Aqua Metals, Inc.

NasdaqCM:AQMS 주식 리포트

시가총액: US$13.3m

Aqua Metals 경영진

경영진 기준 점검 2/4

Aqua Metals CEO는 Steve Cotton, May2018 에 임명되었습니다 의 임기는 7.33 년입니다. 총 연간 보상은 $1.87M, 27.3% 급여 및 72.7% 보너스(회사 주식 및 옵션 포함)로 구성됩니다. 는 $525.95K 가치에 해당하는 회사 주식의 3.95% 직접 소유합니다. 경영진과 이사회의 평균 재임 기간은 8 년과 4.3 년입니다.

핵심 정보

Steve Cotton

최고경영자

US$1.9m

총 보수

CEO 급여 비율27.34%
CEO 재임 기간8yrs
CEO 지분 보유율4.0%
경영진 평균 재임 기간8yrs
이사회 평균 재임 기간4.3yrs

최근 경영진 업데이트

Recent updates

분석 기사 • Nov 05

Aqua Metals, Inc. (NASDAQ:AQMS) Shares Could Be 36% Below Their Intrinsic Value Estimate

Key Insights Using the 2 Stage Free Cash Flow to Equity, Aqua Metals fair value estimate is US$3.90 Aqua Metals...
분석 기사 • Dec 06

Is Aqua Metals (NASDAQ:AQMS) A Risky Investment?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
분석 기사 • Jun 30

Aqua Metals (NASDAQ:AQMS) Is Carrying A Fair Bit Of Debt

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
분석 기사 • Feb 28

Is Aqua Metals (NASDAQ:AQMS) Using Debt In A Risky Way?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Seeking Alpha • Sep 01

Aqua Metals enters into $6M interim loan agreement

Aqua Metals (NASDAQ:AQMS) signs a non-binding agreement with Alpen Mortgage, for a $6M loan secured by the company’s AquaRefinery building. The loan is expected to close and fund in late September, is expected to provide a non-dilutive path to expand the company’s cash position and ensure sufficient resources to reach revenue generation. “This transaction is expected to provide additional liquidity, giving us a clear pathway and sufficient resources to advance our economically and environmentally superior lithium-ion battery recycling process from our successful bench scale operations program to our pilot scale plant and ultimately revenue generation beginning later this year.” commented Steve Cotton, President and Chief Executive Officer of Aqua Metals.
분석 기사 • Jul 22

We're Keeping An Eye On Aqua Metals' (NASDAQ:AQMS) Cash Burn Rate

Just because a business does not make any money, does not mean that the stock will go down. For example, biotech and...
Seeking Alpha • Jul 21

Aqua Metals and Dragonfly sign LOI for supplying lithium hydroxide

Aqua Metals (NASDAQ:AQMS) entered into a non-binding letter of intent for supplying lithium hydroxide to Dragonfly. Under the agreement, Dragonfly would purchase commercial quantities of lithium hydroxide from Aqua Metals to support the company's ongoing development of its solid state lithium-ion battery technologies and future manufacturing activities, as well as providing recycling services. The company expects to commence production of its solid-state pilot line in 2023, with a supply of lithium hydroxide from Aqua Metals to commence at the time of full-scale manufacturing.
Seeking Alpha • Jun 29

Aqua Metals: History Rhymes And I'm Bearish

Aqua Metals is pivoting to lithium-ion battery energy recycling using its AquaRefining technology. However, this technology didn’t live up to expectations when the company used it for lead recycling. In addition, Aqua Metals and its partner LiNiCo have no significant feedstock supply partners or funding. I don't think the business of Aqua Metals is worth much in its current state, and the short borrow fee rate is below 5%. Introduction I've covered two lithium-ion battery recycling companies on SA so far - Li-Cycle Holdings (LICY) here, and American Battery Technology Company (OTCQB:ABML) here. Today, I want to talk about a company from this sector in which I was an investor briefly back in 2016 - Aqua Metals (AQMS). I think that its lead-acid battery was a failure, and I doubt that the pivot to lithium-ion batteries is going to work. The company doesn't have the funds nor the partnerships to compete with industry leaders like Li-Cycle and Redwood Materials. I'm bearish but it could be dangerous to open a Short position as the share prices of microcaps sometimes increase for spurious and unknown reasons. Let's review. Overview of the business and financials To explain why I think Aqua Metals doesn't have a bright future, I have to go back to the beginning and how its lead recycling business failed. The company was founded in 2014, and it has developed a closed-loop, water-based process for the recycling of lead-acid batteries called AquaRefining. It was touted as the first commercially viable alternative lead-acid battery recycling technology and won the Rising Star category in the 2016 Platts Global Metals Awards program. In 2015, Aqua Metals raised $30 million in an IPO on NASDAQ, and it started building its first facility which would have a production capacity of 80/t per day Aqua Metals The projected financials looked great as the initial CAPEX was just $28.5 million and the project was expected to start generating annual EBIT of almost $15 million by its fourth year. The reason these figures looked so good was because the process was supposed to be less energy-intensive than smelting and half of the produced lead would be ultrapure, which sells for a premium of about 15%. Aqua Metals Aqua Metals was thinking big, and it had already picked 8 potential AquaRefinery sites in the USA alone at the time of its listing. The lead market is worth over $20 billion and the company was aiming to revolutionize it. Aqua Metals However, it just didn't work out. There were technical issues, including recovered lead hanging up on the exit chutes of the modules, and the company was already talking about a retro-fit in December 2017. And this took time as 24/7 production on more than 1 module was achieved in April 2019. However, the financial performance of the recycling facility was nowhere near the initial forecasts, and Aqua Metals had quarterly revenues of just over $2 million by the time the plant burned down. Aqua Metals Yes, you read that right - the plant burned down in December 2019 and Aqua Metals didn't put it back into production. At least, it collected $30.25 million in insurance payments. So, what did the company do after that? Well, it decided to pursue a strategy of licensing its AquaRefining technology, but it didn't manage to find buyers. In light of the issues experienced by Aqua Metals itself, I find this unsurprising. Yet, this doesn't stop the company from saying in its latest corporate presentation that it's leading a revolution in lead recycling. And now, it also has lithium-ion batteries in the mix. In February 2021, Aqua Metals bought a 10% stake in a company named LiNiCo for $2 million in shares and said that it planned to apply its intellectual property to lithium-ion battery recycling. LiNiCo is a small company that claims to have developed recycling technology based on a co-precipitation process and control system which can produce 99.9% pure battery cathode. The remaining 90% of the company is owned by Comstock Mining (LODE), which has a market valuation of less than $50 million as of the time of writing. Aqua Metals has leased its own facility to LiNiCo and the latter plans to have a feedstock crushing capacity of over 35,000 tons by the second half of 2022. Here are some of the issues though. First, the companies plan to source the necessary lithium-ion feedstock from battery manufacturing scrap, but there are no announced suppliers. For comparison, Li-Cycle has already secured over 40 commercial contracts and off-take agreements through 2030. Second, LiNiCo plans to produce black mass which Aqua Metals will then process into e high purity metals including nickel and cobalt using the same technology which didn't work for lead recycling. Third, I don't think LiNiCo or Aqua Metals have the funding to pull it off. You see, Aqua Metals and Comstock paid for their stakes in LiNiCo using shares, and it's unclear how much money the latter has left. Aqua Metals, in turn, had just $9 million in cash left as of March 2022 as most of that insurance money is now gone. At the moment, the company has a quarterly loss of just over $4 million. Aqua Metals In my view, the future of Aqua Metals includes more of what we've seen over the past several years - underdelivering and stock dilution. Overall, I think that the business is close to worthless in its current form. So, how do you play this? Well, data from Fintel shows that the short borrow fee rate is 4.68% as of the time of writing, so short selling is a viable option. I think that it's a good idea to hedge the risk with some call options, but unfortunately, the lowest available strike price here is $2.50. Seeking Alpha This is an issue because the share prices of microcaps can soar without any news or catalysts and this can lead to significant losses for short sellers. Aqua Metals itself is a good example of this as its share price sextupled between November 2020 and February 2021.
Seeking Alpha • Feb 16

Aqua Metals, Down 82%, Still Don't Quite Buy The Story

A year back, I looked at Aqua Metals and said that I just didn't quite buy the story. The stock is down 82% since then which might show the value of skeptical analysis. I'm still skeptical, I can't see anything here to make me change my mind.
분석 기사 • Feb 01

Companies Like Aqua Metals (NASDAQ:AQMS) Are In A Position To Invest In Growth

We can readily understand why investors are attracted to unprofitable companies. For example, biotech and mining...
분석 기사 • Oct 15

Aqua Metals (NASDAQ:AQMS) Is In A Good Position To Deliver On Growth Plans

Just because a business does not make any money, does not mean that the stock will go down. By way of example, Aqua...
Seeking Alpha • Aug 22

Aqua Metals, Inc. - Nibble The Stock For A Covered Call Sale And Monitor For Trading

I illustrate my purchase of 100 shares of Aqua Metals, followed by the sale of a covered call. This represents a very low-risk investment with a very favorable return. I like the fundamentals, analyst price targets, and the most recent press release. I may purchase additional shares for a long-term buy-and-hold and/or to sell additional covered calls options. Note, also, that the stock price-per-share reacts slowly to favorable press releases, providing an opportunity for day-trading.
분석 기사 • Jul 02

We're Not Very Worried About Aqua Metals' (NASDAQ:AQMS) Cash Burn Rate

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, Aqua Metals...
분석 기사 • May 03

Analysts Expect Breakeven For Aqua Metals, Inc. (NASDAQ:AQMS) Before Long

With the business potentially at an important milestone, we thought we'd take a closer look at Aqua Metals, Inc.'s...

CEO 보수 분석

Steve Cotton의 보수는 Aqua Metals의 수익에 비해 어떻게 변했나요?
날짜총 보수급여회사 수익
Mar 31 2026n/an/a

-US$18m

Dec 31 2025US$2mUS$511k

-US$23m

Sep 30 2025n/an/a

-US$26m

Jun 30 2025n/an/a

-US$28m

Mar 31 2025n/an/a

-US$27m

Dec 31 2024US$1mUS$511k

-US$25m

Sep 30 2024n/an/a

-US$27m

Jun 30 2024n/an/a

-US$26m

Mar 31 2024n/an/a

-US$25m

Dec 31 2023US$2mUS$488k

-US$24m

Sep 30 2023n/an/a

-US$18m

Jun 30 2023n/an/a

-US$17m

Mar 31 2023n/an/a

-US$16m

Dec 31 2022US$2mUS$472k

-US$15m

Sep 30 2022n/an/a

-US$16m

Jun 30 2022n/an/a

-US$14m

Mar 31 2022n/an/a

-US$19m

Dec 31 2021US$2mUS$450k

-US$18m

Sep 30 2021n/an/a

-US$29m

Jun 30 2021n/an/a

-US$29m

Mar 31 2021n/an/a

-US$25m

Dec 31 2020US$3mUS$450k

-US$26m

Sep 30 2020n/an/a

-US$22m

Jun 30 2020n/an/a

-US$31m

Mar 31 2020n/an/a

-US$38m

Dec 31 2019US$3mUS$450k

-US$45m

보상 대 시장: Steve의 총 보수(USD1.87M)는 US 시장에서 비슷한 규모 기업의 평균(USD630.36K)보다 높습니다.

보상과 수익: Steve의 보상은 회사가 적자임에도 증가했습니다.

CEO

Steve Cotton (59 yo)

8yrs
재임 기간
US$1,869,000
보수

Mr. Stephen Cotton, also known as Steve, has been Chief Executive Officer and Director of Aqua Metals, Inc. since January 7, 2019 and its President since May 2, 2018. Mr. Cotton founded IntelliBatt, LLC in...

리더십 팀

이름직위재임 기간보수지분
Stephen Cotton
CEO, President & Director8yrsUS$1.87m3.95%
$ 525.9k
Eric West
Chief Financial Officer1yrUS$666.00k0.96%
$ 128.1k
Benjamin Taecker
Chief Engineering & Operating Officer8.3yrsUS$806.00k0.94%
$ 125.4k
David Regan
Director Marketingno data데이터 없음데이터 없음
8.0yrs
평균 재임 기간
43yo
평균 나이

경험이 풍부한 관리: AQMS의 경영진은 노련하고 경험이 풍부합니다(평균 재임 8 년).

이사회 구성원

이름직위재임 기간보수지분
Stephen Cotton
CEO, President & Director7.3yrsUS$1.87m3.95%
$ 525.9k
Vincent DiVito
Independent Non-Executive Chairman & Lead Independent Director11yrsUS$255.00k0.25%
$ 33.0k
Steven Henderson
Independent Director1.3yrsUS$139.00k0.029%
$ 3.9k
Eric Gangloff
Independent Director1.3yrsUS$161.00k0.79%
$ 105.1k
4.3yrs
평균 재임 기간
61.5yo
평균 나이

경험이 풍부한 이사회: AQMS의 이사회는 경험이 있음으로 간주됩니다(평균 재임 4.3 년).

기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2026/05/22 22:31
종가2026/05/22 00:00
수익2026/03/31
연간 수익2025/12/31

데이터 소스

당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.

패키지데이터기간미국 소스 예시 *
기업 재무제표10년
  • 손익계산서
  • 현금흐름표
  • 대차대조표
분석가 컨센서스 추정치+3년
  • 재무 예측
  • 분석가 목표주가
시장 가격30년
  • 주가
  • 배당, 분할 및 기타 조치
지분 구조10년
  • 주요 주주
  • 내부자 거래
경영진10년
  • 리더십 팀
  • 이사회
주요 개발10년
  • 회사 공시

* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.

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분석 모델 및 스노우플레이크

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산업 및 섹터 지표

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분석가 소스

Aqua Metals, Inc.는 4명의 분석가가 다루고 있습니다. 이 중 0명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.

분석가기관
Michael LeggBenchmark Company
Jeffrey GramppNorthland Capital Markets
Pierre MaccagnoNorthland Capital Markets