Aqua Metals, Inc. (AQMS) Stock Score, Valuation & Financial Research

Aqua Metals, Inc. is in the Industrials sector and Waste Management industry. It is reviewed using Wall Street Score's company-strength, valuation, growth and financial-health framework. A complete Wall Street Score is not currently available.

Quick answer for AQMS

Aqua Metals, Inc. does not currently have a complete Wall Street Score. The stored market price is USD 2.47. These figures are a research snapshot, not a buy or sell recommendation.

What Aqua Metals, Inc. does

Predominantly operating in the United States, Aqua Metals, Inc. specializes in the reclamation of lead. This company manufactures and supplies various forms of lead, including hard lead and lead-based compounds, in addition to plastic materials. Aqua Metals, Inc. commenced operations in 2014 and has its corporate headquarters situated in Reno, Nevada.

Company business and revenue

Research reporting period: 2025-12-31. A research update is not a new financial filing.

How the company makes money

Aqua Metals commercializes its proprietary, water-based AquaRefining technology to recycle lithium-ion batteries and other metal-bearing materials. The company aims to generate revenue by producing and selling high-purity metals, such as lithium carbonate and mixed hydroxide precipitate, for use in the battery manufacturing supply chain and other industrial sectors.

Products and services

  • Proprietary AquaRefining technology for recycling lithium-ion batteries to recover lithium hydroxide, copper, nickel, cobalt, and manganese dioxide.

Customer types

Battery manufacturers; Advanced manufacturing industries.

Suppliers, materials and equipment

  • Spent lithium-ion battery suppliers — The company requires sources of spent lithium-ion batteries as feedstock for its recycling process; specific supplier companies are unnamed. Source

Business relationships and partnerships

  • Impossible Metals Inc. — Memorandum of Understanding to explore collaboration on a domestic supply chain for critical minerals recovered from deep-sea nodules using AquaRefining. Source
  • MOBY Robotics Inc. — Memorandum of Understanding entered into in November 2025. Source

Business strengths to evaluate

  • Proprietary water-based AquaRefining technology Source

Business risks and research considerations

  • Limited operating history and limited revenue-producing operations Source
  • Requirement for independent assays to confirm metal purity for potential customers Source

Sources: Company research source · Impossible Metals Inc.

Company research refreshed 2026-10-13. This is saved research, not a live check of company relationships. Check the reporting period and source disclosures. Financial figures and scores follow their separate update schedules.

AQMS financial snapshot

Statement amounts: USD. Quote amounts: USD. No exchange-rate conversion is performed in this snapshot. Market-capitalization currency is not supplied by this projection.

Wall Street Score:
Not currently available
Stored price:
USD 2.47
Market capitalization:
8.78M (currency not supplied)
Revenue:
USD 0.00
Net income:
USD -16M
Free cash flow:
USD -10.68M
Cash:
USD 4.74M
Total debt:
USD 441K
EPS:
USD -7.69

What stands out

  • Free cash flow is USD -10.68M, negative for the stored period.
  • The balance sheet shows USD 4.74M of cash versus USD 441K of total debt, an excess of cash over debt on these two reported measures.
  • The current research record carries a corporate distress warning, which should be reviewed alongside the score.

Company-specific financial comparisons

The following are calculated from saved company data, not forecasts or statements about future performance. Differences in reporting dates or units can make a ratio misleading; verify the original filings.

  • Cash exceeds debt by USD 4.3M using the stored balance-sheet values. This does not include other obligations or restricted cash.

Questions worth answering for AQMS

Use these questions to check the stored figures against the latest company filings. They identify issues to investigate; they are not findings about management's plans or future results.

  • How long can AQMS fund negative free cash flow using its current cash position before it may need more debt or new shares?
  • How is AQMS likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
  • What specifically needs to improve for AQMS to reach sustainable profitability?
  • What does the current corporate distress warning mean for the reliability or interpretation of AQMS's score?

What the numbers mean

A complete valuation score is not currently available, so valuation should be checked using the available earnings, cash-flow and price data.

A complete financial score is not currently available, so investors should review cash, debt, earnings and cash flow directly.

A strong company and an attractive stock price are not always the same thing. Revenue, earnings, free cash flow, debt, management quality, competitive advantage and valuation should be considered together. Wall Street Score organizes these inputs into a consistent research framework so investors can identify what deserves deeper review.

Data freshness: Financial data last refreshed 2026-10-01.

Research-input completeness: 73% of the scoring inputs required for this public page are currently available.

How to research AQMS

Start by understanding how the company makes money. Then compare revenue and earnings trends, cash generation, debt, liquidity and valuation. Review the company's latest filings and earnings reports before acting on any score or model estimate.

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Data may change as company filings and market prices update. Educational research only; not a buy or sell recommendation.