Aqua Metals Inc
NASDAQ:AQMS
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Aqua Metals Inc
NASDAQ:AQMS
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Aqua Metals Inc
Aqua Metals, Inc. engages in the production of recycled lead through a novel, proprietary and patent-pending process, called AquaRefining. The company is headquartered in Sparks, Nevada and currently employs 23 full-time employees. The company went IPO on 2015-07-31. The firm's offerings include equipment supply, services and licensing of the AquaRefining technology to recyclers across the globe. The firm's AquaRefining is a room temperature, water-based process, which delivers raw materials back into the manufacturing supply chain while reducing emissions and toxic byproducts. AquaRefining process has two key elements. The first is its use of a non-toxic solvent, which dissolves lead compounds. The second is an electro-chemical process and Aqualyzer, which converts the dissolved lead compounds into purity lead through a continuous process that is suitable for use in lead-acid battery (LAB) production. The AquaRefining process begins with the processing of crushed used batteries either in the form of paste for LAB or, in the future, black mass for lithium-ion batteries (LIB).
Aqua Metals, Inc. engages in the production of recycled lead through a novel, proprietary and patent-pending process, called AquaRefining. The company is headquartered in Sparks, Nevada and currently employs 23 full-time employees. The company went IPO on 2015-07-31. The firm's offerings include equipment supply, services and licensing of the AquaRefining technology to recyclers across the globe. The firm's AquaRefining is a room temperature, water-based process, which delivers raw materials back into the manufacturing supply chain while reducing emissions and toxic byproducts. AquaRefining process has two key elements. The first is its use of a non-toxic solvent, which dissolves lead compounds. The second is an electro-chemical process and Aqualyzer, which converts the dissolved lead compounds into purity lead through a continuous process that is suitable for use in lead-acid battery (LAB) production. The AquaRefining process begins with the processing of crushed used batteries either in the form of paste for LAB or, in the future, black mass for lithium-ion batteries (LIB).
Commercial progress: Aqua Metals said 2025 was its most expansive year yet for proving what its AquaRefining process can do, with major product, feedstock, and partnership milestones.
First plant focus: Management narrowed the first commercial ARC facility to two feedstocks, NMC and LFP black mass, and three main outputs to reduce risk, lower upfront capital needs, and speed up the build.
LFP breakthrough: The company said it processed a full metric ton of LFP cathode scrap and recovered battery-grade lithium carbonate that was validated by OEM and third-party testing, which it called a major technical milestone.
Liquidity improved: Aqua Metals ended 2025 with $10.8 million of cash and no long-term debt after raising about $20 million during the year, giving it multiple quarters of runway.
Partnership optionality: The company highlighted ongoing work on Lion Energy, American Battery Factory, Westwin Elements, Impossible Metals, and Moby Robotics as ways to expand into energy storage and critical minerals markets.
Pricing backdrop improved: Management said the recovery in lithium carbonate pricing to roughly the $20,000 plus or minus range per ton helped improve the economics for black mass refining versus 2024.
Cost discipline: Full-year operating cash use fell to approximately $10.3 million from $13.6 million in 2024, reflecting a leaner cost structure and tighter spending control.
