Aqua Metals Advances Commercialization of AquaRefining™ Technology with Industry-Leading Lithium Quality and Strategic Progress During Second Quarter of 2025
Aqua Metals (NASDAQ: AQMS), a sustainable metals recycling company, reported significant progress in Q2 2025. The company achieved a breakthrough in producing lithium carbonate with less than 30 ppm fluorine content, meeting stringent industry standards. Key operational milestones include producing over 1 metric ton of NMC mixed hydroxide cake and initiating sodium sulfate regeneration trials.
Financial achievements include the $4.3 million sale of the Sierra ARC facility, elimination of all long-term debt, and increased cash position from $1.6M to $1.9M. The company demonstrated cost competitiveness with Chinese recyclers and began designing a scalable facility capable of processing 10,000 to 60,000 metric tons of black mass annually.
Aqua Metals (NASDAQ: AQMS), una società di riciclo sostenibile dei metalli, ha riportato progressi significativi nel secondo trimestre 2025. L'azienda ha raggiunto una svolta nella produzione di carbonato di litio con contenuto di fluoro inferiore a 30 ppm, rispettando standard industriali rigorosi. Tra i principali traguardi operativi figurano la produzione di oltre 1 tonnellata metrica di NMC mixed hydroxide cake e l'avvio dei test per la rigenerazione del solfato di sodio.
I risultati finanziari includono la vendita dell'impianto Sierra ARC per 4,3 milioni di dollari, l'eliminazione di tutti i debiti a lungo termine e l'aumento della liquidità da $1.6M a $1.9M. L'azienda ha dimostrato competitività di costo rispetto ai riciclatori cinesi e ha iniziato a progettare un impianto scalabile capace di trattare da 10,000 a 60,000 tonnellate metriche di black mass all'anno.
Aqua Metals (NASDAQ: AQMS), una empresa de reciclaje sostenible de metales, informó avances significativos en el segundo trimestre de 2025. La compañía logró un avance en la producción de carbonato de litio con menos de 30 ppm de flúor, cumpliendo exigentes normas del sector. Entre los hitos operativos clave figuran la producción de más de 1 tonelada métrica de NMC mixed hydroxide cake y el inicio de pruebas de regeneración de sulfato de sodio.
Los logros financieros incluyen la venta de la planta Sierra ARC por $4.3 millones, la eliminación de toda la deuda a largo plazo y un aumento de la liquidez de $1.6M a $1.9M. La empresa demostró competitividad de costes frente a recicladores chinos y comenzó a diseñar una instalación escalable capaz de procesar de 10,000 a 60,000 toneladas métricas de black mass anuales.
Aqua Metals (NASDAQ: AQMS)는 지속 가능한 금속 재활용 회사로서 2025년 2분기에 중요한 진전을 보고했습니다. 회사는 플루오린 함량 30 ppm 미만의 탄산리튬 생산에서 돌파구를 마련해 업계의 엄격한 기준을 충족했습니다. 주요 운영 성과로는 1메트릭톤 이상의 NMC mixed hydroxide cake 생산과 황산나트륨 재생 시험의 시작이 포함됩니다.
재무적 성과로는 Sierra ARC 시설의 430만 달러 매각, 모든 장기 부채의 제거, 현금 보유가 $1.6M에서 $1.9M로 증가한 점이 있습니다. 회사는 중국 재활용업체들과의 비용 경쟁력을 입증했으며 연간 10,000~60,000 메트릭톤의 블랙매스를 처리할 수 있는 확장 가능한 공장 설계를 시작했습니다.
Aqua Metals (NASDAQ: AQMS), société de recyclage durable des métaux, a annoncé des progrès significatifs au deuxième trimestre 2025. L'entreprise a réalisé une percée en produisant du carbonate de lithium avec moins de 30 ppm de fluor, respectant des normes industrielles strictes. Parmi les principaux jalons opérationnels figurent la production de plus d'1 tonne métrique de NMC mixed hydroxide cake et le lancement d'essais de régénération du sulfate de sodium.
Les résultats financiers incluent la vente de l'installation Sierra ARC pour 4,3 millions de dollars, l'élimination de toute dette à long terme et une augmentation de la trésorerie de 1,6M$ à 1,9M$. La société a démontré une compétitivité en termes de coûts par rapport aux recycleurs chinois et a commencé à concevoir une installation évolutive capable de traiter de 10 000 à 60 000 tonnes métriques de black mass par an.
Aqua Metals (NASDAQ: AQMS), ein Unternehmen für nachhaltiges Metallrecycling, meldete im zweiten Quartal 2025 bedeutende Fortschritte. Das Unternehmen erzielte einen Durchbruch bei der Produktion von Lithiumcarbonat mit weniger als 30 ppm Fluorgehalt und erfüllte damit strenge Branchenstandards. Zu den wichtigen operativen Meilensteinen gehört die Herstellung von über 1 metrischer Tonne NMC mixed hydroxide cake sowie der Start von Versuchen zur Regeneration von Natriumsulfat.
Finanzielle Erfolge umfassen den Verkauf der Sierra ARC-Anlage für 4,3 Millionen US-Dollar, die Tilgung aller langfristigen Verbindlichkeiten und eine Erhöhung der liquiden Mittel von 1,6 Mio. $ auf 1,9 Mio. $. Das Unternehmen zeigte Kostenwettbewerbsfähigkeit gegenüber chinesischen Recycler und begann mit der Planung einer skalierbaren Anlage, die 10.000 bis 60.000 metrische Tonnen Black Mass pro Jahr verarbeiten kann.
- Achieved industry-leading lithium carbonate quality with less than 30 ppm fluorine content
- Successfully produced over 1 metric ton of NMC mixed hydroxide cake for partner qualification
- Eliminated all long-term debt and improved cash position to $1.9M
- Demonstrated cost parity with Chinese recyclers and 50% cost advantage over U.S. competitors
- Generated $4.5M through strategic asset sales
- Received new U.S. patent for lithium-ion battery recycling process
- Operating in challenging market conditions amid global battery supply chain recalibration
- Still in pre-commercial phase requiring additional capital for full commercialization
- Reliance on equity line of credit (ELOC) for funding operations
Insights
Aqua Metals strengthens finances while achieving industry-leading lithium quality metrics, positioning itself as a potential leader in domestic battery recycling.
Aqua Metals has reached a critical inflection point in commercializing its AquaRefining technology, with several technical breakthroughs that could position the company advantageously in the emerging battery recycling market. The achievement of less than 30 ppm fluorine in their lithium carbonate production represents a significant milestone, as fluorine content is a critical quality parameter for high-performance batteries. Meeting the stringent specifications of cathode active material producers removes a major barrier to commercial adoption.
The company's internal cost analysis claiming parity with Chinese recyclers while operating at half the cost of traditional U.S. hydrometallurgical methods could represent a competitive advantage if validated in commercial operations. This economic efficiency, combined with their exploration of alternative feedstocks like undersea mining nodules and nickel refinery residue, suggests a flexible technology platform that could adapt to various supply chains.
The initiation of sodium sulfate regeneration trials highlights a forward-thinking approach to closed-loop materials recovery. This process, if successful, would provide pCAM producers with a circular solution for a process waste stream, potentially creating additional revenue streams while enhancing sustainability credentials.
From a strategic perspective, Aqua Metals' progress on designing scalable facilities capable of processing 10,000 to 60,000 metric tons per year of black mass demonstrates commercial ambition beyond pilot scale. The company appears to be positioning itself as an enabler within the broader battery ecosystem rather than attempting to vertically integrate, which may be a prudent approach given the capital-intensive nature of the industry.
Aqua Metals has executed a notable financial restructuring during Q2 2025, substantially improving its balance sheet position. The complete elimination of long-term debt represents a significant milestone that reduces future interest expenses and financial obligations. This debt reduction, coupled with strategic asset monetization through the
The increase in cash and cash equivalents from
The company's internal cost analysis claiming cost competitiveness with Chinese recyclers is particularly noteworthy. If validated at commercial scale, this could represent a significant competitive advantage as battery material supply chains repatriate to North America. The economic case is strengthened by their claim of operating at approximately half the cost of traditional U.S. hydrometallurgical methods.
While Aqua Metals remains pre-revenue, the strategic asset sales, debt elimination, and extended cash runway appear to be buying crucial time for commercialization efforts. The company's focus on high-value materials like low-fluorine lithium carbonate and NMC hydroxide cake targets premium segments of the battery materials market, potentially supporting higher margins if they successfully enter commercial production. The strengthened balance sheet and extended runway provide a more stable platform for ongoing partnership discussions with strategic counterparties.
Company eliminates long-term debt, strengthens balance sheet, and extends cash runway through asset sales and cost-reduction initiatives
RENO, Nev., Aug. 13, 2025 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”), a pioneer in sustainable metals recycling, today announced financial results and operational highlights for the quarter ended June 30, 2025. The Company achieved significant progress toward commercialization, delivering best-in-class product quality, advancing key strategic initiatives, and fortifying its financial position.
Second Quarter and Recent Highlights:
Operational Initiatives
- Produced Industry-Leading Low-Fluorine Lithium Carbonate: Reduced fluorine content in lithium carbonate to less than 30 parts per million (ppm), a likely best-in-class achievement in the global recycling sector, meeting the stringent specifications of cathode active material (CAM) producers. Approximately 100 kilograms of this high-quality material have been produced and are being sampled by strategic counterparties.
- High-Purity NMC Cake Production: Produced over 1 metric ton of nickel-manganese-cobalt (NMC) mixed hydroxide cake for qualification sampling with potential partners.
- Expanded Alternative Feedstock Testing: Exploring undersea mining nodules as a potential feedstock and the Company successfully tested nickel refinery residue as an additional potential feedstock.
- Initiated Sodium Sulfate Regeneration Trials: Began testing an innovative sodium sulfate regeneration process designed to support precursor cathode active material (pCAM) producers by recycling the sodium sulfate they produce into chemicals they can use in their production process.
- Advanced ARC Facility Design: Started design of a scalable AquaRefining™ Commercial (“ARC”) facility capable of processing 10,000 to 60,000 metric tons per year of black mass.
- Demonstrated Cost Competitiveness: An internal study showed that AquaRefining™ in the U.S. is cost competitive with Chinese hydrometallurgical recycling and operates at approximately half the cost of traditional U.S. hydrometallurgical methods.
Financial Initiatives
- Generated Cash from Non-Core Asset Sales: Completed the
$4.3 million sale of the Sierra ARC facility and sold$200,000 in non-core equipment. - Strengthened Balance Sheet: Eliminated all long-term debt.
- Improved Liquidity: Cash and cash equivalents increased from
$1.6 million at the start of the quarter to over$1.9 million at quarter-end. - Extended Cash Runway: Gains driven by the building sale, implementation of the
$10 million equity line of credit (ELOC), and reduced cash burn following the sale.
Milestone Announcements
- Showcased Technology to Industry Leaders: Hosted over 100 stakeholders for live demonstrations at the Company’s Innovation Center and Demonstration Plant during NAATBatt’s annual meeting. Read more »
- Strengthened Intellectual Property: Received allowance for a foundational U.S. patent protecting the Company’s lithium-ion battery recycling process, adding to our IP portfolio. Read more »
- Enhanced Leadership Team: Completed CFO transition with the appointment of Eric West, formerly VP Finance. Read more »
Strategic Engagements
Aqua Metals continues discussions with potential strategic partners. The Company believes collaboration among industry participants is critical as the U.S. builds domestic battery recycling and CAM production capacity—sectors where commercial-scale operations are still notably absent.
“Our industry has endured significant challenges over the past year as the global battery supply chain recalibrates,” said Steve Cotton, President and CEO of Aqua Metals. “These challenges also present a rare moment for leaders to step forward and work together. Our business model is built on collaboration—with suppliers, recyclers, technology innovators, and CAM producers—to help establish a fully domestic, commercially viable recycling and critical minerals ecosystem in the United States. We believe this quarter’s achievements, from delivering some of the lowest-fluorine lithium carbonate ever produced to demonstrating cost parity with Chinese recyclers, position Aqua Metals not just to participate in the emerging U.S. market, but to help define it.”
With industry-leading lithium carbonate quality, cost-competitive U.S.-based recycling, and a strengthened balance sheet, Aqua Metals has advanced both its technology and market position during the quarter. The Company believes that the elimination of long-term debt, extended cash runway, and progress on scalable ARC facility designs provide a clear path toward commercialization. Strategic engagements with potential partners, coupled with new intellectual property protection and successful technology demonstrations, reinforce Aqua Metals’ potential to play a defining role in building a domestic, closed-loop battery materials supply chain.
Conference Call and Webcast
The Company will hold a conference call to discuss results and corporate developments today at 4:30 p.m. ET. Investors can access the live conference call at https://event.webcasts.com/aqms or from the investor relations section of the Company’s website at https://ir.aquametals.com/. Alternatively, interested parties can access the audio call by dialing 877-407-9708 (toll-free) or 201-689-8259 (international).
Following the conclusion of the live event, a replay will be available by dialing 877-407-9708 (toll-free) or 201-689-8259 (international) and using passcode 13754150. The webcast replay will also be available in the investor relations section of the Aqua Metals website.
About Aqua Metals
Aqua Metals, Inc. (NASDAQ: AQMS) is reinventing metals recycling with its patented AquaRefining™ technology. The Company is focused on commercializing sustainable lithium-ion battery recycling that is non-polluting and closes the loop on critical minerals for clean energy technologies. Aqua Metals is based in Reno, Nevada, with facilities located in the Tahoe-Reno Industrial Center. For more information, visit www.aquametals.com.
Aqua Metals Social Media
Aqua Metals has used, and intends to continue using, its investor relations website (https://ir.aquametals.com), in addition to its X, Threads, LinkedIn and YouTube accounts at https://x.com/AquaMetalsInc (@AquaMetalsInc), https://www.threads.net/@aquametalsinc (@aquametalsinc), https://www.linkedin.com/company/aqua-metals-limited and https://www.youtube.com/@AquaMetals respectively, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Safe Harbor
This press release contains forward-looking statements concerning Aqua Metals, Inc. Forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements that contain words such as "expects," "contemplates," "anticipates," "plans," "intends," "believes", "estimates", "potential" and variations of such words or similar expressions that convey the uncertainty of future events or outcomes, or that do not relate to historical matters. The forward-looking statements include (A) our ability to commercialize a sustainable and profitable metal recycling operation, (B) our intent to complete the development and commissioning of our ARC facility, (C) our ability to enter into successful collaborations with suppliers, recyclers, technology innovators, and CAM producers and (D) our ability to maintain our Nasdaq listing. Those forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially, including, but not limited to (1) we have not commenced the commercial-scale operation of our metal recycling operation, (2) we do not have any definitive agreements with potential collaborators, (3) the risk we may not be able to successfully acquire the funding necessary to develop our ARC facility or, even if we are to able acquire the necessary funding, the risk we may not be able to successfully develop the ARC facility or realize the expected benefits from such facility; (4) the risk that we may not be able to acquire the funding necessary to maintain our current level of operations; (5) the risk that we may not be able to maintain our Nasdaq listing and (6) those risks disclosed in the section "Risk Factors" included in our Annual Report on Form 10-K filed on March 31, 2025. Aqua Metals cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by law.
Contact Information
Investor Relations
Bob Meyers & Rob Fink
FNK IR
646-878-9204
aqms@fnkir.com
Media
David Regan
Aqua Metals
415-336-3553
david.regan@aquametals.com
| AQUA METALS, INC. | ||||||||
| Condensed Consolidated Balance Sheets - Unaudited | ||||||||
| (in thousands, except share and per share amounts) | ||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 1,933 | $ | 4,079 | ||||
| Note receivable - LINICO | — | 100 | ||||||
| Inventory | 245 | 251 | ||||||
| Prepaid expenses and other current assets | 191 | 214 | ||||||
| Total current assets | 2,369 | 4,644 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 4,984 | 16,473 | ||||||
| Intellectual property, net | 110 | 146 | ||||||
| Other assets | 1,781 | 5,102 | ||||||
| Total non-current assets | 6,875 | 21,721 | ||||||
| Total assets | $ | 9,244 | $ | 26,365 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 905 | $ | 1,227 | ||||
| Accrued expenses | 2,462 | 3,130 | ||||||
| Lease liability, current portion | 266 | 289 | ||||||
| Notes payable related-party, current portion | — | 306 | ||||||
| Note payable, current portion | — | 3,230 | ||||||
| Total current liabilities | 3,633 | 8,182 | ||||||
| Non-current liabilities | ||||||||
| Lease liability, non-current portion | 327 | 446 | ||||||
| Warrant liability | 166 | 1,493 | ||||||
| Total liabilities | 4,126 | 10,121 | ||||||
| Commitments and contingencies (see Note 13) | ||||||||
| Stockholders’ equity | ||||||||
| Common stock; | 1 | 1 | ||||||
| Additional paid-in capital | 268,039 | 264,205 | ||||||
| Accumulated deficit | (262,855 | ) | (247,770 | ) | ||||
| Treasury stock, at cost; common shares: 2,648 and 2,942 as of June 30, 2025 and December 31, 2024, respectively | (67 | ) | (192 | ) | ||||
| Total stockholders’ equity | 5,118 | 16,244 | ||||||
| Total liabilities and stockholders’ equity | $ | 9,244 | $ | 26,365 | ||||
| AQUA METALS, INC. | ||||||||||||||||
| Condensed Consolidated Statements of Operations - Unaudited | ||||||||||||||||
| (in thousands, except share and per share amounts) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Operating cost and expense | ||||||||||||||||
| Plant operations | $ | 776 | $ | 2,373 | $ | 1,501 | $ | 4,582 | ||||||||
| Research and development cost | 295 | 363 | 631 | 951 | ||||||||||||
| Impairment and loss on disposal of property, plant and equipment | 3,765 | — | 9,012 | — | ||||||||||||
| General and administrative expense | 2,195 | 3,426 | 4,571 | 6,421 | ||||||||||||
| Total operating expense | 7,031 | 6,162 | 15,715 | 11,954 | ||||||||||||
| Loss from operations | (7,031 | ) | (6,162 | ) | (15,715 | ) | (11,954 | ) | ||||||||
| Other income and (expense) | ||||||||||||||||
| Interest expense | (245 | ) | (84 | ) | (647 | ) | (190 | ) | ||||||||
| Loss on extinguishment of debt | (825 | ) | — | (825 | ) | — | ||||||||||
| Interest and other income | 497 | 99 | 777 | 245 | ||||||||||||
| Change in fair value of warrant liability | 836 | — | 1,327 | — | ||||||||||||
| Total other income, net | 263 | 15 | 632 | 55 | ||||||||||||
| Loss before income tax expense | (6,768 | ) | (6,147 | ) | (15,083 | ) | (11,899 | ) | ||||||||
| Income tax expense | 2 | 3 | 2 | 3 | ||||||||||||
| Net loss | (6,770 | ) | (6,150 | ) | (15,085 | ) | (11,902 | ) | ||||||||
| Weighted average shares outstanding, basic and diluted | 910,129 | 618,965 | 860,146 | 584,619 | ||||||||||||
| Basic and diluted net loss per share | $ | (7.44 | ) | $ | (9.94 | ) | $ | (17.54 | ) | $ | (20.36 | ) | ||||
FAQ
What breakthrough did Aqua Metals (AQMS) achieve in lithium quality during Q2 2025?
How much NMC hydroxide cake did AQMS produce in Q2 2025?
What is the processing capacity of Aqua Metals' planned ARC facility?
How did Aqua Metals improve its financial position in Q2 2025?
How does AQMS's recycling cost compare to competitors?
