Total assets have contracted from $33.7 million in 2024Q2 to $17.1 million in 2026Q1, reflecting a significant reduction in the firm's resource base as it navigates its strategic pivot.
| Total Current Assets | 11.1M | 13.4M | 4.64M | 18.3M | 23.21M | 12.44M | 8.36M | 27.5M | 22.75M | 25.68M | 27.37M | 31.95M | 4.55M |
| Cash & Short-Term Investments | 6.82M | 10.81M | 4.08M | 16.52M | 7.08M | 8.14M | 6.53M | 7.58M | 20.89M | 22.79M | 25.46M | 20.14M | 4.54M |
| Cash Only | 6.82M | 10.81M | 4.08M | 16.52M | 7.08M | 8.14M | 6.53M | 7.58M | 20.89M | 22.79M | 25.46M | 20.14M | 4.54M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 3.72M | 2.07M | 100K | 667K | 15.54M | 1.19M | 32K | 17.69M | 725K | 882K | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | 9.74K | 1000K | 2.51K | 108.15 | 1.32K | 59.48 | 154.18 | - | - | - |
| Inventory | 244K | 244K | 251K | 929K | 278K | 123K | 1.09M | 1.26M | 765K | 1.24M | 59K | 0 | 0 |
| Days Inventory Outstanding | 40.82 | 37 | 12.7 | 53.98 | 25.63 | 6.4 | 72.72 | 18.5 | 12.27 | 47.4 | 26.42 | - | - |
| Other Current Assets | 313K | 282K | 214K | 181K | 47K | 2.63M | 0 | 0 | 370K | 0 | 1.4M | 11.71M | 0 |
| Total Non-Current Assets | 6.02M | 6.3M | 21.72M | 15.3M | 10.29M | 20.83M | 26.78M | 41.95M | 48.62M | 48.76M | 44.16M | 15.32M | 1.27M |
| Property, Plant & Equipment | 5.94M | 5.76M | 17.02M | 10.57M | 7.34M | 2.88M | 25.6M | 37.64M | 45.55M | 45.73M | 41.39M | 8.81M | 245.64K |
| Fixed Asset Turnover | 0.00x | - | - | 0.00x | 0.00x | 0.06x | 0.00x | 0.13x | 0.10x | 0.05x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 61K | 76K | 146K | 281K | 461K | 640K | 819K | 999K | 1.27M | 1.46M | 1.14M | 1.07M | 1.03M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 2M | 1.5M | 0 | 0 | 0 | 1.56M | 0 | 1.59M | 0 |
| Other Non-Current Assets | 20K | 462K | 4.56M | 4.45M | 489K | 15.81M | 362K | 3.31M | 1.8M | 1.56M | 1.63M | 5.45M | 0 |
| Total Assets | 17.12M | 19.71M | 26.36M | 33.6M | 33.5M | 33.27M | 35.14M | 69.45M | 71.37M | 74.44M | 71.53M | 47.28M | 5.82M |
| Asset Turnover | 0.00x | - | - | 0.00x | 0.00x | 0.01x | 0.00x | 0.07x | 0.06x | 0.03x | - | - | - |
| Asset Growth % | -166.15% | -25.26% | -21.53% | 0.29% | 0.7% | -5.32% | -49.41% | -2.69% | -4.13% | 4.07% | 51.3% | 711.71% | - |
| Total Current Liabilities | 3.62M | 4.43M | 8.18M | 4.61M | 12.31M | 4.08M | 3.45M | 9.81M | 11.8M | 3.83M | 4.03M | 3.32M | 5.21M |
| Accounts Payable | 839K | 547K | 1.23M | 1.84M | 1.07M | 685K | 1.55M | 4.83M | 2.09M | 1.44M | 1.57M | 3.19M | 40.31K |
| Days Payables Outstanding | 125.72 | 82.95 | 62.09 | 106.68 | 99.11 | 35.63 | 103.45 | 71.07 | 33.48 | 54.94 | 704.02 | 5.86K | - |
| Short-Term Debt | 321K | 0 | 3.54M | 35K | 5.9M | 0 | 29K | 848K | 4.39M | 405K | 307K | 44.97K | 5.09M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.78M | 0 | 0 | 0 | 4.61M | 0 | 774K | 1.75M | 2.73M | 1.52M | 177K | -369 | 0 |
| Current Ratio | 3.07x | 3.03x | 0.57x | 3.97x | 1.89x | 3.05x | 2.42x | 2.80x | 1.93x | 6.70x | 6.79x | 9.63x | 0.87x |
| Quick Ratio | 3.00x | 2.97x | 0.54x | 3.77x | 1.86x | 3.02x | 2.10x | 2.68x | 1.86x | 6.38x | 6.78x | 9.63x | 0.87x |
| Cash Conversion Cycle | -84.9 | - | - | 9.69K | 1000K | 2.48K | 77.42 | 1.27K | 38.26 | 146.64 | - | - | - |
| Total Non-Current Liabilities | 377K | 508K | 1.94M | 2.92M | 275K | 1.66M | 545K | 10.05M | 9.48M | 11.64M | 10.51M | 10.29M | 1.38M |
| Long-Term Debt | 0 | 281K | 0 | 2.92M | 0 | 0 | 303K | 8.4M | 8.6M | 10.16M | 9.54M | 9.22M | 0 |
| Capital Lease Obligations | 1.09M | 0 | 446K | 0 | 275K | 330K | 242K | 861K | 110K | 11K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 180K | 227K | 1.49M | 0 | 0 | 1.33M | 0 | 790K | 772K | 1.47M | 963K | 1.07M | 1.38M |
| Total Liabilities | 3.99M | 4.94M | 10.12M | 7.54M | 12.59M | 5.74M | 4M | 19.86M | 21.28M | 15.48M | 14.54M | 13.61M | 6.59M |
| Total Debt | 518K | 592K | 4.27M | 3.23M | 6.48M | 718K | 1.19M | 10.66M | 13.22M | 10.58M | 9.85M | 9.27M | 5.09M |
| Net Debt | -6.3M | -10.22M | 192K | -13.29M | -601K | -7.42M | -5.34M | 3.09M | -7.67M | -12.22M | -15.61M | -10.87M | 553.99K |
| Debt / Equity | 0.04x | 0.04x | 0.26x | 0.12x | 0.31x | 0.03x | 0.04x | 0.22x | 0.26x | 0.18x | 0.17x | 0.28x | - |
| Debt / EBITDA | -0.03x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.36x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -66.93x | -32.95x | -41.77x | -37.55x | -122.43x | -865.24x | -14.90x | -11.91x | -10.68x | -14.09x | -20.28x | -9.93x | - |
| Total Equity | 13.13M | 14.77M | 16.24M | 26.06M | 20.92M | 27.53M | 31.14M | 49.59M | 50.09M | 58.97M | 56.99M | 33.67M | -769.36K |
| Equity Growth % | -119.85% | -9.07% | -37.68% | 24.61% | -24.03% | -11.58% | -37.21% | -1% | -15.05% | 3.47% | 69.28% | 4475.76% | - |
| Book Value per Share | 4.06 | 9.88 | 25.30 | 55.50 | 55.18 | 78.66 | 102.33 | 189.76 | 293.31 | 581.13 | 746.57 | 801.14 | -35.26 |
| Total Shareholders' Equity | 13.13M | 14.77M | 16.24M | 26.06M | 20.92M | 27.53M | 31.14M | 49.59M | 50.09M | 58.97M | 56.99M | 33.67M | -769.36K |
| Common Stock | 3K | 3K | 8K | 108K | 79K | 70K | 64K | 58K | 39K | 113.81M | 18K | 14.14K | 4.36K |
| Retained Earnings | -274.37M | -270.42M | -247.77M | -223.22M | -199.28M | -183.85M | -165.65M | -139.89M | -95.1M | -54.84M | -28.26M | -14.71M | -2.37M |
| Treasury Stock | -32K | -29K | -192K | -516K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital intensive commercialization risk
According to recent SEC filings, total assets have declined from a peak of $33.7 million in 2024Q2 to $17.1 million by 2026Q1, reflecting a significant reduction in the company's resource base as it navigates the transition from legacy operations toward its new lithium-ion recycling strategy.
The contraction in total assets suggests that the company is shedding legacy infrastructure or consuming capital at a rate that outpaces its ability to replace it with productive new assets. Investors should monitor whether this downward trend in asset volume stabilizes as the Sierra Arc facility reaches its intended operational capacity.
As reported in financial statements, the company's cash position fluctuated from a high of $16.5 million in 2023Q4 to $6.8 million in 2026Q1, highlighting a precarious liquidity profile that remains heavily dependent on periodic external financing to sustain ongoing research and development activities.
While the current ratio of 3.07 appears superficially healthy, it is largely a function of low current liabilities rather than an abundance of liquid assets. The rapid depletion of cash reserves suggests that the company may face recurring liquidity constraints if commercial revenue generation does not materialize in the near term.
Based on AQMS's reported figures, net property, plant, and equipment (PPE) has fluctuated significantly, dropping from $17.7 million in 2024Q2 to $5.9 million in 2026Q1, which indicates a major shift in the company's capital allocation strategy away from legacy physical assets.
The reduction in net PPE suggests that the company may be writing down or disposing of assets related to its former lead-recycling business. This transition implies that the firm is attempting to lean out its balance sheet, though it raises questions regarding the remaining useful life and efficiency of the current facility footprint.
As evidenced by historical balance sheet data, retained earnings have deteriorated to a deficit of $274.4 million as of 2026Q1, illustrating the profound impact of sustained operational losses on the company's equity base over the past ten quarters.
The consistent growth of the accumulated deficit underscores the company's reliance on equity financing to bridge its operational funding gap. This persistent erosion of equity suggests that long-term shareholders face significant dilution risk as the company continues to fund its development phase through capital markets.
Quick answers to the most common questions about buying AQMS stock.
As of 2025, Aqua Metals, Inc. (AQMS) had total assets of $19.7M including $13.4M in current assets.
Aqua Metals, Inc. (AQMS) carries total debt of $0.6M, offset by $10.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Aqua Metals, Inc. (AQMS) has total shareholders' equity (book value) of $14.8M ($9.88 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Aqua Metals, Inc. (AQMS) reported a current ratio of 3.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.