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Aqua Metals, Inc. (AQMS) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Aqua Metals, Inc. (AQMS) stock price & volume — 10-year historical chart
Aqua Metals, Inc. (AQMS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Aqua Metals, Inc. (AQMS) competitors in Recycling and Resource Recovery — business model, growth, and fundamentals comparison
Aqua Metals, Inc. (AQMS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Aqua Metals, Inc. (AQMS) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 2.09M | 4.45M | 4.87M | 108K | 173K | 4K | 25K | 0 | 0 |
| Revenue Growth % | - | 113.07% | 9.55% | -97.78% | 60.19% | -97.69% | 525% | -100% | - |
| Cost of Goods Sold | 9.54M | 22.76M | 24.8M | 5.48M | 7.02M | 3.96M | 6.28M | 7.21M | 2.41M |
| COGS % of Revenue | 456.94% | 511.6% | 508.8% | 5070.37% | 4056.07% | 98975% | 25128% | - | - |
| Gross Profit | -7.45M▲ 0% | -18.31M▼ 145.7% | -19.93M▼ 8.8% | -5.37M▲ 73.1% | -6.84M▼ 27.5% | -3.96M▲ 42.2% | -6.26M▼ 58.2% | -7.21M▼ 15.3% | -2.41M▲ 66.6% |
| Gross Margin % | -356.94% | -411.6% | -408.8% | -4970.37% | -3956.07% | -98875% | -25028% | - | - |
| Gross Profit Growth % | -814.48% | -145.7% | -8.81% | 73.06% | -27.5% | 42.21% | -58.2% | -15.28% | 66.63% |
| Operating Expenses | 14.99M | 18.72M | 20.87M | 10.03M | 10.62M | 11.61M | 18.21M | 16.63M | 20.92M |
| OpEx % of Revenue | 718.1% | 420.68% | 428.17% | 9282.41% | 6139.31% | 290275% | 72828% | - | - |
| Selling, General & Admin | 6.89M | 14.21M | 19.31M | 9M | 9.69M | 9.81M | 11.64M | 11.97M | 10.48M |
| SG&A % of Revenue | 330.03% | 319.49% | 396.27% | 8331.48% | 5600% | 245375% | 46552% | - | - |
| Research & Development | 8.1M | 4.5M | 1.55M | 1.03M | 933K | 1.81M | 1.74M | 1.59M | 1.32M |
| R&D % of Revenue | 388.07% | 101.19% | 31.9% | 950.93% | 539.31% | 45325% | 6964% | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | -17K | 4.83M | 3.08M | 9.11M |
| Operating Income | -24.86M▲ 0% | -37.03M▼ 49.0% | -40.79M▼ 10.2% | -15.39M▲ 62.3% | -17.46M▼ 13.5% | -15.57M▲ 10.9% | -24.46M▼ 57.2% | -23.85M▲ 2.5% | -23.33M▲ 2.2% |
| Operating Margin % | -1190.52% | -832.28% | -836.97% | -14252.78% | -10095.38% | -389150% | -97856% | - | - |
| Operating Income Growth % | -91.84% | -48.96% | -10.17% | 62.27% | -13.46% | 10.87% | -57.16% | 2.52% | 2.16% |
| EBITDA | -21.76M | -33.58M | -37.07M | -12.94M | -16.14M | -14.51M | -23.19M | -22.57M | -22.2M |
| EBITDA Margin % | -1041.95% | -754.8% | -760.48% | -11978.7% | -9332.37% | -362625% | -92772% | - | - |
| EBITDA Growth % | -79.16% | -54.35% | -10.38% | 65.1% | -24.8% | 10.16% | -59.9% | 2.67% | 1.66% |
| D&A (Non-Cash Add-back) | 3.1M | 3.45M | 3.73M | 2.46M | 1.32M | 1.06M | 1.27M | 1.27M | 1.13M |
| EBIT | -24.82M | -36.8M | -41.42M | -24.14M | -18.17M | -15.3M | -23.32M | -23.98M | -21.98M |
| Net Interest Income | -1.72M | -3.22M | -3.21M | -1.57M | 358K | 137K | 526K | -198K | 246K |
| Interest Income | 41K | 223K | 270K | 48K | 379K | 262K | 1.15M | 376K | 913K |
| Interest Expense | 1.76M | 3.45M | 3.48M | 1.62M | 21K | 125K | 621K | 574K | 667K |
| Other Income/Expense | -1.72M | -3.22M | -4M | -10.37M | -726K | 137K | 526K | -705K | 687K |
| Pretax Income | -26.58M▲ 0% | -40.25M▼ 51.4% | -44.79M▼ 11.3% | -25.76M▲ 42.5% | -18.19M▲ 29.4% | -15.43M▲ 15.2% | -23.94M▼ 55.1% | -24.55M▼ 2.6% | -22.64M▲ 7.8% |
| Pretax Margin % | -1272.89% | -904.74% | -919.02% | -23851.85% | -10515.03% | -385725% | -95752% | - | - |
| Income Tax | 2K | 2K | 2K | 2K | 2K | 2K | 0 | 3K | 2K |
| Effective Tax Rate % | -0.01% | -0% | -0% | -0.01% | -0.01% | -0.01% | 0% | -0.01% | -0.01% |
| Net Income | -26.58M▲ 0% | -40.25M▼ 51.4% | -44.8M▼ 11.3% | -25.76M▲ 42.5% | -18.19M▲ 29.4% | -15.43M▲ 15.2% | -23.94M▼ 55.1% | -24.55M▼ 2.6% | -22.65M▲ 7.8% |
| Net Margin % | -1272.99% | -904.79% | -919.06% | -23853.7% | -10516.18% | -385775% | -95752% | - | - |
| Net Income Growth % | -96.06% | -51.44% | -11.28% | 42.49% | 29.38% | 15.18% | -55.13% | -2.58% | 7.77% |
| Net Income (Continuing) | -26.58M | -40.25M | -44.8M | -25.76M | -18.19M | -15.43M | -23.94M | -24.55M | -22.65M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -262.00▲ 0% | -235.70▲ 10.0% | -171.40▲ 27.3% | -84.66▲ 50.6% | -51.98▲ 38.6% | -40.71▲ 21.7% | -50.97▼ 25.2% | -38.25▲ 25.0% | -15.15▲ 60.4% |
| EPS Growth % | -47.52% | 10.04% | 27.28% | 50.61% | 38.6% | 21.68% | -25.2% | 24.96% | 60.39% |
| EPS (Basic) | -262.00 | -235.70 | -171.40 | -84.66 | -51.98 | -40.71 | -50.97 | -38.25 | -15.15 |
| Diluted Shares Outstanding | 101.47K | 170.77K | 261.32K | 304.31K | 350.01K | 379.06K | 469.66K | 641.96K | 1.49M |
| Basic Shares Outstanding | 101.47K | 170.77K | 261.32K | 304.31K | 350.01K | 379.06K | 469.66K | 641.96K | 1.49M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Aqua Metals, Inc. (AQMS) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 25.68M | 22.75M | 27.5M | 8.36M | 12.44M | 23.21M | 18.3M | 4.64M | 13.4M |
| Cash & Short-Term Investments | 22.79M | 20.89M | 7.58M | 6.53M | 8.14M | 7.08M | 16.52M | 4.08M | 10.81M |
| Cash Only | 22.79M | 20.89M | 7.58M | 6.53M | 8.14M | 7.08M | 16.52M | 4.08M | 10.81M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 882K | 725K | 17.69M | 32K | 1.19M | 15.54M | 667K | 100K | 2.07M |
| Days Sales Outstanding | 154.18 | 59.48 | 1.32K | 108.15 | 2.51K | 1000K | 9.74K | - | - |
| Inventory | 1.24M | 765K | 1.26M | 1.09M | 123K | 278K | 929K | 251K | 244K |
| Days Inventory Outstanding | 47.4 | 12.27 | 18.5 | 72.72 | 6.4 | 25.63 | 53.98 | 12.7 | 37 |
| Other Current Assets | 0 | 370K | 0 | 0 | 2.63M | 47K | 181K | 214K | 282K |
| Total Non-Current Assets | 48.76M | 48.62M | 41.95M | 26.78M | 20.83M | 10.29M | 15.3M | 21.72M | 6.3M |
| Property, Plant & Equipment | 45.73M | 45.55M | 37.64M | 25.6M | 2.88M | 7.34M | 10.57M | 17.02M | 5.76M |
| Fixed Asset Turnover | 0.05x | 0.10x | 0.13x | 0.00x | 0.06x | 0.00x | 0.00x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.46M | 1.27M | 999K | 819K | 640K | 461K | 281K | 146K | 76K |
| Long-Term Investments | 1.56M | 0 | 0 | 0 | 1.5M | 2M | 0 | 0 | 0 |
| Other Non-Current Assets | 1.56M | 1.8M | 3.31M | 362K | 15.81M | 489K | 4.45M | 4.56M | 462K |
| Total Assets | 74.44M▲ 0% | 71.37M▼ 4.1% | 69.45M▼ 2.7% | 35.14M▼ 49.4% | 33.27M▼ 5.3% | 33.5M▲ 0.7% | 33.6M▲ 0.3% | 26.36M▼ 21.5% | 19.71M▼ 25.3% |
| Asset Turnover | 0.03x | 0.06x | 0.07x | 0.00x | 0.01x | 0.00x | 0.00x | - | - |
| Asset Growth % | 4.07% | -4.13% | -2.69% | -49.41% | -5.32% | 0.7% | 0.29% | -21.53% | -25.26% |
| Total Current Liabilities | 3.83M | 11.8M | 9.81M | 3.45M | 4.08M | 12.31M | 4.61M | 8.18M | 4.43M |
| Accounts Payable | 1.44M | 2.09M | 4.83M | 1.55M | 685K | 1.07M | 1.84M | 1.23M | 547K |
| Days Payables Outstanding | 54.94 | 33.48 | 71.07 | 103.45 | 35.63 | 99.11 | 106.68 | 62.09 | 82.95 |
| Short-Term Debt | 405K | 4.39M | 848K | 29K | 0 | 5.9M | 35K | 3.54M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.52M | 2.73M | 1.75M | 774K | 0 | 4.61M | 0 | 0 | 0 |
| Current Ratio | 6.70x | 1.93x | 2.80x | 2.42x | 3.05x | 1.89x | 3.97x | 0.57x | 3.03x |
| Quick Ratio | 6.38x | 1.86x | 2.68x | 2.10x | 3.02x | 1.86x | 3.77x | 0.54x | 2.97x |
| Cash Conversion Cycle | 146.64 | 38.26 | 1.27K | 77.42 | 2.48K | 1000K | 9.69K | - | - |
| Total Non-Current Liabilities | 11.64M | 9.48M | 10.05M | 545K | 1.66M | 275K | 2.92M | 1.94M | 508K |
| Long-Term Debt | 10.16M | 8.6M | 8.4M | 303K | 0 | 0 | 2.92M | 0 | 281K |
| Capital Lease Obligations | 11K | 110K | 861K | 242K | 330K | 275K | 0 | 446K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.47M | 772K | 790K | 0 | 1.33M | 0 | 0 | 1.49M | 227K |
| Total Liabilities | 15.48M | 21.28M | 19.86M | 4M | 5.74M | 12.59M | 7.54M | 10.12M | 4.94M |
| Total Debt | 10.58M | 13.22M | 10.66M | 1.19M | 718K | 6.48M | 3.23M | 4.27M | 592K |
| Net Debt | -12.22M | -7.67M | 3.09M | -5.34M | -7.42M | -601K | -13.29M | 192K | -10.22M |
| Debt / Equity | 0.18x | 0.26x | 0.22x | 0.04x | 0.03x | 0.31x | 0.12x | 0.26x | 0.04x |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -14.09x | -10.68x | -11.91x | -14.90x | -865.24x | -122.43x | -37.55x | -41.77x | -32.95x |
| Total Equity | 58.97M▲ 0% | 50.09M▼ 15.1% | 49.59M▼ 1.0% | 31.14M▼ 37.2% | 27.53M▼ 11.6% | 20.92M▼ 24.0% | 26.06M▲ 24.6% | 16.24M▼ 37.7% | 14.77M▼ 9.1% |
| Equity Growth % | 3.47% | -15.05% | -1% | -37.21% | -11.58% | -24.03% | 24.61% | -37.68% | -9.07% |
| Book Value per Share | 581.13 | 293.31 | 189.76 | 102.33 | 78.66 | 55.18 | 55.50 | 25.30 | 9.88 |
| Total Shareholders' Equity | 58.97M | 50.09M | 49.59M | 31.14M | 27.53M | 20.92M | 26.06M | 16.24M | 14.77M |
| Common Stock | 113.81M | 39K | 58K | 64K | 70K | 79K | 108K | 8K | 3K |
| Retained Earnings | -54.84M | -95.1M | -139.89M | -165.65M | -183.85M | -199.28M | -223.22M | -247.77M | -270.42M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | -516K | -192K | -29K |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Aqua Metals, Inc. (AQMS) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | -19M | -26.32M | -25.18M | -11.03M | -7.62M | -10.15M | -3.19M | -13.63M | -10.25M |
| Operating CF Margin % | -910.06% | -591.55% | -516.56% | -10212.04% | -4401.73% | -253700% | -12772% | - | - |
| Operating CF Growth % | -70.87% | -38.5% | 4.34% | 56.19% | 30.95% | -33.26% | 68.54% | -326.93% | 24.79% |
| Net Income | -26.58M | -40.25M | -44.8M | -25.76M | -18.19M | -15.43M | -23.94M | -24.55M | -22.65M |
| Depreciation & Amortization | 3.07M | 3.4M | 4.08M | 2.41M | 1.32M | 1.06M | 1.27M | 1.27M | 1.06M |
| Stock-Based Compensation | 1.08M | 1.2M | 4.21M | 3.57M | 0 | 2.25M | 2.53M | 2.74M | 2.27M |
| Deferred Taxes | 2.94M | 1.45M | 6.02M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.09M | 2.67M | 7.68M | 13.07M | 8.45M | 956K | 17.52M | 4.7M | 9.15M |
| Working Capital Changes | -609K | 5.21M | -2.37M | -4.32M | 808K | 1.01M | -583K | 2.21M | -98K |
| Change in Receivables | -882K | 157K | 481K | 212K | -237K | 120K | -55K | 67K | 0 |
| Change in Inventory | -1.64M | 295K | -492K | 166K | 822K | -155K | -651K | 396K | 7K |
| Change in Payables | 926K | 472K | 823K | -2M | 8K | 22K | 139K | -21K | -261K |
| Cash from Investing | -8.65M | -3.93M | -10.57M | 6.63M | -2.23M | -3.42M | -9.81M | -11.64M | 2.9M |
| Capital Expenditures | -9.43M | -3.69M | -13.07M | -3.37M | -2.35M | -4.77M | -9.88M | -12.16M | -425K |
| CapEx % of Revenue | 451.82% | 83.01% | 268.24% | 3117.59% | 1358.38% | 119275% | 39532% | - | - |
| Acquisitions | 4K | 0 | 0 | 0 | 354K | -500K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 783K | -236K | 2.5M | 10M | 0 | 1.85M | 70K | 522K | 3.32M |
| Cash from Financing | 24.99M | 28.35M | 22.43M | 3.35M | 11.45M | 12.51M | 22.45M | 12.82M | 14.09M |
| Debt Issued (Net) | -337K | -407K | -6.95M | -322K | 0 | 5.89M | -3.07M | 1.43M | -4.54M |
| Equity Issued (Net) | 25.32M | 28.75M | 29.38M | 3.68M | 10.89M | 6.52M | 26.73M | 12.32M | 18.77M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 553K | 108K | -1.22M | -923K | -149K |
| Net Change in Cash | -2.67M▲ 0% | -1.9M▲ 28.7% | -13.32M▼ 600.5% | -1.04M▲ 92.2% | 1.6M▲ 253.9% | -1.05M▼ 165.8% | 9.44M▲ 994.8% | -12.44M▼ 231.8% | 6.73M▲ 154.1% |
| Free Cash Flow | -28.44M▲ 0% | -30.01M▼ 5.5% | -38.25M▼ 27.5% | -14.4M▲ 62.4% | -9.96M▲ 30.8% | -14.92M▼ 49.7% | -13.08M▲ 12.4% | -25.79M▼ 97.2% | -10.68M▲ 58.6% |
| FCF Margin % | -1361.88% | -674.56% | -784.8% | -13329.63% | -5760.12% | -372975% | -52304% | - | - |
| FCF Growth % | 24.84% | -5.54% | -27.46% | 62.36% | 30.78% | -49.71% | 12.35% | -97.23% | 58.6% |
| FCF per Share | -280.25 | -175.74 | -146.38 | -47.31 | -28.47 | -39.36 | -27.84 | -40.17 | -7.14 |
| FCF Conversion (FCF/Net Income) | 0.71x | 0.65x | 0.56x | 0.43x | 0.42x | 0.66x | 0.13x | 0.56x | 0.45x |
| Interest Paid | 699K | 668K | 697K | 1.04M | 0 | 84K | 480K | 333K | 528K |
| Taxes Paid | 2K | 2K | 2K | 2K | 0 | 2K | 0 | 3K | 2K |
Aqua Metals, Inc. (AQMS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -29.91% | -45.85% | -73.82% | -89.88% | -63.82% | -62.02% | -63.7% | -101.91% | -116.08% | -146.04% |
| Return on Invested Capital (ROIC) | -30.29% | -42.31% | -62.29% | -64.35% | -29.42% | -57.06% | -57.75% | -110.9% | -122.46% | -166.75% |
| Gross Margin | - | -356.94% | -411.6% | -408.8% | -4970.37% | -3956.07% | -98875% | -25028% | - | - |
| Net Margin | - | -1272.99% | -904.79% | -919.06% | -23853.7% | -10516.18% | -385775% | -95752% | - | - |
| Debt / Equity | 0.17x | 0.18x | 0.26x | 0.22x | 0.04x | 0.03x | 0.31x | 0.12x | 0.26x | 0.04x |
| Interest Coverage | -20.28x | -14.09x | -10.68x | -11.91x | -14.90x | -865.24x | -122.43x | -37.55x | -41.77x | -32.95x |
| FCF Conversion | 0.82x | 0.71x | 0.65x | 0.56x | 0.43x | 0.42x | 0.66x | 0.13x | 0.56x | 0.45x |
| Revenue Growth | - | - | 113.07% | 9.55% | -97.78% | 60.19% | -97.69% | 525% | -100% | - |
Aqua Metals, Inc. (AQMS) SEC filings — annual & quarterly reports (10-K, 10-Q)
Mar 31, 2026·SEC
Feb 11, 2026·SEC
Dec 2, 2025·SEC
Aqua Metals, Inc. (AQMS) stock FAQ — growth, dividends, profitability & financials explained
Aqua Metals, Inc. (AQMS) grew revenue by 0.0% over the past year. Growth has been modest.
Aqua Metals, Inc. (AQMS) reported a net loss of $22.6M for fiscal year 2025.
Aqua Metals, Inc. (AQMS) has a return on equity (ROE) of -146.0%. Negative ROE indicates the company is unprofitable.
Aqua Metals, Inc. (AQMS) had negative free cash flow of $11.1M in fiscal year 2025, likely due to heavy capital investments.
Aqua Metals, Inc. (AQMS) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates