Aqua Metals Reports $18.2 Million Net Loss and Focuses on Lithium-Ion Battery Recycling Technology

Aqua Metals, Inc. reported a net loss of $18.2 million for the nine months ended September 30, 2025, compared to a loss of $17.1 million for the same period in 2024. The company's total operating expenses decreased by 9.4% to $18.8 million, primarily due to reduced payroll and related costs following workforce reductions. The company did not generate any revenue during the reporting period, continuing its trend from the previous year. As of September 30, 2025, Aqua Metals had cash and cash equivalents of approximately $3.6 million, down from $4.1 million at the end of 2024.

Significant changes in the company's financial position include a notable impairment charge of $9.0 million related to the sale of its TRIC facility, which was previously under construction. This impairment significantly impacted the net loss for the nine-month period. Additionally, Aqua Metals reported a decrease in plant operations costs, which fell by 66.5% year-over-year, attributed to reduced payroll and professional fees. General and administrative expenses also decreased by 26.9%, reflecting ongoing cost-cutting measures.

In terms of strategic developments, Aqua Metals has been focusing on its lithium-ion battery recycling technology, AquaRefining, which aims to provide a cleaner and more efficient recycling solution. The company has entered into collaborations, including a Memorandum of Understanding with Impossible Metals Inc. to explore the recovery of essential minerals from deep-sea nodules. Furthermore, Aqua Metals has expanded its feedstock diversification strategy, indicating a proactive approach to securing critical mineral sources.

Operationally, Aqua Metals has not engaged in commercial production during the reported periods, as it continues to develop its technology. The company has maintained a workforce reduction strategy to manage costs, which it does not expect to impact its pilot operations significantly. As of September 30, 2025, Aqua Metals had 2,979,263 outstanding shares of common stock, reflecting its ongoing efforts to manage equity and financing options. The company has also utilized its At-the-Market (ATM) offering program, raising approximately $5.9 million in net proceeds during the nine months ended September 30, 2025.

Looking ahead, Aqua Metals anticipates the need for additional capital to fund its operations and business plan, with management expressing substantial doubt about the company's ability to continue as a going concern without further financing. The company plans to pursue strategic partnerships and grant opportunities to accelerate the commercialization of its technology, while also focusing on site selection and permitting for its first commercial AquaRefining facility.