Aqua Metals(AQMS) - 2025 Q4 - Annual Results

Financial Performance - Aqua Metals reported cash and cash equivalents of approximately $10.8 million as of December 31, 2025, up from $4.1 million in 2024, indicating a significant improvement in liquidity [18]. - Total assets decreased to $19.7 million as of December 31, 2025, from $26.4 million in 2024, primarily due to reductions in property, plant, and equipment [18]. - Aqua Metals reported a net loss of $22.6 million for the year ended December 31, 2025, compared to a net loss of $24.6 million in 2024, reflecting a reduction in losses year-over-year [19]. Production and Quality Achievements - The company achieved a major milestone by producing the first cathode active material made from 100% domestically sourced, recycled nickel, which is currently undergoing qualification by a tier-one battery manufacturer [6]. - The company produced lithium carbonate with fluorine content below 30 ppm, representing best-in-class quality in the recycling sector, and generated significant volumes of mixed hydroxide product for partner qualification [6]. Strategic Initiatives - Aqua Metals refined its commercialization strategy for its first AquaRefining™ Campus, prioritizing battery-grade lithium carbonate and mixed hydroxide precipitate, which is expected to more than double initial lithium output and improve margins [6]. - Aqua Metals advanced the design of a scalable AquaRefining™ Campus facility capable of processing 10,000 to 60,000 metric tons per year of black mass [7]. - The company signed a multi-year supply agreement with 6K Energy for future supply of battery-grade nickel metal and lithium carbonate, supporting domestic cathode active material production [15]. - Aqua Metals expects to provide an update on its potential transaction with Lion Energy, which could materially expand its commercial platform and strategic reach across the battery value chain [6]. Funding and Investment - The company raised $13.0 million in October 2025 from a leading institutional investor, contributing to total new funding of approximately $17.1 million to advance engineering and site selection for its first commercial-scale facility [15].