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Aqua Metals, Inc.

Aqua Metals, Inc. is an American Secondary Smelting and Refining of Nonferrous Metals company.2 It is headquartered in Oakland, United States.2 Its shares trade on Nasdaq under the symbol AQMS.2

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Last updated Oct 21, 2026.

Overview

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  • TickerAQMS on Nasdaq2
  • IndustrySecondary Smelting & Refining of Nonferrous Metals2
  • HeadquartersOakland, United States2
  • Incorporated inDE3
  • Business address2500 Peru Dr., Mccarran, Nv 894373
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300RYC8R46H1FXA062
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O The Company Corporation, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 55554702

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Aqua Metals was incorporated in Delaware on June 20, 2014, to develop and commercialize metals recycling technologies based on its proprietary AquaRefining process. In 2015, the Company developed its initial AquaRefining technology for lead-acid battery recycling, and between 2017 and 2019 operated a demonstration facility that achieved sustained production of recycled lead using a smelterless process.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

-100.0%Revenue growth, 20245
-151.2%Return on equity6
-$21.6MFree cash flow6

Financial statements

Revenue789105$0 in 2024
0$2.0M$4.0M$6.0M2019: $4.9M$4.9M20192020: $108.0K$108.0K2020−98%2021: $173.0K$173.0K2021+60%2022: $4.0K$4.0K2022−98%2023: $25.0K$25.0K2023+525%2024: $0$02024
Operating income7891056-$23.8M in 2024−42% since 2019
-$60.0M-$40.0M-$20.0M02019: -$40.8M-$40.8M20192020: -$15.4M-$15.4M2020−62%2021: -$17.5M-$17.5M2021+13%2022: -$15.6M-$15.6M2022−11%2023: -$24.5M-$24.5M2023+57%2024: -$23.8M-$23.8M2024−3%
Net income7891056-$24.6M in 2024−45% since 2019
-$60.0M-$40.0M-$20.0M02019: -$44.8M-$44.8M20192020: -$25.8M-$25.8M2020−42%2021: -$18.2M-$18.2M2021−29%2022: -$15.4M-$15.4M2022−15%2023: -$23.9M-$23.9M2023+55%2024: -$24.6M-$24.6M2024+3%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Plant operations$2.4M$7.2M
Research and development cost$1.3M$1.6M
Impairment and loss on disposal of property, plant and equipment$9.1M$3.1M
General and administrative expense$10.5M$12.0M
Total operating expense$23.3M$23.8M
Loss from operations-$23.3M-$23.8M
Interest expense-$667.0K-$574.0K
Interest and Other Income$913.0K$376.0K
Loss on extinguishment of debt-$825.0K$0
Change in fair value of warrant liability$1.3M-$507.0K
Total other income (expense), net$687.0K-$705.0K
Loss before income tax expense-$22.6M-$24.6M
Income tax expense-$2.0K-$3.0K
Net loss-$22.6M-$24.6M
Weighted average shares outstanding, basic and diluted (in shares)1.5M shares642.0K shares
Basic and diluted net loss per share (in dollars per share)-$15.15-$38.25

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Corporate structure

Aqua Metals, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Aqua Metals, Inc.

  • Robert W. Baird & Co. Inc Filed SCHEDULE 13G/A on Aqua Metals, Inc., latest Feb 6, 2026 (4 filings since Feb 9, 2023)
  • Alex Scott Cushner Filed SCHEDULE 13G/A on Aqua Metals, Inc., latest Feb 14, 2025 (2 filings since Feb 15, 2023)
  • Aqua Metals, Inc. Oakland, California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Aqua Metals, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$8.8M6 Dec 31, 2025$19.0M6 Dec 31, 2024−53.8%
Accumulated depreciation$3.0M6 Dec 31, 2025$2.5M6 Dec 31, 2024+20.6%
Property and equipment, net$5.8M6 Dec 31, 2025$16.5M6 Dec 31, 2024−65.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$10.8M6 Dec 31, 2025$4.1M6 Dec 31, 2024+165.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, gross$1.8M6 Dec 31, 2025$1.8M6 Dec 31, 20240%
Accumulated amortization$1.7M6 Dec 31, 2025$1.6M6 Dec 31, 2024+4.2%
Finite-lived intangibles, net$76.0K6 Dec 31, 2025$146.0K6 Dec 31, 2024−47.9%

Inventory

ItemLatestA year beforeChange
Inventory, total$244.0K6 Dec 31, 2025$251.0K6 Dec 31, 2024−2.8%
Raw materials$244.0K6 Dec 31, 2025$251.0K6 Dec 31, 2024−2.8%
Work in process$05 Dec 31, 2024$135.0K5 Dec 31, 2023−100.0%

Properties, in its own words

Our executive offices are presently located in 4,183 square feet of class A office space in Reno, Nevada. We lease this facility at a lease rate of approximately $13,000 per month. On December 9, 2025, we extended the operating lease for our headquarters at 5370 Kietzke Lane, Reno, NV. The lease term expires April 1, 2027.

We have developed and lease an Innovation Center focused on applying Aqua Metals technology to lithium-ion battery recycling. We lease this facility at a lease rate of approximately $12,000 per month. On June 9, 2024, we extended the operating lease for our Innovation Center located at 160 Denmark Dr, McCarran, NV. The lease term expires on December 31, 2027.

Item 2 of the 10-K filed Mar 31, 2026.4

Leadership

Who has led Aqua Metals, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Stephen R. Clarke2015–2018
  2. Stephen Cotton2019–now

President

  1. Stephen R. Clarke2015–2018
  2. Stephen Cotton2018–2019

Chief financial officer

  1. Mark Weinswig2017–2018
  2. Knuettel Francis Ii.2018
  3. Judd Merrill2018–2025
  4. Eric West2025–now

Chief operating officer

  1. Selwyn Mould2015–2017
20202025
Board members and other officers (17)

Timeline

  1. Sep 8, 20268-K Other events37
  2. Aug 21, 20268-K Shareholder vote38
  3. Jul 30, 20268-K Results of operations39
  4. May 14, 20268-K Results of operations40
  5. Mar 31, 20268-K Results of operations41
  6. Feb 11, 20268-K Entered a material agreement; Completed an acquisition or sale; Other events42
  7. Dec 2, 20258-K Other events43
  8. Nov 12, 20258-K Results of operations44
  9. Oct 16, 20258-K Entered a material agreement; Unregistered sale of shares45
  10. Sep 8, 20258-K Listing notice or transfer46
  11. Aug 13, 20258-K Results of operations47
  12. Jul 24, 20258-K Shareholder vote48
  13. Feb 27, 2019New chief executive Stephen Cotton becomes CEO14
  14. Jul 30, 2015New chief executive Stephen R. Clarke becomes CEO15

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/202649

When it reported results

  1. Jul 30, 2026Reported quarterly or annual results39
  2. May 14, 2026Reported quarterly or annual results40
  3. Mar 31, 2026Reported quarterly or annual results41
  4. Nov 12, 2025Reported quarterly or annual results44
  5. Aug 13, 2025Reported quarterly or annual results47
  6. May 8, 2025Reported quarterly or annual results50
  7. Mar 31, 2025Reported quarterly or annual results51
  8. Nov 14, 2024Reported quarterly or annual results52

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

292 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 65 major events, 147 insider forms, 6 large holders, 53 other. The latest 20:

  1. Oct 15, 20264 EDGAR
  2. Oct 15, 20264 EDGAR
  3. Oct 15, 20264 EDGAR
  4. Sep 8, 20268-K EDGAR
  5. Aug 26, 20264 EDGAR
  6. Aug 26, 20264 EDGAR
  7. Aug 26, 20264 EDGAR
  8. Aug 26, 20264 EDGAR
  9. Aug 26, 20264 EDGAR
  10. Aug 26, 20264 EDGAR
  11. Aug 21, 2026S-8 EDGAR
  12. Aug 21, 20268-K EDGAR
  13. Aug 21, 20264 EDGAR
  14. Aug 21, 20264 EDGAR
  15. Aug 21, 20264 EDGAR
  16. Jul 30, 202610-Q EDGAR
  17. Jul 30, 20268-K EDGAR
  18. Jul 8, 2026ARS EDGAR
  19. Jul 8, 2026DEF 14A EDGAR
  20. Jul 7, 20264 EDGAR

The 292 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

25 open-market trades by officers, directors and large owners since October 2021: 19 buys and 6 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 14, 2024YI SUNGDirectorBuy75,000$0.39$29.2KForm 4
May 14, 2024SMITH EDWARD JDirectorBuy25,000$0.39$9.8KForm 4
May 14, 2024Zhang PeifangDirectorBuy62,500$0.39$24.4KForm 4
May 14, 2024DIVITO VINCENT LDirectorBuy62,500$0.39$24.4KForm 4
May 14, 2024McMurtry DavidChief Business OfficerBuy25,000$0.39$9.8KForm 4
May 14, 2024Taecker Benjamin S.Chief Eng and Opr OfficerBuy25,000$0.39$9.8KForm 4
May 14, 2024Merrill JuddChief Financial OfficerBuy37,500$0.39$14.6KForm 4
May 14, 2024Cotton StephenChief Executive OfficerBuy250,000$0.39$97.5KForm 4
Nov 17, 2023DIVITO VINCENT LDirectorBuy5,000$0.89$4.5KForm 4
Jul 19, 2023SMITH EDWARD JDirectorBuy90,500$1.10$99.5KForm 4
Jul 19, 2023Zhang PeifangDirectorBuy72,900$1.10$80.2KForm 4
Jul 19, 2023DIVITO VINCENT LDirectorBuy9,000$1.10$9.9KForm 4
Dec 29, 2022Zhang PeifangDirectorBuy10,000$0.99$9.9KForm 4
Dec 28, 2022Kanen DavidDirectorBuy34,180$0.75$25.6KForm 4
Dec 27, 2022Kanen DavidDirectorBuy150,995$0.73$110.2KForm 4
Dec 23, 2022Philotimo Fund, LPBuy283,250$0.71$201.1KForm 4
Dec 23, 2022Zhang PeifangDirectorBuy50,000$0.70$35.0KForm 4
Dec 23, 2022DIVITO VINCENT LDirectorBuy10,000$0.69$6.9KForm 4
Dec 14, 2022SMITH EDWARD JDirectorBuy100,000$0.64$64.0KForm 4
Jul 8, 2022Cotton StephenChief Executive OfficerSale283,758$0.77$218.5KForm 4

All 25 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Robert W. Baird & Co. IncSCHEDULE 13G/A, 4 filings Feb 9, 2023 to Feb 6, 202653
  • Alex Scott CushnerSCHEDULE 13G/A, 2 filings Feb 15, 2023 to Feb 14, 202554

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Stephen Cotton,59$511.0K$1.9M55
2025Benjamin Taecker,44$308.0K$806.0K55
2025Eric West,35$173.0K$666.0K55
2024President and Chief Executive Officer$511.0K$1.5M55
2024Chief Engineering and Operating Officer$300.0K$572.0K55
2024Chief Financial Officer$193.0K$208.0K55

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$201.3K 2020–2020
Money received by yearMoney received by year, 2020–2020: $201.3K in all. PPP loans $201.3K.$0$100K$200K$300K2020 · PPP loans: $201.3K2020
Figures by year
YearPPP loansTotal
2020$201.3K$201.3K

PPP loans

Paycheck Protection Program loans of $150,000 and up, approved April 2020 to July 2021, from the SBA56. Matched to this company by name and state.

  1. Apr 29, 2020$201.3K PPP loan (first draw) from Capital Educators FCU56To AQUA METALS INC, Mccarran NV; $203.4K forgiven May 21, 2021

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 29. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Stifel Financial Corp102,642$296.6K0.0%+20,826
Hamilton Capital Partners, LLC62,204$179.8K0.1%New
Geode Capital Management, LLC34,410$99.4K0.0%−6,783
Vanguard Capital Management LLC29,215$84.4K0.0%No change
Vanguard Fiduciary Trust Co15,587$45.0K0.0%No change
BlackRock, Inc.4,849$14.0K0.0%No change
UBS Group AG1,739$5.0K0.0%+1,248
Arax Advisory Partners1,295$3.7K0.0%−45
Wells Fargo & Company/mn500$1.4K0.0%No change
Northwestern Mutual Wealth Management Co312$9020.0%No change
Morgan Stanley294$8490.0%No change
Lanark Financial, Inc.200$5780.0%No change
Elevated Capital Advisors, LLC171$4940.0%No change
Jones Financial Companies Lllp162$4710.0%−206
Vanguard Global Advisers, LLC133$3840.0%No change
Skandinaviska Enskilda Banken AB (publ)131$3790.0%New
SBI Securities Co., Ltd.110$3180.0%+8
Osaic Holdings, Inc.103$2970.0%No change
Raiffeisen Bank International AG55$1570.0%No change
Price T Rowe Associates Inc /md/29,337$850.0%+4,747
Center for Financial Planning, Inc.22$640.0%No change
Huntington National Bank10$290.0%No change
SHP Wealth Management5$140.0%No change
Danske Bank A/s3$90.0%No change
Russell Investments Group, Ltd.2$60.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Aqua Metals, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAqua Metals, Inc.1
  • CIK0001621832
  • Employer ID (EIN)47-11695724
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)3341 Secondary Smelting & Refining of Nonferrous Metals1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address2500 Peru Dr., Mccarran, NV 894371
  • Phone(775) 525-19361
  • Shares outstanding3,563,531 as of Jul 24, 202612
  • Public float$4.8M as of Jun 30, 20254
  • AuditorForvis Mazars, LLP, New York, New York PCAOB ID 686; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceOct 8, 20141
  • Filings751 in all: 4 (316), 8-K (145), 10-Q (34), 3 (28), 424B5 (23), SC 13D/A (20), DEFA14A (18), CORRESP (17)1
    All 48 form types

    DEF 14A (12), 10-K (11), S-8 (11), UPLOAD (10), SC 13G (9), SC 13G/A (9), DFAN14A (8), PRE 14A (8), 4/A (7), EFFECT (7), S-3 (7), 144 (5), ARS (4), S-1/A (4), 8-K/A (3), S-1 (3), S-3/A (3), 424B3 (2), D (2), DEFC14A (2), FWP (2), SC 13D (2), SCHEDULE 13G/A (2), 10-K/A (1), 3/A (1), 424B4 (1), 8-A12B (1), CERTNAS (1), CT ORDER (1), D/A (1), DEFR14A (1), DRS (1), NT 10-Q (1), POS EX (1), PREC14A (1), PRER14A (1), PRRN14A (1), RW (1), S-3MEF (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Jul 30, 2026
    Proxy statement (DEF 14A) Jul 8, 2026
    Latest 8-K (8-K) Sep 8, 2026

Securities registered for trading

ClassSymbolExchange
Common StockAQMSNasdaq

From the cover page of the 10-K filed Mar 31, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Aqua Metals, Inc. names in Item 1A of its 10-K filed Mar 31, 2026: 9 risks under these headings, as written.4

  • Risks Relating to Our Business and Operations
  • We have a limited operating history and limited revenue producing operations and are currently focusing on developing our lithium battery recycling.
  • We will need additional financing to execute our business plan and fund operations, which additional financing may not be available on reasonable terms or at all.
  • Our business model is new and has not been proven by us or anyone else.
  • Our internal computer systems, or those of our collaborators or other contractors or consultants, may fail or suffer security breaches, which could result in a material disruption of our product development programs.
  • Risks Relating to Geopolitical, Macroeconomic and Industry Factors
  • We are subject to the risks of conducting business outside the United States.
  • Risks Relating to Government Law and Environmental Regulations
  • U.S. government regulation and environmental, health and safety concerns may adversely affect our business.
  • Risks Related to Owning Our Common Stock
  • We have not paid dividends in the past and have no plans to pay dividends.
  • Our charter documents and Delaware law may inhibit a takeover that stockholders consider favorable.
The other 1 risk
  • Our bylaws designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain litigation that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with the Company.

Legal proceedings

For a description of our material pending legal proceedings, please see Note 14, Commitments and Contingencies, to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

The opening of Item 3, Legal Proceedings.4

Sources

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