AQMS · Aqua Metals, Inc.

Aqua Metals reported a narrowed net loss of $(22.6 million) for the year ended December 31, 2025, compared to $(24.6 million) in 2024, driven by stable operating expenses of $23.3 million versus $23.8 million prior year, despite significant impairment charges of $9.1 million on property, plant, and equipment. Plant operations costs declined sharply to $2.4 million from $7.2 million, reflecting reduced activity, while general and administrative expenses edged down to $10.5 million. Other income improved with a $1.3 million gain from warrant liability valuation changes offsetting interest expense and debt extinguishment loss. Balance sheet strengthened markedly with cash rising to $10.8 million from $4.1 million, total assets at $19.7 million down from $26.4 million primarily due to impairments, and liabilities halved to $4.9 million after eliminating long-term debt and notes payable. Equity stood at $14.8 million. Management highlighted 2025 milestones including refined ARC strategy prioritizing battery-grade lithium carbonate and MHP to double output and target three-year payback, pilot-scale LFP recycling, low-fluorine lithium production, and feedstock flexibility tests. Strategic moves included multi-year supply deal with 6K Energy, LOIs and MOUs with Westwin, Impossible Metals, and MOBY Robotics, plus ongoing Lion Energy diligence for energy storage expansion. Capital raises of $17.1 million provide runway for site selection and engineering, positioning the company for commercial scale in sustainable battery recycling.