Aqua Metals Inc Financials

AQMS

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 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 11 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).

Rhea AI AQMS FY2025 2026-04-30

Aqua Metals is operating like a funded technology buildout, where financing cash and capex timing matter more than sales.

FY2025’s free-cash-flow improvement to -$10.7M from -$21.6M overstates how much the core business changed. Operating cash burn was still -$10.3M, and the big bridge was capex falling to $425K; the cash profile improved mainly because the buildout slowed, not because operations started funding themselves.

The move from a sub-1.0x current ratio in FY2024 to 3.0x in FY2025 is a financing-driven liquidity reset, not an operating turnaround. That rebound lines up with financing cash of $14.1M and year-end cash of $10.8M, showing liquidity was rebuilt externally rather than generated internally.

Even after assets fell to $19.7M, total liabilities were only $4.9M, so the balance sheet is not dominated by creditors. What remains is a cash-consumption problem: SG&A plus R&D still absorbed about $11.8M in FY2025 while capex was just $425K, meaning the burn now sits more in running the platform than in building it.

Financial Health Signals

Financial Profile 26/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Aqua Metals Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Aqua Metals Inc carries a low D/E ratio of 0.33, meaning only $0.33 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Aqua Metals Inc's current ratio of 3.03 indicates adequate short-term liquidity, earning a score of 58/100. The company can meet its near-term obligations, though with limited headroom.

Returns

Aqua Metals Inc generates a -153.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -151.2% the prior year.

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.

Earnings Quality Low Quality

0.45x

For every $1 of reported earnings, Aqua Metals Inc generates $0.45 in operating cash flow (-$10.3M OCF vs -$22.6M 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

-35.0x

Aqua Metals Inc earns $-35.0 in operating income for every $1 of interest expense (-$23.3M vs $667K). 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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Earnings & Revenue

Revenue

N/A

EBITDA

-$22.4M

YoY+1.6%

Aqua Metals Inc's EBITDA was -$22.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1.6% from the prior year.

Net Income

-$22.6M

YoY+7.8%

Aqua Metals Inc reported -$22.6M in net income in fiscal year 2025. This represents an increase of 7.8% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$10.7M

YoY+50.5%

Aqua Metals Inc generated -$10.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 50.5% from the prior year.

Cash & Debt

$10.8M

YoY+165.0%

5Y CAGR+10.6%

10Y CAGR-6.0%

Aqua Metals Inc held $10.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

Aqua Metals Inc had 3M shares outstanding in fiscal year 2025. This represents an increase of 288.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-153.3%

YoY-2.2pp

5Y CAGR-70.6pp

10Y CAGR-116.7pp

Aqua Metals Inc's ROE was -153.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.2 percentage points from the prior year.

Capital Allocation

R&D Spending

$1.3M

YoY-16.5%

5Y CAGR+5.2%

10Y CAGR-5.3%

Aqua Metals Inc invested $1.3M in research and development in fiscal year 2025. This represents a decrease of 16.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$425K

YoY-94.6%

5Y CAGR-33.9%

10Y CAGR-28.2%

Aqua Metals Inc invested $425K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 94.6% from the prior year.

AQMS Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	$0-100.0%	$25K+525.0%	$4K-97.7%	$173K+60.2%	$108K
Cost of Revenue	$2.4M-66.6%	$7.2M+14.8%	$6.3M+58.7%	$4.0M-43.6%	$7.0M+28.1%	$5.5M
Gross Profit	N/A	-$7.2M-15.3%	-$6.3M-58.2%	-$4.0M+42.2%	-$6.8M-27.5%	-$5.4M
R&D Expenses	$1.3M-16.5%	$1.6M-8.8%	$1.7M-4.0%	$1.8M+94.3%	$933K-9.2%	$1.0M
SG&A Expenses	$10.5M-12.4%	$12.0M+2.8%	$11.6M+18.6%	$9.8M+1.3%	$9.7M+7.7%	$9.0M
Operating Income	-$23.3M+2.2%	-$23.8M+2.5%	-$24.5M-57.2%	-$15.6M+10.9%	-$17.5M-13.5%	-$15.4M
Interest Expense	$667K+16.2%	$574K-7.6%	$621K+396.8%	$125K+495.2%	$21K-98.7%	$1.6M
Income Tax	$2K-33.3%	$3K+50.0%	$2K0.0%	$2K0.0%	$2K0.0%	$2K
Net Income	-$22.6M+7.8%	-$24.6M-2.6%	-$23.9M-55.1%	-$15.4M+15.2%	-$18.2M+29.4%	-$25.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	$0	N/A	$0	N/A
Cost of Revenue	$501K	N/A	$576K-25.8%	$776K+7.2%	$724K	N/A	$1.6M-31.9%	$2.4M
Gross Profit	N/A	N/A	N/A	N/A	-$724K	N/A	-$1.6M	N/A
R&D Expenses	$282K	N/A	$328K+11.2%	$295K-12.2%	$336K	N/A	$398K+9.6%	$363K
SG&A Expenses	$2.9M	N/A	$2.1M-2.7%	$2.2M-7.6%	$2.4M	N/A	$2.7M-19.8%	$3.4M
Operating Income	-$4.1M	N/A	-$3.1M+56.4%	-$7.0M+19.0%	-$8.7M	N/A	-$5.2M+15.4%	-$6.2M
Interest Expense	$8K	N/A	$12K-95.1%	$245K-39.2%	$403K	N/A	$83K-1.2%	$84K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$3K
Net Income	-$4.0M	N/A	-$3.1M+53.9%	-$6.8M+18.6%	-$8.3M	N/A	-$5.2M+15.3%	-$6.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AQMS Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$19.7M-25.3%	$26.4M-21.5%	$33.6M+0.3%	$33.5M+0.7%	$33.3M-5.3%	$35.1M
Current Assets	$13.4M+188.7%	$4.6M-74.6%	$18.3M-21.2%	$23.2M+86.6%	$12.4M+48.8%	$8.4M
Cash & Equivalents	$10.8M+165.0%	$4.1M-75.3%	$16.5M+133.3%	$7.1M-13.0%	$8.1M+24.6%	$6.5M
Inventory	$244K-2.8%	$251K-73.0%	$929K+234.2%	$278K+126.0%	$123K-88.7%	$1.1M
Accounts Receivable	N/A	$0-100.0%	$67K+458.3%	$12K-95.5%	$269K+740.6%	$32K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.9M-51.2%	$10.1M+34.3%	$7.5M-40.1%	$12.6M+119.4%	$5.7M+43.4%	$4.0M
Current Liabilities	$4.4M-45.9%	$8.2M+77.4%	$4.6M-62.5%	$12.3M+201.9%	$4.1M+18.1%	$3.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$332K
Total Equity	$14.8M-9.1%	$16.2M-37.7%	$26.1M+24.6%	$20.9M-24.0%	$27.5M-11.6%	$31.1M
Retained Earnings	-$270.4M-9.1%	-$247.8M-11.0%	-$223.2M-12.0%	-$199.3M-8.4%	-$183.8M-11.0%	-$165.7M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$17.1M-13.1%	$19.7M+87.6%	$10.5M+13.6%	$9.2M-48.8%	$18.1M-31.5%	$26.4M-7.4%	$28.5M-15.4%	$33.7M
Current Assets	$11.1M-17.2%	$13.4M+237.9%	$4.0M+67.5%	$2.4M+6.8%	$2.2M-52.2%	$4.6M+11.5%	$4.2M-55.3%	$9.3M
Cash & Equivalents	$6.8M-36.9%	$10.8M+201.5%	$3.6M+85.5%	$1.9M+21.6%	$1.6M-61.0%	$4.1M+38.3%	$3.0M-62.3%	$7.8M
Inventory	$244K0.0%	$244K0.0%	$244K-0.4%	$245K0.0%	$245K-2.4%	$251K-23.9%	$330K-63.7%	$908K
Accounts Receivable	N/A	N/A	N/A	N/A	$128K	$0-100.0%	$486K	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.0M-19.1%	$4.9M+24.0%	$4.0M-3.5%	$4.1M-51.7%	$8.5M-15.7%	$10.1M+33.4%	$7.6M-10.2%	$8.4M
Current Liabilities	$3.6M-18.3%	$4.4M+28.0%	$3.5M-4.8%	$3.6M-49.3%	$7.2M-12.4%	$8.2M+15.8%	$7.1M-10.0%	$7.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$13.1M-11.1%	$14.8M+126.5%	$6.5M+27.4%	$5.1M-46.3%	$9.5M-41.3%	$16.2M-22.3%	$20.9M-17.1%	$25.2M
Retained Earnings	-$274.4M-1.5%	-$270.4M-1.7%	-$266.0M-1.2%	-$262.9M-2.6%	-$256.1M-3.4%	-$247.8M-3.1%	-$240.3M-2.2%	-$235.1M

AQMS Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$10.3M+24.8%	-$13.6M-326.9%	-$3.2M+68.5%	-$10.1M-43.7%	-$7.1M+36.0%	-$11.0M
Capital Expenditures	$425K-94.6%	$7.9M+41.5%	$5.6M+17.3%	$4.8M+103.0%	$2.4M-30.1%	$3.4M
Free Cash Flow	-$10.7M+50.5%	-$21.6M-145.2%	-$8.8M+41.1%	-$14.9M-58.5%	-$9.4M+34.6%	-$14.4M
Investing Cash Flow	$2.9M+124.9%	-$11.6M-18.6%	-$9.8M-186.9%	-$3.4M-53.5%	-$2.2M-133.6%	$6.6M
Financing Cash Flow	$14.1M+9.8%	$12.8M-42.9%	$22.4M+79.4%	$12.5M+14.9%	$10.9M+224.8%	$3.4M
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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$3.8M-47.6%	-$2.6M-10.9%	-$2.3M+7.7%	-$2.5M+7.5%	-$2.8M-38.0%	-$2.0M+45.1%	-$3.6M+3.1%	-$3.8M
Capital Expenditures	$0-100.0%	$4K	$0-100.0%	$132K-54.3%	$289K-38.4%	$469K-53.7%	$1.0M-72.7%	$3.7M
Free Cash Flow	-$3.8M-47.3%	-$2.6M-11.1%	-$2.3M+12.3%	-$2.7M+12.0%	-$3.0M-23.5%	-$2.5M+47.0%	-$4.6M+37.7%	-$7.5M
Investing Cash Flow	-$2.0M+3.5%	-$2.1M-6022.9%	$35K-99.3%	$5.3M+1516.3%	-$375K+34.7%	-$574K+55.8%	-$1.3M+68.9%	-$4.2M
Financing Cash Flow	$1.9M-84.5%	$11.9M+200.0%	$4.0M+263.9%	-$2.4M-479.5%	$638K-82.7%	$3.7M+7011.5%	$52K-99.3%	$7.5M
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	-25028.0%+73847.0pp	-98875.0%-94918.9pp	-3956.1%+1014.3pp	-4970.4%
Operating Margin	N/A	N/A	-97856.0%+291294.0pp	-389150.0%-379054.6pp	-10095.4%+4157.4pp	-14252.8%
Net Margin	N/A	N/A	-95752.0%+290023.0pp	-385775.0%-375258.8pp	-10516.2%+13337.5pp	-23853.7%
Return on Equity	-153.3%-2.2pp	-151.2%-59.3pp	-91.8%-18.1pp	-73.8%-7.7pp	-66.1%+16.6pp	-82.7%
Return on Assets	-114.9%-21.8pp	-93.1%-21.9pp	-71.2%-25.2pp	-46.1%+8.6pp	-54.7%+18.6pp	-73.3%
Current Ratio	3.03+2.5	0.57-3.4	3.97+2.1	1.89-1.2	3.05+0.6	2.42
Debt-to-Equity	0.33-0.3	0.62+0.3	0.29-0.3	0.60+0.4	0.21+0.2	0.01
FCF Margin	N/A	N/A	-35164.0%+337811.0pp	-372975.0%-367534.5pp	-5440.5%+7885.5pp	-13325.9%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-30.1%	N/A	-47.9%+84.4pp	-132.3%-45.0pp	-87.2%	N/A	-24.9%-0.5pp	-24.4%
Return on Assets	-23.1%	N/A	-29.7%+43.5pp	-73.2%-27.2pp	-46.0%	N/A	-18.3%-0.0pp	-18.3%
Current Ratio	3.07+0.0	3.03+1.9	1.15+0.5	0.65+0.3	0.31-0.3	0.57-0.0	0.59-0.6	1.19
Debt-to-Equity	0.30-0.0	0.33-0.3	0.61-0.2	0.81-0.1	0.90+0.3	0.62+0.3	0.36+0.0	0.34
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Aqua Metals Inc profitable?

No, Aqua Metals Inc (AQMS) reported a net income of -$22.6M in fiscal year 2025.

What is Aqua Metals Inc's EBITDA?

Aqua Metals Inc (AQMS) had EBITDA of -$22.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Aqua Metals Inc's return on equity (ROE)?

Aqua Metals Inc (AQMS) has a return on equity of -153.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Aqua Metals Inc's free cash flow?

Aqua Metals Inc (AQMS) generated -$10.7M in free cash flow during fiscal year 2025. This represents a 50.5% 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 -$10.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Aqua Metals Inc's total assets?

Aqua Metals Inc (AQMS) had $19.7M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Aqua Metals Inc's capital expenditures?

Aqua Metals Inc (AQMS) invested $425K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

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

Aqua Metals Inc (AQMS) invested $1.3M in research and development during fiscal year 2025.

How many shares does Aqua Metals Inc have outstanding?

Aqua Metals Inc (AQMS) had 3M shares outstanding as of fiscal year 2025.

What is Aqua Metals Inc's current ratio?

Aqua Metals Inc (AQMS) had a current ratio of 3.03 as of fiscal year 2025, which is generally considered healthy.

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

Aqua Metals Inc (AQMS) had a debt-to-equity ratio of 0.33 as of fiscal year 2025, 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 -114.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Aqua Metals Inc's cash runway?

Based on fiscal year 2025 data, Aqua Metals Inc (AQMS) had $10.8M in cash against an annual operating cash burn of $10.3M. This gives an estimated cash runway of approximately 13 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 to 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 0.45x, 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 -35.0x, 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.

How financially healthy is Aqua Metals Inc?

Aqua Metals Inc (AQMS) scores 26 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.