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AQMS logoAqua Metals, Inc.(AQMS)Earnings, Financials & Key Ratios

AQMS•NASDAQ
$5.14
$17M mkt cap·Price updated May 7, 2026
SectorIndustrialsIndustryWaste ManagementSub-IndustryRecycling and Resource Recovery
AboutAqua Metals, Inc. engages in the recycling of lead primarily in the United States. It produces and sells hard lead, lead compounds, and plastics. Aqua Metals, Inc. was incorporated in 2014 and is headquartered in Reno, Nevada.Show more
  • Revenue$0
  • EBITDA-$22M+1.7%
  • Net Income-$23M+7.8%
  • EPS (Diluted)-15.15+60.4%
  • ROE-146.04%-25.8%
  • ROIC-166.75%-36.2%
  • Debt/Equity0.04-84.8%
  • Interest Coverage-32.95+21.1%
Technical→

AQMS Key Insights

Aqua Metals, Inc. (AQMS) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Trading at only 0.5x book value

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Shares diluted 100.0% in last year
  • ✗Trading more than 30% below 52-week high
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

AQMS Price & Volume

Aqua Metals, Inc. (AQMS) stock price & volume — 10-year historical chart

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AQMS Growth Metrics

Aqua Metals, Inc. (AQMS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-
3 Years-
TTM-

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM7.77%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM40.49%

Return on Capital

10 Years-67.55%
5 Years-91.45%
3 Years-112.69%
Last Year-139.45%

AQMS Peer Comparison

Aqua Metals, Inc. (AQMS) competitors in Recycling and Resource Recovery — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ALTG logoALTGAlta Equipment Group Inc.Direct Competitor265.3M8.16-3.20-2.17%-4.33%-32.54%
ENVX logoENVXEnovix CorporationDirect Competitor1.33B6.42-8.5637.91%-492.57%-0.06%0.08
RCUS logoRCUSArcus Biosciences, Inc.Direct Competitor2.5B24.80-7.54-4.26%-156.36%-68.97%0.16
ECVT logoECVTEcovyst Inc.Product Competitor1.53B13.97-22.902.7%-7.71%-10.2%0.71
CHNR logoCHNRChina Natural Resources, Inc.Product Competitor41.53M4.30-88.68-15.72%
CLH logoCLHClean Harbors, Inc.Product Competitor15.04B282.0638.742.39%6.53%14.37%1.26
ALB logoALBAlbemarle CorporationSupply Chain23.37B198.35-34.50-4.37%-4.24%-2.29%0.34
LAC logoLACLithium Americas Corp.Supply Chain1.37B5.66-26.95-26.94%0.02

Compare AQMS vs Peers

Aqua Metals, Inc. (AQMS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ALTG

Most directly comparable listed peer for AQMS.

Scale Benchmark

vs TSLA

Larger-name benchmark to compare AQMS against a more recognizable public peer.

Peer Set

Compare Top 5

vs ALTG, ENVX, RCUS, ECVT

AQMS Income Statement

Aqua Metals, Inc. (AQMS) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue2.09M4.45M4.87M108K173K4K25K00
Revenue Growth %-113.07%9.55%-97.78%60.19%-97.69%525%-100%-
Cost of Goods Sold9.54M22.76M24.8M5.48M7.02M3.96M6.28M7.21M2.41M
COGS % of Revenue456.94%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 Expenses14.99M18.72M20.87M10.03M10.62M11.61M18.21M16.63M20.92M
OpEx % of Revenue718.1%420.68%428.17%9282.41%6139.31%290275%72828%--
Selling, General & Admin6.89M14.21M19.31M9M9.69M9.81M11.64M11.97M10.48M
SG&A % of Revenue330.03%319.49%396.27%8331.48%5600%245375%46552%--
Research & Development8.1M4.5M1.55M1.03M933K1.81M1.74M1.59M1.32M
R&D % of Revenue388.07%101.19%31.9%950.93%539.31%45325%6964%--
Other Operating Expenses00000-17K4.83M3.08M9.11M
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)3.1M3.45M3.73M2.46M1.32M1.06M1.27M1.27M1.13M
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-1.57M358K137K526K-198K246K
Interest Income41K223K270K48K379K262K1.15M376K913K
Interest Expense1.76M3.45M3.48M1.62M21K125K621K574K667K
Other Income/Expense-1.72M-3.22M-4M-10.37M-726K137K526K-705K687K
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 Tax2K2K2K2K2K2K03K2K
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 Operations000000000
Minority Interest000000000
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 Outstanding101.47K170.77K261.32K304.31K350.01K379.06K469.66K641.96K1.49M
Basic Shares Outstanding101.47K170.77K261.32K304.31K350.01K379.06K469.66K641.96K1.49M
Dividend Payout Ratio---------

AQMS Balance Sheet

Aqua Metals, Inc. (AQMS) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets25.68M22.75M27.5M8.36M12.44M23.21M18.3M4.64M13.4M
Cash & Short-Term Investments22.79M20.89M7.58M6.53M8.14M7.08M16.52M4.08M10.81M
Cash Only22.79M20.89M7.58M6.53M8.14M7.08M16.52M4.08M10.81M
Short-Term Investments000000000
Accounts Receivable882K725K17.69M32K1.19M15.54M667K100K2.07M
Days Sales Outstanding154.1859.481.32K108.152.51K1000K9.74K--
Inventory1.24M765K1.26M1.09M123K278K929K251K244K
Days Inventory Outstanding47.412.2718.572.726.425.6353.9812.737
Other Current Assets0370K002.63M47K181K214K282K
Total Non-Current Assets48.76M48.62M41.95M26.78M20.83M10.29M15.3M21.72M6.3M
Property, Plant & Equipment45.73M45.55M37.64M25.6M2.88M7.34M10.57M17.02M5.76M
Fixed Asset Turnover0.05x0.10x0.13x0.00x0.06x0.00x0.00x--
Goodwill000000000
Intangible Assets1.46M1.27M999K819K640K461K281K146K76K
Long-Term Investments1.56M0001.5M2M000
Other Non-Current Assets1.56M1.8M3.31M362K15.81M489K4.45M4.56M462K
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 Turnover0.03x0.06x0.07x0.00x0.01x0.00x0.00x--
Asset Growth %4.07%-4.13%-2.69%-49.41%-5.32%0.7%0.29%-21.53%-25.26%
Total Current Liabilities3.83M11.8M9.81M3.45M4.08M12.31M4.61M8.18M4.43M
Accounts Payable1.44M2.09M4.83M1.55M685K1.07M1.84M1.23M547K
Days Payables Outstanding54.9433.4871.07103.4535.6399.11106.6862.0982.95
Short-Term Debt405K4.39M848K29K05.9M35K3.54M0
Deferred Revenue (Current)000000000
Other Current Liabilities1.52M2.73M1.75M774K04.61M000
Current Ratio6.70x1.93x2.80x2.42x3.05x1.89x3.97x0.57x3.03x
Quick Ratio6.38x1.86x2.68x2.10x3.02x1.86x3.77x0.54x2.97x
Cash Conversion Cycle146.6438.261.27K77.422.48K1000K9.69K--
Total Non-Current Liabilities11.64M9.48M10.05M545K1.66M275K2.92M1.94M508K
Long-Term Debt10.16M8.6M8.4M303K002.92M0281K
Capital Lease Obligations11K110K861K242K330K275K0446K0
Deferred Tax Liabilities000000000
Other Non-Current Liabilities1.47M772K790K01.33M001.49M227K
Total Liabilities15.48M21.28M19.86M4M5.74M12.59M7.54M10.12M4.94M
Total Debt10.58M13.22M10.66M1.19M718K6.48M3.23M4.27M592K
Net Debt-12.22M-7.67M3.09M-5.34M-7.42M-601K-13.29M192K-10.22M
Debt / Equity0.18x0.26x0.22x0.04x0.03x0.31x0.12x0.26x0.04x
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 Share581.13293.31189.76102.3378.6655.1855.5025.309.88
Total Shareholders' Equity58.97M50.09M49.59M31.14M27.53M20.92M26.06M16.24M14.77M
Common Stock113.81M39K58K64K70K79K108K8K3K
Retained Earnings-54.84M-95.1M-139.89M-165.65M-183.85M-199.28M-223.22M-247.77M-270.42M
Treasury Stock000000-516K-192K-29K
Accumulated OCI000000000
Minority Interest000000000

AQMS Cash Flow Statement

Aqua Metals, Inc. (AQMS) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'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 & Amortization3.07M3.4M4.08M2.41M1.32M1.06M1.27M1.27M1.06M
Stock-Based Compensation1.08M1.2M4.21M3.57M02.25M2.53M2.74M2.27M
Deferred Taxes2.94M1.45M6.02M000000
Other Non-Cash Items1.09M2.67M7.68M13.07M8.45M956K17.52M4.7M9.15M
Working Capital Changes-609K5.21M-2.37M-4.32M808K1.01M-583K2.21M-98K
Change in Receivables-882K157K481K212K-237K120K-55K67K0
Change in Inventory-1.64M295K-492K166K822K-155K-651K396K7K
Change in Payables926K472K823K-2M8K22K139K-21K-261K
Cash from Investing-8.65M-3.93M-10.57M6.63M-2.23M-3.42M-9.81M-11.64M2.9M
Capital Expenditures-9.43M-3.69M-13.07M-3.37M-2.35M-4.77M-9.88M-12.16M-425K
CapEx % of Revenue451.82%83.01%268.24%3117.59%1358.38%119275%39532%--
Acquisitions4K000354K-500K000
Investments---------
Other Investing783K-236K2.5M10M01.85M70K522K3.32M
Cash from Financing24.99M28.35M22.43M3.35M11.45M12.51M22.45M12.82M14.09M
Debt Issued (Net)-337K-407K-6.95M-322K05.89M-3.07M1.43M-4.54M
Equity Issued (Net)25.32M28.75M29.38M3.68M10.89M6.52M26.73M12.32M18.77M
Dividends Paid000000000
Share Repurchases000000000
Other Financing0000553K108K-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)0.71x0.65x0.56x0.43x0.42x0.66x0.13x0.56x0.45x
Interest Paid699K668K697K1.04M084K480K333K528K
Taxes Paid2K2K2K2K02K03K2K

AQMS Key Ratios

Aqua Metals, Inc. (AQMS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
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 / Equity0.17x0.18x0.26x0.22x0.04x0.03x0.31x0.12x0.26x0.04x
Interest Coverage-20.28x-14.09x-10.68x-11.91x-14.90x-865.24x-122.43x-37.55x-41.77x-32.95x
FCF Conversion0.82x0.71x0.65x0.56x0.43x0.42x0.66x0.13x0.56x0.45x
Revenue Growth--113.07%9.55%-97.78%60.19%-97.69%525%-100%-

AQMS SEC Filings & Documents

Aqua Metals, Inc. (AQMS) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Mar 31, 2026·SEC

Material company update

Feb 11, 2026·SEC

Material company update

Dec 2, 2025·SEC

10-K Annual Reports

3
FY 2026

Mar 31, 2026·SEC

FY 2025

Mar 31, 2025·SEC

FY 2024

Mar 28, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 12, 2025·SEC

FY 2025

Aug 13, 2025·SEC

FY 2025

May 8, 2025·SEC

AQMS Frequently Asked Questions

Aqua Metals, Inc. (AQMS) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

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.

Dividend & Returns

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.

Explore More AQMS

Aqua Metals, Inc. (AQMS) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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