AQMS$1.23-13.38%
Aqua Metals, Inc.
Sector: Secondary Smelting & Refining of Nonferrous MetalsIndustry: Waste ManagementCountry: USExchange: Nasdaq
Mkt Cap:$4.4M
Float & O/S:3.31M / 3.58M
Inst Own:8.4%
DilutionScan read 27 of Aqua Metals, Inc.'s SEC filings and found 8 warrant series, 1 ATM program, 1 equity line, 3 shelf registrations, 2 S-1 registrations and 1 completed offering on file for AQMS. The latest dilution event on file is a registration statement on Nov 5, 2025. Analysis updated Sep 25, 2026.
Signal8 Summary
AQMS
Going-concern warning, pre-revenue, near-term cash crunch
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
- : 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.
- : 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.
- : 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.
- : 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.
- : 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.
- : Registered $100.00M of securities for sale on Form S-3.
- : Registered 1.13M shares for sale on Form S-3.
- : Raised $13.00M in gross proceeds through a registered direct offering, with warrants over 2.06M shares.
