Aqua Metals, Inc. (AQMS) AI Stock Analysis

Aqua Metals, Inc. focuses on metals recycling through its patented AquaRefining technology, producing metals and alloys designed for reintegration into battery manufacturing supply chains and advanced manufacturing industries. Central to its operations is AquaRefining, a low-emission recycling method that replaces traditional polluting furnaces and hazardous chemicals with electricity-powered electroplating. This process efficiently recovers metals and materials from spent batteries while minimizing emissions and chemical waste. Headquartered in Reno, Nevada, the company was founded in 2014 and aims to advance sustainable, clean, and efficient metal recovery solutions.

Aqua Metals experienced significant revenue contraction and sustained losses between FY2019 and FY2023. Revenue dropped from $4.9M in FY2019 to $108,000 in FY2020, rose to $173,000 in FY2021, fell to $4,000 in FY2022, and reached $25,000 in FY2023, resulting in a 5-year revenue CAGR of -64.5%. Net income was -$44.8M in FY2019, -$25.8M in FY2020, -$18.2M in FY2021, -$15.4M in FY2022, and -$23.9M in FY2023, where the net margin was -95752.0%. For the trailing twelve months ending June 30, 2026, revenue was $0, with quarterly revenue growth of -100.0% year-over-year and an EPS of -$2.53.

As of June 30, 2026, Aqua Metals held $4.7M in cash and short-term investments alongside total debt of $441,000, resulting in net cash of $4.3M. Total assets stood at $12.6M against shareholders' equity of $9.5M. The company maintains a current ratio of 2.43 and a debt-to-equity ratio of 0.05. Free cash flow was negative at -$13.1M in FY2023. For FY2025, capital expenditures totaled $425,000, while the company's share count increased by 804.8% over five years.

Aqua Metals carries a market capitalization of $6.1M and an enterprise value of $4.6M. The stock trades at a price-to-book ratio of 0.9x and a forward P/E ratio of 67.6x, compared to a forward P/E median of 17.2x for its US-listed Industrials peers. Its price-to-sales ratio stands at 865.5x versus the peer median of 1.5x. Over the past year, AQMS shares returned -89.2%, while the S&P 500 (SPY) returned 16.8%. Over a 5-year period, the stock dropped 99.6% compared to an 83.0% gain for the benchmark index.

Aqua Metals is covered by 1 analyst who maintains a Buy rating, with 0 Strong Buy, Hold, Sell, or Strong Sell ratings. The mean price target is $5.00, representing an upside of 194.1% over the last close of $1.70. Over the past four quarters, Aqua Metals beat consensus EPS estimates 2 times. The company's next earnings date is November 11, 2026.

This page is an AI-written research summary of Aqua Metals, Inc. (AQMS). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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