Aqua Metals, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | — | $0 | $25,000 | $4,000 | $173,000 |
| Cost of revenue | $2.4M | $7.2M | $6.3M | $4.0M | $7.0M |
| Research and development | $1.3M | $1.6M | $1.7M | $1.8M | $933,000 |
| Operating income | -$23.3M | -$23.8M | -$24.5M | -$15.6M | -$17.5M |
| Interest expense | $667,000 | $574,000 | $621,000 | $125,000 | $21,000 |
| Pretax income | -$22.6M | -$24.6M | -$23.9M | -$15.4M | -$18.2M |
| Income tax expense | $2,000 | $3,000 | $2,000 | $2,000 | $2,000 |
| Net income | -$22.6M | -$24.6M | -$23.9M | -$15.4M | -$18.2M |
| Balance Sheet | |||||
| Cash and equivalents | $10.8M | $4.1M | $16.5M | $7.1M | $8.1M |
| Current assets | $13.4M | $4.6M | $18.3M | $23.2M | $12.4M |
| Total assets | $19.7M | $26.4M | $33.6M | $33.5M | $33.3M |
| Current liabilities | $4.4M | $8.2M | $4.6M | $12.3M | $4.1M |
| Total liabilities | $4.9M | $10.1M | $7.5M | $12.6M | $5.7M |
| Stockholders' equity | $14.8M | $16.2M | $26.1M | $20.9M | $27.5M |
| Cash Flow Statement | |||||
| Cash from operations | -$10.3M | -$13.6M | -$3.2M | -$10.1M | -$7.1M |
| Depreciation and amortization | $815,000 | $902,000 | $900,000 | $500,000 | $600,000 |
| Stock-based compensation | $2.3M | $2.7M | $2.5M | $2.3M | $2.2M |
| Capital expenditure | $425,000 | $7.9M | $5.6M | $4.8M | $2.4M |
| Free cash flow | -$10.7M | -$21.6M | -$8.8M | -$14.9M | -$9.4M |
| Impairments | — | $2.6M | $4.9M | $579,000 | $545,000 |
Shares outstanding 3.4M · Free float 40.9%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.