Aqua Metals(US:AQMS)2024-05-15 20:26Financial Performance - Aqua Metals reported a net loss of $5.8 million for Q1 2024, or $(0.05) per share, compared to a net loss of $4.6 million, or $(0.06) per share, in Q1 2023[5] - Total operating expenses increased to $5.8 million in Q1 2024, up from $4.5 million in Q1 2023, primarily due to a 107% increase in plant operations expenses[4] - Research and development costs rose by approximately 32% in Q1 2024 compared to Q1 2023[5] - As of March 31, 2024, Aqua Metals had $8.3 million in cash and cash equivalents, with total cash used in operations amounting to $4.3 million[5] Funding and Financial Support - The company secured a non-binding loan term sheet for up to $33 million and closed an additional $7 million in equity to support the Sierra ARC buildout[2] - Aqua Metals received a $2.2 million economic incentive package for tax relief on $35 million worth of equipment and facility improvements[2] - The company was awarded a $371,000 grant from the Department of Energy for a critical minerals recovery initiative[2] Operational Achievements - The company achieved simultaneous 24x5 operations at its pilot plant, which is crucial for scaling operations for the Sierra ARC[3] - Aqua Metals advanced a strategic partnership with 6K Energy, establishing a first-of-its-kind off-take agreement to meet the demand for recycled lithium-ion battery materials[2] - Aqua Metals' innovative technology was recognized as the 'Top Project' of the year in the Environment+Energy Leader Awards program for 2024[2]