Aqua Metals, Inc. (AQMS) Financials

AQMS

FY2025 annual

Revenue Not reported for FY2025

Net Income -$22.6M +7.8% YoY

Free Cash Flow -$10.7M +50.5% YoY

Operating Cash Flow -$10.3M +24.8% YoY

Market Cap $6.8M as of Oct 13, 2026

Price / Sales n/m no revenue reported

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 0.7x on $9.5M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 30, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AQMS SEC filings page.

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 2026-10-03

Aqua Metals remains development-stage: losses consume cash, while financing rather than sales has funded operations.

In FY2025, the net loss was $22.6M versus operating cash flow of -$10.3M, while free cash flow was -$10.7M after only $425K of capital spending. That gap indicates accounting losses include substantial noncash or working-capital effects, and the cash requirement is mainly ongoing operations rather than heavy reinvestment.

The historical cost structure is geared toward development: FY2023 revenue was only $25K against research and development spending of $1.7M and selling, general, and administrative costs of $11.6M. Revenue was not reported for FY2025, so commercial scale cannot be inferred from the latest filing.

The balance sheet became more liquid in FY2025, with the current ratio rising from 0.6% in FY2024 to 3.0x and total liabilities falling from $10.1M to $4.9M. However, financing cash flow of $14.1M exceeded the year's operating cash use, showing that external funding—not internally generated cash—was the principal source supporting the balance sheet.

Financial Health Signals

Financial health score not available

Aqua Metals, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

3/6

Aqua Metals, Inc. passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 2 leverage/liquidity signals pass.

Earnings Quality No Cash Backing

N/A

Aqua Metals, Inc. reported a net loss of $22.6M while operations used $10.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Aqua Metals, Inc. reported an operating loss of $23.3M against $667K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

EBITDA

-$4.4M

YoY+35.7%

QoQ-11.6%

Aqua Metals, Inc.'s EBITDA was -$4.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 35.7% from the same quarter a year earlier. Against the prior quarter it is down 11.6%.

Net Income

-$4.5M

YoY+33.8%

QoQ-13.3%

Aqua Metals, Inc. reported -$4.5M in net income in Q2 2026. This represents an increase of 33.8% from the same quarter a year earlier. Against the prior quarter it is down 13.3%.

Revenue

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

-$2.6M

YoY+1.8%

QoQ+31.6%

Aqua Metals, Inc. recorded an outflow of $2.6M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 1.8% from the same quarter a year earlier. Against the prior quarter it is up 31.6%.

Cash & Debt

$4.7M

YoY+145.4%

QoQ-30.4%

5Y CAGR-15.0%

10Y CAGR-14.4%

Aqua Metals, Inc. held $4.7M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

QoQ+6.0%

5Y CAGR-44.8%

10Y CAGR-13.7%

Aqua Metals, Inc. had 4M shares outstanding in Q2 2026. Against the prior quarter it is up 6.0%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-47.0%

YoY+85.3pp

QoQ-16.9pp

Aqua Metals, Inc.'s ROE was -47.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 85.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 16.9 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$248K

YoY-15.9%

QoQ-12.1%

Aqua Metals, Inc. invested $248K in research and development in Q2 2026. This represents a decrease of 15.9% from the same quarter a year earlier. Against the prior quarter it is down 12.1%.

Capital Expenditures

YoY-100.0%

Aqua Metals, Inc. reported no capital expenditure in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier.

Share Buybacks

Not reported for Q2 2026.

AQMS Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AQMS quarterly income statement

Metric	TTM	FY25DEF 14A	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Revenue	N/A	N/A	$0-100.0%	$25K+525.0%	$4K-97.7%	$173K+60.2%	$108K-97.8%	$4.9M+9.6%	$4.4M+111.9%	$2.1M	$0	N/A
Cost of Revenue	N/A	$2.4M-66.6%	$7.2M+14.8%	$6.3M+58.7%	$4.0M-43.6%	$7.0M+28.1%	$5.5M-77.9%	$24.8M+9.0%	$22.8M+138.6%	$9.5M	$0	N/A
Gross Profit	N/A	N/A	-$7.2M-15.3%	-$6.3M-58.2%	-$4.0M+42.2%	-$6.8M-27.5%	-$5.4M+73.1%	-$19.9M-8.8%	-$18.3M-146.1%	-$7.4M	$0	N/A
R&D Expenses	N/A	$1.3M-16.5%	$1.6M-8.8%	$1.7M-4.0%	$1.8M+94.3%	$933K-9.2%	$1.0M-34.0%	$1.6M-65.5%	$4.5M-44.4%	$8.1M+27.6%	$6.3M+178.4%	$2.3M
SG&A Expenses	N/A	$10.5M-12.4%	$12.0M+2.8%	$11.6M+18.6%	$9.8M+1.3%	$9.7M+7.7%	$9.0M-53.4%	$19.3M+35.9%	$14.2M+2269.0%	$600K-90.9%	$6.6M+108.5%	$3.2M
Operating Income	N/A	-$23.3M+2.2%	-$23.8M+2.5%	-$24.5M-57.2%	-$15.6M+10.9%	-$17.5M-13.5%	-$15.4M+62.3%	-$40.8M-10.2%	-$37.0M-49.0%	-$24.9M-91.8%	-$13.0M-137.7%	-$5.5M
EBITDA	N/A	-$22.4M+1.6%	-$22.8M+2.5%	-$23.4M-57.1%	-$14.9M+10.8%	-$16.7M-25.3%	-$13.3M+64.1%	-$37.1M-10.3%	-$33.6M-54.4%	-$21.8M-79.4%	-$12.1M-131.2%	-$5.3M
Interest Expense	N/A	$667K+16.2%	$574K-7.6%	$621K+396.8%	$125K+495.2%	$21K-98.7%	$1.6M-53.4%	$3.5M+0.9%	$3.4M+95.7%	$1.8M+175.6%	$639K-43.4%	$1.1M
Income Tax	N/A	$2K-33.3%	$3K+50.0%	$2K0.0%	$2K0.0%	$2K0.0%	$2K0.0%	$2K0.0%	$2K0.0%	$2K+100.0%	$1K-66.7%	$3K
Net Income	N/A	-$22.6M+7.8%	-$24.6M-2.6%	-$23.9M-55.1%	-$15.4M+15.2%	-$18.2M+29.4%	-$25.8M+42.5%	-$44.8M-11.3%	-$40.3M-51.4%	-$26.6M-96.1%	-$13.6M-9.9%	-$12.3M
EPS (Basic)	N/A	-$15.15+60.4%	-$38.25-650.0%	-$5.10-2450.0%	-$0.20+23.1%	-$0.26	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	N/A	N/A	N/A	N/A	N/A	$0	N/A	$0-100.0%
Cost of Revenue	$564K-27.3%	$501K-30.8%	N/A	$576K-64.4%	$776K-67.3%	$724K-67.2%	N/A	$1.6M-8.6%
Gross Profit	N/A	N/A	N/A	N/A	N/A	-$724K+67.2%	N/A	-$1.6M+7.3%
R&D Expenses	$248K-15.9%	$282K-16.1%	N/A	$328K-17.6%	$295K-18.7%	$336K-42.9%	N/A	$398K+2.3%
SG&A Expenses	$1.7M-21.5%	$2.9M+22.9%	N/A	$2.1M-22.3%	$2.2M-35.9%	$2.4M-20.7%	N/A	$2.7M-2.4%
Operating Income	-$4.6M+34.7%	-$4.1M+52.3%	N/A	-$3.1M+41.2%	-$7.0M-14.1%	-$8.7M-49.9%	N/A	-$5.2M-5.3%
EBITDA	-$4.4M+35.7%	-$3.9M+53.5%	N/A	-$2.9M+42.5%	-$6.8M-15.8%	-$8.4M-52.7%	N/A	-$5.0M-6.6%
Interest Expense	$6K-97.6%	$8K-98.0%	N/A	$12K-85.5%	$245K+191.7%	$403K+280.2%	N/A	$83K-4.6%
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
Net Income	-$4.5M+33.8%	-$4.0M+52.4%	N/A	-$3.1M+40.1%	-$6.8M-10.1%	-$8.3M-44.6%	N/A	-$5.2M-14.6%
EPS (Basic)	-$1.31+82.4%	-$1.22+88.1%	$2.20+307.5%	-$2.19+71.3%	-$7.44+25.2%	-$10.27-878.1%	-$1.06+46.5%	-$7.64-758.4%

Not reported in any period shown, so not listed: EPS (Diluted), Diluted Shares (Avg).

AQMS Balance Sheet

AQMS quarterly balance sheet

Metric	FY25DEF 14A	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Total Assets	$19.7M-25.3%	$26.4M-21.5%	$33.6M+0.3%	$33.5M+0.7%	$33.3M-5.3%	$35.1M-49.4%	$69.5M-2.7%	$71.4M-4.1%	$74.4M+4.1%	$71.5M+51.3%	$47.3M
Current Assets	$13.4M+188.7%	$4.6M-74.6%	$18.3M-21.2%	$23.2M+86.6%	$12.4M+48.8%	$8.4M-69.6%	$27.5M+20.9%	$22.8M-11.4%	$25.7M-6.2%	$27.4M-14.3%	$32.0M
Cash & Equivalents	$10.8M+165.0%	$4.1M-75.3%	$16.5M+133.3%	$7.1M-13.0%	$8.1M+24.6%	$6.5M-13.8%	$7.6M-63.7%	$20.9M-8.3%	$22.8M-10.5%	$25.5M+26.4%	$20.1M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$244K-2.8%	$251K-73.0%	$929K+234.2%	$278K+126.0%	$123K-88.7%	$1.1M-13.2%	$1.3M+64.3%	$765K-38.3%	$1.2M+2000.0%	$59K	N/A
Accounts Receivable	N/A	$0-100.0%	$67K+458.3%	$12K-95.5%	$269K+740.6%	$32K-86.9%	$244K-66.3%	$725K-17.8%	$882K	N/A	N/A
Long-Term Investments	$0	$0	$0-100.0%	$2.0M+33.3%	$1.5M	$0	$0	$0	$0	$0	$0
Total Liabilities	$4.9M-51.2%	$10.1M+34.3%	$7.5M-40.1%	$12.6M+119.4%	$5.7M+43.4%	$4.0M-79.9%	$19.9M-6.7%	$21.3M+37.5%	$15.5M+6.5%	$14.5M+6.8%	$13.6M
Current Liabilities	$4.4M-45.9%	$8.2M+77.4%	$4.6M-62.5%	$12.3M+201.9%	$4.1M+18.1%	$3.5M-64.8%	$9.8M-16.9%	$11.8M+207.7%	$3.8M-4.9%	$4.0M+21.5%	$3.3M
Non-Current Liabilities	$508K-73.8%	$1.9M-33.7%	$2.9M+962.9%	$275K-83.4%	$1.7M+204.2%	$545K-94.6%	$10.1M+6.0%	$9.5M-18.6%	$11.6M+10.8%	$10.5M+2.1%	$10.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$332K-96.4%	$9.3M-2.5%	$9.5M	N/A	$9.9M-1.0%	$10.0M
Total Equity	$14.8M-9.1%	$16.2M-37.7%	$26.1M+24.6%	$20.9M-24.0%	$27.5M-11.6%	$31.1M-37.2%	$49.6M-1.0%	$50.1M-15.1%	$59.0M+3.5%	$57.0M+69.3%	$33.7M
Retained Earnings	-$270.4M-9.1%	-$247.8M-11.0%	-$223.2M-12.0%	-$199.3M-8.4%	-$183.8M-11.0%	-$165.7M-18.4%	-$139.9M-47.1%	-$95.1M-73.4%	-$54.8M-94.0%	-$28.3M-92.2%	-$14.7M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$12.6M+36.5%	$17.1M-5.2%	$19.7M-25.3%	$10.5M-63.1%	$9.2M-72.5%	$18.1M-42.6%	$26.4M-21.5%	$28.5M-32.2%
Current Assets	$6.9M+190.2%	$11.1M+400.0%	$13.4M+188.7%	$4.0M-4.7%	$2.4M-74.6%	$2.2M-78.0%	$4.6M-74.6%	$4.2M-84.4%
Cash & Equivalents	$4.7M+145.4%	$6.8M+328.9%	$10.8M+165.0%	$3.6M+21.6%	$1.9M-75.3%	$1.6M-80.8%	$4.1M-75.3%	$3.0M-88.5%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$242K-1.2%	$244K-0.4%	$244K-2.8%	$244K-26.1%	$245K-73.0%	$245K-76.4%	$251K-73.0%	$330K-63.0%
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	$128K	$0-100.0%	$486K+539.5%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0-100.0%
Total Liabilities	$3.1M-25.1%	$4.0M-53.2%	$4.9M-51.2%	$4.0M-47.5%	$4.1M-51.2%	$8.5M-0.7%	$10.1M+34.3%	$7.6M+15.9%
Current Liabilities	$2.8M-22.2%	$3.6M-49.5%	$4.4M-45.9%	$3.5M-51.0%	$3.6M-53.7%	$7.2M-15.2%	$8.2M+77.4%	$7.1M+96.9%
Non-Current Liabilities	$264K-46.5%	$377K-72.5%	$508K-73.8%	$523K+0.6%	$493K-16.9%	$1.4M+858.0%	$1.9M-33.7%	$520K-82.4%
Total Equity	$9.5M+86.2%	$13.1M+37.7%	$14.8M-9.1%	$6.5M-68.8%	$5.1M-79.7%	$9.5M-58.3%	$16.2M-37.7%	$20.9M-41.0%
Retained Earnings	-$278.9M-6.1%	-$274.4M-7.1%	-$270.4M-9.1%	-$266.0M-10.7%	-$262.9M-11.8%	-$256.1M-11.8%	-$247.8M-11.0%	-$240.3M-12.7%

Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.

AQMS Cash Flow Statement

AQMS quarterly cash flow statement

Metric	TTM	FY25DEF 14A	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Operating Cash Flow	-$11.4M	-$10.3M+24.8%	-$13.6M-326.9%	-$3.2M+68.5%	-$10.1M-43.7%	-$7.1M+36.0%	-$11.0M+56.2%	-$25.2M+4.3%	-$26.3M-38.5%	-$19.0M-70.9%	-$11.1M-653.5%	-$1.5M
Depreciation & Amortization	N/A	$885K-14.7%	$1.0M-4.0%	$1.1M+59.1%	$679K-12.9%	$780K-62.5%	$2.1M-43.5%	$3.7M+8.6%	$3.4M+10.4%	$3.1M+276.8%	$815K+309.5%	$199K
Stock-Based Compensation	N/A	$2.3M-16.9%	$2.7M+8.0%	$2.5M+12.4%	$2.3M+2.5%	$2.2M-38.4%	$3.6M-15.1%	$4.2M+250.2%	$1.2M+11.1%	$1.1M+2.0%	$1.1M+252.2%	$301K
Capital Expenditures	$4K	$425K-94.6%	$7.9M+41.5%	$5.6M+17.3%	$4.8M+103.0%	$2.4M-30.1%	$3.4M-73.7%	$12.8M+246.7%	$3.7M-58.1%	$8.8M-69.8%	$29.2M+150.5%	$11.6M
Free Cash Flow	-$11.4M	-$10.7M+50.5%	-$21.6M-145.2%	-$8.8M+41.1%	-$14.9M-58.5%	-$9.4M+34.6%	-$14.4M+62.1%	-$38.0M-26.6%	-$30.0M-7.9%	-$27.8M+30.9%	-$40.3M-207.2%	-$13.1M
Investing Cash Flow	-$4.0M	$2.9M+124.9%	-$11.6M-18.6%	-$9.8M-186.9%	-$3.4M-53.5%	-$2.2M-133.6%	$6.6M+162.7%	-$10.6M-169.1%	-$3.9M+59.8%	-$9.8M+67.0%	-$29.6M-18.2%	-$25.0M
Financing Cash Flow	$18.3M	$14.1M+9.8%	$12.8M-42.9%	$22.4M+79.4%	$12.5M+14.9%	$10.9M+224.8%	$3.4M-85.0%	$22.4M-20.9%	$28.3M+13.4%	$25.0M-29.6%	$35.5M-15.7%	$42.1M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$2.6M-3.3%	-$3.8M-39.6%	-$2.6M-30.6%	-$2.3M+35.4%	-$2.5M+32.1%	-$2.8M+35.2%	-$2.0M+63.2%	-$3.6M-11.8%
Depreciation & Amortization	$211K-3.2%	$212K-11.3%	$214K-10.1%	$214K-16.4%	$218K-22.1%	$239K-9.1%	$238K-32.8%	$256K-14.4%
Stock-Based Compensation	$325K-5.8%	$450K-35.8%	N/A	$452K-29.2%	$345K-54.1%	$701K-9.4%	N/A	$638K+7.4%
Capital Expenditures	$0-100.0%	$0-100.0%	$4K-99.1%	$0-100.0%	$132K-96.4%	$289K-89.4%	$469K-13.8%	$1.0M+58.4%
Free Cash Flow	-$2.6M+1.8%	-$3.8M-26.4%	-$2.6M-5.9%	-$2.3M+49.5%	-$2.7M+64.1%	-$3.0M+56.5%	-$2.5M+58.7%	-$4.6M-19.5%
Investing Cash Flow	$0-100.0%	-$2.0M-433.3%	-$2.1M-261.1%	$35K+102.7%	$5.3M+227.0%	-$375K+93.3%	-$574K+83.7%	-$1.3M-66.0%
Financing Cash Flow	$558K+123.0%	$1.9M+190.0%	$11.9M+221.8%	$4.0M+7528.8%	-$2.4M-132.4%	$638K-60.2%	$3.7M+2704.2%	$52K-99.8%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

AQMS Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AQMS quarterly financial ratios

Metric	FY25DEF 14A	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Gross Margin	N/A	N/A	-25028.0%	-98875.0%	-3956.1%	-4970.4%	-408.8%	-411.6%	-354.3%	N/A	N/A
Operating Margin	N/A	N/A	-97856.0%	-389150.0%	-10095.4%	-14252.8%	-837.0%	-832.3%	-1183.7%	N/A	N/A
Net Margin	N/A	N/A	-95752.0%	-385775.0%	-10516.2%	-23853.7%	-919.1%	-904.8%	-1265.7%	N/A	N/A
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%+7.6pp	-90.3%-10.0pp	-80.4%-35.3pp	-45.1%-21.3pp	-23.8%+12.8pp	-36.6%
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%-8.8pp	-64.5%-8.1pp	-56.4%-20.7pp	-35.7%-16.8pp	-18.9%+7.1pp	-26.1%
Current Ratio	3.03+2.5x	0.57-3.4x	3.97+2.1x	1.89-1.2x	3.05+0.6x	2.42-0.4x	2.80+0.9x	1.93-4.8x	6.70-0.1x	6.79-2.8x	9.63
Debt-to-Equity	0.33-0.3x	0.62+0.3x	0.29-0.3x	0.60+0.4x	0.21+0.2x	0.01-0.2x	0.190.0x	0.19-0.1x	0.26+0.1x	0.17-0.1x	0.30
Asset Turnover	N/A	0.000.0x	0.000.0x	0.000.0x	0.010.0x	0.00-0.1x	0.070.0x	0.060.0x	0.030.0x	0.00	N/A
FCF Margin	N/A	N/A	-35164.0%	-372975.0%	-5440.5%	-13325.9%	-779.2%	-674.6%	-1324.8%	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Return on Equity	-47.0%+85.3pp	-30.1%+57.1pp	N/A	-47.9%-22.9pp	-132.3%-107.9pp	-87.2%-62.1pp	N/A	-24.9%-12.1pp
Return on Assets	-35.5%+37.8pp	-23.1%+22.9pp	N/A	-29.7%-11.4pp	-73.2%-55.0pp	-46.0%-27.7pp	N/A	-18.3%-7.5pp
Current Ratio	2.43+1.8x	3.07+2.8x	3.03+2.5x	1.15+0.6x	0.65-0.5x	0.31-0.9x	0.57-3.4x	0.59-6.9x
Debt-to-Equity	0.32-0.5x	0.30-0.6x	0.33-0.3x	0.61+0.2x	0.81+0.5x	0.90+0.5x	0.62+0.3x	0.36+0.2x
Asset Turnover	N/A	N/A	N/A	N/A	N/A	0.000.0x	N/A	0.000.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Aqua Metals, Inc. AQMS	FY2025	N/A	-$22.6M	N/A	$6.8M	—
Greenwave Technology Solutions, Inc. GWAV	FY2025	$46.7M	-$21.6M	-46.3%	$2.1M	30/100
CDT Environmental Technology Investment Holdings Limited CDTG	FY2025	$18.2M	-$10.2M	-56.0%	$3.4M	18/100
Avalon Holdings Corp. AWX	FY2025	$83.5M	$321K	0.4%	$9.6M	30/100
Decent Holding Inc DXST	FY2025	$12.9M	-$322K	-2.5%	$4.0M	54/100
LanzaTech Global, Inc. LNZA	FY2025	$55.8M	-$49.0M	-87.7%	$79.8M	50/100

Where Aqua Metals, Inc. Ranks

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) recorded an outflow of $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) recorded an outflow of $10.3M in operating cash flow during fiscal year 2025, representing cash used by 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 P/E ratio?

Aqua Metals, Inc. (AQMS) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $6.8M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Aqua Metals, Inc.'s price-to-sales ratio?

Aqua Metals, Inc. (AQMS) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $6.8M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Aqua Metals, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Aqua Metals, Inc. (AQMS) held $10.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $10.3M over that year. Dividing the one by the other, the reported balance equals about 13 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

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

Aqua Metals, Inc. (AQMS) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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) reported a net loss of $22.6M while operations used $10.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $23.3M against $667K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.