AQMS · Aqua Metals, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | $0 | - | $0 | - | - | - |
| Cost of Revenue | $501.0K | - | $576.0K | $776.0K | $724.0K | - | $1.62M | $2.37M | $2.21M | - |
| Gross Profit | - | - | - | - | ($724.0K) | - | ($1.62M) | - | - | - |
| R&D | $282.0K | - | $328.0K | $295.0K | $336.0K | - | $398.0K | $363.0K | $588.0K | - |
| SG&A | $2.92M | - | $2.14M | $2.19M | $2.38M | - | $2.75M | $3.43M | $3.00M | - |
| Total Operating Expenses | $4.14M | - | $3.06M | $7.03M | $8.68M | - | $5.21M | $6.16M | $5.79M | - |
| D&A | $197.0K | - | $197.0K | $200.0K | $221.0K | - | $229.0K | $235.0K | $218.0K | - |
| Operating Income | ($4.14M) | - | ($3.06M) | ($7.03M) | ($8.68M) | - | ($5.21M) | ($6.16M) | ($5.79M) | - |
| Interest Expense | $8.0K | - | $12.0K | $245.0K | $106.0K | - | $83.0K | $255.0K | $106.0K | - |
| Income Tax | - | - | - | - | - | - | $0 | $3.0K | - | - |
| Net Income | ($3.95M) | - | ($3.12M) | ($6.77M) | ($8.31M) | - | ($5.21M) | ($6.15M) | ($5.75M) | - |
| EPS - Basic | ($1.22) | - | ($2.19) | ($7.44) | ($10.30) | - | ($7.60) | ($10.00) | ($10.00) | - |
| EPS - Diluted | - | - | - | - | - | - | - | - | - | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.82M | $10.81M | $3.59M | $1.93M | $1.59M | $4.08M | $2.95M | $7.83M | $8.29M | $16.52M |
| Accounts Receivable | - | - | - | - | $128.0K | $0 | $486.0K | $0 | $0 | $67.0K |
| Inventory | $244.0K | $244.0K | $244.0K | $245.0K | $245.0K | $251.0K | $330.0K | $908.0K | $1.04M | $929.0K |
| Accounts Payable | $839.0K | $547.0K | $718.0K | $905.0K | $788.0K | $1.23M | $1.48M | $1.68M | $2.00M | $1.84M |
| Current Assets | $11.10M | $13.40M | $3.97M | $2.37M | $2.22M | $4.64M | $4.16M | $9.31M | $10.08M | $18.30M |
| Total Assets | $17.12M | $19.71M | $10.50M | $9.24M | $18.07M | $26.36M | $28.48M | $33.66M | $31.45M | $33.60M |
| Current Liabilities | $3.62M | $4.43M | $3.46M | $3.63M | $7.16M | $8.18M | $7.07M | $7.85M | $8.45M | $4.61M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $3.99M | $4.94M | $3.98M | $4.13M | $8.53M | $10.12M | $7.58M | $8.45M | $8.59M | $7.54M |
| Stockholders' Equity | $13.13M | $14.77M | $6.52M | $5.12M | $9.53M | $16.24M | $20.90M | $25.21M | $22.85M | $26.06M |
| Retained Earnings | ($274.37M) | ($270.42M) | ($265.98M) | ($262.86M) | ($256.08M) | ($247.77M) | ($240.33M) | ($235.12M) | ($228.97M) | ($223.22M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($3.84M) | - | - | - | ($2.75M) | - | - | - | ($4.25M) | - |
| Investing Cash Flow | ($2.00M) | - | - | - | ($375.0K) | - | - | - | ($5.58M) | - |
| Financing Cash Flow | $1.85M | - | - | - | $638.0K | - | - | - | $1.60M | - |
| CapEx | $0 | - | - | - | $289.0K | - | - | - | $2.74M | - |
| Free Cash Flow | ($3.84M) | - | - | - | ($3.04M) | - | - | - | ($6.99M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | - | - | - | - | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | 0.97 | - | - | - | 0.37 | - | - | - | 1.21 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -23.1% | - | -29.7% | -73.2% | -46.0% | - | -18.3% | -18.3% | -18.3% | - |
| Return on equity | -30.1% | - | -47.9% | -132.3% | -87.2% | - | -24.9% | -24.4% | -25.2% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 3.07 | 3.03 | 1.15 | 0.65 | 0.31 | 0.57 | 0.59 | 1.19 | 1.19 | 3.97 |
| Quick ratio | 3.00 | 2.97 | 1.08 | 0.58 | 0.28 | 0.54 | 0.54 | 1.07 | 1.07 | 3.77 |
| Cash ratio | 1.88 | 2.44 | 1.04 | 0.53 | 0.22 | 0.50 | 0.42 | 1.00 | 0.98 | 3.58 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -517.5x | - | -255.4x | -28.7x | -81.9x | - | -62.8x | -24.2x | -54.6x | - |
| Equity multiplier | 1.30 | 1.33 | 1.61 | 1.81 | 1.90 | 1.62 | 1.36 | 1.34 | 1.38 | 1.29 |
| Liabilities / Assets | 0.23 | 0.25 | 0.38 | 0.45 | 0.47 | 0.38 | 0.27 | 0.25 | 0.27 | 0.22 |
| Efficiency | ||||||||||
| Asset turnover | - | - | - | - | 0.00 | - | 0.00 | - | - | - |
| Inventory turnover | 2.05 | - | 2.36 | 3.17 | 2.96 | - | 4.90 | 2.61 | 2.12 | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | 178d | - | 155d | 115d | 124d | - | 74d | 140d | 172d | - |
| Days payable outstanding | 611d | - | 455d | 426d | 397d | - | 333d | 258d | 330d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | -100.0% | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | 7.3% | - | - | - |
| Operating income growth (YoY) | 52.3% | - | 41.2% | -14.1% | -49.9% | - | -5.3% | -26.9% | -28.3% | - |
| Net income growth (YoY) | 52.4% | - | 40.1% | -10.1% | -44.6% | - | -14.6% | -29.2% | -24.9% | - |
| EPS growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -26.4% | - | - | - | 56.5% | - | - | - | 13.9% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 37.7% | -9.1% | -68.8% | -79.7% | -58.3% | -37.7% | -41.0% | 60.1% | 19.8% | 24.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2023-12-31.
Product / service
$25.0K totalSale Of Inventory$25.0K · 100.0%
Peer comparison
Same SIC group: Secondary Smelting & Refining of Nonferrous Metals
| Company | Revenue (last FY) | Net margin | ROE |
|---|---|---|---|
| CSTM | $8.45B | 3.2% | 28.7% |
Comparing Aqua Metals against the 1 most active filer in the same SIC group.