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Aqua Metals(AQMS) - 2024 Q2 - Quarterly Results
AQMSAqua Metals(AQMS)2024-08-05 20:07

Funding and Financial Performance - Aqua Metals has completed a 7.3millionnetfundinground,indicatingcontinuedinvestorconfidenceinthecompany′stechnologyandbusinessplan[7].−Thecompanyhasexperiencedamorethan257.3 million net funding round, indicating continued investor confidence in the company's technology and business plan[7]. - The company has experienced a more than 25% drop in lithium carbonate pricing since May 2024, impacting financing efforts for the Sierra ARC[2]. - Aqua Metals is actively pursuing additional financing options, including project finance and strategic investments, to complete the Sierra ARC[2][8]. - Total current assets as of June 30, 2024, are 9.315 million, down from 18.299millionasofDecember31,2023[17].−Totalliabilitiesincreasedto18.299 million as of December 31, 2023[17]. - Total liabilities increased to 8.447 million as of June 30, 2024, compared to 7.536millionasofDecember31,2023[20].−TotaloperatingexpenseforthethreemonthsendedJune30,2024,was7.536 million as of December 31, 2023[20]. - Total operating expense for the three months ended June 30, 2024, was 5,599 million, an increase of 15.4% compared to 4,852millionforthesameperiodin2023[24].−NetlossforthethreemonthsendedJune30,2024,was4,852 million for the same period in 2023[24]. - Net loss for the three months ended June 30, 2024, was 5,587 million, compared to a net loss of 4,759millionforthesameperiodin2023,representinganincreaseof17.44,759 million for the same period in 2023, representing an increase of 17.4%[24]. - Basic and diluted net loss per share for the three months ended June 30, 2024, was (0.05), slightly improved from (0.06)forthesameperiodin2023[24].−LossfromoperationsforthesixmonthsendedJune30,2024,was(0.06) for the same period in 2023[24]. - Loss from operations for the six months ended June 30, 2024, was (11,391) million, compared to (9,348)millionforthesameperiodin2023,anincreaseof21.9(9,348) million for the same period in 2023, an increase of 21.9%[24]. - Total other income (expense), net for the three months ended June 30, 2024, was 15 million, a decrease of 83.9% from 93millionforthesameperiodin2023[24].−IncometaxexpenseforthethreemonthsendedJune30,2024,was93 million for the same period in 2023[24]. - Income tax expense for the three months ended June 30, 2024, was 3 million, compared to no income tax expense for the same period in 2023[24]. - Gain on disposal of property, plant, and equipment was 0forthethreemonthsendedJune30,2024,comparedtoalossof0 for the three months ended June 30, 2024, compared to a loss of (3) million for the same period in 2023[24]. Operational Updates - The Sierra ARC facility has achieved significant milestones, including the completion of a five megawatt upgrade of utility power and installation of key equipment[1][5]. - Due to delays in funding, Aqua Metals has implemented a reduction in force, although it does not expect this to materially impact current pilot operations or R&D[3]. - The timeline for commissioning the Sierra ARC has shifted to 2025, compared to the previously planned late 2024[3]. - The pilot facility has been operating consistently 24x5, providing critical process validation data for financing counterparties[6]. Strategic Partnerships - The company continues to explore and solidify strategic partnerships to enhance its supply chain and market presence[8]. Research and Development - Research and development costs for the three months ended June 30, 2024, were 363million,adecreaseof30.8363 million, a decrease of 30.8% from 525 million for the same period in 2023[24]. - Interest expense decreased to (84)millionforthethreemonthsendedJune30,2024,from(84) million for the three months ended June 30, 2024, from (255) million in the same period of 2023, a reduction of 67.8%[24]. - Weighted average shares outstanding increased to 123,793,140 for the three months ended June 30, 2024, compared to 84,184,884 for the same period in 2023, an increase of 47.0%[24].