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1. Company Snapshot

1.a. Company Description

Aqua Metals, Inc.engages in the recycling of lead primarily in the United States.It produces and sells hard lead, lead compounds, and plastics.


Aqua Metals, Inc.was incorporated in 2014 and is headquartered in Reno, Nevada.

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1.b. Last Insights on AQMS

Aqua Metals' recent performance was negatively impacted by the departure of its Chief Financial Officer, Judd Merrill, who is set to leave the company. This leadership change may create uncertainty and disrupt the company's financial planning and execution. Additionally, the company's recent earnings release highlighted a decline in revenue and gross margin, indicating a challenging operating environment. Furthermore, the appointment of a new CFO from Comstock Inc. may not be a direct replacement, potentially exacerbating the leadership void.

1.c. Company Highlights

2. Aqua Metals' Q3 2025 Earnings: A Strong Financial and Operational Performance

Aqua Metals reported a significant improvement in its financial position, with cash and cash equivalents increasing to $2.9 million at the end of Q3 2025, up from $1.9 million in Q2. The company raised approximately $17.1 million in new funding, providing multiple quarters of strategic runway and flexibility. The actual EPS came out at '-2.19', beating estimates of '-6'. Although revenue figures were not explicitly mentioned, analysts estimate a 1200.0% revenue growth for next year, indicating a significant scale-up in operations.

Publication Date: Nov -16

📋 Highlights
  • Secured $17.1M in new funding: to ensure multiple quarters of strategic runway and operational flexibility.
  • Processed 1 metric ton of LFP cathode scrap: at pilot scale, producing validated battery-grade lithium carbonate.
  • Raised $17M total capital: via ATM ($4.1M), equity line, and a $13M institutional investment, boosting Q3 cash to $2.9M.
  • Advancing nickel production via Westwind partnership: to create first U.S. nickel refinery in years, targeting long-term opportunities.

Financial Strength and Runway

The $17.1 million in new funding, comprising $4.1 million from the ATM and equity line program and $13 million from a leading institutional investor, has strengthened Aqua Metals' balance sheet. As Eric West, CFO, noted, "the most important point for investors to understand is that Aqua Metals is now operating from a position of strength and not necessity." This financial runway enables the company to make measured choices, execute its commercialization plan, and pursue strategic initiatives with confidence.

Operational Progress and Commercialization

Aqua Metals made significant operational progress, successfully processing one metric ton of lithium iron phosphate (LFP) cathode scrap at pilot scale and producing battery-grade lithium carbonate validated by OEM and third-party testing. The company is advancing its site evaluation process, aligning with strategic partners for synergies, and aiming to launch its commercial facility at the right location under the right market conditions.

Valuation and Growth Expectations

With a P/S Ratio of 0.0, it is challenging to assess the company's valuation based on revenue multiples. However, the P/B Ratio stands at 1.13, indicating that the stock may be slightly undervalued relative to its book value. Given the expected 1200.0% revenue growth next year, investors are pricing in significant expansion and potential long-term value creation. The current EV/EBITDA ratio of -0.67 suggests that the company's enterprise value is not yet aligned with its earnings performance, likely due to the significant losses incurred.

Path Forward and Investor Expectations

As Stephen Cotton, CEO, mentioned, the company is "actively advancing multiple initiatives, including commercial and strategic partnership updates, and expect to share those developments as they mature, potentially as early as this quarter." Investors can expect more business development updates in the near term, with the company committed to announcing news with clear visibility and confidence. With a disciplined approach and a strong financial position, Aqua Metals is poised for long-term success and execution certainty.

3. NewsRoom

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Analyzing Strategic Environmental & Energy Resources (OTCMKTS:SENR) & Aqua Metals (NASDAQ:AQMS)

Nov -15

Source: defenseworld.net

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Aqua Metals, Inc. (AQMS) Q3 2025 Earnings Call Transcript

Nov -12

Source: seekingalpha.com

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Aqua Metals, Inc. (AQMS) Q2 2025 Earnings Call Transcript

Aug -13

Source: seekingalpha.com

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Aqua Metals Advances Commercialization of AquaRefining™ Technology with Industry-Leading Lithium Quality and Strategic Progress During Second Quarter of 2025

Aug -13

Source: globenewswire.com

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Aqua Metals Showcases Cutting-Edge Recycling Technology to Over 100 Industry Leaders During NAATBatt Tour

Aug -06

Source: globenewswire.com

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Aqua Metals to Host Guided Facility Tour During NAATBatt Lithium Battery Recycling Workshop VIII

Jul -01

Source: globenewswire.com

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Comstock Announces Appointment of Chief Financial Officer

May -15

Source: globenewswire.com

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Aqua Metals, Inc. (AQMS) Q1 2025 Earnings Call Transcript

May -08

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (0.00%)

6. Segments

Lead and Lithium-ion Battery Recycling

Expected Growth: 12.4%

Growing demand for sustainable recycling practices, increasing adoption of electric vehicles, and stringent government regulations on waste management drive the growth of the lead and lithium-ion battery recycling market.

7. Detailed Products

Lead

Aqua Metals' lead products are produced using a proprietary electrochemical process that ensures high purity and quality. The lead is used in various applications, including batteries, radiation shielding, and pigments.

Copper

Aqua Metals' copper products are produced through a hydrometallurgical process, resulting in high-quality copper with minimal environmental impact. The copper is used in various applications, including electrical wiring, plumbing, and architecture.

Zinc

Aqua Metals' zinc products are produced using a proprietary electrochemical process, ensuring high purity and quality. The zinc is used in various applications, including galvanizing, die-casting, and batteries.

Silver

Aqua Metals' silver products are produced through a hydrometallurgical process, resulting in high-quality silver with minimal environmental impact. The silver is used in various applications, including electronics, solar panels, and medical applications.

AquaRefined Lead

Aqua Metals' AquaRefined lead is a high-purity lead product produced using a proprietary electrochemical process. The AquaRefined lead is used in various applications, including batteries, radiation shielding, and pigments.

AquaRefined Copper

Aqua Metals' AquaRefined copper is a high-purity copper product produced through a hydrometallurgical process. The AquaRefined copper is used in various applications, including electrical wiring, plumbing, and architecture.

8. Aqua Metals, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Aqua Metals, Inc. is medium due to the availability of alternative methods for metal recycling, but the company's proprietary technology and patented processes provide a competitive advantage.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of Aqua Metals, Inc.'s products and services, which limits the ability of customers to negotiate prices or demand customized products.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the availability of raw materials and the company's dependence on a few key suppliers, but the company's strong relationships with suppliers mitigate this risk.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the metal recycling industry, including the need for significant capital investment and proprietary technology.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the metal recycling industry, with several established players competing for market share and customers.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 11.04%
Debt Cost 9.59%
Equity Weight 88.96%
Equity Cost 9.59%
WACC 9.59%
Leverage 12.40%

11. Quality Control: Aqua Metals, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Montrose Environmental Group

A-Score: 3.8/10

Value: 5.3

Growth: 4.0

Quality: 3.1

Yield: 0.0

Momentum: 7.5

Volatility: 2.7

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Enviri

A-Score: 3.7/10

Value: 6.9

Growth: 3.4

Quality: 1.1

Yield: 0.0

Momentum: 6.5

Volatility: 4.0

1-Year Total Return ->

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Aqua Metals

A-Score: 3.1/10

Value: 7.4

Growth: 5.0

Quality: 6.2

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Quest Resource

A-Score: 3.1/10

Value: 9.6

Growth: 3.0

Quality: 3.4

Yield: 0.0

Momentum: 0.0

Volatility: 2.3

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Perma-Fix Environmental Services

A-Score: 2.7/10

Value: 6.8

Growth: 0.4

Quality: 5.4

Yield: 0.0

Momentum: 1.0

Volatility: 2.3

1-Year Total Return ->

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LanzaTech

A-Score: 2.6/10

Value: 8.0

Growth: 3.6

Quality: 3.8

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.28$

Current Price

6.28$

Potential

-0.00%

Expected Cash-Flows