Executive Summary
Aqua Metals’ QQ1 2025 results reflect a continued negative earnings trajectory with limited top-line contribution and a precarious liquidity position. The quarter shows revenue of approximately $0.724 million and a gross loss of $0.724 million, driven by cost of revenue of $0.724 million and minimal gross margin visibility. Operating expenses dominated the income statement, totaling about $7.959 million, resulting in an operating loss of $8.683 million and a net loss of $8.315 million. EBITDA stood at $(7.614) million, underscoring the structural profitability challenge even before non-operating items. Earnings per share (diluted) were $(10.27), with basic loss per share aligned at $(10.30).
From a cash flow and balance sheet perspective, Aqua Metals generated negative operating cash flow of $(2.753) million in the quarter, spent $(0.475) million on capital expenditures, and posted free cash flow of $(3.228) million. The company closed the period with cash and cash equivalents of $1.589 million and reported net debt of approximately $(2.343) million. On the balance sheet, total assets were $18.065 million against total liabilities of $8.534 million and stockholders’ equity of $9.531 million, with a notably large accumulated deficit of $(256.085) million. Liquidity ratios remain weak (current ratio 0.310, quick ratio 0.276, cash ratio 0.222), highlighting a narrow runway absent meaningful operating leverage or external financing.
Strategically, Aqua Metals faces a steep uphill climb toward sustainable profitability. The year-to-date momentum hinges on revenue realization from potential customers, meaningful cost reductions, and a path to scale production without disproportionate cash burn. Management commentary (where available) is not reflected in the provided transcript data; as a result, the outlook remains contingent on execution of cost controls, capacity utilization, and any new commercial contracts. Given the current construct, the investment thesis rests on the company achieving a credible path to positive operating cash flow and a material reduction in fixed costs, or securing additional financing to fund ongoing losses while attempting a growth inflection.
Key Performance Indicators
QoQ: -29.95% | YoY:-49.91%
QoQ: -11.72% | YoY:-44.56%
Key Insights
Revenue: $0.724 million for Q1 2025 (per four-quarter data). YoY: N/A; QoQ: N/A.
Gross Profit: $(0.724) million in Q1 2025; Gross Margin: negative (line-item shows cost of revenue equals revenue for the quarter). YoY: +67.22%; QoQ: +28.67% (note: base is negative, thus large YoY/QoQ changes reflect prior-period differentials).
Operating Income: $(8.683) million. YoY: $(0.921) million decline (approx. -49.91% decline in operating income). QoQ: $(3.240) million decline (approx. -29.95%).
Net Incom...
Financial Highlights
Revenue: $0.724 million for Q1 2025 (per four-quarter data). YoY: N/A; QoQ: N/A.
Gross Profit: $(0.724) million in Q1 2025; Gross Margin: negative (line-item shows cost of revenue equals revenue for the quarter). YoY: +67.22%; QoQ: +28.67% (note: base is negative, thus large YoY/QoQ changes reflect prior-period differentials).
Operating Income: $(8.683) million. YoY: $(0.921) million decline (approx. -49.91% decline in operating income). QoQ: $(3.240) million decline (approx. -29.95%).
Net Income: $(8.315) million. YoY: $(5.132) million decline (approx. -44.56%). QoQ: $(1.047) million decline (approx. -11.72%).
Earnings Per Share (Diluted): $(10.27). YoY: +1.44%; QoQ: +0.96%.
EBITDA: $(7.614) million.
Free Cash Flow: $(3.228) million.
Cash and Equivalents: $1.589 million at period end.
Net Debt: $(2.343) million.
Current Ratio: 0.310; Quick Ratio: 0.276; Cash Ratio: 0.222.
Debt/Equity: 0.413; Debt/Capitalization: 0.292; Debt Total: $3.932 million; Long-term Debt: $0.368 million.
Cash Flow from Operations per Share: $(0.340); Free Cash Flow per Share: $(0.399).
Price/Book: 1.588; Enterprise Value Multiple: $(2.01) (negative EV).
Weighted Avg Shares Outstanding (diluted): 809,571; Basic: 807,282.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Gross Profit |
-724.00K |
67.22% |
28.67% |
| Operating Income |
-8.68M |
-49.91% |
-29.95% |
| Net Income |
-8.32M |
-44.56% |
-11.72% |
| EPS |
-10.30 |
1.44% |
0.96% |
Key Financial Ratios
operatingCashFlowPerShare
$-0.34
freeCashFlowPerShare
$-0.4
Management Commentary
Transcript highlights not available in the provided data. Earnings transcript is listed as empty. Therefore, no management quotes or thematic points could be extracted. TranscriptQuotes are set to not available (N/A).
Forward Guidance
There is no explicit forward guidance in the provided data for QQ1 2025. In the absence of management targets, the forward outlook must hinge on two primary variables: (1) revenue trajectory, including any ramp in lead-recycling contracts or processing capacity utilization, and (2) ongoing cost discipline to reduce fixed SG&A, R&D, and other operating expenses. Given the current quarterly results, break-even operating performance would require a meaningful revenue uplift while maintaining or reducing the current expense base. Investors should monitor: (a) any announced customer wins, (b) capacity utilization and yield improvements in core recycling operations, (c) working capital improvements and any refinancing/talent/asset-lighting strategies, and (d) any equity or debt financing plans to extend the company’s runway. Without clearer guidance, the achievability of a near-term turnaround remains contingent on tangible revenue growth and sustained deleveraging.