Aqua Metals Inc SEC Filings

Aqua Metals reported its first quarter 2026 results and strategic progress, highlighting narrower losses and continued commercialization efforts for its AquaRefining™ battery materials platform. The company is advancing toward its first commercial lithium battery recycling facility, working through U.S. site selection, detailed engineering, and partner engagement.

For the quarter ended March 31, 2026, Aqua Metals posted a net loss of $3.95 million, compared with a net loss of $8.32 million a year earlier, as total operating expense declined to $4.14 million from $8.68 million. Cash and cash equivalents were $6.82 million and total assets were $17.12 million as of March 31, 2026.

The company decided not to proceed with its previously outlined acquisition of Lion Energy under the February 11, 2026 non-binding term sheet, citing misalignment with its capital structure and shareholder value objectives. It continues to evaluate alternative, more capital-efficient ways to integrate selected energy storage assets while pursuing multiple commercial partnerships and technical validation at its Innovation Center.

Aqua Metals, Inc. reported a net loss of $3.95M for the quarter ended March 31, 2026, narrower than the $8.32M loss a year earlier, mainly because the prior period included a large non-cash impairment. The company still generated no revenue and used $3.84M of cash in operating activities.

Cash and cash equivalents were $6.82M with working capital of $7.48M, while management disclosed “substantial doubt” about the ability to continue as a going concern without new financing. Aqua Metals raised $1.30M via its at-the-market program and $0.62M through its employee stock purchase plan.

The company recorded a $437K allowance for credit losses on its $4.1M Lion Energy exposure, reflecting default under Lion’s senior facility and subordinated positioning. Development of its lithium-ion recycling technology and pilot operations continued, but commercialization and construction of a first commercial facility remain dependent on securing additional capital.

Aqua Metals, Inc. filed Amendment No. 1 to its 2025 annual report to add full Part III disclosures on directors, executive compensation, ownership, related-party transactions and auditor fees that were previously expected to come from a proxy statement. The company reports an aggregate market value of non-affiliate equity of $4,815,945 and 3,350,604 common shares outstanding as of March 24, 2026. The four-member Board includes three independent directors, separate chair and CEO roles, and active audit, compensation, and nominating/governance committees. The filing details substantial equity-based incentives and change-of-control severance for senior executives, a clawback policy for erroneously awarded incentive pay, stock ownership guidelines for directors, and related-party financings including a $3 million secured debt facility and a $1.5 million notes-and-warrants private placement involving insiders. Auditor Forvis Mazars, LLP billed $388,000 in 2025 audit fees.

Aqua Metals, Inc. Chief Financial Officer Eric West reported a routine tax-withholding disposition related to a vesting equity award. On the April 13, 2026 vesting of a previously granted restricted share award, 863 shares of common stock were withheld and returned to the company’s plan to cover associated tax liabilities at a value of $3.92 per share. Following this non‑market transaction, West directly holds 65,058 shares of common stock, including 32,803 shares underlying restricted stock units that are not yet vested and deliverable.

Aqua Metals, Inc. Chief Eng and Opr Officer Benjamin S. Taecker reported a tax-withholding disposition of 715 shares of common stock at $3.92 per share. These shares were withheld and returned to the company plan to cover taxes on an April 13, 2026 vesting of a previously granted restricted share award, rather than sold on the open market. Following this transaction, he directly holds 58,065 shares of common stock, which include 26,482 shares underlying restricted stock units that are not yet vested and deliverable.

Aqua Metals, Inc. reported that Chief Executive Officer Stephen Cotton had shares withheld to cover taxes tied to an equity award. On April 13, 2026, 2,352 shares of common stock were withheld and returned to the company plan to satisfy tax liability from a vesting restricted share grant.

After this tax-withholding disposition, Cotton directly holds 219,673 shares of common stock, which includes 87,192 shares underlying unvested restricted stock units that are not yet deliverable. The event reflects routine administration of equity compensation rather than an open-market trade.

Aqua Metals, Inc. reported its results for the year ended December 31, 2025, highlighting technology and commercialization milestones for its AquaRefining™ process alongside continued losses. The company recorded a net loss of $22,646 for 2025, compared with a net loss of $24,555 for 2024, and total operating expense of $23,331 versus $23,847 a year earlier.

At year-end 2025, Aqua Metals reported cash and cash equivalents of $10,810, up from $4,079 at December 31, 2024, while total assets declined to $19,706 from $26,365. Total liabilities fell to $4,936 from $10,121, and stockholders’ equity was $14,770 compared with $16,244. Results included a $9,114 impairment and loss on disposal of property, plant and equipment, partly offset by a $1,266 gain from change in fair value of warrant liability.

Aqua Metals, Inc. files its annual report describing a pre-revenue clean battery recycling business that remains in development and carries substantial risk. The company is advancing its AquaRefining technology for lithium-ion batteries, operating a pilot plant and focusing on lithium carbonate and mixed hydroxide precipitate products. Cash totaled $10.81 million with working capital of $8.98 million as of December 31 2025, but auditors raised substantial doubt about its ability to continue as a going concern. Aqua Metals recorded a non‑cash impairment and asset disposal loss of $9.11 million tied to the sale of a TRIC property and cut plant and R&D spending through workforce reductions. Since inception through December 31 2025, it has generated only $11.7 million of revenue, all from legacy lead operations. The company signed a non‑binding term sheet on February 6 2026 to potentially acquire Lion Energy, LLC for up to $94.9 million in cash, stock and contingent earn‑outs, though closing and benefits are uncertain and subject to many conditions.

Aqua Metals, Inc. Chief Executive Officer Stephen Cotton reported a tax-related share withholding tied to a vesting of restricted stock. On the Form 4, 3,307 shares of common stock were disposed of at $4.76 per share to cover withholding taxes, as indicated by transaction code "F" for a tax-liability payment.

After this transaction, Cotton directly owned 222,025 shares of Aqua Metals common stock, which the filing notes includes 92,745 shares underlying unvested restricted stock units that are not yet deliverable.