AQMS · Aqua Metals, Inc.

Aqua Metals reported a Q1 2026 net loss of $3.954 million, a significant improvement from the $8.315 million loss in Q1 2025, primarily due to lower operating expenses including reduced plant operations from $724 thousand to $501 thousand, lower R&D from $336 thousand to $282 thousand, and elimination of a $5.247 million impairment charge. General and administrative expenses increased slightly to $2.920 million. The company highlighted operational progress at its Innovation Center, achieving over 5,000 cumulative operating hours and key milestones like battery-grade lithium carbonate from NMC and LFP feedstocks and high-purity manganese sulfate at 99.8%. Management emphasized disciplined cash preservation during prior market downturns, entering commercialization with $6.816 million in cash, down from $10.810 million at year-end 2025. Strategic updates include advancing site selection for its first commercial facility with a focus on logistics and cost advantages, and terminating the Lion Energy acquisition due to unfavorable terms while exploring alternatives. Active partnerships with 6K Energy, Westwin Elements, and others position the company for near-term revenue. CEO Steve Cotton underscored confidence in AquaRefining's role in domestic critical minerals supply chains amid improving market conditions.