1.Sales and profit
See section β- Aqua Metals, Inc. lost $22.6M in fiscal 2025.
Aqua Metals, Inc.
AQMS Nasdaq Secondary Smelting & Refining Of Nonferrous Metals Financials FY2016βFY2025
Download report
3-page PDF: the company, its results and charts with peers.
Last close Β· Oct 23, 2026
$1.47
1.3%KIRAβs summary AI analyst
Hi! I read Aqua Metals, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
2 to watch
2.Cash and shareholders
See section β- Free cash flow was β$10.7M in fiscal 2025, β of revenue.
- No open-market insider trades in the last 12 months.
Aqua Metals, Inc. in 30 seconds
Good So-so Weak
Weak
Does it make a profit?
β$22.6M
No. It lost money last year.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
β
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Results dates
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Aqua Metals, Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 11, 2026
Wednesday Β· in 17 days
- Time
- Time not announced
- Covers
- Period ended Sep 30, 2026
- Source
- Earnings calendar
| Date | Results for | Time | Source |
|---|---|---|---|
| Jul 30, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 14, 2026 | Q1 '26 | After the market closes | 8-K β |
| Mar 31, 2026 | Q4 '25 | After the market closes | 8-K β |
| Nov 12, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 13, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 8, 2025 | Q1 '25 | After the market closes | 8-K β |
| Mar 31, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 14, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
Revenue and margins
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY16
Revenue $0.0M
FY17
Revenue $2.1M
FY18
Revenue $4.4M
FY19
Revenue $4.9M
FY20
Revenue $0.1M
FY21
Revenue $0.2M
FY22
Revenue $0.0M
FY23
Revenue $0.0M
FY24
Revenue $0.0M
FY25
Revenue β
Revenue
Q3 '23
Revenue $0.0M
Q4 '23
Revenue $0.0M
Q1 '24
Revenue $0.0M
Q2 '24
Revenue $0.0M
Q3 '24
Revenue $0.0M
Q4 '24
Revenue $0.0M
Q1 '25
Revenue $0.0M
Q2 '25
Revenue β
Q3 '25
Revenue β
Q4 '25
Revenue β
Q1 '26
Revenue β
Q2 '26
Revenue β
Margins, % of revenue
FY16
Gross β
Operating β
Net β
FCF β
FY17
Gross β354.3%
Operating β1,183.7%
Net β1,265.7%
FCF β1,324.8%
FY18
Gross β411.6%
Operating β832.3%
Net β904.8%
FCF β674.6%
FY19
Gross β408.8%
Operating β837.0%
Net β919.1%
FCF β779.2%
FY20
Gross β4,970.4%
Operating β14,252.8%
Net β23,853.7%
FCF β13,325.9%
FY21
Gross β3,956.1%
Operating β10,095.4%
Net β10,516.2%
FCF β5,440.5%
FY22
Gross β98,875.0%
Operating β389,150.0%
Net β385,775.0%
FCF β372,975.0%
FY23
Gross β25,028.0%
Operating β97,856.0%
Net β95,752.0%
FCF β35,164.0%
FY24
Gross β
Operating β
Net β
FCF β
FY25
Gross β
Operating β
Net β
FCF β
Gross
Operating
Net
FCF
Margins, % of revenue
Q3 '23
Gross β6,980.0%
Operating β19,796.0%
Net β18,188.0%
FCF β15,556.0%
Q4 '23
Gross β
Operating β
Net β
FCF β
Q1 '24
Gross β
Operating β
Net β
FCF β
Q2 '24
Gross β
Operating β
Net β
FCF β
Q3 '24
Gross β
Operating β
Net β
FCF β
Q4 '24
Gross β
Operating β
Net β
FCF β
Q1 '25
Gross β
Operating β
Net β
FCF β
Q2 '25
Gross β
Operating β
Net β
FCF β
Q3 '25
Gross β
Operating β
Net β
FCF β
Q4 '25
Gross β
Operating β
Net β
FCF β
Q1 '26
Gross β
Operating β
Net β
FCF β
Q2 '26
Gross β
Operating β
Net β
FCF β
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Aqua Metals, Inc. lost $22.6M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY16
Net income β$13.6M
FY17
Net income β$26.6M
FY18
Net income β$40.3M
FY19
Net income β$44.8M
FY20
Net income β$25.8M
FY21
Net income β$18.2M
FY22
Net income β$15.4M
FY23
Net income β$23.9M
FY24
Net income β$24.6M
FY25
Net income β$22.6M
Net income
Q3 '23
Net income β$4.5M
Q4 '23
Net income β$10.0M
Q1 '24
Net income β$5.8M
Q2 '24
Net income β$6.2M
Q3 '24
Net income β$5.2M
Q4 '24
Net income β$7.4M
Q1 '25
Net income β$8.3M
Q2 '25
Net income β$6.8M
Q3 '25
Net income β$3.1M
Q4 '25
Net income β$4.4M
Q1 '26
Net income β$4.0M
Q2 '26
Net income β$4.5M
Diluted EPS
FY16
Diluted EPS β$0.89
FY17
Diluted EPS β$1.31
FY18
Diluted EPS β$1.18
FY19
Diluted EPS β$0.86
FY20
Diluted EPS β$0.42
FY21
Diluted EPS β$0.26
FY22
Diluted EPS β
FY23
Diluted EPS β
FY24
Diluted EPS β
FY25
Diluted EPS β
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
KIRA Β· Free cash flow was β$10.7M in fiscal 2025, β of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY16
Free cash flow β$40.3M
FY17
Free cash flow β$27.8M
FY18
Free cash flow β$30.0M
FY19
Free cash flow β$38.0M
FY20
Free cash flow β$14.4M
FY21
Free cash flow β$9.4M
FY22
Free cash flow β$14.9M
FY23
Free cash flow β$8.8M
FY24
Free cash flow β$21.6M
FY25
Free cash flow β$10.7M
Free cash flow
Q3 '23
Free cash flow β$3.9M
Q4 '23
Free cash flow β$4.9M
Q1 '24
Free cash flow β$7.0M
Q2 '24
Free cash flow β$7.5M
Q3 '24
Free cash flow β$4.6M
Q4 '24
Free cash flow β$2.5M
Q1 '25
Free cash flow β$3.0M
Q2 '25
Free cash flow β$2.7M
Q3 '25
Free cash flow β$2.3M
Q4 '25
Free cash flow β$2.6M
Q1 '26
Free cash flow β$3.8M
Q2 '26
Free cash flow β$2.6M
Cash from operations vs capital spending
FY16
Cash from operations β$11.1M
Capital spending $29.2M
FY17
Cash from operations β$19.0M
Capital spending $8.8M
FY18
Cash from operations β$26.3M
Capital spending $3.7M
FY19
Cash from operations β$25.2M
Capital spending $12.8M
FY20
Cash from operations β$11.0M
Capital spending $3.4M
FY21
Cash from operations β$7.1M
Capital spending $2.4M
FY22
Cash from operations β$10.1M
Capital spending $4.8M
FY23
Cash from operations β$3.2M
Capital spending $5.6M
FY24
Cash from operations β$13.6M
Capital spending $7.9M
FY25
Cash from operations β$10.3M
Capital spending $0.4M
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations β$3.3M
Capital spending $0.6M
Q4 '23
Cash from operations β$5.4M
Capital spending β$0.5M
Q1 '24
Cash from operations β$4.3M
Capital spending $2.7M
Q2 '24
Cash from operations β$3.8M
Capital spending $3.7M
Q3 '24
Cash from operations β$3.6M
Capital spending $1.0M
Q4 '24
Cash from operations β$2.0M
Capital spending $0.5M
Q1 '25
Cash from operations β$2.8M
Capital spending $0.3M
Q2 '25
Cash from operations β$2.5M
Capital spending $0.1M
Q3 '25
Cash from operations β$2.3M
Capital spending $0.0M
Q4 '25
Cash from operations β$2.6M
Capital spending $0.0M
Q1 '26
Cash from operations β$3.8M
Capital spending $0.0M
Q2 '26
Cash from operations β$2.6M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY16
Dividends β
Buybacks β
FY17
Dividends β
Buybacks β
FY18
Dividends β
Buybacks β
FY19
Dividends β
Buybacks β
FY20
Dividends β
Buybacks β
FY21
Dividends β
Buybacks β
FY22
Dividends β
Buybacks β
FY23
Dividends β
Buybacks β
FY24
Dividends β
Buybacks β
FY25
Dividends β
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY16
Diluted shares 0.02B
FY17
Diluted shares 0.02B
FY18
Diluted shares 0.03B
FY19
Diluted shares 0.05B
FY20
Diluted shares 0.06B
FY21
Diluted shares 0.07B
FY22
Diluted shares β
FY23
Diluted shares β
FY24
Diluted shares β
FY25
Diluted shares β
Insider trades
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
Cash, debt and the ratios that show how comfortably Aqua Metals, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY16
Cash $25.5M
Debt $9.9M
FY17
Cash $22.8M
Debt β
FY18
Cash $20.9M
Debt $9.5M
FY19
Cash $7.6M
Debt $9.3M
FY20
Cash $6.5M
Debt $0.3M
FY21
Cash $8.1M
Debt β
FY22
Cash $7.1M
Debt β
FY23
Cash $16.5M
Debt β
FY24
Cash $4.1M
Debt β
FY25
Cash $10.8M
Debt β
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $8.1M | $7.1M | $16.5M | $4.1M | $10.8M |
| Interest coverage | β831.7x | β124.5x | β39.4x | β41.5x | β35.0x |
| Current ratio | 3.1x | 1.9x | 4.0x | 0.6x | 3.0x |
| Quick ratio | 3.0x | 1.9x | 3.8x | 0.5x | 3.0x |
| Total assets | $33.3M | $33.5M | $33.6M | $26.4M | $19.7M |
| Total liabilities | $5.7M | $12.6M | $7.5M | $10.1M | $4.9M |
| Shareholders' equity | $27.5M | $20.9M | $26.1M | $16.2M | $14.8M |
| Net debt (β = net cash) | β | β | β | β | β |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY16
Return on capital β24.7%
Return on equity β23.8%
Return on assets β19.0%
FY17
Return on capital β
Return on equity β45.8%
Return on assets β36.4%
FY18
Return on capital β75.5%
Return on equity β73.8%
Return on assets β55.2%
FY19
Return on capital β62.8%
Return on equity β89.9%
Return on assets β63.6%
FY20
Return on capital β48.8%
Return on equity β63.8%
Return on assets β49.3%
FY21
Return on capital β
Return on equity β62.0%
Return on assets β53.2%
FY22
Return on capital β
Return on equity β63.7%
Return on assets β46.2%
FY23
Return on capital β
Return on equity β101.9%
Return on assets β71.3%
FY24
Return on capital β
Return on equity β116.1%
Return on assets β81.9%
FY25
Return on capital β
Return on equity β146.0%
Return on assets β98.3%
Return on capital
Return on equity
Return on assets
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 2 / 7 | 2 / 8 | 4 / 9 | 2 / 9 | 5 / 8 | 2 / 7 | 4 / 7 | β / 6 | β / 5 |
| Accruals ratio | β3.4% | β10.4% | β19.1% | β27.9% | β28.2% | β32.5% | β15.8% | β61.8% | β36.4% | β53.8% |
| Altman Z'' | 3.75 | 1.28 | β4.35 | β6.22 | β9.22 | β14.85 | β18.63 | β20.25 | β35.91 | β46.56 |
All figures
Every number, year by year.
10 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $0.0M | $2.1M | $4.4M | $4.9M | $0.1M | $0.2M | $0.0M | $0.0M | $0.0M | β |
| Gross profit | $0.0M | β$7.4M | β$18.3M | β$19.9M | β$5.4M | β$6.8M | β$4.0M | β$6.3M | β$7.2M | β |
| Research and development | $6.3M | $8.1M | $4.5M | $1.6M | $1.0M | $0.9M | $1.8M | $1.7M | $1.6M | $1.3M |
| Operating income | β$13.0M | β$24.9M | β$37.0M | β$40.8M | β$15.4M | β$17.5M | β$15.6M | β$24.5M | β$23.8M | β$23.3M |
| Interest expense | $0.6M | $1.8M | $3.4M | $3.5M | $1.6M | $0.0M | $0.1M | $0.6M | $0.6M | $0.7M |
| Pretax income | β$13.6M | β$26.6M | β$40.3M | β$44.8M | β$25.8M | β$18.2M | β$15.4M | β$23.9M | β$24.6M | β$22.6M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$13.6M | β$26.6M | β$40.3M | β$44.8M | β$25.8M | β$18.2M | β$15.4M | β$23.9M | β$24.6M | β$22.6M |
| Diluted EPS | β$0.89 | β$1.31 | β$1.18 | β$0.86 | β$0.42 | β$0.26 | β | β | β | β |
| Diluted shares | 0.02B | 0.02B | 0.03B | 0.05B | 0.06B | 0.07B | β | β | β | β |
| Cash flow | ||||||||||
| Cash from operations | β$11.1M | β$19.0M | β$26.3M | β$25.2M | β$11.0M | β$7.1M | β$10.1M | β$3.2M | β$13.6M | β$10.3M |
| Capital expenditure | $29.2M | $8.8M | $3.7M | $12.8M | $3.4M | $2.4M | $4.8M | $5.6M | $7.9M | $0.4M |
| Free cash flow | β$40.3M | β$27.8M | β$30.0M | β$38.0M | β$14.4M | β$9.4M | β$14.9M | β$8.8M | β$21.6M | β$10.7M |
| Depreciation and amortization | $0.7M | $2.9M | $3.2M | $3.5M | $1.9M | $0.6M | $0.5M | $0.9M | $0.9M | $0.8M |
| Stock-based compensation | $1.1M | $1.1M | $1.2M | $4.2M | $3.6M | $2.2M | $2.3M | $2.5M | $2.7M | $2.3M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $25.5M | $22.8M | $20.9M | $7.6M | $6.5M | $8.1M | $7.1M | $16.5M | $4.1M | $10.8M |
| Total debt | $9.9M | β | $9.5M | $9.3M | $0.3M | β | β | β | β | β |
| Finance lease liabilities | β | β | β | β | β | β | $0.1M | $0.0M | $0.2M | $0.1M |
| Current assets | $27.4M | $25.7M | $22.8M | $27.5M | $8.4M | $12.4M | $23.2M | $18.3M | $4.6M | $13.4M |
| Current liabilities | $4.0M | $3.8M | $11.8M | $9.8M | $3.5M | $4.1M | $12.3M | $4.6M | $8.2M | $4.4M |
| Inventory | $0.1M | $1.2M | $0.8M | $1.3M | $1.1M | $0.1M | $0.3M | $0.9M | $0.3M | $0.2M |
| Property and equipment, net | $41.4M | $45.7M | $45.5M | $37.6M | $24.9M | $2.4M | $7.3M | $10.3M | $16.5M | $5.8M |
| Intangible assets | $1.1M | $1.5M | $1.3M | $1.0M | $0.8M | $0.6M | $0.5M | $0.3M | $0.1M | $0.1M |
| Total assets | $71.5M | $74.4M | $71.4M | $69.5M | $35.1M | $33.3M | $33.5M | $33.6M | $26.4M | $19.7M |
| Total liabilities | $14.5M | $15.5M | $21.3M | $19.9M | $4.0M | $5.7M | $12.6M | $7.5M | $10.1M | $4.9M |
| Shareholders' equity | $57.0M | $59.0M | $50.1M | $49.6M | $31.1M | $27.5M | $20.9M | $26.1M | $16.2M | $14.8M |
| Margins | ||||||||||
| Gross margin | β | β354.3% | β411.6% | β408.8% | β4,970.4% | β3,956.1% | β98,875.0% | β25,028.0% | β | β |
| Operating margin | β | β1,183.7% | β832.3% | β837.0% | β14,252.8% | β10,095.4% | β389,150.0% | β97,856.0% | β | β |
| EBITDA margin | β | β1,045.2% | β760.4% | β765.2% | β12,493.5% | β9,748.6% | β376,650.0% | β94,256.0% | β | β |
| Net margin | β | β1,265.7% | β904.8% | β919.1% | β23,853.7% | β10,516.2% | β385,775.0% | β95,752.0% | β | β |
| FCF margin | β | β1,324.8% | β674.6% | β779.2% | β13,325.9% | β5,440.5% | β372,975.0% | β35,164.0% | β | β |
| Returns | ||||||||||
| Return on capital | β24.7% | β | β75.5% | β62.8% | β48.8% | β | β | β | β | β |
| Return on capital employed | β19.2% | β35.2% | β62.2% | β68.4% | β48.6% | β59.8% | β73.5% | β84.4% | β131.2% | β152.7% |
| Return on equity | β23.8% | β45.8% | β73.8% | β89.9% | β63.8% | β62.0% | β63.7% | β101.9% | β116.1% | β146.0% |
| Return on assets | β19.0% | β36.4% | β55.2% | β63.6% | β49.3% | β53.2% | β46.2% | β71.3% | β81.9% | β98.3% |
| Return on tangible equity | β24.3% | β46.2% | β82.5% | β92.2% | β85.0% | β67.6% | β75.4% | β92.8% | β152.5% | β154.1% |
| Growth | ||||||||||
| Revenue growth | β | β | 111.9% | 9.6% | β97.8% | 60.2% | β97.7% | 525.0% | β100.0% | β |
| Share count change | β | 32.9% | 68.3% | 53.0% | 16.5% | 15.0% | β | β | β | β |
| Financial health | ||||||||||
| Debt / equity | 0.2x | β | 0.2x | 0.2x | 0.0x | β | β | β | β | β |
| Interest coverage | β20.3x | β14.1x | β10.7x | β11.7x | β9.5x | β831.7x | β124.5x | β39.4x | β41.5x | β35.0x |
| Current ratio | 6.8x | 6.7x | 1.9x | 2.8x | 2.4x | 3.1x | 1.9x | 4.0x | 0.6x | 3.0x |
| Quick ratio | 6.8x | 6.4x | 1.9x | 2.7x | 2.1x | 3.0x | 1.9x | 3.8x | 0.5x | 3.0x |
| Capital allocation | ||||||||||
| Capex / revenue | β | 420.0% | 83.0% | 262.7% | 3,113.9% | 1,358.4% | 119,275.0% | 22,392.0% | β | β |
| Stock comp / revenue | β | 51.5% | 27.0% | 86.3% | 3,307.4% | 1,272.3% | 56,375.0% | 10,136.0% | β | β |
| Quality scores | ||||||||||
| Piotroski F-score | β | 2.0 | 2.0 | 4.0 | 2.0 | 5.0 | 2.0 | 4.0 | β | β |
| Altman Z'' | 3.8 | 1.3 | β4.4 | β6.2 | β9.2 | β14.9 | β18.6 | β20.2 | β35.9 | β46.6 |
| Accruals ratio | β3.4% | β10.4% | β19.1% | β27.9% | β28.2% | β32.5% | β15.8% | β61.8% | β36.4% | β53.8% |
Source: SEC EDGAR XBRL filings (CIK 0001621832). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.