Aqua Metals Reports 2025 Milestone Advancements, Strategic Progress, and Continued Commercialization Momentum

Core Viewpoint - Aqua Metals, Inc. has made significant advancements in 2025, focusing on the commercialization of its AquaRefining™ technology, expanding its product offerings, strengthening its financial position, and enhancing its role in the domestic critical minerals supply chain [1][3]. Technology Advancement and Product Expansion - The company refined its commercialization strategy for its first AquaRefining™ Campus (ARC) and expanded capabilities across lithium, nickel, and mixed hydroxide products [2]. - Achieved a major milestone by producing the first cathode active material made from 100% domestically sourced, recycled nickel, which is undergoing qualification by a tier-one battery manufacturer [6]. - Demonstrated pilot-scale processing of lithium iron phosphate (LFP) battery materials into battery-grade lithium carbonate, showcasing a viable recycling pathway [6]. - Produced lithium carbonate with fluorine content below 30 ppm, representing best-in-class quality in the recycling sector [6]. - Expanded product platform with the development of nickel carbonate and initial samples aligned to partner requirements, creating additional revenue pathways [6]. Strategic Partnerships and Market Development - Continued engagement with Lion Energy on a potential transaction that could expand Aqua Metals' commercial platform and strategic reach across the battery value chain [6]. - Signed a multi-year supply agreement with 6K Energy for battery-grade nickel metal and lithium carbonate [12]. - Established a non-binding LOI with Westwin Elements for a potential supply of recycled nickel carbonate [12]. - Signed an MOU with Impossible Metals to evaluate seabed mineral collection combined with AquaRefining™ for critical minerals production [12]. - Showcased technology to leading battery industry stakeholders, validating market interest and engagement [12]. Financial and Corporate Progress - Strengthened liquidity through asset sales, reduced operating burn, and capital raises, eliminating long-term debt [12]. - Raised $13.0 million in October 2025, with total new funding of approximately $17.1 million, providing runway for advancing engineering and site selection for the first commercial-scale facility [12]. - Reported cash and cash equivalents of approximately $10.8 million as of December 31, 2025, compared to $4.1 million in 2024 [17]. - Executed a reverse stock split to regain compliance with Nasdaq's minimum bid price requirement [12]. - Strengthened the Board of Directors and completed a CFO transition to align financial leadership with the company's growth phase [12]. Leadership, Governance, and Intellectual Property - Received a foundational U.S. patent covering critical aspects of its lithium battery recycling technology, enhancing the AquaRefining™ intellectual property portfolio [12]. - Filed a provisional patent application for an innovative low-cost leaching technology for mined manganese ores and deep-sea nodules [12].