Key Highlights

  • At a closing price of USD 1.37, Aqua Metals carried a market Capitalization of USD 4.88 million according to published market data, with about 3.05 million public float shares, which places it among nano-caps.
  • Second quarter net loss narrowed 33.8% to USD 4.48 million from USD 6.77 million a year earlier, which works out to 1.31 per share against 7.44 (change calculated).
  • Cash fell to USD 4.7 million on June 30, 2026 from USD 10.8 million at December 31, 2025, while the company carried no Debt and Equity of USD 9.5 million.
  • The Headwaters ARC lithium iron phosphate recycling project is being pursued at a Midwest location of about 150,000 square feet on roughly 50 acres, to be built in phases.

Reporting Date and Current Expectations for Aqua Metals (NASDAQ:AQMS)

Aqua Metals, Inc. (NASDAQ:AQMS) plans to release third quarter 2026 results and hold its investor call on November 16, 2026, for the period ending September 30, 2026. Because no Revenue is booked, focus will rest on operating costs, cash and advances on the Headwaters ARC plan. Second quarter net loss stood at USD 4,480 thousand, or 1.31 per share, while the first six months produced a USD 8,434 thousand loss, or 2.54 per share, versus USD 15,085 thousand, or 17.54 per share, in the opening half of 2025. Published market data place the Market Value at USD 4.88 million.

Operating Costs and Priorities Set Out by Aqua Metals (NASDAQ:AQMS)

Second quarter operating outlays came to USD 4,594 thousand, down from USD 7,031 thousand, with a USD 2,059 thousand Credit loss provision and USD 1,723 thousand of general and administrative cost among the items. Formal financial guidance is not offered. Instead, management listed its 2026 priorities: securing the site, selecting a Phase 1 equipment partner, lining up feedstock and offtake arrangements, raising capital, obtaining permits and reaching a Phase 1 final Investment decision. Stage one would rely on established preprocessing machinery that pulls copper, aluminum and high-grade black mass out of lithium iron phosphate feedstock, and stage two would fold in AquaRefining to make battery-grade lithium carbonate, iron phosphate and graphite.

Thin Cash Cushion and Dilution Exposure at Aqua Metals (NASDAQ:AQMS)

Aqua Metals (NASDAQ:AQMS) reported cash and equivalents of USD 4,744 thousand at June 30, 2026. Assets came to USD 12,622 thousand, liabilities to USD 3,092 thousand, and equity to USD 9,530 thousand. Share count climbed to 3,548,104 from 3,004,898 at December 31, 2025. Small-cap exposure is worth weighing: a market value below USD 100 million can mean thin trading and sharp price swings, and outcomes may depend on financing, dilution and execution for a project still lacking its site, funding and permits.

Where Things Stand

Heading into its November 16, 2026 release, Aqua Metals (NASDAQ:AQMS) has a market value of USD 4.88 million, cash of USD 4.7 million as of June 30, 2026, and no debt. Second quarter losses narrowed, moving from USD 6.77 million to USD 4.48 million, while cash dropped by USD 6.1 million over six months by calculation. The company is expected to announce its chosen development route for the Midwest site and its Phase 1 equipment partner, and fundraising remains the central unresolved matter. No numeric guidance has been given. This is informational content only and not investment advice.