Financial Data and Key Metrics Changes - The company ended Q3 2025 with $2.9 million in cash and cash equivalents, an increase from $1.9 million at the end of Q2 2025 [11] - Total operating costs were approximately $2.7 million for the quarter, down from $3 million in the prior year period, reflecting continued cost discipline [12] - The net loss for the quarter was $2.8 million, or negative $1.52 per share, compared to a net loss of $4.7 million, or negative $6.87 per share in Q3 2024 [12] - Year-to-date net loss improved to $12.3 million, or negative $7.41 per share, from $19.2 million, or negative $27.63 per share in the same period last year, a reduction of more than one-third [12] Business Line Data and Key Metrics Changes - The company successfully processed one metric ton of lithium iron phosphate (LFP) cathode scrap at pilot scale, producing battery-grade lithium carbonate validated by OEM and third-party testing [6] - The company has established MOU agreements with Mobi Robotics and Impossible Metals, extending the AquaRefining platform into deep-sea mineral feedstocks rich in nickel, cobalt, manganese, and rare earth elements [7] Market Data and Key Metrics Changes - The company regained compliance with NASDAQ listing requirements, strengthening its market position as it advances toward commercial operations [7] - The company anticipates a modest increase in cash use as it ramps up R&D, process optimization, and site readiness efforts in support of commercialization [13] Company Strategy and Development Direction - The company aims to build its first commercial-scale AquaRefining facility based on secured feedstock and market demand, emphasizing a disciplined approach to avoid unnecessary dilution [17][24] - The company sees a consolidating industry with fewer technically validated, financially strong recyclers, positioning itself as a key player in this evolving landscape [9][33] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of securing commercial partnerships and feedstock before committing to facility construction, indicating a cautious yet strategic approach [17][24] - The company expects to continue advancing multiple initiatives in commercial and strategic partnerships, with updates anticipated as early as the current quarter [37] Other Important Information - The company raised approximately $4.1 million through its ATM and equity line programs during the quarter, maintaining flexibility while supporting pilot operations and commercial planning activities [11] - A total of $17.1 million in new funding was secured, providing multiple quarters of strategic runway and flexibility [5] Q&A Session Summary Question: What are the biggest gating factors to securing the first build? - Management emphasized the importance of discipline in construction timing, aligning with market demand and feedstock certainty rather than speculation [17][18] Question: How are the partnership discussions progressing? - Management noted increasing interest from OEMs and commercial partners, with deeper engagement and validation of results from pilot operations [20][21] Question: What is the company's comfort level regarding securing feedstock? - Management expressed confidence in the availability of feedstock, highlighting the need to secure bankable contracts before proceeding with facility construction [24] Question: Can you provide more details on the nickel product pathway? - Management discussed the long-term view on nickel production and the potential for deep-sea mining, emphasizing the unique capabilities of the company to produce metals for various markets [26][27]

Funding and Financial Position - Aqua Metals secured $17.1 million in new funding, including $4.1 million raised during the quarter and an additional $13 million from a leading institutional investor in October[1][7]. - The company regained compliance with NASDAQ's minimum-bid requirement, maintaining its listing and investor confidence[1][7]. - Total current assets decreased from $4.644 million as of December 31, 2024, to $3.967 million as of September 30, 2025[1][15]. - Total assets decreased from $26.365 million as of December 31, 2024, to $10.504 million as of September 30, 2025[1][15]. - The net loss for the three months ended September 30, 2025, was $3.121 million, compared to a net loss of $5.210 million for the same period in 2024[1][17]. - The company reported a basic and diluted net loss per share of $2.19 for the three months ended September 30, 2025, compared to $7.64 for the same period in 2024[1][17]. - Operating expenses totaled $3.065 million for the three months ended September 30, 2025, down from $5.211 million in the same period of 2024[1][17]. Operational Achievements - The company successfully processed 1 metric ton of lithium-iron-phosphate (LFP) cathode scrap, producing battery-grade lithium carbonate, demonstrating an economically viable process for LFP feedstock[1][7]. - Aqua Metals signed two MOUs with MOBY Robotics and Impossible Metals to explore clean refining of deep-sea polymetallic nodules, positioning the company as a potential leader in sustainable processing of emerging mineral feedstocks[1][7]. - A Letter of Intent was signed with Westwin Elements for the potential supply of 500–1,000 metric tons of recycled nickel carbonate annually, potentially worth $12 million at current market prices[1][7].

Business Operations - The company did not engage in commercial operations in 2024 or 2025, focusing instead on developing its Li AquaRefining battery recycling technology[137] - During the nine months ended September 30, 2025, the company did not earn any revenue, maintaining a focus on the pilot facility and recycling capabilities[137] - The company aims to become the first lithium-ion battery recycler in North America, aligning with U.S. government goals to retain strategic battery minerals within the domestic supply chain[119] - The company is actively working with multiple potential supply, off-take, and funding partners to determine the optimal timing and location for its first commercial facility[133] - The company plans to continue pilot operations and advance site selection for its first commercial AquaRefining facility, aiming to build a resilient, low-carbon domestic supply chain for critical minerals[151] Technology and Development - In February 2025, the company announced plans to more than double lithium carbonate output by simplifying the product set, which is expected to reduce capital expenditures and improve operating margins[124] - The company recovered its first metals from lithium batteries in January 2023 using the patent-pending Li AquaRefining process[120] - The company completed equipment installation for its first-of-a-kind lithium battery recycling facility in December 2022, utilizing electricity instead of chemical processes[120] - The company’s AquaRefining technology is designed to produce higher quality products at a lower operating cost compared to traditional recycling methods[116] Financial Performance - The company issued 833,219 shares of common stock for net proceeds of $5,921,000 during the nine months ended September 30, 2025[127] - For the three months ended September 30, 2025, plant operations expenses decreased by $1,041,000, or 64.4%, compared to the same period in 2024, primarily due to workforce reductions[138] - Research and development costs for the three months ended September 30, 2025, decreased by $70,000, or approximately 17.6%, compared to the same period in 2024, mainly due to lower payroll and related costs[139] - General and administrative expenses decreased by $612,000, or approximately 22.3%, for the three months ended September 30, 2025, primarily due to reductions in payroll and professional fees[141] - The company recognized a non-cash impairment and loss on disposal of property, plant, and equipment of $25,000 for the three months ended September 30, 2025, and $9,037,000 for the nine months ended September 30, 2025[140] - As of September 30, 2025, the company had cash and cash equivalents of approximately $3,586,000 and current liabilities of $3,459,000, resulting in a working capital of approximately $508,000[149] - The company closed a registered direct offering on October 16, 2025, raising approximately $12,000,000 in net proceeds from the sale of common stock and warrants[149] - Net cash used in operating activities for the nine months ended September 30, 2025, was $7,648,000, a decrease from $11,637,000 in the same period of 2024[153] - Net cash provided by investing activities for the nine months ended September 30, 2025, was $4,971,000, primarily from the sale of a building and equipment[154] Management Outlook - Management believes that the company's capital resources remain insufficient to sustain operations for at least the next twelve months, indicating substantial doubt regarding its ability to continue as a going concern[150]

Core Insights - Aqua Metals, Inc. has secured $17.1 million in new funding, which will support its strategic partnerships and commercial plans for lithium battery and critical minerals recycling [1][5]. Financial Performance - For the quarter ended September 30, 2025, Aqua Metals raised $4.1 million and an additional $13 million from a leading institutional investor in October, providing significant runway for engineering and permitting efforts [5]. - The company reported a net loss of $3.121 million for Q3 2025, compared to a net loss of $5.210 million in Q3 2024, indicating an improvement in financial performance year-over-year [17]. Market Landscape - The global lithium-battery-recycling sector is experiencing consolidation due to scale and cost challenges faced by early entrants, while demand remains strong with EV sales growing 11% year-over-year [3]. - Market forecasts predict that black mass production in the US will exceed 250,000 metric tons annually by 2030, with an estimated value of critical minerals at $1.2 billion at current prices [4]. Strategic Partnerships - Aqua Metals has signed two MOUs with MOBY Robotics and Impossible Metals to explore clean refining of polymetallic nodules, positioning the company as a potential leader in sustainable processing of deep-sea minerals [5]. - A Letter of Intent was signed with Westwin Elements for the potential supply of 500–1,000 metric tons of recycled nickel carbonate annually, which could represent approximately $12 million in annual contract value [5]. Technological Advancements - The company successfully processed 1 metric ton of lithium-iron-phosphate (LFP) cathode scrap, producing battery-grade lithium carbonate, and remains the only recycler demonstrating an economically viable process for LFP feedstock [5]. - Aqua Metals has modeled a 50/50 NMC-LFP commercial facility that shows profitability at current metals pricing, indicating strong potential for future operations [5]. Compliance and Engagement - Aqua Metals has regained compliance with NASDAQ's minimum-bid requirement, which is crucial for maintaining its listing and investor confidence [5]. - The company participated in The Battery Show North America 2025 and the 2025 Battery Recycling Workshop in China, enhancing its commercial engagement opportunities [5].

Core Insights - Aqua Metals has signed a non-binding Letter of Intent (LOI) with Westwin Elements to potentially supply up to 1,000 metric tons of recycled nickel carbonate annually, valued at approximately $12 million based on current nickel prices, highlighting the increasing demand for domestic nickel materials [1][3]. Group 1: Agreement Details - The LOI outlines plans for Aqua Metals to supply between 500 and 1,000 metric tons of high-purity nickel carbonate annually to Westwin Elements, marking a significant step towards establishing a domestic source of nickel carbonate [3]. - The targeted commencement for product delivery is set for the calendar year 2027, contingent upon securing necessary financing and completing the build-out of commercial facilities by both parties [3]. Group 2: Technological and Environmental Impact - Aqua Metals utilizes its proprietary AquaRefining™ technology to produce battery-grade nickel carbonate from lithium-ion battery black mass, which has successfully met Westwin's technical and economic criteria [2]. - This collaboration aims to advance America's critical minerals independence and promote a sustainable supply chain for nickel, reducing reliance on imports [4]. Group 3: Company Profiles - Aqua Metals is focused on revolutionizing metals recycling, delivering high-purity, low-carbon battery materials essential for sustainable energy storage, and supporting a circular supply chain for critical minerals [5]. - Westwin Elements is establishing America's first major nickel refinery, aiming to provide high-purity Class 1 nickel and specialized products for national security and industrial applications [6].

Core Viewpoint - Aqua Metals, Inc. is set to host a quarterly business update conference call on November 12, 2025, to report its financial results for Q3 2025, highlighting its focus on sustainable lithium-ion battery recycling [1]. Group 1: Conference Call Details - The conference call will take place at 4:30 p.m. ET on November 12, 2025 [1]. - Interested parties can access the live call via the company's investor relations website or by dialing specific toll-free and international numbers [2]. - A replay of the conference call will be available after the live event, with details on how to access it provided [3]. Group 2: Company Overview - Aqua Metals, Inc. is pioneering sustainable lithium-ion battery recycling through its patented AquaRefining™ technology, aiming to create a non-polluting process that recycles critical minerals for clean energy technologies [4]. - The company is based in Reno, Nevada, with facilities located in the Tahoe-Reno Industrial Center [4]. Group 3: Communication Channels - Aqua Metals utilizes its investor relations website and various social media platforms for disclosing material non-public information and complying with disclosure obligations [5].

Core Insights - Aqua Metals, Inc. has announced a Memorandum of Understanding (MOU) with MOBY Robotics Inc. to lead in sustainable refining of deep-sea polymetallic nodules, aiming to enhance domestic solutions for critical mineral independence [1][5][7] Collaboration Details - The MOU focuses on evaluating the technical and commercial feasibility of producing battery-grade materials from polymetallic deep-sea nodules, with bench-scale testing planned for later this year [2][3] - The collaboration will also explore the extraction and refining of rare earth elements (REEs) from the nodules, which would expand Aqua Metals' role in the domestic supply chain for batteries and advanced manufacturing [3][4] Strategic Importance - This initiative marks Aqua Metals' second MOU related to deep-sea minerals, extending its AquaRefining™ process beyond lithium-ion battery recycling to new sources of critical minerals [4] - The collaboration is seen as a significant opportunity to strengthen the U.S. supply of critical minerals, particularly as international demand for nickel, cobalt, and manganese increases [5][6] Market Position - Aqua Metals is positioned as a first mover in sustainable refining and battery metals recycling, with initiatives expected to enhance its standing in the multi-billion-dollar critical minerals market [7]

Core Insights - Aqua Metals, Inc. has successfully closed a $13 million registered direct offering with a leading institutional investor, enhancing its financial position and supporting growth initiatives [1][2]. Financial Position - The gross proceeds of $13 million will strengthen Aqua Metals' balance sheet and provide capital for commercialization and expansion efforts, transitioning from pilot operations to commercial deployment [2]. - The company’s financial flexibility is improved, allowing for strategic growth funding [2]. Commercialization Efforts - Aqua Metals is conducting due diligence on two potential sites for its first commercial AquaRefining™ Campus (ARC) facility, which will utilize its low-emissions recycling process [4]. - Proceeds from the capital raise will support site-specific design, engineering plans, permitting, and pre-construction activities [5]. Technology and Process - The first ARC facility is expected to demonstrate the scalability of Aqua Metals' electro-hydrometallurgical process, providing a sustainable alternative to conventional smelting and chemical refining [6]. - The proprietary process can produce battery-grade lithium carbonate, nickel in various forms, and high-purity cobalt, contributing to the domestic supply of critical minerals [7]. Industry Context - Aqua Metals aligns with U.S. national priorities for critical mineral recycling and refining, which are essential for economic resilience and national security [7][8]. - The urgency for expanding U.S.-based refining and recycling capacity is underscored by the Department of Defense's plan to establish a $1 billion critical minerals stockpile [8]. Future Outlook - The company is positioned to advance toward commercialization and will provide updates on strategic and financial progress in its upcoming third-quarter results conference call [9].

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

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