Symbols / AQMS $3.85 -0.52% Aqua Metals, Inc.

Industrials • Waste Management • United States • NCM
AQMS Chart
About

Aqua Metals, Inc. engages in reinventing metals recycling activities with its patented AquaRefining technology. The company's technology produces metals and alloys that can be returned into the battery manufacturing supply chain markets, as well as sells metals for use in various advanced manufacturing industries. Its AquaRefining, a low-emissions and recycling technology that replaces polluting furnaces and hazardous chemicals with electricity-powered electroplating to recover valuable metals and materials from spent batteries. Aqua Metals, Inc. was incorporated in 2014 and is headquartered in Reno, Nevada.

Fundamentals
Scroll to Statements
Sector Industrials Industry Waste Management Market Cap 11.48M
Enterprise Value 2.75M Income -22.65M Sales —
Book/sh 3.53 Cash/sh 3.23 Dividend Yield —
Payout 0.00% Employees — IPO —
P/E — Forward P/E -2.41 PEG —
P/S — P/B 1.09 P/C —
EV/EBITDA -0.21 EV/Sales — Quick Ratio 2.44
Current Ratio 3.03 Debt/Eq 4.01 LT Debt/Eq —
EPS (ttm) -15.15 EPS next Y -1.60 EPS Growth —
Revenue Growth — Earnings 2026-05-07 ROA -38.57%
ROE -146.04% ROIC — Gross Margin 0.00%
Oper. Margin 0.00% Profit Margin 0.00% Shs Outstand 2.98M
Shs Float 2.99M Short Float 10.07% Short Ratio 8.03
Short Interest — 52W High 39.40 52W Low 3.37
Beta — Avg Volume 279.36K Volume 27.72K
Target Price $12.00 Recom Strong_buy Prev Close $3.87
Price $3.85 Change -0.52%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$12.00
Mean price target
2. Current target
$3.85
Latest analyst target
3. DCF / Fair value
$-64.97
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$3.85
Low
$12.00
High
$12.00
Mean
$12.00

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2025-10-23 main Benchmark Speculative Buy → Speculative Buy $12
2025-04-02 reit Benchmark Speculative Buy → Speculative Buy $3
2024-08-06 main HC Wainwright & Co. Buy → Buy $2
2024-08-06 main Benchmark Speculative Buy → Speculative Buy $1
2024-05-16 reit HC Wainwright & Co. Buy → Buy $4
2024-05-16 reit Benchmark Buy → Buy $2
2024-03-28 reit Benchmark Speculative Buy → Speculative Buy $2
2024-03-28 reit HC Wainwright & Co. Buy → Buy $4
2024-03-15 init Benchmark — → Speculative Buy $2
2023-08-10 down Oppenheimer Outperform → Perform —
2023-08-10 reit HC Wainwright & Co. Buy → Buy $4
2021-03-05 init HC Wainwright & Co. — → Buy $8
2019-12-03 down Alliance Global Partners Buy → Hold —
2017-06-22 init Rodman & Renshaw — → Buy $25
2017-02-16 init National Securities Corporation — → Buy —
2015-10-22 init Oppenheimer — → Outperform —
2015-10-21 init Oppenheimer — → Outperform $12
News
RSS: Latest AQMS news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-02-13 COTTON STEPHEN Chief Executive Officer — 79,873 $4.72 $377,001
2026-02-13 TAECKER BENJAMIN S. Chief Operating Officer — 23,306 $4.72 $110,004
2026-02-13 WEST ERIC Chief Financial Officer — 28,390 $4.72 $134,001
2025-12-18 COTTON STEPHEN Chief Executive Officer — 14,749 $0.00 $0
2025-09-19 COTTON STEPHEN Chief Executive Officer — 11,250 $0.00 $0
2025-08-19 TAECKER BENJAMIN S. Officer — 14,238 $3.95 $56,240
2025-08-19 WEST ERIC Chief Financial Officer — 17,179 $3.95 $67,857
2025-08-19 COTTON STEPHEN Chief Executive Officer — 46,824 $3.95 $184,955
2025-05-06 ZHANG MOLLY PEIFANG Director — 43,478 — —
2025-05-06 HENDERSON STEVEN K. Director — 54,347 — —
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
0.00
0.00
-100.00%
0.03
+525.00%
0.00
Operating Revenue
0.00
0.00
-100.00%
0.03
+525.00%
0.00
Cost Of Revenue
2.41
-66.63%
7.21
+14.82%
6.28
+58.68%
3.96
Reconciled Cost Of Revenue
2.41
-66.63%
7.21
+14.82%
6.28
+58.68%
3.96
Gross Profit
-2.41
+66.63%
-7.21
-15.28%
-6.26
-58.20%
-3.96
Operating Expense
11.81
-12.87%
13.55
+1.31%
13.38
+15.06%
11.63
Research And Development
1.32
-16.51%
1.59
-8.85%
1.74
-3.97%
1.81
Selling General And Administration
10.48
-12.38%
11.97
+2.83%
11.64
+18.57%
9.81
General And Administrative Expense
10.48
-12.38%
11.97
+2.83%
11.64
+18.57%
9.81
Other Gand A
10.48
-12.38%
11.97
+2.83%
11.64
+18.57%
9.81
Total Expenses
14.22
-31.54%
20.77
+5.63%
19.66
+26.14%
15.59
Operating Income
-14.22
+31.54%
-20.77
-5.76%
-19.64
-26.01%
-15.58
Total Operating Income As Reported
-23.33
+2.16%
-23.85
+2.52%
-24.46
-57.16%
-15.57
EBITDA
-20.84
+8.19%
-22.70
-2.98%
-22.05
-54.78%
-14.24
Normalized EBITDA
-12.17
+36.33%
-19.12
-11.03%
-17.22
-20.74%
-14.26
Reconciled Depreciation
1.13
-11.15%
1.27
+0.24%
1.27
+19.79%
1.06
EBIT
-21.98
+8.35%
-23.98
-2.83%
-23.32
-52.36%
-15.30
Total Unusual Items
-8.67
-141.79%
-3.59
+25.70%
-4.83
-28500.00%
0.02
Total Unusual Items Excluding Goodwill
-8.67
-141.79%
-3.59
+25.70%
-4.83
-28500.00%
0.02
Special Income Charges
-9.94
-222.69%
-3.08
+36.21%
-4.83
-28500.00%
0.02
Other Special Charges
0.82
—
—
—
Impairment Of Capital Assets
9.11
+195.91%
3.08
-36.51%
4.85
+737.82%
0.58
Write Off
—
2.64
-45.58%
4.85
+737.82%
0.58
Net Income
-22.65
+7.77%
-24.55
-2.58%
-23.94
-55.13%
-15.43
Pretax Income
-22.64
+7.77%
-24.55
-2.56%
-23.94
-55.15%
-15.43
Net Non Operating Interest Income Expense
0.25
+224.24%
-0.20
-137.64%
0.53
+283.94%
0.14
Interest Expense Non Operating
0.67
+16.20%
0.57
-7.57%
0.62
+396.80%
0.12
Net Interest Income
0.25
+224.24%
-0.20
-137.64%
0.53
+283.94%
0.14
Interest Expense
0.67
+16.20%
0.57
-7.57%
0.62
+396.80%
0.12
Interest Income Non Operating
0.91
+142.82%
0.38
-67.22%
1.15
+337.79%
0.26
Interest Income
0.91
+142.82%
0.38
-67.22%
1.15
+337.79%
0.26
Other Income Expense
-8.67
-141.79%
-3.59
+25.70%
-4.83
-28500.00%
0.02
Gain On Sale Of Security
1.27
+349.70%
-0.51
—
—
Tax Provision
0.00
-33.33%
0.00
0.00
-100.00%
0.00
Tax Rate For Calcs
0.00
+0.00%
0.00
0.00
-100.00%
0.00
Tax Effect Of Unusual Items
-1.82
-141.79%
-0.75
0.00
-100.00%
0.00
Net Income Including Noncontrolling Interests
-22.65
+7.77%
-24.55
-2.58%
-23.94
-55.13%
-15.43
Net Income From Continuing Operation Net Minority Interest
-22.65
+7.77%
-24.55
-2.58%
-23.94
-55.13%
-15.43
Net Income From Continuing And Discontinued Operation
-22.65
+7.77%
-24.55
-2.58%
-23.94
-55.13%
-15.43
Net Income Continuous Operations
-22.65
+7.77%
-24.55
-2.58%
-23.94
-55.13%
-15.43
Normalized Income
-15.79
+27.29%
-21.72
-13.66%
-19.11
-23.71%
-15.45
Net Income Common Stockholders
-22.65
+7.77%
-24.55
-2.58%
-23.94
-55.13%
-15.43
Diluted EPS
-15.15
+60.39%
-38.25
+25.00%
-51.00
-27.50%
-40.00
Basic EPS
-15.15
+60.39%
-38.25
+25.00%
-51.00
-27.50%
-40.00
Basic Average Shares
1.49
+132.80%
0.64
+36.69%
0.47
+23.90%
0.38
Diluted Average Shares
1.49
+132.80%
0.64
+36.69%
0.47
+23.90%
0.38
Diluted NI Availto Com Stockholders
-22.65
+7.77%
-24.55
-2.58%
-23.94
-55.13%
-15.43
Gain On Sale Of PPE
—
-0.44
-2013.04%
0.02
-96.14%
0.60
Line Item Trend 2024-12-31 2023-12-31
Total Assets
26.36
-21.53%
33.60
Current Assets
4.64
-74.62%
18.30
Cash Cash Equivalents And Short Term Investments
4.08
-75.31%
16.52
Cash And Cash Equivalents
4.08
-75.31%
16.52
Receivables
0.10
-85.01%
0.67
Accounts Receivable
0.00
-100.00%
0.07
Other Receivables
—
—
Inventory
0.25
-72.98%
0.93
Raw Materials
0.25
-68.39%
0.79
Work In Process
0.00
-100.00%
0.14
Finished Goods
—
0.00
Prepaid Assets
—
—
Assets Held For Sale Current
—
0.00
Other Current Assets
0.21
+18.23%
0.18
Total Non Current Assets
21.72
+41.96%
15.30
Net PPE
17.02
+60.99%
10.57
Gross PPE
19.49
+59.80%
12.20
Accumulated Depreciation
-2.48
-52.12%
-1.63
Properties
0.00
0.00
Land And Improvements
1.14
+0.00%
1.14
Buildings And Improvements
3.13
+0.00%
3.13
Machinery Furniture Equipment
0.19
+8.38%
0.18
Construction In Progress
9.73
+219.20%
3.05
Other Properties
5.22
+13.01%
4.62
Leases
0.08
+0.00%
0.08
Goodwill And Other Intangible Assets
0.15
-48.04%
0.28
Other Intangible Assets
0.15
-48.04%
0.28
Investments And Advances
—
0.00
Long Term Equity Investment
—
0.00
Non Current Accounts Receivable
—
—
Non Current Prepaid Assets
4.54
+5.80%
4.29
Other Non Current Assets
0.02
-87.50%
0.16
Total Liabilities Net Minority Interest
10.12
+34.30%
7.54
Current Liabilities
8.18
+77.37%
4.61
Payables And Accrued Expenses
4.36
+1.25%
4.30
Payables
1.23
-33.17%
1.84
Accounts Payable
1.23
-33.17%
1.84
Current Accrued Expenses
3.13
+26.87%
2.47
Current Debt And Capital Lease Obligation
3.83
+1133.87%
0.31
Current Debt
3.54
+10002.86%
0.04
Other Current Borrowings
3.54
+10002.86%
0.04
Current Capital Lease Obligation
0.29
+5.09%
0.28
Other Current Liabilities
—
—
Total Non Current Liabilities Net Minority Interest
1.94
-33.66%
2.92
Long Term Debt And Capital Lease Obligation
0.45
-84.74%
2.92
Long Term Debt
—
2.92
Long Term Capital Lease Obligation
0.45
0.00
Other Non Current Liabilities
—
—
Stockholders Equity
16.24
-37.68%
26.06
Common Stock Equity
16.24
-37.68%
26.06
Capital Stock
0.00
-80.00%
0.01
Common Stock
0.00
-80.00%
0.01
Share Issued
0.78
+43.30%
0.54
Ordinary Shares Number
0.77
+43.32%
0.54
Treasury Shares Number
0.00
+37.30%
0.00
Additional Paid In Capital
264.20
+5.77%
249.79
Retained Earnings
-247.77
-11.00%
-223.22
Treasury Stock
0.19
-62.79%
0.52
Total Equity Gross Minority Interest
16.24
-37.68%
26.06
Total Capitalization
16.24
-43.96%
28.99
Working Capital
-3.54
-125.85%
13.69
Invested Capital
19.78
-31.84%
29.02
Total Debt
4.27
+32.11%
3.23
Capital Lease Obligations
0.73
+167.27%
0.28
Net Tangible Assets
16.10
-37.56%
25.78
Tangible Book Value
16.10
-37.56%
25.78
Current Notes Payable
0.31
0.00
Derivative Product Liabilities
1.49
0.00
Investments In Other Ventures Under Equity Method
—
0.00
Notes Receivable
0.10
-83.33%
0.60
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-10.25
+24.79%
-13.63
-326.93%
-3.19
+68.54%
-10.15
Cash Flow From Continuing Operating Activities
-10.25
+24.79%
-13.63
-326.93%
-3.19
+68.54%
-10.15
Net Income From Continuing Operations
-22.65
+7.77%
-24.55
-2.58%
-23.94
-55.13%
-15.43
Depreciation Amortization Depletion
1.13
-11.15%
1.27
+0.24%
1.27
+19.79%
1.06
Depreciation
1.06
-6.76%
1.14
+4.40%
1.09
+23.70%
0.88
Amortization Cash Flow
0.07
-48.15%
0.14
-25.00%
0.18
+0.56%
0.18
Depreciation And Amortization
1.13
-11.15%
1.27
+0.24%
1.27
+19.79%
1.06
Amortization Of Intangibles
0.07
-48.15%
0.14
-25.00%
0.18
+0.56%
0.18
Other Non Cash Items
0.60
-46.51%
1.12
-91.08%
12.51
+1186.13%
0.97
Stock Based Compensation
2.27
-16.88%
2.74
+8.01%
2.53
+12.37%
2.25
Asset Impairment Charge
9.11
+195.91%
3.08
-36.51%
4.85
+737.82%
0.58
Operating Gains Losses
-0.63
-223.67%
0.51
+220.89%
0.16
+126.51%
-0.60
Gain Loss On Investment Securities
-1.27
-349.70%
0.51
+180.11%
0.18
—
Gain Loss On Sale Of PPE
—
0.44
+2013.04%
-0.02
+96.14%
-0.60
Change In Working Capital
-0.10
-104.44%
2.21
+478.90%
-0.58
-157.67%
1.01
Change In Receivables
0.00
-100.00%
0.07
+221.82%
-0.06
-145.83%
0.12
Changes In Account Receivables
0.00
-100.00%
0.07
+221.82%
-0.06
-145.83%
0.12
Change In Inventory
0.01
-98.23%
0.40
+160.83%
-0.65
-320.00%
-0.15
Change In Prepaid Assets
-0.07
-106.06%
-0.03
-140.24%
0.08
-11.83%
0.09
Change In Payables And Accrued Expense
0.18
-90.62%
1.91
+448.56%
0.35
-76.00%
1.45
Change In Accrued Expense
0.44
-77.20%
1.93
+823.44%
0.21
-85.36%
1.43
Change In Payable
-0.26
-1142.86%
-0.02
-115.11%
0.14
+531.82%
0.02
Change In Account Payable
-0.26
-1142.86%
-0.02
-115.11%
0.14
+531.82%
0.02
Change In Other Working Capital
-0.22
-66.15%
-0.13
+57.65%
-0.31
+38.23%
-0.50
Investing Cash Flow
2.90
+124.91%
-11.64
-18.58%
-9.81
-186.93%
-3.42
Cash Flow From Continuing Investing Activities
2.90
+124.91%
-11.64
-18.58%
-9.81
-186.93%
-3.42
Net PPE Purchase And Sale
4.87
+140.10%
-12.14
-23.67%
-9.81
-236.06%
-2.92
Purchase Of PPE
-0.66
+94.60%
-12.16
-23.02%
-9.88
-107.15%
-4.77
Sale Of PPE
5.52
+25004.55%
0.02
-68.57%
0.07
-96.22%
1.85
Capital Expenditure
-0.66
+94.60%
-12.16
-23.02%
-9.88
-107.15%
-4.77
Net Business Purchase And Sale
—
—
0.00
+100.00%
-0.50
Purchase Of Business
—
—
0.00
+100.00%
-0.50
Net Other Investing Changes
-1.97
-493.80%
0.50
—
—
Financing Cash Flow
14.09
+9.83%
12.82
-42.86%
22.45
+79.38%
12.51
Cash Flow From Continuing Financing Activities
14.09
+9.83%
12.82
-42.86%
22.45
+79.38%
12.51
Net Issuance Payments Of Debt
-4.54
-417.86%
1.43
+146.53%
-3.07
-152.14%
5.89
Issuance Of Debt
0.00
-100.00%
1.50
-48.82%
2.93
-50.20%
5.89
Repayment Of Debt
-4.54
-6204.17%
-0.07
+98.80%
-6.00
0.00
Long Term Debt Issuance
—
0.00
-100.00%
2.93
-50.20%
5.89
Long Term Debt Payments
-4.54
-6204.17%
-0.07
+98.80%
-6.00
0.00
Net Long Term Debt Issuance
-4.54
-6204.17%
-0.07
+97.65%
-3.07
-152.14%
5.89
Short Term Debt Issuance
0.00
-100.00%
1.50
0.00
-100.00%
5.89
Net Short Term Debt Issuance
0.00
-100.00%
1.50
0.00
-100.00%
5.89
Net Common Stock Issuance
18.77
+52.39%
12.32
-53.91%
26.73
+310.08%
6.52
Proceeds From Stock Option Exercised
0.00
-100.00%
0.05
+285.71%
0.01
-87.04%
0.11
Net Other Financing Charges
-0.15
+84.75%
-0.98
+20.70%
-1.23
—
Changes In Cash
6.73
+154.09%
-12.44
-231.81%
9.44
+994.79%
-1.05
Beginning Cash Position
4.08
-75.31%
16.52
+133.30%
7.08
-12.97%
8.14
End Cash Position
10.81
+165.02%
4.08
-75.31%
16.52
+133.30%
7.08
Free Cash Flow
-10.91
+57.70%
-25.79
-97.23%
-13.08
+12.35%
-14.92
Interest Paid Supplemental Data
0.53
+58.56%
0.33
-30.63%
0.48
+471.43%
0.08
Income Tax Paid Supplemental Data
0.00
-33.33%
0.00
0.00
-100.00%
0.00
Common Stock Issuance
18.77
+52.39%
12.32
-53.91%
26.73
+310.08%
6.52
Issuance Of Capital Stock
18.77
+52.39%
12.32
-53.91%
26.73
+310.08%
6.52
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Trades
Date User Broker Pattern Type Position Size Entry Price Trade P&L Status
Posts
Published Title Author Category