Aqua Metals Reports $8.3 Million Net Loss in Q1 2025, Total Assets Decrease to $18.1 Million

Aqua Metals, Inc. reported a net loss of $8.3 million for the first quarter of 2025, compared to a loss of $5.8 million in the same period of 2024. The company's total operating expenses increased by approximately 49.9% to $8.7 million, driven primarily by a non-cash impairment expense of $5.2 million related to a facility under construction. The company did not generate any revenue during the quarter, consistent with the previous year, as it continues to focus on developing its lithium-ion battery recycling technology.

In terms of financial position, Aqua Metals' total assets decreased to $18.1 million as of March 31, 2025, down from $26.4 million at the end of 2024. Current assets also fell significantly, from $4.6 million to $2.2 million, largely due to a reduction in cash and cash equivalents, which dropped from $4.1 million to $1.6 million. The company's accumulated deficit increased to $256.1 million, reflecting ongoing operational losses and the lack of revenue generation.

Operationally, Aqua Metals has made strategic adjustments, including workforce reductions that contributed to a decrease in payroll and related costs. The company reported a significant reduction in plant operations costs, which fell by 67.2% year-over-year, primarily due to these workforce changes and decreased professional fees. The company is also in the process of selling a facility that was under construction, a decision driven by a shift in strategic priorities and capital allocation plans.

Aqua Metals continues to explore opportunities for geographic expansion and partnerships in the lithium battery recycling market. The company is actively seeking funding to build its first commercial plant and has engaged in discussions with potential strategic partners. However, management has expressed substantial doubt regarding the company's ability to continue operations over the next twelve months without raising additional capital, given its current working capital deficit of approximately $4.9 million.

Looking ahead, Aqua Metals aims to enhance its lithium-ion battery recycling capabilities and is focused on scaling its operations. The company plans to simplify its product offerings to improve margins and reduce capital expenditures. Despite the challenges, Aqua Metals remains committed to its vision of becoming a leader in sustainable metals recycling, leveraging its proprietary AquaRefining technology to meet the growing demand for critical metals in the energy storage economy.