Aqua Metals, Inc.

Snapshot

Aqua Metals is a pre-revenue micro-cap still building out its battery-recycling facility, not an operating business yet. It lost $22.6M in FY 2025 and burned $10.7M in free cash flow, leaving just $4.7M in cash.

What's Happening Right Now

• Mon 14th Sep '26 · Offtake deal: Aqua Metals signed a non-binding five-year letter of intent to sell copper and aluminum recovered at its planned Project Headwaters facility, valued at over $105M at current prices.
• Mon 31st Aug '26 · Offtake deal: Aqua Metals signed a non-binding letter of intent with WMC Group to buy 100% of planned lithium carbonate output from Project Headwaters through 2032, an illustrative $135M in value.
• Sun 23rd Aug '26 · Going concern: Aqua Metals' 10-Q disclosed substantial doubt about continuing as a going concern, with $4.7M cash, zero revenue, and a $2.5M credit-loss charge tied to a defaulted Lion Energy investment.
• Thu 30th Jul '26 · Earnings: Q2 2026 net loss narrowed to $4.48M as the company shifts from technology validation toward commercial execution of its Headwaters ARC project, while cash fell to $4.7M from $10.8M at year-end.
• Tue 7th Jul '26 · Project update: Aqua Metals advanced to final site diligence for Headwaters ARC, a planned 150,000 sq ft Midwest battery recycling campus over seven times larger than its earlier Sierra ARC plan.
• Wed 5th Nov '25 · Registration: Registered $100.00M of securities for sale on Form S-3.
• Fri 24th Oct '25 · Registration: Registered 1.13M shares for sale on Form S-3.
• Thu 16th Oct '25 · Offering: Raised $13.00M in gross proceeds through a registered direct offering, with warrants over 2.06M shares.