Investment Thesis
Aqua Metals is in critical financial distress with zero revenue, massive operating losses of $18.8M, and negative free cash flow of $8.1M, indicating the company's core recycling business has completely ceased operations. With only $3.6M in cash reserves and persistent negative returns on assets (-173.3%) and equity (-279.1%), the company faces imminent liquidity challenges and potential viability concerns without significant operational restructuring or capital infusion.
AQMS Strengths
- Moderate balance sheet leverage with debt-to-equity of only 0.05x provides some financial flexibility
- Positive stockholders' equity of $6.5M provides some liquidation value cushion
- 11 insider Form 4 filings suggest ongoing corporate activity and potential restructuring efforts
AQMS Risks
- Complete revenue collapse to $0.00 indicates business operations have ceased or been suspended indefinitely
- Negative free cash flow of $8.1M with only $3.6M cash reserves suggests cash runway of less than 5 months at current burn rate
- Severely negative profitability metrics (ROE: -279.1%, ROA: -173.3%) with operating losses of $18.8M demonstrate fundamental operational failure
- Interest coverage ratio of -177.2x indicates inability to service debt from operations
- No gross profit data available, suggesting potential accounting or operational discontinuation
Key Metrics to Watch
- Revenue recovery or return to operational status
- Cash burn rate and remaining liquidity runway
- Resolution of operational shutdown and path to profitability
AQMS Financial Metrics
AQMS Profitability Ratios
AQMS Balance Sheet & Liquidity
AQMS 5-Year Financial Trend
5-Year Trend Summary: Aqua Metals, Inc.'s revenue has declined by 99% over the 5-year period, indicating business contraction. The most recent EPS of $-5.10 indicates the company is currently unprofitable.
AQMS Growth Metrics (YoY)
AQMS Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | N/A | -$3.1M | $-2.19 |
| Q2 2025 | N/A | -$6.2M | $-7.44 |
| Q1 2025 | N/A | -$5.8M | $-1.03 |
| Q3 2024 | N/A | -$4.5M | $-0.76 |
| Q3 2023 | N/A | -$3.9M | $-0.04 |
| Q2 2023 | N/A | -$3.2M | $-0.04 |
| Q3 2022 | N/A | -$1.4M | $-0.02 |
| Q2 2022 | N/A | -$3.2M | $-0.04 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
AQMS Capital Allocation
AQMS SEC Filings
Access official SEC EDGAR filings for Aqua Metals, Inc. (CIK: 0001621832)