Start here if you're new
what it is
Aqua Metals uses electricity to pull metals out of spent batteries and sell them back into manufacturing.
how it gets paid
Last year Aqua Metals made $0 in revenue.
what just happened
Aqua Metals posted $0 revenue and EPS of -$17.35 in the latest quarter.
At a glance
C+ balance sheet — struggling to keep the lights on
60/100 earnings predictability — reasonably predictable
-$38.30 fy2024 eps est
$0M fy2023 rev est
1.4 beta
xvary composite: 30/100 — weak
What they do
Aqua Metals uses electricity to pull metals out of spent batteries and sell them back into manufacturing.
AquaRefining replaces furnaces and hazardous chemicals with electricity-powered electroplating. That matters because the company has 11 employees and $0M of long-term debt. You are not buying scale; you are buying a patented process that can sit inside a tiny balance sheet.
How they make money
$0
annual revenue
The products that matter
battery metal recovery process
AquaRefining Technology
99%+ claimed recovery rates
this is the entire thesis. management says the process can recover 99%+ of lithium and cobalt, but the company still reported $0M in 2023 sales. the lab result matters less than the commercial result.
proof needed
recovered metals sales
Recycled Lead & Battery Materials
intended revenue stream
this is where revenue is supposed to show up. right now, that number is still $0M, so you are underwriting a future income statement rather than reading a current one.
$0M revenue
Key numbers
$14M
market cap
You are paying $14M for a company with $0 revenue. That is hope with a ticker.
$0
annual revenue
No sales means the business has not crossed the first line most companies need to survive.
$38.30
FY2024 EPS
Each share lost $38.30 last year. That is a loss number, not a rounding error.
1.4
beta
A 1.4 beta means the stock tends to swing about 40% harder than the market.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $0M (2% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for AQMS right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Aqua Metals posted $0 revenue and EPS of -$17.35 in the latest quarter.
EDGAR shows no quarterly sales and a deep per-share loss. The business is still spending money before it has built a real revenue base.
$0
revenue
-$17.35
eps
n/a
n/a
the number that mattered
The $0 revenue number mattered most because it shows the company is still pre-scale.
source: company earnings report, 2026
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What could go wrong
the #1 risk is commercializing AquaRefining before the cash balance gets forced into a financing event.
med
cash burn outruns commercialization
AQMS reported $0M in revenue, a $25.65M trailing net loss, and $17.1M in cash. that is a hard setup for a company still trying to prove the model.
if operating proof stays delayed, dilution moves from possibility to math problem.
med
Lion Energy deal risk
the company signed a term sheet to acquire Lion Energy in an all-stock deal, with Lion said to have roughly $50M in 2025 revenue.
for a $14M market cap company, that is either a shortcut to revenue or a dilution and integration problem with very little room for error.
med
the technology works in theory, not yet in scale
management cites 99%+ recovery rates for lithium and cobalt. the income statement still shows $0M in 2023 sales.
if commercial recovery rates, throughput, or economics miss the pitch, the patent story gets marked down fast.
med
violent stock volatility
the shares traded from $3 to $39 over the last 52 weeks, and the stock surged 198% in a single day in october 2025.
that kind of tape can overpower fundamentals for long stretches and turn position sizing into risk control, not a footnote.
$17.1M in cash, $0M in revenue, and a $25.65M trailing net loss is the combined risk picture. until one of those numbers changes in the right direction, every strategic update sits under a financing shadow.
source: institutional data · regulatory filings · risk analysis
Pay attention to
deal clock
Lion Energy acquisition close
watch whether the all-stock deal announced feb 11, 2026 actually closes. for AQMS, this is not side news. it is the fastest path from $0M revenue to something that looks like an operating business.
cash
cash burn versus the $17.1M balance
the next report matters for one reason: whether losses are shrinking or the runway is shrinking. until sales show up, you are tracking cash math more than earnings quality.
execution
ABF and 6K Energy follow-through
monitor whether the American Battery Factory collaboration and the 6K Energy supply pact turn into measurable revenue, feedstock access, or commercial milestones. headline count is not execution.
proof point
first real revenue
AQMS does not need perfect numbers next. it needs numbers that exist. the first meaningful revenue line would not solve the story, but it would move this out of pure concept territory.
Analyst rankings
earnings predictability
60 / 100
that sounds average, but pre-revenue companies break models with one financing, one delay, or one deal. in human-speak, expect the estimates to be less durable than the narrative.
beta
1.4
beta is market sensitivity. at 1.4, AQMS has moved harder than the index. for you, that means sentiment swings can hit before fundamentals catch up.
source: institutional data
Institutional activity
institutional ownership data for AQMS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$5
current price
n/a
target midpoint · n/a from current
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