Aqua Metals, Inc. reported a net loss of $3.95 million for the first quarter of 2026, a significant improvement compared to a net loss of $8.32 million during the same period in 2025. The company did not generate any revenue in either quarter, reflecting its ongoing focus on developing its lithium-ion battery recycling technology rather than engaging in commercial operations. Total operating expenses decreased by 52.3% to $4.14 million, down from $8.68 million in the prior year, primarily due to a reduction in impairment expenses and lower operational costs.
The company's cash and cash equivalents stood at approximately $6.82 million as of March 31, 2026, down from $10.81 million at the end of 2025. Aqua Metals' working capital was approximately $7.48 million, with current liabilities of $3.62 million. The decrease in cash was attributed to net cash used in operating activities of $3.84 million, which was higher than the $2.75 million used in the same period last year. The company also reported net cash used in investing activities of $2 million, primarily related to cash advanced for a participation interest in Lion Energy's credit facility.
In terms of strategic developments, Aqua Metals has been actively pursuing partnerships and collaborations to enhance its technology and market position. The company entered into a non-binding term sheet for a potential acquisition of Lion Energy, although it later decided to terminate this agreement while continuing discussions for a business combination on different terms. Additionally, Aqua Metals has been exploring the application of its AquaRefining technology to recover critical minerals from polymetallic deep-sea nodules, collaborating with Impossible Metals Inc. and MOBY Robotics Inc. on these initiatives.
Operationally, Aqua Metals has not reported any significant changes in customer counts or user statistics, as it remains in the development phase of its lithium-ion battery recycling technology. The company continues to validate and optimize its processes, with plans to construct its first commercial facility subject to securing additional financing. As of March 31, 2026, Aqua Metals had 3,362,006 shares of common stock outstanding, reflecting a slight increase from the previous quarter.
Looking ahead, Aqua Metals anticipates the need for additional capital to fund its operations and execute its business plan. Management has expressed substantial doubt about the company's ability to continue as a going concern within the next twelve months without securing further financing. The company plans to continue its pilot operations, advance site selection for its commercial facility, and pursue strategic partnerships to support its commercialization efforts in the critical battery minerals market.
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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