AQMS · Aqua Metals, Inc.
Substantial doubt about the company's ability to continue as a going concern.
“Management believes that the Company's capital resources remain insufficient to sustain operations through at least the next twelve months from the date of this filing. Additionally, in view of the Company's expectation to incur significant losses and continue utilizing cash in operations for the foreseeable future, the Company will be required to raise additional capital resources in order to fund its operations, although the availability of, and the Company's access to such resources, cannot be assured. Accordingly, management believes that there is substantial doubt regarding the Company's ability to continue operating as a going concern through the next twelve months from the date of this filing.”View the 10-Q filed Jul 30, 2026
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Metrics snapshot
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AI Brief
Q2 FY26 earnings call · Jul 30, 2026TL;DR. AquaMetals narrowed its Q2 net loss to ~$4.5M from ~$6.8M a year ago and reported no debt, while advancing the phased Headwaters ARC commercialization plan with final site diligence on a ~150,000-square-foot Midwest facility near six LFP gigafactories and near-term selection of a Phase 1 pre-processing equipment partner; however, the project remains pre-FID with capital costs, throughput, product mix and operating cost to be disclosed only at final investment decision.
- + Q2 net loss narrowed to ~$4.5M from ~$6.8M and total operating expenses fell to ~$4.6M from ~$7M
- + Headwaters site is a ~150,000-square-foot existing facility on ~50+ acres near six major LFP gigafactories, with LFP manufacturing scrap projected to grow ~15-fold by 2030
- − Q2 included an additional ~$2.1M non-cash provision for credit loss on Lion Energy, with total allowance at ~$2.5M (60% of ~$4.2M gross)
- − Headwaters ARC capital cost, throughput, product mix and operating cost will not be disclosed until final investment decision, and all phases remain subject to financing, permitting and commercial agreements
- − Share count rose sharply (~910K weighted-average in Q2 2025 vs ~3.4M in Q2 2026) and basic/diluted EPS loss per share remains material at $1.31
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Strong SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Waste Management — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
AQMS
this stock
Aqua Metals, Inc.
|
$8.77M | -56.3% | -100.0% | — | 4.9% |
|
WM
Waste Management Inc
|
$82.67B | -5.9% | +6.4% | 29.3 | 1.4% |
|
RSG
Republic Services, Inc.
|
$64.95B | +0.4% | +3.3% | 30.0 | 1.6% |
|
WCN
Waste Connections, Inc.
|
$39.21B | -12.0% | +6.1% | 37.5 | 1.4% |
|
CLH
Clean Harbors Inc
|
$16.41B | +37.5% | +6.9% | 42.1 | 2.1% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| AQMS | -16.7% | -30.0% | -47.9% | -15.0% | -56.3% |
| SPY | +1.2% | +0.6% | +11.6% | +1.6% | +13.6% |
| vs SPY | -17.9% | -30.6% | -59.5% | -16.6% | -69.9% |