Core Insights - Aqua Metals, Inc. has made significant strides in its financial and operational performance, including the elimination of long-term debt and strengthening its balance sheet through asset sales and cost-reduction initiatives [1][8]. Operational Initiatives - The company produced industry-leading low-fluorine lithium carbonate, achieving a fluorine content of less than 30 parts per million (ppm), which is considered best-in-class in the global recycling sector [5]. - Over 1 metric ton of nickel-manganese-cobalt (NMC) mixed hydroxide cake was produced for qualification sampling with potential partners [5]. - Aqua Metals is exploring undersea mining nodules and successfully tested nickel refinery residue as alternative feedstocks [5]. - The company initiated sodium sulfate regeneration trials to recycle sodium sulfate into usable chemicals for precursor cathode active material (pCAM) producers [5]. - The design of a scalable AquaRefining™ Commercial (ARC) facility capable of processing 10,000 to 60,000 metric tons per year of black mass has commenced [5]. - An internal study indicated that AquaRefining™ in the U.S. is cost-competitive with Chinese hydrometallurgical recycling, operating at approximately half the cost of traditional U.S. methods [5]. Financial Initiatives - Aqua Metals completed the sale of the Sierra ARC facility for $4.3 million and sold non-core equipment for $200,000, generating cash from non-core asset sales [5]. - The company eliminated all long-term debt, significantly improving its balance sheet [5]. - Cash and cash equivalents increased from $1.6 million at the start of the quarter to over $1.9 million by quarter-end [5]. - The cash runway was extended due to gains from asset sales and the implementation of a $10 million equity line of credit (ELOC) [5]. Milestone Announcements - The company hosted over 100 stakeholders for live demonstrations of its technology at the Innovation Center and Demonstration Plant during NAATBatt's annual meeting [5]. - Aqua Metals received an allowance for a foundational U.S. patent protecting its lithium-ion battery recycling process, enhancing its intellectual property portfolio [5]. - The leadership team was strengthened with the appointment of Eric West as CFO [6]. Strategic Engagements - Aqua Metals is actively engaging with potential strategic partners, emphasizing the importance of collaboration in building domestic battery recycling and cathode active material (CAM) production capacity in the U.S. [7][8].