The company has reported zero revenue for ten consecutive quarters, while SG&A expenses have averaged approximately $2.7 million per quarter, highlighting a lack of commercial traction.
| Sales/Revenue | 0 | 0 | 0 | 25K | 4K | 173K | 108K | 4.87M | 4.45M | 2.09M | 0 | 0 | 0 |
| Revenue Growth % | - | - | -100% | 525% | -97.69% | 60.19% | -97.78% | 9.55% | 113.07% | - | - | - | - |
| Cost of Goods Sold | 2.18M | 2.41M | 7.21M | 6.28M | 3.96M | 7.02M | 5.48M | 24.8M | 22.76M | 9.54M | 815K | 198.91K | 0 |
| COGS % of Revenue | - | - | - | 25128% | 98975% | 4056.07% | 5070.37% | 508.8% | 511.6% | 456.94% | - | - | - |
| Gross Profit | -2.18M | -2.41M | -7.21M | -6.26M | -3.96M | -6.84M | -5.37M | -19.93M | -18.31M | -7.45M | -815K | -198.91K | 0 |
| Gross Margin % | - | - | - | -25028% | -98875% | -3956.07% | -4970.37% | -408.8% | -411.6% | -356.94% | - | - | - |
| Gross Profit Growth % | - | 66.63% | -15.28% | -58.2% | 42.21% | -27.5% | 73.06% | -8.81% | -145.7% | -814.48% | -309.74% | - | - |
| Operating Expenses | 16.6M | 20.92M | 16.63M | 18.21M | 11.61M | 10.62M | 10.03M | 20.87M | 18.72M | 14.99M | 12.96M | 5.45M | 5.16M |
| OpEx % of Revenue | - | - | - | 72828% | 290275% | 6139.31% | 9282.41% | 428.17% | 420.68% | 718.1% | - | - | - |
| Selling, General & Admin | 11.03M | 10.48M | 11.97M | 11.64M | 9.81M | 9.69M | 9M | 19.31M | 14.21M | 6.89M | 6.61M | 3.17M | 2.81M |
| SG&A % of Revenue | - | - | - | 46552% | 245375% | 5600% | 8331.48% | 396.27% | 319.49% | 330.03% | - | - | - |
| Research & Development | 1.27M | 1.32M | 1.59M | 1.74M | 1.81M | 933K | 1.03M | 1.55M | 4.5M | 8.1M | 6.35M | 2.28M | 0 |
| R&D % of Revenue | - | - | - | 6964% | 45325% | 539.31% | 950.93% | 31.9% | 101.19% | 388.07% | - | - | - |
| Other Operating Expenses | 1.54M | 9.11M | 3.08M | 4.83M | -17K | 0 | 0 | 0 | 0 | 0 | 6.35M | 6.5K | 0 |
| Operating Income | -18.79M | -23.33M | -23.85M | -24.46M | -15.57M | -17.46M | -15.39M | -40.79M | -37.03M | -24.86M | -12.96M | -5.45M | -2.81M |
| Operating Margin % | - | - | - | -97856% | -389150% | -10095.38% | -14252.78% | -836.97% | -832.28% | -1190.52% | - | - | - |
| Operating Income Growth % | - | 2.16% | 2.52% | -57.16% | 10.87% | -13.46% | 62.27% | -10.17% | -48.96% | -91.84% | -137.71% | -93.77% | - |
| EBITDA | -17.68M | -22.2M | -22.57M | -23.19M | -14.51M | -16.14M | -12.94M | -37.07M | -33.58M | -21.76M | -12.14M | -5.25M | -2.72M |
| EBITDA Margin % | - | - | - | -92772% | -362625% | -9332.37% | -11978.7% | -760.48% | -754.8% | -1041.95% | - | - | - |
| EBITDA Growth % | 30.65% | 1.66% | 2.67% | -59.9% | 10.16% | -24.8% | 65.1% | -10.38% | -54.35% | -79.16% | -131.19% | -92.93% | - |
| D&A (Non-Cash Add-back) | 1.11M | 1.13M | 1.27M | 1.27M | 1.06M | 1.32M | 2.46M | 3.73M | 3.45M | 3.1M | 815K | 198.91K | 90.85K |
| EBIT | -18.2M | -21.98M | -23.98M | -23.32M | -15.3M | -18.17M | -24.14M | -41.42M | -36.8M | -24.82M | -12.96M | -11.2M | -2.81M |
| Net Interest Income | 510K | 246K | -198K | 526K | 137K | 358K | -1.57M | -3.21M | -3.22M | -1.72M | -598K | -1.11M | 0 |
| Interest Income | 782K | 913K | 376K | 1.15M | 262K | 379K | 48K | 270K | 223K | 41K | 41K | 19.22K | 431.76K |
| Interest Expense | 272K | 667K | 574K | 621K | 125K | 21K | 1.62M | 3.48M | 3.45M | 1.76M | 639K | 1.13M | 0 |
| Other Income/Expense | 507K | 687K | -705K | 526K | 137K | -726K | -10.37M | -4M | -3.22M | -1.72M | -598K | -6.88M | -362.71K |
| Pretax Income | -18.28M | -22.64M | -24.55M | -23.94M | -15.43M | -18.19M | -25.76M | -44.79M | -40.25M | -26.58M | -13.56M | -12.33M | -5.59M |
| Pretax Margin % | - | - | - | -95752% | -385725% | -10515.03% | -23851.85% | -919.02% | -904.74% | -1272.89% | - | - | - |
| Income Tax | 4K | 2K | 3K | 0 | 2K | 2K | 2K | 2K | 2K | 2K | 1K | 1.6K | -842.08K |
| Effective Tax Rate % | -0.02% | -0.01% | -0.01% | 0% | -0.01% | -0.01% | -0.01% | -0% | -0% | -0.01% | -0.01% | -0.01% | 15.07% |
| 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 |
| Net Margin % | - | - | - | -95752% | -385775% | -10516.18% | -23853.7% | -919.06% | -904.79% | -1272.99% | - | - | - |
| Net Income Growth % | 32.57% | 7.77% | -2.58% | -55.13% | 15.18% | 29.38% | 42.49% | -11.28% | -51.44% | -96.06% | -9.94% | -159.75% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 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 |
| EPS (Diluted) | -5.65 | -15.15 | -38.25 | -50.97 | -40.71 | -51.98 | -84.66 | -171.40 | -235.70 | -262.00 | -177.60 | -293.50 | -217.60 |
| EPS Growth % | 63.87% | 60.39% | 24.96% | -25.2% | 21.68% | 38.6% | 50.61% | 27.28% | 10.04% | -47.52% | 39.49% | -34.88% | - |
| EPS (Basic) | - | -15.15 | -38.25 | -50.97 | -40.71 | -51.98 | -84.66 | -171.40 | -235.70 | -262.00 | -177.60 | -293.50 | -217.60 |
| Diluted Shares Outstanding | 3.24M | 1.49M | 641.96K | 469.66K | 379.06K | 350.01K | 304.31K | 261.32K | 170.77K | 101.47K | 76.34K | 42.02K | 21.82K |
| Basic Shares Outstanding | 3.24M | 1.49M | 641.96K | 469.66K | 379.06K | 350.01K | 304.31K | 261.32K | 170.77K | 101.47K | 76.34K | 42.02K | 21.82K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Capital intensive commercialization risk
As indicated by the company's recent financial filings, Aqua Metals has reported zero revenue across the last ten quarters, reflecting a transition phase where the firm remains entirely focused on the development of its proprietary electrochemical recycling technology rather than generating commercial sales from its operations.
The absence of top-line growth highlights the speculative nature of the current business model as it pivots toward lithium-ion battery recycling. Investors should monitor the commissioning of the Sierra Arc facility, as this remains the primary catalyst for shifting from a development-stage entity to a revenue-generating industrial participant.
According to the provided income statement data, Aqua Metals consistently incurs significant quarterly operating costs, with SG&A expenses averaging approximately $2.7 million per quarter, which underscores the heavy financial burden of maintaining corporate infrastructure while the company lacks any offsetting revenue streams to support its operations.
The cost structure appears heavily weighted toward administrative and overhead expenses rather than direct production costs, given the lack of commercial output. This suggests that the company is currently operating in a high-burn environment where expense discipline is critical to extending the runway until the facility reaches operational maturity.
Based on reported figures, the company's net losses have remained substantial, with quarterly deficits frequently exceeding $5 million, while stock-based compensation continues to be a recurring line item, averaging over $500,000 per quarter, which further dilutes existing shareholders during this extended period of negative earnings.
The quality of earnings is currently non-existent, as the firm relies on external financing to cover its operational shortfalls. The persistent use of equity-based compensation in a pre-revenue environment warrants further investigation into management's long-term alignment with shareholders versus the necessity of preserving cash through non-cash expense vehicles.
As highlighted in the historical financial data, the company has failed to generate meaningful gross profit in any of the last ten quarters, with COGS consistently exceeding revenue, which suggests that the underlying electrochemical process has yet to achieve the necessary scale to reach economic viability.
Short-sellers may focus on the widening gap between capital expenditure and the lack of a clear path to positive unit economics. The reliance on external capital markets to fund the Sierra Arc facility suggests that any delay in operational milestones could lead to further liquidity constraints and potential shareholder value erosion.
Quick answers to the most common questions about buying AQMS stock.
For fiscal year 2025, Aqua Metals, Inc. (AQMS) reported total revenue of $0.0M.
Aqua Metals, Inc. (AQMS) reported a net loss of $22.6M for the fiscal year ending 2025.