Free cash flow remains deeply negative, with quarterly outflows reaching as high as $10.0 million in 2024Q1, underscoring a persistent reliance on external financing to cover operational burn.
| Cash from Operations | -11.34M | -10.25M | -13.63M | -3.19M | -10.15M | -7.62M | -11.03M | -25.18M | -26.32M | -19M | -11.12M | -1.48M | -1.14M |
| Operating CF Margin % | - | - | - | -12772% | -253700% | -4401.73% | -10212.04% | -516.56% | -591.55% | -910.06% | - | - | - |
| Operating CF Growth % | -2.7% | 24.79% | -326.93% | 68.54% | -33.26% | 30.95% | 56.19% | 4.34% | -38.5% | -70.87% | -653.33% | -30.04% | - |
| Net Income | -18.29M | -22.65M | -24.55M | -23.94M | -15.43M | -18.19M | -25.76M | -44.8M | -40.25M | -26.58M | -13.56M | -12.33M | -4.75M |
| Depreciation & Amortization | 1.1M | 1.06M | 1.27M | 1.27M | 1.06M | 1.32M | 2.41M | 4.08M | 3.4M | 3.07M | 815K | 198.91K | 90.85K |
| Stock-Based Compensation | 2.02M | 2.27M | 2.74M | 2.53M | 2.25M | 0 | 3.57M | 4.21M | 1.2M | 1.08M | 1.06M | 300.77K | 1.51M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.02M | 1.45M | 2.94M | 138K | 5.84M | 0 |
| Other Non-Cash Items | 6.31M | 9.15M | 4.7M | 17.52M | 956K | 8.45M | 13.07M | 7.68M | 2.67M | 1.09M | 459K | 1.23M | 1.89M |
| Working Capital Changes | -2.49M | -98K | 2.21M | -583K | 1.01M | 808K | -4.32M | -2.37M | 5.21M | -609K | -36K | 3.29M | 128.95K |
| Change in Receivables | 128K | 0 | 67K | -55K | 120K | -237K | 212K | 481K | 157K | -882K | 170K | 0 | 0 |
| Change in Inventory | 1K | 7K | 396K | -651K | -155K | 822K | 166K | -492K | 295K | -1.64M | -59K | 0 | 0 |
| Change in Payables | 167K | -261K | -21K | 139K | 22K | 8K | -2M | 823K | 472K | 926K | -176K | 3.15M | 0 |
| Cash from Investing | 1.27M | 2.9M | -11.64M | -9.81M | -3.42M | -2.23M | 6.63M | -10.57M | -3.93M | -8.65M | -19.06M | -25.04M | -521.24K |
| Capital Expenditures | -367K | -425K | -12.16M | -9.88M | -4.77M | -2.35M | -3.37M | -13.07M | -3.69M | -9.43M | -26.71M | -7.93M | -493.88K |
| CapEx % of Revenue | - | - | - | 39532% | 119275% | 1358.38% | 3117.59% | 268.24% | 83.01% | 451.82% | - | - | - |
| Acquisitions | 35K | 0 | 0 | 0 | -500K | 354K | 0 | 0 | 0 | 4K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.6M | 3.32M | 522K | 70K | 1.85M | 0 | 10M | 2.5M | -236K | 783K | 7.65M | -17.11M | -27.36K |
| Cash from Financing | 15.3M | 14.09M | 12.82M | 22.45M | 12.51M | 11.45M | 3.35M | 22.43M | 28.35M | 24.99M | 35.5M | 42.12M | 10.73M |
| Debt Issued (Net) | -4.04M | -4.54M | 1.43M | -3.07M | 5.89M | 0 | -322K | -6.95M | -407K | -337K | 4.79M | 9.26M | 0 |
| Equity Issued (Net) | 18.64M | 18.77M | 12.32M | 26.73M | 6.52M | 10.89M | 3.68M | 29.38M | 28.75M | 25.32M | 30.71M | 32.86M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 695K | -149K | -923K | -1.22M | 108K | 553K | 0 | 0 | 0 | 0 | 0 | -189 | 10.73M |
| Net Change in Cash | 5.23M | 6.73M | -12.44M | 9.44M | -1.05M | 1.6M | -1.04M | -13.32M | -1.9M | -2.67M | 5.32M | 15.6M | 9.07M |
| Free Cash Flow | -11.71M | -10.68M | -25.79M | -13.08M | -14.92M | -9.96M | -14.4M | -38.25M | -30.01M | -28.44M | -37.83M | -9.41M | -1.63M |
| FCF Margin % | - | - | - | -52304% | -372975% | -5760.12% | -13329.63% | -784.8% | -674.56% | -1361.88% | - | - | - |
| FCF Growth % | 38.49% | 58.6% | -97.23% | 12.35% | -49.71% | 30.78% | 62.36% | -27.46% | -5.54% | 24.84% | -302.26% | -477.32% | - |
| FCF per Share | -3.62 | -7.14 | -40.17 | -27.84 | -39.36 | -28.47 | -47.31 | -146.38 | -175.74 | -280.25 | -495.61 | -223.82 | -74.67 |
| FCF Conversion (FCF/Net Income) | 0.64x | 0.45x | 0.56x | 0.13x | 0.66x | 0.42x | 0.43x | 0.56x | 0.65x | 0.71x | 0.82x | 0.12x | 0.24x |
| Interest Paid | 442K | 528K | 333K | 480K | 84K | 0 | 1.04M | 697K | 668K | 699K | 330K | 103.08K | 0 |
| Taxes Paid | 0 | 2K | 3K | 0 | 2K | 0 | 2K | 2K | 2K | 2K | 1K | 1.6K | 0 |
Liquidity and dilution risk
According to quarterly financial disclosures, AQMS consistently reports operating cash flow deficits that track closely with net losses, with the OCF/NI ratio fluctuating between 0.27 and 0.97, indicating that the company lacks any meaningful non-cash earnings to bridge the gap between accounting losses and actual cash burn.
The tight correlation between net income and operating cash flow suggests that the company's losses are primarily cash-based rather than driven by non-cash accounting charges. Investors should monitor this relationship, as the absence of significant depreciation or amortization relative to the cash burn implies that the company is consuming capital to fund core operational activities rather than asset-heavy depreciation cycles.
As reported in recent SEC filings, the company's free cash flow trajectory remains deeply negative, with quarterly outflows ranging from $2.3 million to $10.0 million, reflecting a persistent inability to generate self-sustaining cash flows while the business remains in a pre-commercial, capital-intensive development phase.
The volatility in free cash flow appears tied to the timing of facility development and infrastructure spending. The lack of a clear path to positive free cash flow suggests that the company remains entirely dependent on external financing to maintain its current operational footprint.
Based on the provided cash flow statements, AQMS has significantly moderated its capital expenditure from a peak of $5.7 million in 2024Q1 to near-zero levels in recent quarters, suggesting a strategic pause or completion of initial facility construction phases that previously drained the company's liquidity.
The reduction in capital intensity may indicate that the company has shifted its focus toward operational efficiency rather than aggressive capacity expansion. However, this decline in investment warrants further investigation to determine if it reflects a lack of available capital or a deliberate pivot to conserve cash during the commercialization process.
As evidenced by historical cash flow data, working capital changes have been erratic, with swings as large as $1.4 million in a single quarter, which suggests that the company's cash position is highly sensitive to the timing of inventory procurement and supplier payment cycles.
The inconsistent nature of working capital movements may indicate challenges in managing the supply chain for black mass and other raw materials. Investors should monitor these fluctuations, as they may signal potential bottlenecks in the procurement process that could further strain the company's limited cash reserves.
Based on reported figures, stock-based compensation consistently adds back between $346,000 and $776,000 per quarter, effectively masking the true extent of the company's cash-based operational burn and contributing to the ongoing dilution of existing shareholders during this period of negative cash flow.
While stock-based compensation is a standard non-cash adjustment, its persistence in the absence of revenue generation suggests that the company is utilizing equity to preserve cash for essential operations. This practice warrants further investigation into the long-term impact on shareholder value and the sustainability of the current compensation structure.
Quick answers to the most common questions about buying AQMS stock.
Aqua Metals, Inc. (AQMS) generated $-10.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aqua Metals, Inc. (AQMS) reported negative free cash flow of $10.7M in 2025, indicating capital requirements exceeded cash from operations.
Aqua Metals, Inc. (AQMS) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.