Here are the 10-K annual reports from Aqua Metals, Inc. (AQMS) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow AQMS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AQMS filings page.
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. 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.