Aqua Metals Reports $8.4 Million Net Loss, Focuses on Lithium-Ion Battery Recycling Technology

Aqua Metals, Inc. reported a net loss of $8.4 million for the six months ended June 30, 2026, a significant improvement compared to a net loss of $15.1 million during the same period in 2025. The company did not generate any revenue during this timeframe, consistent with its focus on developing its lithium-ion battery recycling technology. Total operating expenses decreased by 44.4% to $8.7 million, down from $15.7 million in the prior year, primarily due to reduced plant operations and general administrative costs. The decrease in operating expenses was attributed to lower insurance-related expenses and workforce reductions.

In terms of financial position, Aqua Metals reported total assets of approximately $12.6 million as of June 30, 2026, down from $19.7 million at the end of 2025. Current assets also decreased significantly, primarily due to a reduction in cash and cash equivalents, which fell to $4.7 million from $10.8 million. The company’s accumulated deficit increased to $278.9 million, reflecting ongoing operational losses. Current liabilities were reported at $2.8 million, leading to a working capital of approximately $4.0 million.

Strategically, Aqua Metals is advancing its Project Headwaters ARC, a phased critical minerals processing campus aimed at commercializing its AquaRefining technology. The company is focusing on site selection, permitting, and securing financing for this project. During the first half of 2026, Aqua Metals issued 379,772 shares under its At-the-Market (ATM) program, generating net proceeds of approximately $1.9 million, and 131,569 shares through its employee stock purchase plan for net proceeds of $621,000. The company continues to explore various financing options to support its operations and project development.

Operationally, Aqua Metals has not engaged in commercial operations and continues to focus on pilot facility operations and technology development. The company recorded a provision for credit losses of $2.5 million related to its participation interest in Lion Energy, reflecting management's assessment of expected credit losses. The company’s cash flow from operating activities showed a net outflow of $6.5 million for the first half of 2026, compared to $5.3 million in the same period of 2025, indicating ongoing liquidity challenges.

Looking ahead, Aqua Metals acknowledges substantial doubt about its ability to continue as a going concern within the next twelve months without additional financing. The company plans to pursue various capital sources, including equity and debt financing, to support its ongoing operations and project initiatives. Management remains focused on advancing its technology platform and establishing commercial relationships to facilitate future growth.