Aqua Metals Inc Financials

AQMS

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Aqua Metals Inc (AQMS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

2/9

Aqua Metals Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.56x

For every $1 of reported earnings, Aqua Metals Inc generates $0.56 in operating cash flow (-$13.6M OCF vs -$24.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-41.5x

Aqua Metals Inc earns $-41.5 in operating income for every $1 of interest expense (-$23.8M vs $574K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

YoY-100.0%

Aqua Metals Inc generated $0 in revenue in fiscal year 2024. This represents a decrease of 100.0% from the prior year.

EBITDA

-$22.8M

YoY+2.4%

Aqua Metals Inc's EBITDA was -$22.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.4% from the prior year.

Free Cash Flow

-$21.6M

YoY-145.2%

Aqua Metals Inc generated -$21.6M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 145.2% from the prior year.

Net Income

-$24.6M

YoY-2.6%

Aqua Metals Inc reported -$24.6M in net income in fiscal year 2024. This represents a decrease of 2.6% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$4.1M

YoY-75.3%

5Y CAGR-11.6%

Aqua Metals Inc held $4.1M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

773,084

Aqua Metals Inc had 773,084 shares outstanding in fiscal year 2024. This represents a decrease of 85.7% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$1.6M

YoY-8.8%

5Y CAGR+0.4%

Aqua Metals Inc invested $1.6M in research and development in fiscal year 2024. This represents a decrease of 8.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$7.9M

YoY+41.5%

5Y CAGR-9.2%

Aqua Metals Inc invested $7.9M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 41.5% from the prior year.

AQMS Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$0-100.0%	$25K+525.0%	$4K-97.7%	$173K+60.2%	$108K-97.8%	$4.9M
Cost of Revenue	$7.2M+14.8%	$6.3M+58.7%	$4.0M-43.6%	$7.0M+28.1%	$5.5M-77.9%	$24.8M
Gross Profit	-$7.2M-15.3%	-$6.3M-58.2%	-$4.0M+42.2%	-$6.8M-27.5%	-$5.4M+73.1%	-$19.9M
R&D Expenses	$1.6M-8.8%	$1.7M-4.0%	$1.8M+94.3%	$933K-9.2%	$1.0M-34.0%	$1.6M
SG&A Expenses	$12.0M+2.8%	$11.6M+18.6%	$9.8M+1.3%	$9.7M+7.7%	$9.0M-53.4%	$19.3M
Operating Income	-$23.8M+2.5%	-$24.5M-57.2%	-$15.6M+10.9%	-$17.5M-13.5%	-$15.4M+62.3%	-$40.8M
Interest Expense	$574K-7.6%	$621K+396.8%	$125K+495.2%	$21K-98.7%	$1.6M-53.4%	$3.5M
Income Tax	$3K+50.0%	$2K0.0%	$2K0.0%	$2K0.0%	$2K0.0%	$2K
Net Income	-$24.6M-2.6%	-$23.9M-55.1%	-$15.4M+15.2%	-$18.2M+29.4%	-$25.8M+42.5%	-$44.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q3'24	Q1'25	Q4'23	Q2'23	Q1'24	Q4'22
Revenue	N/A	$0	$0	$0	N/A	$0	N/A	$0
Cost of Revenue	$576K-25.8%	$776K-52.0%	$1.6M-26.8%	$2.2M	N/A	$1.5M+39.1%	$1.1M-1.8%	$1.1M
Gross Profit	N/A	-$724K+55.2%	-$1.6M+26.8%	-$2.2M	N/A	-$1.5M	N/A	-$1.1M
R&D Expenses	$328K+11.2%	$295K-25.9%	$398K-32.3%	$588K	N/A	$525K+18.0%	$445K+77.3%	$251K
SG&A Expenses	$2.1M-2.7%	$2.2M-20.1%	$2.7M-8.2%	$3.0M	N/A	$2.8M-5.2%	$3.0M+46.7%	$2.0M
Operating Income	-$3.1M+56.4%	-$7.0M-34.9%	-$5.2M+10.0%	-$5.8M	N/A	-$4.9M-7.9%	-$4.5M-33.5%	-$3.4M
Interest Expense	$12K-95.1%	$245K+195.2%	$83K-21.7%	$106K	N/A	$255K+44.9%	$176K+69.2%	$104K
Income Tax	N/A	$3K	$0	N/A	N/A	$0	$0	$0
Net Income	-$3.1M+53.9%	-$6.8M-29.9%	-$5.2M+9.4%	-$5.8M	N/A	-$4.8M-3.3%	-$4.6M-16.0%	-$4.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AQMS Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$26.4M-21.5%	$33.6M+0.3%	$33.5M+0.7%	$33.3M-5.3%	$35.1M-49.4%	$69.5M
Current Assets	$4.6M-74.6%	$18.3M-21.2%	$23.2M+86.6%	$12.4M+48.8%	$8.4M-69.6%	$27.5M
Cash & Equivalents	$4.1M-75.3%	$16.5M+133.3%	$7.1M-13.0%	$8.1M+24.6%	$6.5M-13.8%	$7.6M
Inventory	$251K-73.0%	$929K+234.2%	$278K+126.0%	$123K-88.7%	$1.1M-13.2%	$1.3M
Accounts Receivable	$0-100.0%	$67K+458.3%	$12K-95.5%	$269K+740.6%	$32K-86.9%	$244K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$10.1M+34.3%	$7.5M-40.1%	$12.6M+119.4%	$5.7M+43.4%	$4.0M-79.9%	$19.9M
Current Liabilities	$8.2M+77.4%	$4.6M-62.5%	$12.3M+201.9%	$4.1M+18.1%	$3.5M-64.8%	$9.8M
Long-Term Debt	N/A	N/A	N/A	N/A	$332K-96.4%	$9.3M
Total Equity	$16.2M-37.7%	$26.1M+24.6%	$20.9M-24.0%	$27.5M-11.6%	$31.1M-37.2%	$49.6M
Retained Earnings	-$247.8M-11.0%	-$223.2M-12.0%	-$199.3M-8.4%	-$183.8M-11.0%	-$165.7M-18.4%	-$139.9M

Metric	Q3'25	Q2'25	Q3'24	Q1'25	Q4'23	Q2'23	Q1'24	Q4'22
Total Assets	$10.5M+13.6%	$9.2M-67.5%	$28.5M-9.4%	$31.4M-6.4%	$33.6M+53.6%	$21.9M-35.6%	$34.0M+1.4%	$33.5M
Current Assets	$4.0M+67.5%	$2.4M-43.1%	$4.2M-58.7%	$10.1M-44.9%	$18.3M+157.2%	$7.1M-62.9%	$19.2M-17.3%	$23.2M
Cash & Equivalents	$3.6M+85.5%	$1.9M-34.5%	$3.0M-64.4%	$8.3M-49.8%	$16.5M+166.7%	$6.2M+84.7%	$3.4M-52.6%	$7.1M
Inventory	$244K-0.4%	$245K-25.8%	$330K-68.3%	$1.0M+11.9%	$929K+47.2%	$631K+108.9%	$302K+8.6%	$278K
Accounts Receivable	$0-100.0%	$128K-73.7%	$486K	$0-100.0%	$67K-35.6%	$104K	$0-100.0%	$12K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.0M-3.5%	$4.1M-45.6%	$7.6M-11.7%	$8.6M+14.0%	$7.5M+22.8%	$6.1M-58.8%	$14.9M+18.3%	$12.6M
Current Liabilities	$3.5M-4.8%	$3.6M-48.6%	$7.1M-16.4%	$8.5M+83.2%	$4.6M+48.2%	$3.1M-73.6%	$11.8M-4.3%	$12.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$6.5M+27.4%	$5.1M-75.5%	$20.9M-8.6%	$22.9M-12.3%	$26.1M+65.6%	$15.7M-17.5%	$19.1M-8.8%	$20.9M
Retained Earnings	-$266.0M-1.2%	-$262.9M-9.4%	-$240.3M-5.0%	-$229.0M-2.6%	-$223.2M-7.0%	-$208.6M-2.3%	-$203.9M-2.3%	-$199.3M

AQMS Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$13.6M-326.9%	-$3.2M+68.5%	-$10.1M-43.7%	-$7.1M+36.0%	-$11.0M+56.2%	-$25.2M
Capital Expenditures	$7.9M+41.5%	$5.6M+17.3%	$4.8M+103.0%	$2.4M-30.1%	$3.4M-73.7%	$12.8M
Free Cash Flow	-$21.6M-145.2%	-$8.8M+41.1%	-$14.9M-58.5%	-$9.4M+34.6%	-$14.4M+62.1%	-$38.0M
Investing Cash Flow	-$11.6M-18.6%	-$9.8M-186.9%	-$3.4M-53.5%	-$2.2M-133.6%	$6.6M+162.7%	-$10.6M
Financing Cash Flow	$12.8M-42.9%	$22.4M+79.4%	$12.5M+14.9%	$10.9M+224.8%	$3.4M-85.0%	$22.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q3'24	Q1'25	Q4'23	Q2'23	Q1'24	Q4'22
Operating Cash Flow	-$2.3M+7.7%	-$2.5M+30.0%	-$3.6M+14.5%	-$4.3M+21.5%	-$5.4M-165.0%	$8.3M+391.1%	-$2.9M-94.0%	-$1.5M
Capital Expenditures	$0-100.0%	$132K-87.0%	$1.0M-63.0%	$2.7M+603.1%	-$544K-319.4%	$248K-95.3%	$5.3M+111.8%	$2.5M
Free Cash Flow	-$2.3M+12.3%	-$2.7M+42.4%	-$4.6M+33.5%	-$7.0M-17.3%	-$6.0M-173.7%	$8.1M+199.6%	-$8.1M-105.2%	-$4.0M
Investing Cash Flow	$35K-99.3%	$5.3M+508.5%	-$1.3M+76.7%	-$5.6M-58.5%	-$3.5M-1117.6%	-$289K+94.5%	-$5.2M-200.1%	-$1.7M
Financing Cash Flow	$4.0M+263.9%	-$2.4M-4755.8%	$52K-96.8%	$1.6M+1228.2%	-$142K+97.3%	-$5.2M-219.4%	$4.4M+333.6%	$1.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AQMS Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	-25028.0%+73847.0pp	-98875.0%-94918.9pp	-3956.1%+1014.3pp	-4970.4%-4561.6pp	-408.8%
Operating Margin	N/A	-97856.0%+291294.0pp	-389150.0%-379054.6pp	-10095.4%+4157.4pp	-14252.8%-13415.8pp	-837.0%
Net Margin	N/A	-95752.0%+290023.0pp	-385775.0%-375258.8pp	-10516.2%+13337.5pp	-23853.7%-22934.6pp	-919.1%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-93.1%-21.9pp	-71.2%-25.2pp	-46.1%+8.6pp	-54.7%+18.6pp	-73.3%-8.8pp	-64.5%
Current Ratio	0.57-3.4	3.97+2.1	1.89-1.2	3.05+0.6	2.42-0.4	2.80
Debt-to-Equity	0.62+0.3	0.29-0.3	0.60+0.4	0.21+0.2	0.01-0.2	0.19
FCF Margin	N/A	-35164.0%+337811.0pp	-372975.0%-367534.5pp	-5440.5%+7885.5pp	-13325.9%-12546.7pp	-779.2%

Metric	Q3'25	Q2'25	Q3'24	Q1'25	Q4'23	Q2'23	Q1'24	Q4'22
Gross Margin	N/A	N/A	-6980.0%	N/A	N/A	-26100.0%	N/A	N/A
Operating Margin	N/A	N/A	-19796.0%	N/A	N/A	-98875.0%	N/A	N/A
Net Margin	N/A	N/A	-18188.0%	N/A	N/A	-79150.0%	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-29.7%+43.5pp	-73.2%-55.0pp	-18.3%0.0pp	-18.3%	N/A	-21.8%-8.2pp	-13.6%-1.7pp	-11.8%
Current Ratio	1.15+0.5	0.65+0.1	0.59-0.6	1.19-2.8	3.97+1.7	2.29+0.7	1.63-0.3	1.89
Debt-to-Equity	0.61-0.2	0.81+0.4	0.36-0.0	0.38+0.1	0.29-0.1	0.39-0.4	0.78+0.2	0.60
FCF Margin	N/A	N/A	-15556.0%	N/A	N/A	-81250.0%	N/A	N/A

Note: The current ratio is below 1.0 (0.57), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Aqua Metals Inc's annual revenue?

Aqua Metals Inc (AQMS) reported $0 in total revenue for fiscal year 2024. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Aqua Metals Inc's revenue growing?

Aqua Metals Inc (AQMS) revenue declined by 100% year-over-year, from $25K to $0 in fiscal year 2024.

Is Aqua Metals Inc profitable?

No, Aqua Metals Inc (AQMS) reported a net income of -$24.6M in fiscal year 2024.

What is Aqua Metals Inc's EBITDA?

Aqua Metals Inc (AQMS) had EBITDA of -$22.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Aqua Metals Inc's free cash flow?

Aqua Metals Inc (AQMS) generated -$21.6M in free cash flow during fiscal year 2024. This represents a -145.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Aqua Metals Inc's operating cash flow?

Aqua Metals Inc (AQMS) generated -$13.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Aqua Metals Inc's total assets?

Aqua Metals Inc (AQMS) had $26.4M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Aqua Metals Inc's capital expenditures?

Aqua Metals Inc (AQMS) invested $7.9M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Aqua Metals Inc spend on research and development?

Aqua Metals Inc (AQMS) invested $1.6M in research and development during fiscal year 2024.

How many shares does Aqua Metals Inc have outstanding?

Aqua Metals Inc (AQMS) had 773,084 shares outstanding as of fiscal year 2024.

What is Aqua Metals Inc's current ratio?

Aqua Metals Inc (AQMS) had a current ratio of 0.57 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Aqua Metals Inc's debt-to-equity ratio?

Aqua Metals Inc (AQMS) had a debt-to-equity ratio of 0.62 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Aqua Metals Inc's return on assets (ROA)?

Aqua Metals Inc (AQMS) had a return on assets of -93.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Aqua Metals Inc's cash runway?

Based on fiscal year 2024 data, Aqua Metals Inc (AQMS) had $4.1M in cash against an annual operating cash burn of $13.6M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Aqua Metals Inc's Piotroski F-Score?

Aqua Metals Inc (AQMS) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Aqua Metals Inc's earnings high quality?

Aqua Metals Inc (AQMS) has an earnings quality ratio of 0.56x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Aqua Metals Inc cover its interest payments?

Aqua Metals Inc (AQMS) has an interest coverage ratio of -41.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.