Aqua Metals, Inc. (AQMS) Financial Statements
Industry: Secondary Smelting & Refining of Nonferrous Metals
In fiscal 2025, Aqua Metals reported revenue of $0. Net income was -$22.6M. Operating activities generated -$10.3M of cash, leaving -$10.7M of free cash flow. At fiscal year end, Aqua Metals held $19.7M in total assets against $4.9M in total liabilities, including $10.8M of cash and equivalents.
Open the full interactive Aqua Metals financials → Quarterly statements, key ratios, valuation history and price charts.
Aqua Metals Key Stats
| Share Price | $1.92 |
|---|---|
| Market Cap | $6.5M |
| 52-Week Range | $1.92 – $29.62 |
| Shares Outstanding | 3.4 million (basic, 2026 Q2) |
Aqua Metals Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $108,000 | $173,000 | $4,000 | $25,000 | $0 | $0 |
| Cost of Goods Sold | $5.5M | $7.0M | $4.0M | $6.3M | $7.2M | $2.4M |
| Gross Profit | -$5.4M | -$6.8M | -$4.0M | -$6.3M | -$7.2M | -$2.4M |
| Operating Income | -$15.4M | -$17.5M | -$15.6M | -$24.5M | -$23.8M | -$23.3M |
| Pre-Tax Income | -$25.8M | -$18.2M | -$15.4M | -$23.9M | -$24.6M | -$22.6M |
| Income Tax | $2,000 | $2,000 | $2,000 | $2,000 | $3,000 | $2,000 |
| Net Income | -$25.8M | -$18.2M | -$15.4M | -$23.9M | -$24.6M | -$22.6M |
| Diluted EPS | -$84.00 | -$52.00 | — | — | — | — |
Aqua Metals Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 |
| Net Income | -$3.1M | -$4.4M | -$4.0M | -$4.5M |
Aqua Metals Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.5M | $8.1M | $7.1M | $16.5M | $4.1M | $10.8M |
| Current Assets | $8.4M | $12.4M | $23.2M | $18.3M | $4.6M | $13.4M |
| Total Assets | $35.1M | $33.3M | $33.5M | $33.6M | $26.4M | $19.7M |
| Current Liabilities | $3.5M | $4.1M | $12.3M | $4.6M | $8.2M | $4.4M |
| Total Long-Term Debt | $332,000 | — | — | $3.0M | — | — |
| Total Liabilities | $4.0M | $5.7M | $12.6M | $7.5M | $10.1M | $4.9M |
| Shareholders' Equity | $31.1M | $27.5M | $20.9M | $26.1M | $16.2M | $14.8M |
Aqua Metals Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$11.0M | -$7.6M | -$10.1M | -$3.2M | -$13.6M | -$10.3M |
| Cash From Investing | $6.6M | -$2.2M | -$3.4M | -$9.8M | -$11.6M | $2.9M |
| Cash From Financing | $3.4M | $11.4M | $12.5M | $22.4M | $12.8M | $14.1M |
| Free Cash Flow | -$14.4M | -$10.0M | -$14.9M | -$8.8M | -$21.6M | -$10.7M |
Figures from Aqua Metals' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Aqua Metals financials page for every line item.
Aqua Metals Company Profile
| Ticker | AQMS |
|---|---|
| Exchange | Nasdaq |
| Industry | Secondary Smelting & Refining of Nonferrous Metals |
| Headquarters | Mccarran, Nevada |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0001621832 |
Frequently Asked Questions
What was Aqua Metals' revenue in fiscal 2025?
Aqua Metals (AQMS) reported revenue of $0 for fiscal 2025.
What is Aqua Metals' annual revenue history?
Aqua Metals' annual revenue by fiscal year: 2020: $108,000; 2021: $173,000; 2022: $4,000; 2023: $25,000; 2024: $0; 2025: $0.
What was Aqua Metals' net income in fiscal 2025?
Aqua Metals reported net income of -$22.6M for fiscal 2025.
How much free cash flow did Aqua Metals generate in fiscal 2025?
Aqua Metals generated -$10.7M of free cash flow in fiscal 2025.
What was Aqua Metals' revenue last quarter?
In its most recent reported quarter (2026 Q2), Aqua Metals reported revenue of $0.
How many shares of Aqua Metals are outstanding?
Aqua Metals reported a weighted average of 3.4 million basic shares outstanding in 2026 Q2.
What is Aqua Metals' market cap?
Based on its latest closing price, Aqua Metals (AQMS) has a market capitalization of about $6.5M.
When does Aqua Metals' fiscal year end?
Aqua Metals' fiscal year end, as registered with the SEC, is December 31.
Where is Aqua Metals headquartered?
Aqua Metals lists its business address in Mccarran, Nevada in its SEC filings.
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