Aqua Metals Inc Financials

AQMS

FY2025 annual

Revenue Not reported for FY2025

Net Income -$22.6M +7.8% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow -$10.7M +50.5% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 30, 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 2026-08-29

A development-stage model consumes operating cash while external financing, rather than commercial revenue, supports the balance sheet.

In FY2025, free cash flow of -$10.7M nearly matched operating cash flow of -$10.3M, showing that cash use was primarily operational rather than investment-led. Financing cash flow of $14.1M remained the offset, making external funding central to the current model despite cash use being smaller than the net loss of -$22.6M.

The business still looks development-stage: in FY2023, revenue was $25K against R&D of $1.7M. R&D was therefore many times the reported sales base, so the statements describe investment ahead of commercial scale rather than a mature revenue engine.

The current ratio rose from 0.6x in FY2024 to 3.0x in FY2025, reversing short-term balance-sheet tightness. Reported liquidity equaled 12.7 months of annual operating outflow, but negative operating cash flow means that improved liquidity reflects funding and balance-sheet changes rather than self-funding operations.

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

-$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.

Revenue

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$10.7M

YoY+50.5%

Aqua Metals Inc recorded an outflow of $10.7M in free cash flow in fiscal year 2025, representing a cash shortfall 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 as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding

Aqua Metals Inc had 3M shares outstanding in fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

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.

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.

Share Buybacks

Not reported for fiscal year 2025.

AQMS Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AQMS quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
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
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

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	N/A	N/A	N/A	N/A	N/A	$0	N/A	$0
Cost of Revenue	$564K+12.6%	$501K	N/A	$576K-25.8%	$776K+7.2%	$724K	N/A	$1.6M
Gross Profit	N/A	N/A	N/A	N/A	N/A	-$724K	N/A	-$1.6M
R&D Expenses	$248K-12.1%	$282K	N/A	$328K+11.2%	$295K-12.2%	$336K	N/A	$398K
SG&A Expenses	$1.7M-41.0%	$2.9M	N/A	$2.1M-2.7%	$2.2M-7.6%	$2.4M	N/A	$2.7M
Operating Income	-$4.6M-11.0%	-$4.1M	N/A	-$3.1M+56.4%	-$7.0M+19.0%	-$8.7M	N/A	-$5.2M
Interest Expense	$6K-25.0%	$8K	N/A	$12K-95.1%	$245K-39.2%	$403K	N/A	$83K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
Net Income	-$4.5M-13.3%	-$4.0M	N/A	-$3.1M+53.9%	-$6.8M+18.6%	-$8.3M	N/A	-$5.2M

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

AQMS Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AQMS quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
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
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
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
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$12.6M-26.3%	$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
Current Assets	$6.9M-38.0%	$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
Cash & Equivalents	$4.7M-30.4%	$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
Inventory	$242K-0.8%	$244K0.0%	$244K0.0%	$244K-0.4%	$245K0.0%	$245K-2.4%	$251K-23.9%	$330K
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	$128K	$0-100.0%	$486K
Total Liabilities	$3.1M-22.6%	$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
Current Liabilities	$2.8M-21.8%	$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
Total Equity	$9.5M-27.4%	$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
Retained Earnings	-$278.9M-1.6%	-$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

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

AQMS Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AQMS quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
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
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$2.6M+31.6%	-$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
Capital Expenditures	$0	$0-100.0%	$4K	$0-100.0%	$132K-54.3%	$289K-38.4%	$469K-53.7%	$1.0M
Free Cash Flow	-$2.6M+31.6%	-$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
Investing Cash Flow	$0+100.0%	-$2.0M+3.5%	-$2.1M-6022.9%	$35K-99.3%	$5.3M+1516.3%	-$375K+34.7%	-$574K+55.8%	-$1.3M
Financing Cash Flow	$558K-69.8%	$1.9M-84.5%	$11.9M+200.0%	$4.0M+263.9%	-$2.4M-479.5%	$638K-82.7%	$3.7M+7011.5%	$52K

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.

AQMS quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
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
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Return on Equity	-47.0%-16.9pp	-30.1%	N/A	-47.9%+84.4pp	-132.3%-45.0pp	-87.2%	N/A	-24.9%
Return on Assets	-35.5%-12.4pp	-23.1%	N/A	-29.7%+43.5pp	-73.2%-27.2pp	-46.0%	N/A	-18.3%
Current Ratio	2.43-0.6x	3.070.0x	3.03+1.9x	1.15+0.5x	0.65+0.3x	0.31-0.3x	0.570.0x	0.59
Debt-to-Equity	0.320.0x	0.300.0x	0.33-0.3x	0.61-0.2x	0.81-0.1x	0.90+0.3x	0.62+0.3x	0.36

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

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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.

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.