |
| Short term debt | 0.31M | 3.83M | 0.31M | 6.21M | 0.39M |
| Short long term debt | - | 3.54M | 0.04M | 5.90M | - |
| Short long term debt total | 0.59M | 4.27M | 3.23M | 6.48M | 0.72M |
| Other stockholder equity | 285.18M | 264.01M | 249.17M | 220.11M | 211.31M |
| Property plant equipment | - | - | - | 7.34M | 2.37M |
| Total current assets | 13.40M | 4.64M | 18.30M | 23.21M | 12.44M |
| Long term investments | - | - | 0.00M | 2.00M | 1.50M |
| Net tangible assets | - | - | - | 20.45M | 26.89M |
| Net receivables | 2.07M | 0.10M | 0.67M | 15.54M | 1.19M |
| Long term debt | - | - | 2.92M | - | - |
| Inventory | 0.24M | 0.25M | 0.93M | 0.28M | 0.12M |
| Accounts payable | 0.55M | 1.23M | 1.84M | 1.07M | 0.69M |
| Accumulated other comprehensive income | - | - | 0.00M | - | - |
| Common stock total equity | - | - | - | 0.08M | - |
| Retained earnings total equity | - | - | - | -199.28M | - |
| Non currrent assets other | 0.46M | 4.56M | 4.45M | 0.49M | 0.80M |
| Non current assets total | 6.30M | 21.72M | 15.30M | 10.29M | 20.83M |
| Capital lease obligations | 0.59M | 0.73M | 0.28M | 0.58M | 0.72M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | - | -11.64M | -8.03M | -0.50M | -0.23M |
| Change to liabilities | - | - | - | 1.45M | 0.01M |
| Total cashflows from investing activities | 2.90M | -11.64M | -9.81M | -3.42M | -2.23M |
| Net borrowings | -4.54M | 1.43M | -3.07M | 5.89M | 0.55M |
| Total cash from financing activities | 14.09M | 12.82M | 22.45M | 12.51M | 11.45M |
| Change to operating activities | - | - | - | 1.02M | 0.21M |
| Net income | -22.65M | -24.55M | -23.94M | -15.43M | -18.19M |
| Change in cash | 6.73M | -12.44M | 9.44M | -1.05M | 1.60M |
| Begin period cash flow | 4.08M | 16.52M | 7.08M | 8.14M | 6.53M |
| End period cash flow | 10.81M | 4.08M | 16.52M | 7.08M | 8.14M |
| Total cash from operating activities | -10.25M | -13.63M | -3.19M | -10.15M | -7.62M |
| Issuance of capital stock | 18.77M | 12.32M | 27.63M | 6.52M | 10.17M |
| Depreciation | 1.06M | 1.27M | 1.27M | 1.06M | 1.32M |
| Other cashflows from investing activities | 3.32M | 0.52M | 0.07M | 1.85M | 0.08M |
| Change to inventory | 0.01M | 0.40M | -0.65M | -0.15M | 0.82M |
| Change to account receivables | 0.00M | 0.07M | -0.06M | 0.12M | -0.24M |
| Sale purchase of stock | - | - | -1.09M | 6.63M | - |
| Other cashflows from financing activities | -0.15M | -0.92M | -1.22M | 5.99M | 1.28M |
| Change to netincome | - | - | - | 2.26M | 2.79M |
| Capital expenditures | 0.42M | 12.16M | 9.88M | 4.77M | 2.35M |
| Change receivables | - | - | - | 0.12M | - |
| Cash flows other operating | - | - | - | 1.42M | - |
| Cash and cash equivalents changes | - | - | - | -1.05M | - |
| Change in working capital | -0.10M | 2.21M | -0.58M | 1.01M | 0.81M |
| Stock based compensation | 2.27M | 2.74M | 2.53M | 2.25M | 2.20M |
| Other non cash items | 9.15M | 4.70M | 17.52M | 0.96M | 0.37M |
| Free cash flow | -10.68M | -25.79M | -13.08M | -14.92M | -9.96M |
Sector: Industrials Industry: Waste Management
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| AQMS Aqua Metals Inc |
-0.05 3.50% |
1.38 | - | 67.57 | 865.53 | 1.00 | 899.77 | -2.21 |
| WM Waste Management Inc |
4.27 1.85% |
235.17 | 31.36 | 25.84 | 3.51 | 10.19 | 4.27 | 15.39 |
| RSG Republic Services Inc |
8.40 3.56% |
244.69 | 31.53 | 27.78 | 3.48 | 4.94 | 4.30 | 15.31 |
| WCN Waste Connections Inc |
3.26 1.79% |
185.23 | 38.90 | 18.76 | 4.11 | 5.11 | 5.12 | 16.63 |
| VEOEF Veolia Environnement S.A |
- -% |
36.43 | 18.52 | 11.93 | 0.60 | 2.15 | 0.85 | 5.92 |
Aqua Metals, Inc. engages in reinventing metals recycling activities with its patented AquaRefining technology. The company's technology produces metals and alloys that can be returned into the battery manufacturing supply chain markets, as well as sells metals for use in various advanced manufacturing industries. Its AquaRefining, a low-emissions and recycling technology that replaces polluting furnaces and hazardous chemicals with electricity-powered electroplating to recover valuable metals and materials from spent batteries. Aqua Metals, Inc. was incorporated in 2014 and is headquartered in Reno, Nevada.
| Name | Title | Year Born |
|---|---|---|
| Mr. Stephen Cotton | CEO, Pres & Director | 1966 |
| Mr. Judd B. Merrill CPA | CFO & Company Sec. | 1971 |
| Mr. Benjamin S. Taecker | Chief Engineering & Operating Officer | 1982 |
| Mr. David Regan | Director Marketing | NA |
| Kimberly Setliff | Sr. VP | NA |
| Mr. Dave McMurtry | Chief Bus. Officer | NA |
| Mr. Eric West | Corp. Controller | NA |
| Mr. Stephen Cotton | CEO, President & Director | 1966 |
| Mr. Judd B. Merrill CPA | CFO & Company Secretary | 1971 |
| Mr. Dave McMurtry | Chief Business Officer | 1966 |
Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
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