Announcement • Jul 09
Aqua Metals, Inc., Annual General Meeting, Aug 18, 2026 Aqua Metals, Inc., Annual General Meeting, Aug 18, 2026. Location: 5370 kietzke lane, suite 201, reno, nevada 89511, United States Announcement • May 08
Aqua Metals, Inc. to Report Q1, 2026 Results on May 14, 2026 Aqua Metals, Inc. announced that they will report Q1, 2026 results on May 14, 2026 Announcement • Mar 28
Aqua Metals, Inc. to Report Q4, 2025 Results on Mar 31, 2026 Aqua Metals, Inc. announced that they will report Q4, 2025 results on Mar 31, 2026 Announcement • Feb 12
Aqua Metals, Inc. (NasdaqCM:AQMS) entered into a term sheet to acquire Lion Energy, LLC for $90.8 million. Aqua Metals, Inc. (NasdaqCM:AQMS) entered into a term sheet to acquire Lion Energy, LLC for $90.8 million on February 11, 2026. The consideration consists of common equity of Aqua Metals, Inc. having a value of $25.8 million to be issued for common equity of Lion Energy, LLC. Aqua Metals, Inc. will pay an earnout payment of $65 million common equity. As part of consideration, $90.8 million is paid towards common equity of Lion Energy, LLC. Lion Energy is expected to operate as a wholly-owned subsidiary and separate business unit of Aqua Metals, with Lion Energy’s present executive and management team remaining in place. In the event that the Lion Energy or any of the Stockholders breaches this exclusivity provision or enters into, consummates, or agrees to consummate an Acquisition Transaction with a third party during the Exclusivity Period, Lion Energy shall pay Buyer a break-up fee of $1 million.
For the period ending December 31, 2025, Lion Energy, LLC reported total revenue of $50 million.
The transaction is subject to (i) receipt of a fairness opinion by Aqua Metals’ board of directors in connection with its approval of the Acquisition Agreement; (ii) completion of quality of earnings and market/commercial diligence the results of which are not materially inconsistent with the financial, operational, and commercial information previously provided by Lion Energy; (iii) a fully executed and funded asset-based lending facility or similar credit facility; (iv) execution of a supply and offtake agreement with American Battery Factory Inc.; (v) Nasdaq approval of the Aqua Metals’ listing of the shares to be issued to the Stockholders; (vi) the Parties’ determination, based on the advice of the Parties’ respective independent auditors, that that Buyer will be treated as the accounting acquirer under U.S. GAAP and SEC accounting rules; (vii) receipt of all required board and stockholder approvals; and (viii) receipt of material, third-party consents. The expected completion of the transaction is in the second quarter of 2026.
Hilco Corporate Finance, LLC acted as financial advisor for Aqua Metals, Inc. Benchmark International acted as financial advisor for Aqua Metals, Inc. Cantor Fitzgerald & Co. acted as financial advisor for Lion Energy, LLC. Announcement • Dec 03
Aqua Metals, Inc. has filed a Follow-on Equity Offering in the amount of $50 million. Aqua Metals, Inc. has filed a Follow-on Equity Offering in the amount of $50 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Announcement • Nov 04
Aqua Metals, Inc. to Report Q3, 2025 Results on Nov 12, 2025 Aqua Metals, Inc. announced that they will report Q3, 2025 results on Nov 12, 2025 Announcement • Oct 21
Aqua Metals, Inc. has completed a Follow-on Equity Offering in the amount of $12.856295 million. Aqua Metals, Inc. has completed a Follow-on Equity Offering in the amount of $12.856295 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 205,213
Price\Range: $11.34
Discount Per Security: $0.7938
Security Name: Pre-Funded Warrants
Security Type: Equity Warrant
Securities Offered: 928,581
Price\Range: $11.339
Discount Per Security: $0.7937
Transaction Features: Registered Direct Offering Announcement • Oct 15
Aqua Metals, Inc. has filed a Follow-on Equity Offering in the amount of $12.857224 million. Aqua Metals, Inc. has filed a Follow-on Equity Offering in the amount of $12.857224 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,133,794
Price\Range: $11.34
Transaction Features: Registered Direct Offering Announcement • Sep 10
Aqua Metals, Inc. Regains Compliance with Minimum Bid Requirement in Listing Rule 5550(a)(2) As previously disclosed, On July 2, 2025, Aqua Metals, Inc. (the Company") received a letter (the Letter") from the Nasdaq Stock Market, LLC (the Nasdaq") notifying the Company that it had fallen below compliance with respect to the continued listing standard set in Rule 5550(a)(2) of the Nasdaq Listing Rules because the closing bid price of the Company's common stock over the previous 30 consecutive trading-day period had fallen below $1.00 per share. The Letter stated that due to the fact that the Company has effected a reverse stock split over the prior one-year period, the Company was not eligible for any grace period under the Nasdaq Listing Rules in order to regain compliance with the minimum bid requirement and, consequently, the Company's securities would be delisted from the Nasdaq Capital Market unless the Company requests an appeal with the Nasdaq Hearing Panel. Following the Company's one-for-ten reverse stock split effected on August 4, 2025 and the hearing of the Company's appeal to the Nasdaq Hearing Panel on August 19, 2025, the Company received a letter from the Nasdaq dated September 4, 2025 confirming the Company had regained compliance with minimum bid requirement in Listing Rule 5550(a)(2). The Company will be subject to a mandatory panel monitor for a period of one year ending September 4, 2026. If, within that one-year monitoring period, the Nasdaq staff finds the Company again out of compliance with the minimum bid requirement, the Company will not be eligible for any compliance grace period under the Nasdaq Listing Rules in order to regain compliance with Listing Rule 5550(a)(2), and, consequently, the Company would be subject to a delist determination from the Nasdaq Capital Market unless the Company requests an appeal with the Nasdaq Hearing Panel. Announcement • Aug 06
Aqua Metals Showcases Cutting-Edge Recycling Technology to over 100 Industry Leaders During Naatbatt Tour Aqua Metals, Inc. announced the successful completion of a facility tour at the Company's Innovation Center and Demonstration Plant in Reno, Nevada on July 31. Held in conjunction with the NAATBatt International Recycling Workshop, the event brought together over 100 influential participants from across the battery value chain, including representatives from major automotive OEMs such as Ford and General Motors, as well as leading battery manufacturers, recyclers, and critical material suppliers. The one-day showcase provided attendees with an up-close view of Aqua Metals' proprietary clean recycling technology through guided tours of its fully operational pilot facility. The event also featured in-depth discussions with Aqua Metals' executive and technical teams about building secure and sustainable domestic supply chains for critical battery materials. The facility tour was one of several highlights from the NAATBatt Recycling Workshop, a two-day event that brought the national battery recycling community to Northern Nevada--a region rapidly emerging as a critical hub for clean energy innovation. Participants explored the challenges and opportunities facing lithium battery recycling, with Aqua Metals' technology standing out as a promising solution for domestic, low-emissions, low-cost, critical mineral production. Announcement • Aug 05
Aqua Metals, Inc. to Report Q2, 2025 Results on Aug 13, 2025 Aqua Metals, Inc. announced that they will report Q2, 2025 results on Aug 13, 2025 Announcement • Jun 11
Aqua Metals, Inc., Annual General Meeting, Jul 22, 2025 Aqua Metals, Inc., Annual General Meeting, Jul 22, 2025. Location: 5370 kietzke lane, suite 201, reno, nevada 89511., United States Announcement • May 07
Aqua Metals, Inc. Announces Chief Financial Officer Changes Aqua Metals announced a leadership transition in the role of Chief Financial Officer. Judd Merrill, who has served as CFO since 2018, is now taking a role as CFO of a publicly listed company with increasing responsibilities and will begin transitioning from his position effective May 16, 2025. To support a smooth transition and continued momentum, Judd will actively support the Company as a consultant through August 2025. The Company also announced that Eric West, Aqua Metals’ former Vice President of Finance, will be appointed as Chief Financial Officer effective May 19, 2025. Eric brings deep institutional knowledge and financial experience to the role, having worked alongside Aqua Metals’ leadership team during a period of strategic evolution and technology development over the past six years. Eric holds a master’s degree from UNR in accounting and is a CPA. Before joining Aqua Metals, Eric worked in the mining industry and began his career at Grant Thornton, LLP. Announcement • Apr 29
Aqua Metals, Inc. to Report Q1, 2025 Results on May 08, 2025 Aqua Metals, Inc. announced that they will report Q1, 2025 results on May 08, 2025 Announcement • Apr 15
Aqua Metals Develops Nickel Carbonate Product to Expand Market Reach and Maximize Process Efficiency Aqua Metals, Inc. announced the development of a new product -- nickel carbonate -- expanding the company's portfolio of high-value battery metal compounds and demonstrating the adaptability of its patented AquaRefining™? process. As global battery markets evolve and diversify, Aqua Metals continues to lead with flexible, forward-looking solutions designed to meet the needs of the supply chain both and tomorrow. The company recently announced its achievements in developing a novel recycling process for lithium iron phosphate (LFP) batteries and continues to diversify both its feedstock and product capabilities. The company's innovative process now allows for recovery and conversion into high-purity nickel carbonate, a material increasingly in demand across multiple regions globally, where carbonate forms are high value for battery and metallurgical applications. Nickel carbonate can be further processed into pure nickel metal for various applications or converted into nickel oxide, a critical input for the steel industry -- offering Aqua Metals strategic optionality to serve multiple industrial sectors. This product innovation aligns with Aqua Metals' broader strategy to scale the production of battery-grade lithium, nickel, cobalt, and manganese materials with its patented AquaRefining technology. As the company advances off-take discussions and project financing, the introduction of nickel carbonate underscores Aqua Metals' momentum in building a robust, diversified domestic supply chain for critical minerals essential to the advanced energy economy. Announcement • Apr 09
Aqua Metals, Inc. Pioneers Domestic LFP Recycling with Breakthrough Bench-Scale Testing Aqua Metals, Inc. announced the successful completion of bench-scale testing and engineering analysis for a novel process to recycle lithium iron phosphate (LFP) battery materials. This milestone highlights Aqua Metals’ proven ability to rapidly adapt its technology to market needs, reinforcing its position as a leader in building a resilient, circular battery supply chain that retains critical mineral processing within the United States. LFP batteries are rapidly becoming the dominant chemistry for electric vehicles and stationary storage due to their lower cost and safety advantages. However, their widespread adoption presents a significant recycling challenge, as iron-based cathodes with no nickel or cobalt have lower market value and global lithium prices remain suppressed. While most domestic recyclers continue to focus on higher-value chemistries, Aqua Metals is stepping ahead of the curve with a demonstrated approach to recovering lithium from LFP black mass—positioning itself as a first mover in addressing this critical and underserved segment of the U.S. battery supply chain. The Company’s engineering and technoeconomic analysis shows that the LFP recycling process can be integrated into the planned Sierra ARC facility and/or any ARC facility with an incremental capital expense of 25 to 30% and without the need to expand the facility’s proposed physical footprint. The Sierra ARC is currently designed to process approximately 7,500 tonnes per year of NMC-type (nickel-manganese-cobalt) black mass. With the addition of LFP capabilities, the campus could process an additional 7,500 tonnes of LFP feedstock annually—potentially doubling its total feedstock throughput and importantly, doubling total lithium carbonate output to approximately 2,700 tonnes per year. Upon commissioning, this commercial-scale operation would increase the total current U.S. lithium production by more than 50% annually, making Aqua Metals one of the largest producers of domestic battery grade lithium carbonate. Announcement • Mar 19
Aqua Metals, Inc. to Report Q4, 2024 Results on Mar 31, 2025 Aqua Metals, Inc. announced that they will report Q4, 2024 results on Mar 31, 2025 Announcement • Feb 06
Aqua Metals, Inc. Appoints Steve Henderson and Eric Gangloff to Its Board of Directors Aqua Metals, Inc. announced the appointment of Steve Henderson and Eric Gangloff to its Board of Directors. These additions bring deep industry expertise and financial leadership, supporting the Company’s mission to scale its cost leading and low-carbon lithium battery recycling technology and accelerate the development of a domestic critical minerals supply chain. Steve Henderson joins Aqua Metals’ Board with over four decades of experience in automotive, specialty chemicals, and manufacturing. Most recently, he served as Executive Vice President at Leggett & Platt, overseeing businesses that accounted for over half of the company’s total revenue and EBITDA. Previously, at Dow Chemical, Henderson led the company’s automotive division and played a key role in advancing battery material innovations, working directly with industry leaders like Tesla, Ford, and Magna. Eric Gangloff has extensive experience in capital markets, debt financing, and investment management. As the Founder of Summit Alternative Investments and Chairman and CEO of AmeriFirst Finance, he has structured and executed complex debt and equity financial transactions across multiple asset classes with counterparties such as Goldman Sachs, Deutsche Bank, First National Bank of Omaha, Bayview Asset Management, Credigy, Fortress Investment Group and many others. His background includes leadership roles in both consumer finance and strategic lending, making him well-equipped to support Aqua Metals' growth and commercialization strategy. These appointments come at a critical time as Aqua Metals strives to scale its AquaRefining™ process aiming to provide an economically profitable, environmentally sustainable and domestically sourced supply of lithium, nickel, and cobalt—key materials for electric vehicles and energy storage. New Risk • Nov 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$28m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$28m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$12m net loss in 3 years). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (€10.8m market cap, or US$11.4m). Announcement • Nov 08
Aqua Metals, Inc. to Report Q3, 2024 Results on Nov 14, 2024 Aqua Metals, Inc. announced that they will report Q3, 2024 results After-Market on Nov 14, 2024 Announcement • Sep 07
Aqua Metals Receives Non-Compliance Letter from Nasdaq Stock Market On September 4, 2024, Aqua Metals, Inc. received a letter from the Nasdaq Stock Market, LLC. The Letter notified the Company that it had fallen out of compliance with respect to the continued listing standard set in Rule 5605(c)(2) of the Nasdaq Listing Rules, which requires an audit committee of at last three independent directors meeting the requirements of Nasdaq Rule 5605. On August 21, 2024, Edward Smith resigned from the board of directors (“Board”) of Aqua Metals, Inc. (“Company”). Mr. Smith was one of three members of the audit committee of the Company’s Board and also one of three members of the Board eligible to serve on the audit committee. As a consequence of Mr. Smith’s resignation, the Company became out of compliance with Nasdaq Listing Rule 5605(c)(2). In accordance with NASDAQ Listing Rule 5605(c)(4), the Company has an automatic cure period in order to regain compliance with NASDAQ Listing Rule 5605(c)(2) as follows: until the earlier of the Company’s next annual stockholders’ meeting or August 21, 2025; or if the next annual stockholders’ meeting is held before February 17, 2025, then the Company must evidence compliance no later than February 17, 2025. The Company intends to appoint a third independent director to its Board and audit committee, and thereby regain compliance Nasdaq Listing Rule 5605(c)(2) in a timely manner. Announcement • Sep 01
Aqua Metals, Inc. has filed a Follow-on Equity Offering in the amount of $30 million. Aqua Metals, Inc. has filed a Follow-on Equity Offering in the amount of $30 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering New Risk • Aug 07
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: US$26m Forecast net loss in 3 years: US$15m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$11m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue is less than US$1m (US$25k revenue). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$15m net loss in 3 years). Shareholders have been diluted in the past year (32% increase in shares outstanding). Market cap is less than US$100m (€23.1m market cap, or US$25.2m). Breakeven Date Change • Aug 07
No longer forecast to breakeven The 2 analysts covering Aqua Metals no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$3.91m in 2026. New consensus forecast suggests the company will make a loss of US$7.78m in 2026. New Risk • Aug 06
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$11m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$11m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Revenue is less than US$1m (US$25k revenue). Minor Risks Shareholders have been diluted in the past year (32% increase in shares outstanding). Market cap is less than US$100m (€36.4m market cap, or US$39.7m). Announcement • Aug 01
Aqua Metals, Inc. to Report Q2, 2024 Results on Aug 05, 2024 Aqua Metals, Inc. announced that they will report Q2, 2024 results at 4:00 PM, US Eastern Standard Time on Aug 05, 2024 Board Change • May 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Director Eddie, Ed Smith was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • May 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 60% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (60% increase in shares outstanding). Revenue is less than US$1m (US$25k revenue). Minor Risk Market cap is less than US$100m (€51.3m market cap, or US$55.6m). Announcement • May 17
Aqua Metals, Inc. has completed a Follow-on Equity Offering in the amount of $7 million. Aqua Metals, Inc. has completed a Follow-on Equity Offering in the amount of $7 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 17,500,000
Price\Range: $0.39
Discount Per Security: $0.0273
Security Name: Warrants
Security Type: Equity Warrant
Securities Offered: 17,500,000
Price\Range: $0.01
Discount Per Security: $0.0007 Announcement • May 15
Aqua Metals, Inc. has filed a Follow-on Equity Offering. Aqua Metals, Inc. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Security Name: Warrants
Security Type: Equity Warrant Announcement • May 11
Aqua Metals, Inc. to Report Q1, 2024 Results on May 15, 2024 Aqua Metals, Inc. announced that they will report Q1, 2024 results After-Market on May 15, 2024 Announcement • Apr 02
Aqua Metals, Inc., Annual General Meeting, May 23, 2024 Aqua Metals, Inc., Annual General Meeting, May 23, 2024, at 09:00 Pacific Standard Time. New Risk • Mar 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$7.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$7.8m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue is less than US$1m (US$25k revenue). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$2.0m net loss in 3 years). Shareholders have been diluted in the past year (33% increase in shares outstanding). Market cap is less than US$100m (€48.4m market cap, or US$52.7m). Announcement • Mar 05
Aqua Metals, Inc. to Report Q4, 2023 Results on Mar 27, 2024 Aqua Metals, Inc. announced that they will report Q4, 2023 results on Mar 27, 2024 Announcement • Jan 08
Comstock Inc.(NYSEAM:LODE) acquired remaining 10% stake in LINICO Corporation from Aqua Metals, Inc. (NasdaqCM:AQMS) for 0.6 millions. Comstock Inc.(NYSEAM:LODE) acquired remaining 10% stake in LINICO Corporation from Aqua Metals, Inc. (NasdaqCM:AQMS) for $0.6 milions on January 8, 2024. Comstock Inc.(NYSEAM:LODE) will pay $600,000 payable in twelve equal monthly installments with the first installment due January 31, 2024. As per the terms of the transaction, Comstock Inc. (NYSEAM:LODE) will reacquired and cancelled 2,605,322 of its previously issued common shares held by LINICO Corporation (“LINICO”), and reduced Comstock’s outstanding shares to 115,256,759. Comstock Inc.(NYSEAM:LODE) completed the acquisition of remaining 10% stake in LINICO Corporation from Aqua Metals, Inc. (NasdaqCM:AQMS) on January 8, 2024. Breakeven Date Change • Dec 31
Forecast to breakeven in 2026 The analyst covering Aqua Metals expects the company to break even for the first time. New forecast suggests the company will make a profit of US$1.48m in 2026. Average annual earnings growth of 57% is required to achieve expected profit on schedule. Announcement • Nov 26
Aqua Metals Receives Non-Compliance Notice from Nasdaq Regarding Non-Compliance with the Minimum Bid Price Requirement in Rule 5550(a)(2) On November 24, 2023, Aqua Metals, Inc. (the ‘Company’) received a letter (the ‘Letter’) from the Nasdaq Stock Market, LLC (the ‘Nasdaq’). The Letter notified the Company that it had fallen below compliance with respect to the continued listing standard set in Rule 5550(a)(2) of the Nasdaq Listing Rules because the closing bid price of the Company’s common stock over the previous 30 consecutive trading-day period had fallen below $1.00 per share. Pursuant to the Letter and Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has 180 days from the date of the Letter, or until May 22, 2024, to regain compliance with the minimum bid price requirement in Rule 5550(a)(2) by achieving a closing bid price for the Company’s common stock of at least $1.00 per share over a minimum of 10 consecutive business days. If the Company does not regain compliance with Rule 5550(a)(2) during the initial 180-day period, the Company may be eligible for additional time to regain compliance, subject to the Company’s compliance with the Nasdaq’s continued listing requirement for market value of publicly-held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and the Company’s provision of certain undertakings to the Nasdaq. However, there can be no assurance that the Company will be afforded additional time to regain compliance with the minimum bid price requirement following the initial 180-day period. If the Company is unable to regain compliance with Nasdaq Listing Rule 5550(a)(2) in a timely manner, the Nasdaq will commence suspension and delisting procedures. New Risk • Oct 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €93.8m (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$8.1m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$4.7m net loss in 3 years). Shareholders have been diluted in the past year (34% increase in shares outstanding). Market cap is less than US$100m (€93.8m market cap, or US$99.6m). Announcement • Sep 21
Aqua Metals, Inc. Appoints Sung Yi to its Board On September 14, 2023, the Board of Directors of Aqua Metals, Inc, acting upon the recommendation of the Board’s Nominating and Corporate Governance Committee, appointed Sung Yi, Ph.D., P.E. to the Board. Dr. Yi was nominated to serve on the Board by Yulho Co. Ltd. (“Yulho”) pursuant to Board nomination rights granted to Yulho in the Securities Purchase Agreement between the Company and Yulho dated July 18, 2023. Dr. Sung Yi, are 65, has 30-year hands-on experience of Battery and Fuel Cell engineering, published 300+ original articles in referred journal articles and symposia/published proceedings and published abstracts of papers presented at professional meetings. From 1994 to 2023, Dr. Yi has served in various executive roles with Hanyang University, Seoul, Korea, including Collaboration Professor for Battery Engineering, Director of Research Institute of Clean Energy, Director of Fuel Cells and Hydrogen Technology, Dean of College of Engineering III, Dean of Applied Chemical and Bio Engineering, Director of Hanyang Fusion Research, and Associate Dean of Research. Dr. Yi also serves on the Board of Directors for The Korea Engineering University, Ansan, Korea, Gyeonggi University of Science and Technology, Siheung, Korea, and the Non-executive Directors of YULHO Inc., Seoul, Korea and KWANGMU Inc., Seoul, Korea. Dr. Yi also served as Deputy CEO and CTO of NPTech, a Hanyang University-affiliated company focused on nanotechnology. Dr. Yi also served as a visiting professor for Singapore’s Nanyang Technological University and as a director of the Tech University of Korea and of Gyeonggi College of Science and Technology. Dr. Yi obtained an undergraduate degree in chemical engineering from Hanyang University, a master’s degree in chemical engineering from the University of Iowa and a Ph.D. in Chemical Engineering from Brigham Young University. Dr. Yi currently serves as a non-executive director of Yulho. Breakeven Date Change • Aug 14
No longer forecast to breakeven The 2 analysts covering Aqua Metals no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$8.41m in 2025. New consensus forecast suggests the company will make a loss of US$27.3m in 2025. New Risk • Aug 11
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: US$17m Forecast net loss in 3 years: US$2.9m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$7.8m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$2.9m net loss in 3 years). Shareholders have been diluted in the past year (32% increase in shares outstanding). Announcement • Jul 29
Aqua Metals, Inc. to Report Q2, 2023 Results on Aug 09, 2023 Aqua Metals, Inc. announced that they will report Q2, 2023 results After-Market on Aug 09, 2023 New Risk • Jul 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$19m free cash flow). Share price has been highly volatile over the past 3 months (10% average weekly change). Revenue is less than US$1m (US$4.0k revenue). Minor Risk Shareholders have been diluted in the past year (11% increase in shares outstanding). Announcement • Jul 08
Aqua Metals, Inc. Announces the Resignation of David Kanen from the Board of Directors On July 5, 2023, David Kanen resigned from the Board of Directors of Aqua Metals, Inc. (“Company”). Mr. Kanen advised the Board that his decision to resign was triggered by his investment fund compliance policies and was not the result of any disagreements with management or the Board. Breakeven Date Change • Mar 12
Forecast breakeven date pushed back to 2025 The 2 analysts covering Aqua Metals previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 16% per year to 2024. The company is expected to make a profit of US$9.07m in 2025. Average annual earnings growth of 59% is required to achieve expected profit on schedule. Announcement • Jan 18
Aqua Metals Regains Compliance with Nasdaq Listing Requirements Aqua Metals, Inc. announced that it received notice from the Nasdaq Stock Market, LLC (“Nasdaq”) that it has regained compliance with Listing Rule 5550(a)(2). The Company was previously notified by Nasdaq on August 2, 2022, that it had fallen below compliance with respect to the continued listing standard set in Rule 5550(a)(2) of the Nasdaq Listing Rules because the closing price of the Company’s common stock over the previous 30 consecutive trading-day periods had fallen below $1.00 per share. To regain compliance, the Company had 180 days from the notice date for the common stock to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days. This requirement was met on January 13, 2023. Announcement • Jan 12
Aqua Metals Electroplates First Critical Battery Metal from Lithium Battery Black Mass At Li Aquarefining™ Pilot Aqua Metals, Inc. announced it has successfully recovered critical battery metal from spent lithium-ion batteries at production scale by electroplating. The Company’s pilot Li AquaRefining system has proven the ability to remove impurities and trace metals from tons of recycled lithium battery ‘black mass’ and then selectively recover pure metal using electricity instead of polluting furnaces or wasteful chemicals processes. Reclaiming metals with the Company’s closed-loop electroplating technology enables economically favorable and efficient production of high-purity products from spent lithium batteries, without high-energy furnaces or the continuous waste streams and expense of one-time-use chemicals. Aqua Metals believes in a clean energy future powered by renewables and sees recycling battery material with electricity derived from renewable sources as the only viable pathway to achieving net-zero operations. The Company currently purchases renewable energy credits (REC) for the electricity used at the pilot facility and offsets all remaining direct and indirect carbon emissions in its carbon footprint. Recent Insider Transactions • Dec 19
Independent Director recently bought €60k worth of stock On the 14th of December, Edward Smith bought around 100k shares on-market at roughly €0.60 per share. This transaction increased Edward's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €518k more in shares than they bought in the last 12 months. Breakeven Date Change • Nov 06
No longer forecast to breakeven The 2 analysts covering Aqua Metals no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$3.20m in 2024. New consensus forecast suggests the company will make a loss of US$24.3m in 2024. Announcement • Oct 26
Aqua Metals, Inc. Provides Significant Updates Aqua Metals, Inc. shared three significant updates: The comparative environmental figures indicate the superiority of Li AquaRefining at current scale vs. current Lithium-ion Battery recycling technologies regarding CO2 emissions and sodium sulfate waste streams. The on-schedule production of lead (Pb) at AQMS partner ACME Metal Enterprise in Taiwan using Pb AquaRefining. The near-term launch of the company’s U.S.-based Li AquaRefining pilot plant currently on schedule to meet the company’s goal of producing high purity metals in fourth quarter 2022. Quantifying Success: AquaRefining’s Environmental Superiority: Aqua Metals recently conducted and released an environmental comparison using competitor data derived from EverBatt, a closed-loop battery recycling cost and environmental impacts model from Argonne National Laboratory. The initial results indicate that AquaRefining has a cleaner approach to LiB recycling, producing far less CO2 waste streams than the two evaluated primary processes currently on the market: pyro-based (smelting) and other hydro recycling methods in development. Taiwan Pb AquaRefining Pilot Program: In September 2022, Aqua Metals delivered on its agreement with ACME Metal Enterprise to deploy AquaRefining technology at its facility in Keelung, Taiwan. A successful commissioning of AquaRefining equipment and lead production followed in October. U.S.-based Li AquaRefining Pilot Plant Progress: Aqua Metals’ fully integrated pilot system, located at the company’s Innovation Center in the Tahoe-Reno Industrial Center in Nevada, is on schedule to meet the company’s goal of producing high value minerals in fourth quarter 2022 and will host potential strategic partner visits in fourth quarter and into first quarter 2023. This puts AQMS on pace to reach its goal of becoming the first company in North America to recycle battery minerals from black mass and sell them in the U.S. and positions the company as the first LiB recycler in North America to align with the U.S. government’s goal of retaining strategic battery minerals within the U.S. The Right Recycling Technology at the Right Time: It is predicted by the International Energy Agency that there will be approximately 140 million EVs globally by 2030, creating a massive demand for LiBs and the critical minerals used to make them. In addition to higher costs, geopolitical risks, human rights abuses, and environmental issues associated with mining some of the metals used in lithium-ion batteries, mining alone cannot meet the demand of this exponentially growing market. Recycling the more than 15 million tons of LiBs that are expected to retire between now and 2030 needs to be done sustainably to meet the carbon reduction objectives that the U.S., EU governments and major corporations have set for themselves. Recycling also enables the retention of these strategic minerals within the U.S., helping to defend against the at-risk supply chain for lithium-ion battery manufacturing. Announcement • Oct 21
Aqua Metals, Inc. to Report Q3, 2022 Results on Nov 03, 2022 Aqua Metals, Inc. announced that they will report Q3, 2022 results at 4:00 PM, US Eastern Standard Time on Nov 03, 2022 Announcement • Aug 08
Aqua Metals Receives Non-Compliance Letter from Nasdaq On August 2, 2022, Aqua Metals, Inc. (the Company") received a letter (the Letter") from the Nasdaq Stock Market, LLC (the Nasdaq"). The Letter notified the Company that it had fallen below compliance with respect to the continued listing standard set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules because the closing bid price of the Company's common stock over the previous 30 consecutive trading-day period had fallen below $1.00 per share. Pursuant to the Letter and Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has 180 days from the date of the Letter, or until January 30, 2023, to regain compliance with the minimum bid price requirement in Rule 5550(a)(2) by achieving a closing bid price for the Company's common stock of at least $1.00 per share over a minimum of 10 consecutive business days. If the Company does not regain compliance with Rule 5550(a)(2) during the initial 180-day period, the Company may be eligible for additional time to regain compliance, subject to the Company's compliance with the Nasdaq's continued listing requirement for market value of publicly-held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and the Company's provision of certain undertakings to the Nasdaq. However, there can be no assurance that the Company will be afforded additional time to regain compliance with the minimum bid price requirement following the initial 180-day period. If the Company is unable to regain compliance with Nasdaq Listing Rule 5550(a)(2) in a timely manner, the Nasdaq will commence suspension and delisting procedures. Announcement • Aug 02
Aqua Metals, Inc. Appoints David Kanen to Board of Directors Aqua Metals, Inc. announced that it has named David Kanen, an experienced investor with specific expertise in emerging opportunities, to the Board of Directors, effective immediately. Kanen currently serves as the managing member of Kanen Wealth Management, a registered investment adviser. Prior to founding Kanen Wealth Management, he held several investment advisory positions over the course of his career, including serving as an independent adviser for Aegis Capital and financial advisor for A.G. Edwards & Sons. Kanen formerly served on the board of directors for BBQ Holdings and U.S. Auto Parts. Announcement • Jul 28
Aqua Metals Appoints Dave McMurtry as Chief Business Officer Aqua Metals, Inc. has appointed Dave McMurtry as Aqua Metals’ Chief Business Officer. McMurtry is an experienced Silicon Valley high-tech executive with expertise in renewable energy and international market development. He advances to this position from his previous role as Aqua Metals’ Chief Strategist.Prior to joining Aqua Metals, McMurtry was CEO of Global Stars Foundation at the Al Dabbagh Group in Jeddah, Saudi Arabia, which focused on investing in local sustainable solutions in Asia, Africa, and Latin America. For the last 25 years, he has held multiple executive positions with major organizations, including Habitat for Humanity International and Kiva, overseeing global strategic planning and implementation. Breakeven Date Change • Jul 23
Forecast breakeven date pushed back to 2024 The 2 analysts covering Aqua Metals previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 15% per year to 2023. The company is expected to make a profit of US$3.20m in 2024. Average annual earnings growth of 27% is required to achieve expected profit on schedule. Announcement • Jul 15
Aqua Metals, Inc. to Report Q2, 2022 Results on Jul 21, 2022 Aqua Metals, Inc. announced that they will report Q2, 2022 results at 4:00 PM, US Eastern Standard Time on Jul 21, 2022 Recent Insider Transactions • Jul 10
CEO, President & Director recently sold €215k worth of stock On the 8th of July, Stephen Cotton sold around 284k shares on-market at roughly €0.76 per share. This was the largest sale by an insider in the last 3 months. Stephen has been a seller over the last 12 months, reducing personal holdings by €483k. Announcement • Jun 14
Aqua Metals Announces Metals Recycling Innovator Aqua Metals Plates High Purity Cobalt Aqua Metals, Inc. has plated high purity cobalt and produced manganese dioxide from lithium-ion battery black mass. With the production of these two materials, the Company has successfully recovered all the high-value metals from used lithium-ion batteries, including lithium hydroxide, copper, and nickel, proving at bench scale its clean and economical metals recycling process. Based on the successful results to date, the Company has initiated the deployment of a lithium-ion recycling pilot at its Innovation Center in Tahoe-Reno Industrial Center that will begin operations later this year. Unlike other recycling processes that require multiple steps to produce high purity metals, Aqua Metals has proven at bench scale that its proprietary Li AquaRefining process can produce high purity individual metals more efficiently. These metals can be sold immediately or be processed into battery cathode precursor materials for lithium-ion batteries utilizing proven methods currently in use. It is predicted that there will be 140 million electric vehicles (EV) globally by 2030, creating a massive demand for lithium-ion batteries and the critical minerals used to make them. In addition to higher costs, geopolitical risks, human rights abuses, and environmental issues associated with mining some of the metals used in lithium-ion batteries, mining alone cannot meet the supply demand of this exponentially growing market. Announcement • Apr 21
Aqua Metals, Inc. to Report Q1, 2022 Results on Apr 28, 2022 Aqua Metals, Inc. announced that they will report Q1, 2022 results After-Market on Apr 28, 2022 Announcement • Apr 08
Aqua Metals, Inc., Annual General Meeting, Jun 07, 2022 Aqua Metals, Inc., Annual General Meeting, Jun 07, 2022, at 11:00 Eastern Daylight. Announcement • Mar 31
Aqua Metals Announces Changes to Its Board of Directors Aqua Metals, Inc. announced that the Company’s Independent Chairman Shariq Yosufzai will not be standing for re-election at the Annual Shareholders Meeting, taking place in June of 2022 (date and timing of meeting to be announced). Succeeding Mr. Yosufzai will be Vincent Divito, who has been an Independent Director for the Company since the Board of Directors was formed in early 2015. Mr. Divito also serves as Chair of the Audit Committee for the Company. Recent Insider Transactions • Mar 30
CEO, President & Director recently sold €129k worth of stock On the 24th of March, Stephen Cotton sold around 101k shares on-market at roughly €1.28 per share. In the last 3 months, they made an even bigger sale worth €140k. Stephen has been a seller over the last 12 months, reducing personal holdings by €711k. Announcement • Mar 03
Aqua Metals, Inc Produces First Lithium from Spent Batteries, Achieving Key Step in Its Novel Lithium-Ion Battery Recycling Technology Aqua Metals, Inc. achieved key milestone and potentially an important industry breakthrough by producing its first lithium hydroxide from lithium-ion battery black mass at the Company’s Innovation Center in the Tahoe-Reno Industrial Center. Currently, the only commercially proven recycling technology being utilized for lithium-ion batteries is smelting which does not recover the lithium. Lithium is a critical component of the lithium-ion batteries that battery manufacturers need to produce to meet the demand of the fast-growing electric vehicle (EV) and overall energy storage markets. In addition to producing lithium through a patent-pending proprietary process, the Company’s R&D program at the Innovation Center is working to recycle the other key elements of lithium-ion batteries such as cobalt (already plated), nickel, copper, and manganese. As governments and vehicle manufacturers take steps to phase out internal combustion engine vehicles to meet carbon emissions reduction targets, demand for lithium is soaring to the point where lithium shortages are already being forecasted for the near term. Benchmark Mineral Intelligence has predicted that there will be acute deficits of lithium as early as this year. The price of lithium has also been dramatically affected, increasing by more than 300% in 2021. It currently stands at approximately $58,000 a metric tonne. Increased mining activity alone cannot mitigate the shortages. Mining is environmentally costly and takes five to seven years to get operational; recycling is critical to meet future demand. Li AquaRefining recycles spent lithium-ion batteries in a clean, economical way by utilizing the electron as the reagent instead of chemicals or high heat. The emissions-free, room-temperature process uses about one two-hundredth of the chemicals of a standard hydro process and does not generate the carbon footprint of a high heat approach. Li AquaRefining is a closed-loop process that recycles the chemicals it uses. Consequently, it has a fraction of the waste streams, estimated at approximately 99.5% less than the standard hydro process. Breakeven Date Change • Feb 28
Forecast breakeven date pushed back to 2024 The 2 analysts covering Aqua Metals previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of US$3.22m in 2024. Average annual earnings growth of 57% is required to achieve expected profit on schedule. Reported Earnings • Feb 26
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: US$0.26 loss per share (up from US$0.42 loss in FY 2020). Net loss: US$18.2m (loss narrowed 29% from FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 14,401%, compared to a 23% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Announcement • Feb 18
Aqua Metals, Inc. to Report Fiscal Year 2021 Results on Feb 24, 2022 Aqua Metals, Inc. announced that they will report fiscal year 2021 results After-Market on Feb 24, 2022 Breakeven Date Change • Sep 23
Forecast to breakeven in 2023 The 2 analysts covering Aqua Metals expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$11.6m in 2023. Average annual earnings growth of 67% is required to achieve expected profit on schedule. Recent Insider Transactions • Jul 10
CEO, President & Director recently sold €442k worth of stock On the 2nd of July, Stephen Cotton sold around 193k shares on-market at roughly €2.29 per share. This was the largest sale by an insider in the last 3 months. Stephen has been a seller over the last 12 months, reducing personal holdings by €920k. Recent Insider Transactions • Mar 28
CEO, President & Director recently sold €287k worth of stock On the 24th of March, Stephen Cotton sold around 88k shares on-market at roughly €3.28 per share. In the last 3 months, there was an even bigger sale from another insider worth €596k. Stephen has been a seller over the last 12 months, reducing personal holdings by €610k. Recent Insider Transactions • Mar 10
Key Executive recently sold €596k worth of stock On the 2nd of March, S. Yosufzai sold around 150k shares on-market at roughly €3.98 per share. This was the largest sale by an insider in the last 3 months. This was S.'s only on-market trade for the last 12 months. Announcement • Mar 04
Aqua Metals, Inc. Announces Director Appointments Aqua Metals, Inc. announced that it has appointed Molly P. Zhang, a seasoned corporate director with global chemical, industrial and cleantech expertise, and Edward Smith, CEO, President and Director of SMTC Corporation to its board of directors effective March 1, 2021. Dr. Zhang is currently on the boards of Enerkem and Gates Industrial Corporation. She is also a member of the supervisory board of GEA Group. Ms. Zhang was appointed to the Audit Committee and Nominating and Corporate Governance Committee of the Board, and Mr. Smith was appointed to the Compensation Committee and Nominating and Corporate Governance Committee of the Board. Reported Earnings • Mar 02
Full year 2020 earnings released: US$0.42 loss per share (vs US$0.86 loss in FY 2019) Full year 2020 results: Net loss: US$25.8m (loss narrowed 43% from FY 2019). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Mar 02
Revenue in line with expectations Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 3,604%, compared to a 10% growth forecast for the Commercial Services industry in Germany. Announcement • Feb 24
Aqua Metals, Inc. Files Provisional Patent for Lithium-Ion Battery Recycling Aqua Metals, Inc. announced it has filed a provisional patent for recovering high-value metals from recycled lithium-ion batteries. Early phase testing shows promise for applying AquaRefining methodology, used for plating ultra-high purity lead, to plating the metals found in lithium-ion batteries such as cobalt, nickel, manganese, and lithium. Provisional patents allow up to one year to gather data in support of a formal submission of the patent. Announcement • Feb 19
Aqua Metals, Inc. to Report Fiscal Year 2020 Results on Feb 25, 2021 Aqua Metals, Inc. announced that they will report fiscal year 2020 results After-Market on Feb 25, 2021 Announcement • Jan 28
Aqua Metals Submits Provisional Patent for New Capability Streamlining Link from AquaRefining to Battery Manufacturing Aqua Metals, Inc. announced that initial testing of a new methodology for producing battery manufacturing ready active material directly from the AquaRefining process has demonstrated promising results. A provisional patent has been filed to protect the new process, which is expected to provide added economic and environmental benefits for AquaRefining licensees. The active material, lead oxide, is the key ingredient used in a battery and comprises over half of a battery’s lead content. The traditional method utilized to produce oxide for lead batteries is a four-step process: (1) smelting lead recovered from used batteries or AquaRefining into lead briquettes; (2) refining that lead to the proper purity; (3) casting the lead into ingots and (4) remelting those ingots to be placed in an oxide reactor for oxide manufacturing. Aqua Metals’ innovative approach would help the $65 billion lead acid battery industry bypass steps 2 and 3 (refining and ingoting), resulting in significant savings in time, money and emissions as the AquaRefined lead briquettes would transition directly to the melting stage at the oxide manufacturer. Is New 90 Day High Low • Jan 23
New 90-day high: €3.90 The company is up 375% from its price of €0.82 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 36% over the same period. Recent Insider Transactions • Jan 09
CEO, President & Director recently sold €191k worth of stock On the 4th of January, Stephen Cotton sold around 70k shares on-market at roughly €2.74 per share. This was the largest sale by an insider in the last 3 months. Stephen has been a seller over the last 12 months, reducing personal holdings by €328k. Is New 90 Day High Low • Jan 07
New 90-day high: €2.95 The company is up 247% from its price of €0.85 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 30% over the same period. Announcement • Dec 30
Aqua Metals, Inc. Achieves Significant Improvements to its Sustainability Focused Battery Recycling Technology Aqua Metals, Inc. announced it has completed its V1.25L electrolyzer program on time and under budget, achieving lead production that is 100% greater compared to the V1.0 electrolyzer deployed at the AquaRefinery during commercial production in 2018 and 2019. The Company previously guided a 20% increase of throughput, yet the V.125L electrolyzer surpassed that guidance by 500%. The V1.25L program concluded with a multi-day 24/7 endurance run that ended on December 24, 2020. These results should positively impact capital and operating expenses for its future equipment supply and licensee customers. The doubling of throughput results in a 50% reduction in the number of electrolyzers needed for equivalent lead production. V1.25L also has a lower build cost and reduced assembly time compared to the V1.0 electrolyzer, which correlates to a 50% decrease in capital expenditures for Aqua Metals equipment installations. In addition, electrolyzer operating expenses have been reduced by greater than 60% compared to the V1.0 electrolyzer, with the combined impact of improvements in automation and increased throughput. The current design has a single button start and stop functionality with no manual interaction required during operation, along with automated maintenance capability. The 60% reduction in operating expenses and 50% reduction in capital expenditures greatly exceeds the targets that were set in early 2020. Is New 90 Day High Low • Dec 19
New 90-day high: €1.21 The company is up 52% from its price of €0.80 on 18 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 28% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: €1.04 The company is up 31% from its price of €0.79 on 28 August 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 16% over the same period. Reported Earnings • Oct 24
Third quarter earnings released Over the last 12 months the company has reported total losses of US$21.5m, with losses narrowing by 54% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 24
Third-quarter earnings released: Revenue in line with expectations Third-quarter revenue of US$90.0k was in line with analyst estimates. Revenue is forecast to grow 327% over the next year, while the growth in Commercial Services industry in Germany is expected to stay flat. Announcement • Oct 16
Aqua Metals, Inc. to Report Q3, 2020 Results on Oct 22, 2020 Aqua Metals, Inc. announced that they will report Q3, 2020 results at 5:00 PM, Eastern Standard Time on Oct 22, 2020 Recent Insider Transactions • Oct 09
Insider recently sold €166k worth of stock On the 7th of October, David Kanen sold around 156k shares on-market at roughly €1.07 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €390k more than they bought in the last 12 months. Is New 90 Day High Low • Oct 07
New 90-day high: €0.99 The company is up 3.0% from its price of €0.97 on 09 July 2020. The German market is also up 3.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Commercial Services industry, which is up 1.0% over the same period. Announcement • Sep 21
Aqua Metals, Inc.(NasdaqCM:AQMS) dropped from S&P Global BMI Index Aqua Metals, Inc.(NasdaqCM:AQMS) dropped from S&P Global BMI Index Announcement • Jul 31
Aqua Metals, Inc. to Report Q2, 2020 Results on Aug 04, 2020 Aqua Metals, Inc. announced that they will report Q2, 2020 results at 5:00 PM, Eastern Standard Time on Aug 04, 2020 
