Aqua Metals, Inc. (AQMS) Earnings Call Transcripts
Aqua Metals, Inc.'s Latest Earnings Call - Q4 FY2025
In the fourth quarter and full year ended December 31, 2025, Aqua Metals, Inc. reported a net loss of approximately $22.6 million, or negative $15.15 per share, an improvement from a net loss of $24.6 million in 2024. The company raised approximately $20 million in capital during 2025, enhancing its financial stability with no long-term debt. Management emphasized the strategic focus on simplifying the first commercial ARC facility and advancing partnerships, particularly with Lion Energy, which could significantly impact future revenue streams and operational capabilities.
Reported metrics
| Metric | Value |
|---|---|
| Net Loss | $22.6M (positive) |
| Cash and Cash Equivalents | $10.8M (positive) |
| Total Operating Expenses | $23.3M (positive) |
| Research and Development Expense | $1.3M (neutral) |
| Cash Used in Operating Activities | $10.3M (positive) |
| Equity Raised | $20M (positive) |
Guidance from management
Management indicated a measured increase in cash usage as they ramp up engineering and site readiness activities for the first commercial facility, while maintaining rigorous spending discipline.
What management said
Yes. So at a high level, all of these partnerships are about applying our core AquaRefining platform to new sources of critical minerals and importantly, opening up to a very large high TAM market set access to that, where we can really monetize that capability. So we view them as directionally aligned and not a distraction at all. Whether it's black mass or GigaFactory scrap or primary resources like deep sea nodule...
All right. Well, thank you, everybody, for listening in. And for those of you that are reading the transcript in the future, we look forward to continued communicating our updates in the near future as we continue to develop Aqua Metals and the rest of 2026. We're really excited to keep everybody in the loop. Thanks again.
What analysts pressed on
Analysts expressed concerns regarding the volatility in battery metal prices and its impact on feedstock supply. They also questioned the timing and readiness for the commercial facility build-out, seeking clarity on the company's strategic positioning in a consolidating market.
Main topics on the call
- Strategic Partnerships and Acquisitions — Aqua Metals is actively pursuing a strategic acquisition of Lion Energy, which could enhance its capabilities in energy storage and battery materials. CEO Steve Cotton stated, "We expect to bring it to a conclusion in th...
- AquaRefining Process Advancements — The company highlighted significant advancements in its AquaRefining technology, particularly in processing lithium iron phosphate (LFP) materials. Cotton noted, "Proving that we can economically recycle this type of mat...
- Financial Position and Capital Raise — Aqua Metals ended 2025 with $10.8 million in cash and no long-term debt, a significant improvement from previous years. CFO Eric West remarked, "This has put us in a pretty strong position as compared to prior periods," ...
- Operational Efficiency and Cost Management — The company reported a decrease in total operating expenses to approximately $23.3 million for 2025, down from $23.8 million in 2024. West emphasized, "We are running a lean, mission-focused operation," indicating effect...
Read the full Aqua Metals, Inc. transcript (Q4 FY2025) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Aqua Metals, Inc.
Aqua Metals, Inc. (AQMS) is a publicly listed company in the Commercial Services and Supplies industry, within the Industrials sector. It trades on NasdaqCM and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 32 calls on record spanning March 11, 2020 to July 30, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 32 Aqua Metals, Inc. earnings call transcripts on record, spanning March 11, 2020 to July 30, 2026. Based on this history, Aqua Metals, Inc. reports quarterly. The most recent call on file is dated July 30, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- AQMS
- Exchange
- NasdaqCM
- Country
- US
- Sector
- Industrials
- Industry
- Commercial Services and Supplies
- Calls on record
- 32
- First call
- March 11, 2020
- Most recent
- July 30, 2026
- Reporting cadence
- quarterly