Executive Summary
Aqua Metals Inc reported a materially negative quarter for QQ2 2025 with no reported revenue and a substantial gross loss driven by cost of revenue of $0.776 million and operating expenses that culminated in an EBITDA of -$7.031 million and a net loss of $6.77 million. Earnings per share stood at -$7.44 on a diluted basis, with a weighted average of roughly 910k shares. Cash flow remained negative from operations at -$2.546 million, while free cash flow totaled -$2.492 million for the quarter. The company finished the period with roughly $1.93 million in cash and cash equivalents and a working capital deficit (current assets $2.37 million vs. current liabilities $3.63 million), signaling liquidity pressures despite a modest debt load. Management commentary and transcripts were not provided in the data, limiting visibility into strategic pivots or near-term reforms disclosed to investors.
From a balance-sheet perspective, Aqua Metals carries a sizable accumulated deficit (-$262.9 million) but reports total stockholders’ equity of about $5.12 million, aided by a sizable “other” equity line of roughly $268 million. This unusual equity structure underscores a capital-structure that relies heavily on non-operating components, rather than core earnings, to underpin listed equity. The quarter’s weak operating performance is tempered somewhat by a non-recurring cash inflow via investing activities, facilitating a net marginal positive cash change, but this does not alter the fundamental earnings trajectory. In our view, the key questions for investors center on whether the company can: a) translate any non-operating cash inflows into sustainable liquidity; b) unlock a revenue-generating business model in lead recycling; and c) secure external capital or strategic partnerships to support ongoing operations and capital needs.
Overall, the QQ2 2025 results suggest a company still in a high-risk phase with limited visibility into a near-term revenue turn, but potential optionality if liquidity events or partnerships mature. Investors should monitor if and how Aqua Metals accelerates a path to recurring revenue, improves gross margins, and secures durable capital to support a turnaround.
Key Performance Indicators
QoQ: 19.03% | YoY:-14.10%
QoQ: 18.58% | YoY:-10.08%
Key Insights
Revenue: None reported (null revenue for QQ2 2025). Cost of revenue: $0.776 million. Gross profit: -$0.776 million. Operating expenses: $2.49 million (R&D $0.295 million; G&A $2.195 million). EBITDA: -$7.031 million. Operating income: -$7.031 million. Net income: -$6.77 million. EPS (diluted): -$7.44. Weighted average shares: 910,129.
Liquidity and balance sheet: Cash $1.933 million; total current assets $2.369 million; total current liabilities $3.633 million; working capital -$1.264 m...
Financial Highlights
Revenue: None reported (null revenue for QQ2 2025). Cost of revenue: $0.776 million. Gross profit: -$0.776 million. Operating expenses: $2.49 million (R&D $0.295 million; G&A $2.195 million). EBITDA: -$7.031 million. Operating income: -$7.031 million. Net income: -$6.77 million. EPS (diluted): -$7.44. Weighted average shares: 910,129.
Liquidity and balance sheet: Cash $1.933 million; total current assets $2.369 million; total current liabilities $3.633 million; working capital -$1.264 million; total debt $0.593 million; cash and cash equivalents net of debt (net debt) is negative $1.34 million, signaling a net cash position on a light leverage profile but limited liquidity runway.
Cash flow: Net cash from operating activities -$2.546 million; capital expenditures $0.054 million; free cash flow -$2.492 million. Net cash provided by financing activities: -$2.421 million. Net cash from investing activities: -$5.311 million (driven by investing cash activities offsetting operating cash burn).
Key YoY/QoQ context (from provided metrics): Gross profit yoy +67.3% but remains negative; QoQ gross profit margin fell by 7.18%. Operating income yoy -14.10% (loss widening) with QoQ improvement of 19.03%. Net income yoy -10.08% (loss level stable to slightly better/worse depending on baseline) with QoQ gain of 18.58%. EPS yoy +25.15% and QoQ +27.77% reflecting share count stability alongside ongoing losses.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Gross Profit |
-776.00K |
67.30% |
-7.18% |
| Operating Income |
-7.03M |
-14.10% |
19.03% |
| Net Income |
-6.77M |
-10.08% |
18.58% |
| EPS |
-7.44 |
25.15% |
27.77% |
Management Commentary
Note: The provided data set does not include an earnings-call transcript. As a result, there are no management quotes or thematic transcript highlights available within the supplied materials. If a transcript is provided or accessible (e.g., 8-K/10-Q supplementary call transcripts or included in the 10-Q), a thematic synthesis covering strategy, operations, market conditions, and specific management quotes can be added.
Forward Guidance
Management guidance or explicit forward-looking targets were not included in the provided data. Given the current QQ2 2025 metrics, the near-term outlook hinges on liquidity outcomes and potential strategic actions. In a turnaround scenario, investors would want to see: - Clear guidance on anticipated revenue generation or utilization of existing assets to unlock cash flow, - A credible plan to reduce fixed costs or restructure operating expenses to move EBITDA from negative toward breakeven, - A path to sustained liquidity (e.g., debt facilities, equity financing, or monetization of non-core assets). Absent explicit guidance, the 1–2 quarter horizon is dominated by liquidity management and any non-operating cash infusions that can bridge to a revenue-generating phase. Key factors to monitor include: runway liquidity, capital-raising announcements, licensing/partnership deals for lead recycling technology, and any material changes in working-capital requirements.