Financial Performance - Product sales for the three months ended September 30, 2024, were $25 million, compared to $25 million for the same period in 2023, indicating no growth year-over-year[6] - Net loss for the three months ended September 30, 2024, was $5,210 million, compared to a net loss of $4,547 million for the same period in 2023, indicating a worsening of approximately 14.6%[6] - Basic and diluted net loss per share improved from $(0.89) for the three months ended September 30, 2023, to $(0.76) for the same period in 2024[6] - For the nine months ended September 30, 2024, Aqua Metals reported a net loss of $17.1 million, compared to a net loss of $13.9 million for the same period in 2023, representing a 23% increase in losses[14] - The company reported a net cash used in operating activities of $11.637 million for the nine months ended September 30, 2024, compared to a net cash provided of $2.222 million for the same period in 2023, indicating a significant decline in operational cash flow[100] Expenses and Liabilities - Total operating expenses increased from $14,322 million for the nine months ended September 30, 2023, to $17,165 million for the same period in 2024, reflecting a rise of approximately 19.8%[6] - General and administrative expenses for the three months ended September 30, 2024, were $2,748 million, slightly down from $2,815 million for the same period in 2023[6] - Total current liabilities increased from $4,613 million as of December 31, 2023, to $7,065 million as of September 30, 2024, an increase of approximately 53.2%[4] - The company has a working capital deficit of $2.9 million as of September 30, 2024, indicating financial strain and the need for additional capital[97][98] Cash and Assets - Cash and cash equivalents decreased significantly from $16,522 million as of December 31, 2023, to $2,950 million as of September 30, 2024, a decline of approximately 82.1%[4] - Total assets decreased from $33,600 million as of December 31, 2023, to $28,483 million as of September 30, 2024, representing a decline of approximately 15.2%[4] - As of September 30, 2024, Aqua Metals had cash and cash equivalents of approximately $3.0 million and current liabilities of $7.1 million, including a note payable of approximately $3 million due on February 1, 2025[14] Stock and Equity - Total stockholders' equity as of September 30, 2024, is $20,898,000, a decrease from $26,064,000 as of December 31, 2023[8] - Common stock issued for public offerings, net of transaction costs, amounted to 1,006,250 shares, raising $7,306,000[8] - The accumulated deficit as of September 30, 2024, stands at $240,327,000, an increase from $223,215,000 as of December 31, 2023[8] - The company issued 129,857 shares of common stock upon vesting of Restricted Stock Units (RSUs) during the nine months ended September 30, 2024[50] Operations and Future Plans - The company has not generated revenues from commercial operations and anticipates continuing to incur losses for the foreseeable future[15] - Aqua Metals is focused on developing clean, water-based recycling solutions for lead and lithium-ion batteries through its patented AquaRefining technology[11] - The company is in the process of demonstrating that its lithium AquaRefining can achieve higher quality and yields of recovered minerals from lithium-ion batteries with lower waste streams[12] - Aqua Metals plans to operate its first lithium battery recycling facility, utilizing electricity instead of intensive chemical processes[13] Legal and Compliance - Aqua Metals, Inc. entered into a loan agreement for $3 million with a fixed annual interest rate of 9.50% to purchase a building[48] - The company is not currently involved in any legal proceedings that would materially affect its business or financial condition[69] Inventory and Equipment - As of September 30, 2024, total inventory was $330,000, down from $929,000 as of December 31, 2023, reflecting a decrease in raw materials[34] - Property, plant, and equipment, net increased to $16,615,000 as of September 30, 2024, compared to $10,347,000 as of December 31, 2023[37] - Equipment deposits increased to $6,920,000 as of September 30, 2024, from $4,291,000 as of December 31, 2023[38] Management and Strategy - Management expressed substantial doubt regarding the company's ability to continue as a going concern for at least the next twelve months due to expected significant losses and insufficient capital resources[98][107] - The company plans to improve its liquidity position through equity or debt financings and/or reductions in operating costs to meet its capital requirements[97][98]
Aqua Metals(AQMS) - 2024 Q3 - Quarterly Report