Aqua Metals Reports $15.1 Million Net Loss for First Half of 2025

Aqua Metals, Inc. reported a net loss of $15.1 million for the six months ended June 30, 2025, compared to a loss of $11.9 million during the same period in 2024. The company's total operating expenses increased to $15.7 million from $12 million year-over-year, primarily driven by a significant impairment and loss on the disposal of property, plant, and equipment amounting to $9 million. The company did not generate any revenue during the first half of 2025, consistent with the previous year, as it continues to focus on developing its lithium-ion battery recycling technology.

The company's financial position has deteriorated, with total assets decreasing to $9.2 million as of June 30, 2025, down from $26.4 million at the end of 2024. Current liabilities also decreased to $3.6 million from $8.2 million, largely due to the repayment of a $3 million note payable. Aqua Metals' cash and cash equivalents fell to approximately $1.9 million, down from $4.1 million at the end of 2024, reflecting ongoing operational losses and the need for additional capital to sustain operations.

Strategically, Aqua Metals has made significant changes, including the sale of its Sierra ARC property for $4.3 million, which has helped retire debt and improve liquidity. The company is actively exploring partnerships and joint ventures to enhance its lithium battery recycling capabilities. In May 2025, Aqua Metals entered into an equity-line-of-credit agreement with Lincoln Park Capital Fund, allowing it to sell up to $10 million in common stock to bolster its financial position.

Operationally, Aqua Metals has not reported any commercial production, focusing instead on research and development of its AquaRefining technology. The company has implemented workforce reductions to manage costs, which have resulted in decreased payroll and related expenses. As of June 30, 2025, Aqua Metals had 1,406,005 shares of common stock outstanding following a one-for-ten reverse stock split executed on August 4, 2025.

Looking ahead, Aqua Metals anticipates continuing to incur losses and recognizes the need for additional capital to fund its operations over the next twelve months. Management has expressed substantial doubt regarding the company's ability to continue as a going concern without securing further financing. The company remains committed to advancing its lithium battery recycling technology and is actively seeking funding opportunities to support its strategic initiatives.