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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | - | $0 | $25.0K | $4.0K | $173.0K | $108.0K |
| Cost of Revenue | $2.41M | $7.21M | $6.28M | $3.96M | $7.02M | $5.48M |
| Gross Profit | - | ($7.21M) | ($6.26M) | ($3.96M) | ($6.84M) | ($5.37M) |
| R&D | $1.32M | $1.59M | $1.74M | $1.81M | $933.0K | $1.03M |
| SG&A | $10.48M | $11.97M | $11.64M | $9.81M | $9.69M | $9.00M |
| Total Operating Expenses | $23.33M | $23.85M | $24.49M | $15.59M | $17.64M | $15.50M |
| D&A | $815.0K | $900.0K | $900.0K | $500.0K | $600.0K | $1.90M |
| Operating Income | ($23.33M) | ($23.85M) | ($24.46M) | ($15.58M) | ($17.46M) | ($15.39M) |
| Interest Expense | $667.0K | $574.0K | $621.0K | $125.0K | $21.0K | $1.62M |
| Income Tax | $2.0K | $3.0K | $2.0K | $2.0K | $2.0K | $2.0K |
| Net Income | ($22.65M) | ($24.55M) | ($23.94M) | ($15.43M) | ($18.19M) | ($25.76M) |
| EPS - Basic | ($15.15) | ($38.30) | ($50.00) | ($52.00) | - | - |
| EPS - Diluted | - | - | - | - | - | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.81M | $4.08M | $16.52M | $7.08M | $8.14M | $6.53M |
| Accounts Receivable | - | $0 | $67.0K | $12.0K | $269.0K | $32.0K |
| Inventory | $244.0K | $251.0K | $929.0K | $278.0K | $123.0K | $1.09M |
| Accounts Payable | $547.0K | $1.23M | $1.84M | $1.07M | $685.0K | $1.55M |
| Current Assets | $13.40M | $4.64M | $18.30M | $23.21M | $12.44M | $8.36M |
| Total Assets | $19.71M | $26.36M | $33.60M | $33.50M | $33.27M | $35.14M |
| Current Liabilities | $4.43M | $8.18M | $4.61M | $12.31M | $4.08M | $3.45M |
| Long-term Debt | - | - | - | - | - | $332.0K |
| Total Liabilities | $4.94M | $10.12M | $7.54M | $12.59M | $5.74M | $4.00M |
| Stockholders' Equity | $14.77M | $16.24M | $26.06M | $20.92M | $27.53M | $31.14M |
| Retained Earnings | ($270.42M) | ($247.77M) | ($223.22M) | ($199.28M) | ($183.85M) | ($165.65M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($10.25M) | ($13.63M) | ($3.19M) | ($10.15M) | ($7.62M) | ($11.03M) |
| Investing Cash Flow | $2.90M | ($11.64M) | ($9.81M) | ($3.42M) | ($2.23M) | $6.63M |
| Financing Cash Flow | $14.09M | $12.82M | $22.45M | $12.51M | $11.45M | $3.35M |
| CapEx | $425.0K | $7.92M | $5.60M | $4.77M | $2.35M | $3.36M |
| Free Cash Flow | ($10.68M) | ($21.55M) | ($8.79M) | ($14.92M) | ($9.96M) | ($14.39M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | -25028.0% | -98875.0% | -3956.1% | -4970.4% |
| Operating margin | - | - | -97856.0% | -389575.0% | -10095.4% | -14252.8% |
| EBITDA margin | - | - | -94256.0% | -377075.0% | -9748.6% | -12493.5% |
| Net margin | - | - | -95752.0% | -385775.0% | -10516.2% | -23853.7% |
| Free cash flow margin | - | - | -35164.0% | -372975.0% | -5760.1% | -13325.0% |
| FCF / Net income | 0.47 | 0.88 | 0.37 | 0.97 | 0.55 | 0.56 |
| R&D / Revenue | - | - | 6964.0% | 45325.0% | 539.3% | 950.9% |
| SG&A / Revenue | - | - | 46552.0% | 245375.0% | 5600.0% | 8331.5% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -114.9% | -93.1% | -71.2% | -46.1% | -54.7% | -73.3% |
| Return on equity | -153.3% | -151.2% | -91.8% | -73.8% | -66.1% | -82.7% |
| Return on invested capital | - | - | - | - | - | -38.6% |
| Liquidity | ||||||
| Current ratio | 3.03 | 0.57 | 3.97 | 1.89 | 3.05 | 2.42 |
| Quick ratio | 2.97 | 0.54 | 3.77 | 1.86 | 3.02 | 2.10 |
| Cash ratio | 2.44 | 0.50 | 3.58 | 0.58 | 2.00 | 1.89 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | 0.01 |
| Debt / Assets | - | - | - | - | - | 0.01 |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -35.0x | -41.5x | -39.4x | -124.7x | -831.7x | -9.5x |
| Equity multiplier | 1.33 | 1.62 | 1.29 | 1.60 | 1.21 | 1.13 |
| Liabilities / Assets | 0.25 | 0.38 | 0.22 | 0.38 | 0.17 | 0.11 |
| Efficiency | ||||||
| Asset turnover | - | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Inventory turnover | 9.86 | 28.74 | 6.76 | 14.24 | 57.05 | 5.02 |
| Days sales outstanding | - | - | 978d | 1095d | 568d | 108d |
| Days inventory outstanding | 37d | 13d | 54d | 26d | 6d | 73d |
| Days payable outstanding | 83d | 62d | 107d | 99d | 36d | 103d |
| Cash conversion cycle | - | - | 926d | 1022d | 538d | 77d |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | - | -100.0% | 525.0% | -97.7% | 60.2% | -97.8% |
| Revenue CAGR (3y) | - | - | -38.6% | -90.6% | - | -62.8% |
| Revenue CAGR (5y) | - | - | - | -71.4% | - | - |
| Gross profit growth (YoY) | - | -15.3% | -58.2% | 42.2% | -27.5% | 73.1% |
| Operating income growth (YoY) | 2.2% | 2.5% | -57.0% | 10.8% | -13.5% | 62.3% |
| Net income growth (YoY) | 7.8% | -2.6% | -55.1% | 15.2% | 29.4% | 42.5% |
| EPS growth (YoY) | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 50.5% | -145.2% | 41.1% | -49.7% | 30.8% | 62.1% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -9.1% | -37.7% | 24.6% | -24.0% | -11.6% | -37.2% |
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%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
2/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- -No share dilution
- -Gross margin improved
- -Asset turnover improved
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.