Core Insights - Aqua Metals reported financial results for Q1 2025, emphasizing advancements in its AquaRefining™ technology aimed at establishing a resilient battery supply chain in the U.S. [1][2] Financial Performance - Total current assets decreased from $4,644,000 as of December 31, 2024, to $2,219,000 as of March 31, 2025 [15] - Total assets also declined from $26,365,000 to $18,065,000 during the same period [15] - The net loss for Q1 2025 was $8,315,000, compared to a net loss of $5,752,000 in Q1 2024 [16] Product and Technology Development - Aqua Metals produced initial samples of nickel carbonate and mixed hydroxide precipitate (MHP), aligning with customer specifications for battery-grade precursors [12] - The company completed a bench-scale demonstration for lithium recovery from lithium iron phosphate (LFP) batteries, which could enhance economic models by doubling lithium carbonate output [12] - Continued refinement of high-purity lithium carbonate production processes positions Aqua Metals as a preferred partner in domestic lithium production [12] Strategic Decisions - Aqua Metals agreed to sell the Sierra ARC property, which will retire all debt and generate significant cash proceeds, reducing holding costs by approximately $100,000 per month [3] - The company is exploring co-location opportunities with strategic partners to lower capital and operational expenditures [3][4] Leadership Changes - Judd Merrill will transition from CFO to a consulting role, with Eric West stepping in as the new CFO effective May 19, 2025 [5][6] - The leadership transition aims to maintain strong collaboration between operations and finance as the company scales [6] Market Positioning - The company is focused on building a flexible, high-performance battery recycling platform to adapt to the evolving lithium battery market [2] - Aqua Metals is committed to constructing its first commercial ARC and is actively engaging with potential supply and funding partners [4]

PART I - FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited statements show a deteriorating financial position, a net loss of $8.3 million, and a "going concern" warning [Financial Statements (Unaudited)](index=3&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The balance sheet, income statement, and cash flow statement reveal significant asset impairment and operational losses Condensed Consolidated Balance Sheet (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Current Assets** | | | | Cash and cash equivalents | $1,589 | $4,079 | | Total current assets | $2,219 | $4,644 | | **Non-current Assets** | | | | Property, plant and equipment, net | $11,109 | $16,473 | | Total assets | $18,065 | $26,365 | | **Liabilities & Equity** | | | | Total current liabilities | $7,164 | $8,182 | | Total liabilities | $8,534 | $10,121 | | Total stockholders' equity | $9,531 | $16,244 | Condensed Consolidated Statement of Operations (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total operating expense | $8,683 | $5,792 | | Impairment expense | $5,247 | $— | | Loss from operations | $(8,683) | $(5,792) | | Net loss | $(8,315) | $(5,752) | | Basic and diluted net loss per share | $(1.03) | $(1.05) | Condensed Consolidated Statement of Cash Flows (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(2,753) | $(4,251) | | Net cash used in investing activities | $(375) | $(5,579) | | Net cash provided by financing activities | $638 | $1,602 | | **Net decrease in cash** | **$(2,490)** | **$(8,228)** | | **Cash at end of period** | **$1,589** | **$8,294** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes disclose the "going concern" issue, a $5.2 million impairment charge, and details on debt and equity - The company's business is focused on applying its patented AquaRefining technology to recycle lead-acid and lithium-ion batteries[20](index=20&type=chunk) - Management has **substantial doubt** about the company's ability to continue as a **going concern** for the next 12 months[23](index=23&type=chunk)[24](index=24&type=chunk) - A **$5.2 million impairment charge** was recognized on a facility at TRIC, which the Board approved for sale in April 2025[50](index=50&type=chunk) - On May 2, 2025, the company fully repaid **$1.0 million in notes payable** to accredited investors[62](index=62&type=chunk)[85](index=85&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses its technology commercialization, a significant net loss, and a critical liquidity situation [Business Overview and Strategy](index=23&type=section&id=Business%20Overview%20and%20Strategy) The company's strategy centers on its AquaRefining technology and licensing, with a recent shift to sell assets - The company's core business is applying its commercialized clean, water-based recycling technology, AquaRefining, to batteries[90](index=90&type=chunk) - The primary business strategy is to build, operate, and license Li AquaRefining recycling capacity[101](index=101&type=chunk) - Subsequent to Q1 2025, the company entered a contract to **sell its Sierra ARC property to retire all debt** and add cash[96](index=96&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) The company reported no revenue and an $8.7 million operating expense, driven by a $5.2 million impairment charge Operating Expenses Comparison (in thousands) | | Q1 2025 | Q1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Plant operations | $724 | $2,209 | $1,485 | (67.2)% | | Research and development | $336 | $588 | $252 | (42.9)% | | Impairment expense | $5,247 | $— | $(5,247) | N/A | | General and administrative | $2,376 | $2,995 | $619 | (20.7)% | | **Total operating expense** | **$8,683** | **$5,792** | **$(2,891)** | **49.9%** | - A non-cash **impairment expense of $5,247,000** was recognized related to a facility at TRIC[107](index=107&type=chunk) - Plant operations and R&D costs decreased significantly, driven by **workforce reductions** and other cost-cutting measures[105](index=105&type=chunk)[106](index=106&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) The company faces a severe liquidity crisis with a $4.9 million working capital deficit and a going concern warning Liquidity Position as of March 31, 2025 (in thousands) | Metric | Amount | | :--- | :--- | | Cash and cash equivalents | $1,589 | | Current liabilities | $7,164 | | Working capital deficit | $(4,945) | - Management states there is **"substantial doubt regarding the Company's ability to continue operating as a going concern"**[115](index=115&type=chunk) Summary of Cash Flows (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(2,753) | $(4,251) | | Net cash used in investing activities | $(375) | $(5,579) | | Net cash provided by financing activities | $638 | $1,602 | [Quantitative and Qualitative Disclosures about Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company states this item is not applicable, indicating no significant market risk disclosures for the period - The company has determined that quantitative and qualitative disclosures about market risk are **not applicable**[121](index=121&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of the quarter-end - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2025[122](index=122&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter[123](index=123&type=chunk) PART II - OTHER INFORMATION [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) The company highlights a critical need for financing and substantial doubt about its ability to continue as a going concern - The company **requires additional financing** to execute its business plan, which may not be available on reasonable terms[126](index=126&type=chunk) - As of March 31, 2025, the company had cash of approximately **$1.6 million** and a **working capital deficit of $4.9 million**[126](index=126&type=chunk) - The independent auditor's report expresses **substantial doubt** about the company's ability to continue as a **going concern**[127](index=127&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the report, including governance documents and required certifications - This section lists all exhibits filed with the report, including corporate governance documents and Sarbanes-Oxley Act certifications[129](index=129&type=chunk)

Leadership Transition - Aqua Metals announced a leadership transition with Judd Merrill stepping down as CFO effective May 16, 2025, to take a role with increased responsibilities at another publicly listed company [1] - Eric West, former Vice President of Finance, will be appointed as the new CFO effective May 19, 2025, bringing six years of experience with Aqua Metals and a background in the mining industry [2] Company Strategy and Vision - The leadership change is positioned to support Aqua Metals' ongoing strategy in the domestic critical minerals and battery recycling sector, emphasizing the importance of continuity and capacity in leadership [3] - Aqua Metals is focused on sustainable lithium-ion battery recycling through its patented AquaRefining™ technology, aiming to close the loop on critical minerals for clean energy technologies [4]

Core Insights - Aqua Metals, Inc. is set to report its financial results for Q1 2025 on May 8, 2025, and will host a conference call at 4:30 p.m. ET on the same day [1] Company Overview - Aqua Metals, Inc. is a leader in sustainable lithium-ion battery recycling, utilizing its patented AquaRefining™ technology [4] - The company aims to provide a low-emissions, closed-loop recycling solution for materials essential to energy storage and electric vehicle manufacturing [4] - AquaRefining™ technology replaces traditional polluting methods with electricity-powered electroplating, resulting in higher purity metal recovery, lower emissions, and minimal waste [4] - The company operates its first sustainable lithium battery recycling facility at its Innovation Center in the Tahoe-Reno Industrial Center [4] Communication Channels - Aqua Metals utilizes its investor relations website and social media platforms such as X, Threads, LinkedIn, and YouTube for disclosing material non-public information [5]

Core Viewpoint - Aqua Metals, Inc. has announced the development of a new product, nickel carbonate, which expands its portfolio of high-value battery metal compounds and showcases the adaptability of its patented AquaRefining™ process [1][2][3]. Group 1: Product Development - The company has developed a novel recycling process for lithium iron phosphate (LFP) batteries, allowing for the recovery and conversion into high-purity nickel carbonate, which is increasingly in demand globally [2][4]. - Nickel carbonate can be further processed into pure nickel metal or converted into nickel oxide, providing strategic optionality for Aqua Metals to serve multiple industrial sectors [3][4]. Group 2: Technology and Innovation - The development of nickel carbonate reflects Aqua Metals' adaptable technology and expertise in critical materials, positioning the company to respond quickly to market shifts and turn byproducts into revenue streams [3][4]. - The innovation aligns with Aqua Metals' broader strategy to scale production of battery-grade lithium, nickel, cobalt, and manganese materials using its AquaRefining technology [4]. Group 3: Market Position and Strategy - Aqua Metals aims to build a robust, diversified domestic supply chain for critical minerals essential to the advanced energy economy, as indicated by its ongoing offtake discussions and project financing [4]. - The company is committed to optimizing recovery, reducing waste, and maintaining clean, low-impact processes while responding to real-time market needs [4].

LFP Integration Doubles Lithium Production Potential for Multi-Chemistry Battery Recycling at ARC FacilitiesRENO, Nev., April 08, 2025 (GLOBE NEWSWIRE) -- Aqua Metals (NASDAQ: AQMS), a pioneer in sustainable lithium battery recycling, today announced the successful completion of bench-scale testing and engineering analysis for a novel process to recycle lithium iron phosphate (LFP) battery materials. This milestone highlights Aqua Metals’ proven ability to rapidly adapt its technology to market needs, reinf ...

Financial Data and Key Metrics Changes - The company ended the quarter with total cash of approximately $4.1 million, higher than the previous quarter, indicating management's focus on maintaining cash position [27] - The net loss for the 12 months ended December 31, 2024, was approximately $24.6 million or a negative $3.83 per basic and diluted share, compared to a net loss of $24 million or a negative $5.10 per basic and diluted share for 2023 [34] - Interest expense increased to $1.1 million for the year ended December 31, 2024, primarily due to a change in fair value of the warrant liability [33] Business Line Data and Key Metrics Changes - Plant operations increased approximately $931,000 or 15% for the 12 months ended December 31, 2024, driven by a rise in payroll and related fees due to hiring additional staff [31] - The company recognized an impairment of approximately $2.6 million related to vendor equipment deposits for equipment no longer needed under the revised plan [29] Market Data and Key Metrics Changes - The company produced more than 600 pounds of battery-grade lithium carbonate at purity levels exceeding 99.5% during a December endurance run, showcasing its capability in the market [11] - The company is actively engaging with potential partners and customers globally, with positive feedback on the samples provided to multiple cathode active material producers [12] Company Strategy and Development Direction - The company aims to scale operations through flexible, partner-centric models that minimize capital intensity while maximizing impact [10] - The commercialization strategy has evolved to prioritize co-location opportunities and toll processing models to reduce logistics costs and accelerate time to revenue [15] - The partnership with 6K Energy is a flagship example of forming commercial alliances that support closed-loop battery material supply chains [17] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of adapting to the macroeconomic environment, which has been challenged by falling battery metal prices and tight capital markets [8] - The company is focused on translating technology success into commercial deployment, securing strategic funding, and continuing to produce battery-grade recycled materials [24] - Management expressed confidence in the company's ability to lead in clean battery metal recovery with a flexible capital-efficient plan in motion [26] Other Important Information - The company raised approximately $15 million during the year, with over two-thirds of the funding coming from AquaMetal's leadership and board [19] - The company was selected by the U.S. Department of Energy for the ACME Revive program, highlighting its role in supporting domestic critical mineral recovery [22] - The company expanded its board of directors, adding experienced leaders from the battery and finance sectors [23] Q&A Session Summary Question: Long-term financing plans and options - Management is focused on project financing and debt financing, with ongoing discussions with lenders [42][43] Question: Updated plan for the Sierra facility - The facility is move-in ready, with additional buildings planned to increase processing capacity from 3,000 tons to 7,000 tons [47][49] Question: Discussions on offtake agreements and co-locations - The company has been able to produce representative battery-grade materials, which has facilitated ongoing discussions with potential partners [55][57] Question: Visits from industry leaders and government agencies - Management has hosted various government officials and is engaging with the new administration regarding funding opportunities for critical minerals [59][61]

Aqua Metals Reports Milestone Advancements, Strategic Progress, and Sierra ARC Lithium Battery Recycling Campus Developments in 2024 Validated closed-loop battery recycling technology, built commercial partnerships, and revised economic model to better pursue funding and scale domestic battery mineral production RENO, Nev., March 31, 2025 – Aqua Metals, Inc. (NASDAQ: AQMS), a pioneer in sustainable lithium battery recycling, today announced key achievements from 2024 and outlined progress for 2025 as the Co ...

Core Insights - Aqua Metals, Inc. has made significant advancements in sustainable lithium battery recycling through its proprietary Li AquaRefining™ process, achieving high-purity material production and establishing commercial partnerships [1][2][4] Technology and Innovation - The Li AquaRefining™ process has been validated at scale, demonstrating over 99% recovery rates for lithium, cobalt, and nickel, while achieving 83% lower CO₂ emissions compared to traditional methods [6] - The company has completed a three-week endurance run of the pilot plant, confirming its readiness for commercial scale-up [6] Commercial Developments - Aqua Metals is preparing to install equipment at the Sierra ARC facility, which will process 7,000 tonnes of black mass feedstock annually, contingent on securing additional financing [2][4] - A long-term supply agreement has been signed with 6K Energy to provide up to 30% of recycled content for its domestic cathode manufacturing facility, marking a significant step towards a closed-loop battery material partnership [6] Financial Performance - The company raised approximately $15 million in equity, indicating strong internal confidence, and received a $2.2 million tax abatement from the State of Nevada, linked to a projected $392 million economic impact [6] - As of December 31, 2024, Aqua Metals reported total assets of $26.365 million, down from $33.600 million in 2023, with a net loss of $24.555 million for the year [10][14] Strategic Vision - The company aims to build a resilient, low-capex, and rapidly scalable platform for critical mineral recovery in the U.S., focusing on higher-margin products and deepening strategic partnerships [4][6] - Aqua Metals has been recognized for its leadership in sustainability and clean energy job growth, being named a "Top Project of 2024" by Environment + Energy Leader [6]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37515 Aqua Metals, Inc. (Exact name of registrant as specified in its charter) Delaware 47-1169572 (State or Other Jurisdiction of Incorporation or O ...