Aqua Metals
Recovers battery materials from black mass through electrochemical AquaRefining.
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Profile
Develops an electrochemical, water-based process to recover lithium, nickel-cobalt, and iron-phosphate materials from battery black mass. A pre-revenue battery-recycling technology business, it is working toward a first U.S. commercial facility while considering licensing, tolling, co-location, and joint ventures.
Develops AquaRefining, an electrochemical, water-based process intended to recover battery materials from lithium-ion black mass. Runs an innovation center and demonstration plant in Reno, where NMC and LFP feedstocks are processed at pilot or demonstration scale. Intended outputs include battery-grade lithium carbonate, nickel-cobalt mixed hydroxide precipitate, and iron phosphate.
Pursues a first U.S. commercial facility alongside tolling, licensing, co-location, and joint-venture structures. Commercialization depends on a selected site, feedstock supply, customer qualification, offtake commitments, permitting, utility economics, and project financing; no commercial-scale lithium recycling plant or recurring product revenue is in place.
Company facts
Categories
Key statistics
Year to date −48.8% · Average volume (30d) 29.9K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | — | −$1.31 | — | — | — | — | −11.54% |
| May 14, 2026Q1 FY26 | −$4.00 | −$1.22 | +69.5% | $1.2M | — | — | −10.82% |
| Mar 31, 2026Q4 FY25 | −$4.00 | −$10.60 | −165.0% | $1.2M | — | — | −5.84% |
| Nov 12, 2025Q3 FY25 | −$6.00 | −$2.19 | +63.5% | — | — | — | −11.96% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | |
| Gross profit | −$724.0K | −$776.0K | −$576.0K | −$331.0K | −$501.0K | $0 | |
| Operating income | −$8.7M | −$7.0M | −$3.0M | −$4.6M | −$4.1M | −$2.5M | |
| Net income | −$8.3M | −$6.8M | −$3.1M | −$4.4M | −$4.0M | −$4.5M | |
| Diluted EPS | −$10.27 | −$7.44 | −$2.19 | −$2.97 | −$1.22 | −$1.31 | |
| Gross margin | — | — | — | — | — | — | |
| Operating margin | — | — | — | — | — | — |
Fiscal years (4-quarter sums)FY21 $173.0K · FY22 $4.0K · FY23 $25.0K · FY24 $0 · FY25 $0
Balance sheet, Jun 30, 2026Cash & short-term investments $4.7M · Total debt $441.0K · Total assets $12.6M · Shareholders' equity $9.5M
Dividends
No dividends on record.
Ownership
Shares outstanding 3.55M · Float 3.03M · 85.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Stephen Cotton · director, officer: Chief Executive Officer | 318.8K | 8.97% | Form 4 | Aug 26, 2026 |
| Eric West · officer: Chief Financial Officer | 100.5K | 2.83% | Form 4 | Aug 26, 2026 |
| Benjamin S. Taecker · officer: Chief Eng and Opr Officer | 87.3K | 2.46% | Form 4 | Aug 26, 2026 |
| Stifel Financial Corp | 81.8K | 2.30% | 13F | May 12, 2026 |
| Geode Capital Management, LLC | 41.2K | 1.16% | 13F | May 15, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- American Battery Technology
Nevada black-mass recycler with a more advanced commercial ramp.
- Electra Battery Materials
Ontario black-mass recovery and cobalt refining vie for battery customers.
- Albemarle
Large-scale lithium carbonate supplier with established battery qualifications.
- SQM (ADR)
Large lithium supplier with operating carbonate scale and a U.S. ADR.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Aqua Metals | $2.73 | 0.00% | $9.7M | — | — | — | — |
| American Battery Technology | $2.60 | +0.95% | $350.6M | — | — | 21.5 | +697.1% |
| Electra Battery Materials | $0.6181 | +2.13% | $64.0M | — | — | — | — |
| Albemarle | $137.96 | +0.45% | $16.20B | — | 13.9 | 2.7 | +31.1% |
| SQM (ADR) | $78.54 | −0.17% | $22.46B | 16.2 | 9.8 | 3.3 | +136.7% |
| Median | 16.2 | 11.8 | 3.3 | +136.7% |