Aqua Metals, Inc. (AQMS) Income Statement
AQMS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAQMS revenue and net income
AQMS profit margins
AQMS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AQMS quarterly EPS vs estimates
Aqua Metals beat the analyst EPS estimate in 4 of the last 6 quarters. Next report: November 11, 2026.
AQMS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $25,000 | $4,000 | $173,000 | $108,000 | $4.9M | $4.4M | $2.1M | $0 |
| Cost of revenue | $2.4M | $7.2M | $6.3M | $4.0M | $7.0M | $5.5M | $24.8M | $22.8M | $9.5M | $815,000 |
| Gross profit | −$2.4M | −$7.2M | −$6.3M | −$4.0M | −$6.8M | −$5.4M | −$19.9M | −$18.3M | −$7.5M | −$815,000 |
| Research & development | $1.3M | $1.6M | $1.7M | $1.8M | $933,000 | $1.0M | $1.6M | $4.5M | $8.1M | $6.3M |
| Sales, general & admin | $10.5M | $12.0M | $11.6M | $9.8M | $9.7M | $9.0M | $19.3M | $14.2M | $6.9M | $6.6M |
| Total operating expenses | $20.9M | $16.6M | $18.2M | $11.6M | $10.6M | $10.0M | $20.9M | $18.7M | $15.0M | $13.0M |
| Operating income | −$23.3M | −$23.8M | −$24.5M | −$15.6M | −$17.5M | −$15.4M | −$40.8M | −$37.0M | −$24.9M | −$13.0M |
| Interest income | $913,000 | $376,000 | $999,000 | $262,000 | $379,000 | $48,000 | $270,000 | $223,000 | $41,000 | $41,000 |
| Interest expense | $667,000 | $574,000 | $621,000 | $125,000 | $21,000 | $1.6M | $3.5M | $3.4M | $1.8M | $639,000 |
| Income before taxes | −$22.6M | −$24.6M | −$23.9M | −$15.4M | −$18.2M | −$25.8M | −$44.8M | −$40.3M | −$26.6M | −$13.6M |
| Income taxes | $2,000 | $3,000 | $1.1M | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $1,000 |
| Net income | −$22.6M | −$24.6M | −$23.9M | −$15.4M | −$18.2M | −$25.8M | −$44.8M | −$40.3M | −$26.6M | −$13.6M |
| EBITDA | −$20.8M | −$22.7M | −$22.0M | −$14.2M | −$16.9M | −$21.7M | −$37.3M | −$33.4M | −$21.7M | −$12.1M |
| EPS (diluted) | −$15.15 | −$28.64 | −$30.74 | −$28.34 | −$40.06 | −$20.13 | −$154.22 | −$168.36 | −$173.50 | −$178.00 |
| Gross margin | — | — | −25,028.0% | −98,875.0% | −3,956.1% | −4,970.4% | −408.8% | −411.6% | −356.9% | — |
| Operating margin | — | — | −97,856.0% | −389,150.0% | −10,095.4% | −14,252.8% | −837.0% | −832.3% | −1,190.5% | — |
| Net margin | — | — | −95,752.0% | −385,775.0% | −10,516.2% | −23,853.7% | −919.1% | −904.8% | −1,273.0% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $24,000 | $25,000 |
| Cost of revenue | $564,000 | $501,000 | $331,000 | $576,000 | $776,000 | $724,000 | $1.0M | $1.6M | $2.4M | $2.2M | $2.0M | $1.8M |
| Gross profit | −$564,000 | −$501,000 | −$331,000 | −$576,000 | −$776,000 | −$724,000 | −$1.0M | −$1.6M | −$2.4M | −$2.2M | −$2.0M | −$1.7M |
| Research & development | $248,000 | $282,000 | $366,000 | $328,000 | $295,000 | $336,000 | $238,000 | $398,000 | $363,000 | $588,000 | $382,000 | $389,000 |
| Sales, general & admin | $1.7M | $2.9M | $3.8M | $2.1M | $2.2M | $2.4M | $2.8M | $2.7M | $3.4M | $3.0M | $3.0M | $2.8M |
| Total operating expenses | $2.5M | $3.6M | $4.2M | $2.5M | $6.3M | $8.0M | $5.7M | $3.6M | $3.8M | $3.6M | $3.4M | $3.2M |
| Operating income | −$2.5M | −$4.1M | −$4.6M | −$3.0M | −$7.0M | −$8.7M | −$6.7M | −$5.2M | −$6.2M | −$5.8M | −$5.3M | −$4.9M |
| Interest income | $51,000 | $149,000 | $108,000 | $28,000 | $497,000 | $280,000 | $47,000 | $84,000 | $99,000 | $146,000 | $244,000 | $489,000 |
| Interest expense | $6,000 | $8,000 | $7,000 | $12,000 | $245,000 | $403,000 | $301,000 | $83,000 | $84,000 | $106,000 | $103,000 | $87,000 |
| Income before taxes | −$4.5M | −$4.0M | −$4.4M | −$3.1M | −$6.8M | −$8.3M | −$7.4M | −$5.2M | −$6.1M | −$5.8M | −$10.0M | −$4.5M |
| Income taxes | — | $2,000 | −$4,000 | — | $2,000 | — | — | — | $3,000 | −$325,000 | $125,000 | −$360,000 |
| Net income | −$4.5M | −$4.0M | −$4.4M | −$3.1M | −$6.8M | −$8.3M | −$7.4M | −$5.2M | −$6.2M | −$5.8M | −$10.0M | −$4.5M |
| EBITDA | −$4.2M | −$3.7M | −$4.2M | −$2.8M | −$6.2M | −$7.6M | −$3.8M | −$4.8M | −$5.7M | −$5.3M | −$9.6M | −$4.1M |
| EPS (diluted) | −$1.31 | −$1.22 | — | −$2.19 | −$0.01 | −$0.96 | −$1.04 | −$7.60 | −$10.00 | −$10.00 | −$0.05 | −$8.00 |
| Gross margin | — | — | — | — | — | — | — | — | — | — | −8,191.7% | −6,980.0% |
| Operating margin | — | — | — | — | — | — | — | — | — | — | −22,150.0% | −19,796.0% |
| Net margin | — | — | — | — | — | — | — | — | — | — | −41,775.0% | −18,188.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AQMS's financial statements (latest annual report filed March 31, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AQMS financial results
Aqua Metals reported no revenue in fiscal year 2025 (ended December 31, 2025). It had a net loss of $22.6 million. Diluted earnings per share came to −$15.15.
See the AQMS stock overview for the latest quote and news, or the AQMS chart for price history and technical indicators.
AQMS income statement FAQ
Does Aqua Metals have revenue?
Aqua Metals reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is Aqua Metals profitable?
No. Aqua Metals reported a net loss of $22.6 million in fiscal 2025.
How much does Aqua Metals spend on research and development?
Aqua Metals spent $1.3 million on research and development in fiscal 2025.
What are Aqua Metals's earnings per share?
Aqua Metals earned $-15.15 per diluted share in fiscal 2025, compared with $-28.64 a year earlier.
When will Aqua Metals report its next earnings?
Aqua Metals is expected to report results for the quarter ending September 30, 2026 on November 11, 2026.
When does Aqua Metals's fiscal year end?
Aqua Metals's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 31, 2026.