Aqua Metals, Inc. reported a net loss of $22.6 million for the fiscal year ending December 31, 2025, a slight improvement from the $24.6 million loss recorded in the previous year. The company did not generate any revenue during this period, as its operations were focused on developing its lithium-ion battery recycling technology, AquaRefining. Total operating expenses for 2025 were approximately $23.3 million, down from $23.8 million in 2024, primarily due to reduced payroll and related costs following workforce reductions.
The company experienced a significant impairment and loss on the disposal of property, plant, and equipment amounting to $9.1 million in 2025, largely related to the sale of its facility in the Tahoe-Reno Industrial Center (TRIC). This sale was part of a strategic shift to prioritize lithium carbonate production, which is expected to enhance operational efficiency and reduce capital requirements. Aqua Metals also reported a decrease in research and development costs, which fell to $1.3 million from $1.6 million in the prior year, reflecting ongoing efforts to refine its recycling processes.
In terms of strategic developments, Aqua Metals is pursuing an acquisition of Lion Energy, LLC, which could expand its involvement in energy storage systems and battery cell production. The proposed acquisition, announced on February 6, 2026, is subject to various conditions, including due diligence and regulatory approvals. The company also continues to explore partnerships and joint ventures to enhance its market position in the lithium battery recycling sector.
Operationally, Aqua Metals has not yet commenced large-scale commercial operations but has made progress in pilot-scale testing of its AquaRefining technology. The company reported a cash balance of $10.8 million as of December 31, 2025, and working capital of $9 million, indicating a need for additional capital to support ongoing operations and future growth initiatives. The company’s management has expressed substantial doubt about its ability to continue as a going concern without securing further financing.
Looking ahead, Aqua Metals aims to finalize its acquisition of Lion Energy and continue advancing its AquaRefining technology to meet the growing demand for recycled battery materials. The company is also evaluating alternative sites and funding sources for future commercial facilities, as it seeks to establish itself as a leader in the sustainable recycling of critical minerals.
About Aqua Metals, Inc.
Aqua Metals, Inc. develops and commercializes AquaRefining™, a patented, clean, closed-loop electrochemical recycling technology for recovering high-purity metals from lead acid and lithium-ion batteries. Its modular systems produce critical battery minerals like lithium, cobalt, nickel, and copper with lower emissions and waste than traditional smelting. Serving battery manufacturers and metals markets, Aqua Metals aims to supply sustainable recycled materials for energy storage and electric vehicle industries through direct operations and technology licensing.
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