Aqua Metals Q3 2023 Earnings Call Transcript

Quartr
Provided by Quartr
November 8, 2023

There are 5 speakers on the call.

Operator

Good afternoon, and welcome to the Aqua Metals Third Quarter Financial Results Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. You can submit a question via the web at any time by typing them into the Ask a Question field. Please note this conference is being recorded.

Operator

It's now my pleasure to turn the call over to Bob Myers of FNKIR. You may begin, Bob.

Speaker 1

Thank you, operator, and thank you everybody for joining. Earlier today, Aqua Metals issued a press release providing an operational update and discussing financial results for the Q3 ended September 30, 2023. This release is available in the Investor Relations section on the company's website at aquametals.com. Hosting the call today are Steve Cotton, President and Chief Executive Officer and Judd Merrill, Chief Financial Officer. Before we begin, I would like to remind participants that during the call, management will be making forward looking statements.

Speaker 1

Please refer to the company's report on Form 10 ks filed March 9 or Form 10 Q filed today, November 8, For a summary of the forward looking statements and the risks, uncertainties and other factors that could cause actual results to differ materially from those forward looking statements. Aqua Metals cautions investors not to place undue reliance on any forward looking statements. The company does not undertake and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by law. As a reminder, after the formal remarks, we will be taking questions. And last week's press releases.

Speaker 1

We will take as many questions as we can in our available time slot. And with that, I'd like to turn the call over to Steve Cotton, CEO of Aqua Metals. Steve, the call is yours.

Speaker 2

Thank you, Bob, and thank you to everyone who joined us today. Our strategy focus is paying off as we have made significant progress in commercializing our innovative technology. This strategy honed on lessons learned as the industry has matured is based on self sustainability And measured growth. The rechargeable battery industry is still in its early stages and is susceptible to growth in the electrification of cars, The slow expansion of a charging infrastructure and technological innovation in batteries themselves. The overall trajectory, however, The short term fluctuations in growth rates, investments and commercialization are to be expected.

Speaker 2

In contrast to others in the industry, Aqua Metals has built a Unlike others, we do not plan to build 1st a massive and expansive plant requiring government grants or loans efficiency of our process. And because our ability to scale at a metered pace requires half of the capital cost of other technologies, we have significantly greater If those avenues do not come to fruition, we can use traditional debt to finance our growth because we will be in a better position to service that debt due to our greater efficiency and the significantly smaller capital needs. Additionally, partnerships, joint ventures and similar structures Simply put, we have the strategy in place, supported by the right partners based on the previously announced expansion of our campus recycling facility in Tahoe Reno, Nevada And the projects we have announced with key partners to succeed. We are not overextending ourselves either financially or strategically, And we are developing multiple pathways to near term success. As we watch the challenges of others in our industry amidst this environment where the cost of capital Hi, we increasingly believe that our strategy is the right one.

Speaker 2

Let me speak to the expansion of our partner ecosystem. Expanding our relationships with partners is a critical part of our commercialization strategy and we have made significant progress in this area. As an IP company, our strategy involves Aqua Metals positioned as an owner operator and also licensing our proven technology to partners. Licensing represents a highly capital efficient way to grow revenue and profitability. During the Q3, Dragonfly Energy announced it had successfully High purity lithium hydroxide recovered by Aqua Metals from recycled lithium ion batteries to manufacture a lithium based battery cell Using Dragonfly's patented dry battery electrode coating technology, this is a major milestone for Aqua Metals and its partners proving that we can deliver a closed Lithium Loop right here in Nevada sourcing, manufacturing and recycling key lithium battery materials all within the state.

Speaker 2

We also secured a strategic investment in partnership with South Korea based Yulho and their Yulho Materials division. This partnership is intended to expand our geographic footprint through licensing of our lithium Aqua refining technology in Yulho's plant in South Korea. This is a large project and we are working closely with Yulho giving them sufficient time to complete their build out of their first black mass processing facility and operations. We are targeting to complete a licensing agreement with Yulho in the 1st part of 2024. Recently, we advanced our previously advanced plans with 6 ks Energy and subsequently signed a multi advanced plans with 6 ks Energy and subsequently signed a multipart memorandum of understanding that enhanced the The agreement outlines a future joint venture to co locate a lithium battery recycling facility with 6 ks in the Eastern United States To be engineered and operated by Aqua Metals, the plant will support 6 ks Energy's proprietary Unimelt sustainable CAM manufacturing process that reduces carbon pollution and waste stemming from the battery supply chain.

Speaker 2

This is another prime example of the value proposition that Aqua Metals provides to our potential partners and We expect to finalize the formal supply agreement with 6 ks by the end of this year. We believe that these partnerships, strategic investments and achievements Ecosystem, we have agreements in place to receive Black Mass as we expand capacity at our own commercial campus. We have Multiple partners to purchase our recycled components, so buyers for our output is not likely to be a challenge. Effectively, we have created a closed Significantly de risking our business model, we are squarely focused on building a circular supply chain That is sustainable with everything we produce aligning with battery manufacturer qualifications for steadily increasing IRA incentives. These incentives, as I mentioned earlier, can serve as another tailwind for our core strategy.

Speaker 2

In the Q3, we generated modest revenue from the sale of some inventory. We also generated modest revenues from our NRE or non recurring engineering fees associated with our lithium aqua refining program. However, our primary focus is on Scaling our lithium ion battery recycling business, enabling us to reach salable truckload quantities of materials, while retaining samples to provide to partners like 6 ks and Dragonfly, so they can develop and execute their own testing programs. A truckload of materials is approximately 20 tons. We expect to begin producing salable quantities of materials from our Sierra Arc in the second half of twenty twenty four and expect significant and consistent Growth in revenues from recycled materials beginning in 2025.

Speaker 2

The build out of our Sierra Arc in Tahoe Reno is progressing as planned. We have Black Mass input material and funding to begin the commissioning for this expansion and we are pursuing non dilutive financing options for the remaining amounts. Our primary strategy for this is in the form of our already submitted USDA loan guarantee application that includes strong third party validation in the form of a feasibility study of our overall business and strong third party validation by a global engineering firm ICF in the form of a detailed technical life cycle analysis and validation of our novel processes. This package also includes detailed line by line hard for the entire Phase 1 build out already underway of the Sierra Arc, which gives us great confidence in the overall costs. In the event the USDA loan guarantee does not work out for us, we have solid alternative debt based backup plans in the works.

Speaker 2

I'd add that the government grants we are pursuing are for new lines of business, not for the core business with the ARC, and we are not dependent We raised capital in the 3rd quarter and successfully strengthened our balance sheet to carry us through market fluctuations that can be With our flexible business model and funding options that are not solely reliant on government entities, we believe we are well positioned to execute. In summary, we said that 2023 was the year that we said we would transition from pilot phase to commercialization and that initiative is well underway and We have secured input and offtake partners with more coming. We are scaling operations in a measured and phased way to minimize capital expenditures We have a healthy balance sheet and a growing number of options to secure the remaining growth capital. Our strategy is rapidly coming together and we believe that 2024 will be a watershed year for Aqua Metals. I look forward to sharing further updates with you all soon.

Speaker 2

And now I'm going to turn it over to Judd Merrill, our Chief Financial Officer, to discuss the results for the Q3.

Speaker 3

Thanks, Steve. Let me start my comments with our balance sheet. As of September 30, 2023, we had total assets of $42,000,000 And working capital of $23,100,000 we ended the quarter with total cash of approximately $25,600,000 During the quarter, we completed a public offering of approximately 18,000,000 shares, resulting in $20,000,000 of gross proceeds. In addition, we entered into an agreement to execute a license agreement with YouleHole, which included YouleHole investing $5,000,000 into Aqua Metals. This capital supports our plan for Phase 1 of our 10,000 ton per year campus facility.

Speaker 3

There were no other significant changes on the balance sheet since our last quarterly report. So I'll move to the income statement. In Q3, we were focused on advancing and executing our operations at our pilot facility. The costs related to operating this facility were approximately $1,800,000 for the quarter. We generated a small amount of revenue, Steve mentioned primarily related to the sale of lead inventory.

Speaker 3

We also recorded modest service fees from our development agreement with 6 ks. Those fees are recorded in other income. Research and development costs decreased approximately 21% Compared to the quarter ended September 30, 2022, included in R and D expenses are costs related to our agreement with 6 ks. General and administrative expenses increased approximately 7.8% for the quarter ended September 30, 2020 3 compared to the quarter ended September 30, 2022, in line with expectations and guidance. For the Q3 of 2023, we had an operating loss of $4,900,000 compared to an operating loss $3,900,000 for the same period in 2022.

Speaker 3

Our net loss for the quarter was $4,500,000 or negative $0.04 per basic and diluted share compared to a net loss of $3,900,000 or a negative $0.05 per basic and diluted share for the same period in 2022. Moving to the cash flow statement. Cash provided by operating activities for the of our old lead recycling facility. Net cash used in investing activities for the quarter was 6,300,000 This consisted mainly of $4,300,000 utilized towards the purchase of our campus property and $1,800,000 of equipment primarily related to the build out of our first commercial demonstration facility. Net cash provided From financing activities was $22,600,000 for the quarter.

Speaker 3

This consisted of $3,800,000 in net proceeds from the sale of Aquamanals shares Pursuant to that, the market offering $2,900,000 in proceeds from the loan agreement secured with Summit Investment and $18,300,000 in net proceeds from our July 23, 2023 public offering and $4,600,000 in net proceeds from the UHOLD transaction. These inflows were offset mainly by the $6,000,000 used to pay off the note payable as reported in Note 11 of our 10 Q report. We have bolstered our balance sheet and are managing our cash widely by actively reviewing and considering every dollar spent. One of the positives of higher interest rates is that we are earning a nice return on the cash balance we currently have in the bank. We believe that 2024 is an important year as we finish construction and begin production at our first commercial demonstration plant.

Speaker 3

It is an important milestone as we believe that the plant will generate positive cash flows for the company. As we noted in our 10 Q report, we believe that we will need additional capital to fund our proposed business plan beyond the next 12 months, including the completion of We are actively pursuing non dilutive options such as the USDA government guaranteed loan for $25,000,000 However, we are not reliant on the USDA loan as we have been working on securing funds from other sources Such as from conventional lenders, the DOE, strategic partners and possible dilutive options,

Speaker 4

Our

Speaker 3

access to cash is key to ensure our funding success and bridges to positive cash generation as we expect From our first commercial denim registration plant, we are confident in our financial strength and our ability to execute on our business strategy. And with that, that concludes my remarks on the financials. I will now turn it back over to the moderator for Q and A.

Operator

Thank you. We'll now be conducting a question and answer session. Can also type your question over the webcast at any time by typing your question into the ask a question field. One moment please while we poll for questions. Our first question is coming from Sameer Joshi from H.

Operator

C. Wainwright. Your line is now live.

Speaker 4

Yes. Thanks for taking my questions. The CNR facility, can you remind us what CapEx has already been Spent on it and what is the remaining amount to be spent on this?

Speaker 3

Yes, Sumit, this is Jed. The total CapEx for this project is just about 30,000,000 And so in this quarter, we spent about $1,800,000 towards that. And that's the Q3. In the Q4, we'll see that spend tick up quite a bit. And with The goal of getting that thing built by early to mid Q2 of next year.

Speaker 4

And that will be the Phase 1 with around 3,000 tons per year capacity. Is that correct?

Speaker 3

3,000 tons of black mass processed per year, that's the capacity.

Speaker 4

Process. Black mass processed. Okay, got it. So just looking at the next 18 12 to 18 months, What are the milestones that we should be looking at? And also within the next 6 months between now and this facility coming online, What can investors expect to see?

Speaker 4

Should we see more relationships like 6 ks Or Dragonfly or some other milestones?

Speaker 2

Yes. So, lots of milestones to come. For 6 ks and Dragonfly, we'll of course be progressing those relationships. And We believe that we'll be announcing new relationships and partnerships, both from the feedstock and offtake, part of the ecosystem. So there'll be those commercial developments that are continuing to work through the cycle of engaging with these other parties.

Speaker 2

And really the tool that we're using to do that, of course, is not only our own organizational capability, but leveraging That people can come and witness our pilot operating and producing these materials and see it for themselves and those commercial partnerships will continue to progress. But of course, we'll also see the pilot progress into the Sierra Arc facility, which is just about 1.8 miles down the road From the pilot operation, as Judd was mentioning earlier, that is expected to start coming online, black mass material into it in Q2 of next year, which really isn't that far away. It's only a matter of a few months Until we begin to start commissioning and then ultimately producing tonnage of materials from that facility. So we'll see that type of progress. And then further, with our existing relationships, I mentioned 6 ks and Dragonfly, but also our licensing partner and investor Yulho In South Korea, we anticipate that we'll be able to work out the details of the licensing agreement Tied to some due diligence that both parties are completing inclusive of our business and technical trip we'll be making to South Korea soon And we'll be able to announce some news there.

Speaker 2

On the financial development side and continuing to keep that balance sheet strong, Judd mentioned where we are with the USDA loan application, which we're very confident in. But we also have Alternatives to that that don't have quite as nice terms as USDA has for The loan guarantee program, but we will see continued strength of the balance sheet as we progress through the year as our Planned set of milestones.

Speaker 4

And just I know you mentioned this, but just wanted to clarify. The additional funding that you have seeking is not required for the completion of the Phase 1 Of the Seattle Arc, is that correct?

Speaker 3

So, Samir, if I got the question right, You're talking about the funding for Phase 1 CapEx, is that right?

Speaker 4

Yes.

Speaker 3

Yes. So we do need we do require Either the USDA or some type of debt instruments to complete that project. We ended the quarter with just almost $26,000,000 in cash, but the bigger cash outlays for the CapEx Are coming in the next few months. And so that's what we've been working towards to make sure that we ensure that we have the funding to do that. And the intent is to do that with the debt finance.

Speaker 3

Yes.

Speaker 4

Okay. So are there any long lead items that need to be purchased now so that you can have the facility up and running Mid next year?

Speaker 2

We already did purchase Really long lead items last year, which is the switchgear. There's a global supply chain challenge with getting the switchgear. That's the Equipment that takes the main power from a power drop to a facility and distributes the power throughout the facility. So we've secured delivery dates of that for early So that long lead time has already been taken care of as well as the electrical supply itself. Other long lead time parts and materials have been ordered already and that's what Jud was talking about in terms of our CapEx expenditures ramping as we go through the quarter.

Speaker 2

And Judd may have something to add.

Speaker 3

Yes. I mean, a lot of the what we've spent so far is putting deposits down on the Long lead time equipment once we've gone through the process of selecting the vendor and meeting with them. We spent quite a bit of time ensuring that we Understand the sources, embedding them out and making sure that they fit our needs and then putting deposits down. So now we're moving into bringing things on-site and start the installation process. So a lot of foundational work has been done.

Speaker 3

Now we're going to be very rapid on installation.

Speaker 4

Understood. And just one more clarification. The revenues, roughly $25,000 these are from lead Metal, when you held over from previous or maybe I did not hear it right.

Speaker 3

Yes, there was a few sources of some cash coming in other than the raise that we did, but there's about 25,000 of lead Inventory that we sold in the quarter, and there were some other income, mainly related to Our partnership with 6ks and the work we're doing with them. And so those are kind of the big pieces of those Amounts that came in during the quarter. Okay, got

Speaker 4

it. Thanks for taking my questions. Good luck.

Speaker 3

Thanks Sameer. Thank you.

Operator

Thank you. I'd like to turn the floor back over to Bob for further questions.

Speaker 1

Thank you, operator. The first question, in your sector, there are companies announcing delays, delays, cost overruns and layoffs. Can you tell us how Aqua Metals is able to navigate some of the recent market fluctuations and the ones we can probably anticipate?

Speaker 2

Sure, Bob, and thanks for whoever asked the question. So Yes. As we've seen the EV sector and even energy transition is showing Any other nascent and rapidly growing industry not to have a linear growth. But if you look at the year over year Shipments of EV models announced and energy storage systems announced being deployed, it is still growing and it's growing at a very rapid pace. But there is going to be some undulation to that market.

Speaker 2

Others in the EV battery recycling space specifically Do continue to pursue what we view as very capital intensive moonshot types of approaches And we believe could potentially run into some continued challenges as you relate that to the undulation of the market. So that's why we set Our strategy, and that really is a phased expansion plan and having a flexible business model. So We're not building gigantic initial facility, but one facility that will carry the company and be able to grow in To the 3,000 tons to do that and get to the 10,000 tons with our first facility, the flexible business model allows us to have an opportunity to license our technology because We have the IP, the underlying IP that we've prosecuted to make sure that we could be in the business of even partnering and licensing technology as evidenced by our relationship with Yulho and expected other licensees. We have lower capital requirements. We think about a Half of what some of the others have because we don't have to have sodium sulfate crystallization equipment Cost 1,000,000 of dollars per facility and many other things that handle those waste streams are just not part of our process and so we can build for less And less capital, we can scale rationally, particularly with our approach of modular building blocks.

Speaker 2

And we're also we've designed the business to be Not reliant on government grants or loans, but have that as being an upside to our core business plan by design. And so I think that really separates Aqua Metals from many of the other parties that are out there in the market is that we View all those types of programs as upside to our business, but not core to our business. And then the high purity products that we produce Can we get many buyers because we go to metals before we go to the salts and precathode active materials that we will We're working of course with 6 ks Energy to produce the cathode active materials. We can also sell those metals into the global metals markets And there's plenty of people that are quite interested in buying ipurity cobalt and nickel as well. So That hopefully provides a general answer to the overall sector question.

Speaker 1

Great. Thank you. The next question, During the call, you mentioned your CapEx could be about half of that of other companies in the industry. Are you able to expand on that?

Speaker 3

Yes. Thanks for the question. If we look at kind of the public estimates Out there for the competing Hydro Technologies, we've said that our initial plant takes about 30,000,000 But the build out full campus is about $100,000,000 in total, including that $30,000,000 CapEx. And that's processing 10,000 tons Black mass per year and based on what we're seeing and that's about half of what the other hydro processes Our quoting from the public and that's partly Steve was talking about, we don't use the same amount of chemicals. So we save on All the storage space, we have less equipment.

Speaker 3

We have minimal waste. We don't have big, you know, fruting furnaces, and we're not using one time use chemicals. So that's what drives That significant reduction in CapEx that we're seeing on our end.

Speaker 1

Great. Thank you. The next question has several parts. So I'll try and I'll address them one at a time. Many of the partnerships you have announced to date have been seemingly overlooked by the market.

Speaker 1

Can you perhaps provide some more granularity on economics? Do license agreements require CapEx? What kind of royalty rate should we expect? And congratulations on the success so far.

Speaker 2

Yes. Good question. So in terms of the partnerships that we've announced to date, I can kind of take everybody through them 1 By one of what that means for the economics ultimately for what that means for Aqua Metals. So let's start with 6 ks Energy as an example. We've already announced an MoU to develop a co located facility to supply 6 ks Energy enough material to have a significant debt in their supply Chain for their 13,000 ton per year facility, that's called Buckham that starts in Jackson, Tennessee.

Speaker 2

We'll begin supplying that out of our facility right here in Tahoe, Reno, when the CR Arc is beginning to produce tons of We are already supplying fixed energy with quite a bit of the materials that we produce for samples that they're putting in the hands of EV manufacturers and cell By taking the samples that we provide, the connector technology that we did to non recurring engineering, deal with them To ultimately be able to do that and then the supply of that facility should generate Initially tens of 1,000,000 and

Speaker 3

then ultimately 100 of 1,000,000 of dollars of revenue for Aqua Metals.

Speaker 2

And so that's a very exciting Supply agreement in not only in the sense that we can work with them to supply the materials that come off of our own facility here in CRR, but also off The facility that we jointly build and then we'll operate for them in the East Coast for their Plus So lots of opportunity on that to shed some light on that relationship. And we've already received revenue Effectively from 6 ks with the non recurring engineering fees that we've been charging to develop The connecting technology to get the metals into the material form that they can make their capital back material. I'll move on now to Dragonfly Energy, who is local right here within the Tahoe Reno area and is obviously quite interested in getting lithium from Aqua Metals and as previously announced has already taken lithium from Aqua Metals and built and cycled lithium cell and proves that the lithium sustainably that we provided to them is a great Material for them to use to produce new battery cells. So as they begin to scale their pilot line, which is a significant pilot, I always joke with them that last time I checked, 100 Megawatt hour facility, battery facility is not really It's much of a pilot.

Speaker 2

It's more of like a commercial demonstration plant and that is going to be revenue generating for them and for Aqua Metals supply of lithium for them to a significant degree. Then if we move on to Yulho Materials in South Korea, they're Working on completion of their initial 8,000 ton per year facility in South Korea that will take feedstock from the major battery makers In Korea's production scrap feedstock and then build basically the twin of initially Phase 1 facility in Sierra Arc then ultimately scaling back to their 8,000 tons. And that can generate a lot of Tens of 1,000,000 of dollars of revenue for them plus a significant percentage of that revenue coming back to Aqua Metals in the form of licensing and running royalty fees. They plan to expand that to a size of 24,000 tons per year black mass And if we scale the equivalent of the CRR ultimately with them to that size facility, that's about a $250,000,000 Give or take, depending again on metals prices and things like that, that we could collect a significant percentage in the form of very high margin licensing and running royalty fees. And that's just really the beginning.

Speaker 2

There's many other parties that we're working with out there. They're also considering licensing our technology and we're taking all the right steps to mutually get through those due diligence process discussions to make sure that those are good fits, as well as other opportunities for us to potentially deploy, additional Aqua Metals owned and Run facilities, like we're doing with 6 ks Energy. So I hope that sheds some light on what the economics for these deals looks like. And I'll Conclude that answer with that's a testament to the diversity of our business model to build, own and operate and to license the technology and anything kind of in between, also known as a joint venture or co location.

Speaker 1

Great. Thank you. Next question. Have you seen any decrease from commercial interests from potential partners Given the recent and likely near term downdrift in prices for some of the battery metals?

Speaker 2

No, in short. So there might be a downturn, like I was mentioning earlier, undulation in The rapid growth of the space, but EV penetration is not a fad. It's happened And it's happening and it's about the speed of the growth rate and all the cell manufacturers and EV manufacturers working very hard to make Sure that they can secure the tax benefited domestically sourced mineral production for which we're one of the only companies in North Eric, all right. It's producing lithium as an example, as well as the other battery metals like the nickel and the cobalt and so on. So we have seen no decline In activity and in fact probably if anything a little bit more interest because some of the earlier movers have run into some challenges So people are shopping around a little bit for who else they can work with to secure long term supplies because those EV manufacturers If anything else are committed to continue to grow and develop this industry.

Speaker 1

Perfect. Thank you. A couple on commercialization, I'll try and combine them. When do you see enough revenue to breakeven? And then when do you see sustainable revenue streams?

Speaker 3

Yes. So in my comments at the beginning of the call, I mentioned that Our first commercial demonstration plant that we're building now, the 3,000 ton is a milestone for us because That will generate positive cash flows. So that breakeven concept that we're all Looking forward to. That's what our models are predicting that first plant. So that's a positive milestone.

Speaker 3

That's what we're constructing. That's what we're And once that gets set up and running, we believe that That will have sustainable revenues from that. There's a lot of interest in our materials already, even though we just Only produced some at the pilot operations. And so once that first phase gets going, we believe we'll have Sample revenue just from that first phase and then we'll work to construct the second phases of that campus Facility, and be able to enjoy the revenues from that as well.

Speaker 1

Great. Thank you. And then on the partnerships, just a little clarification. Are you able to offer a little bit more on the timeframes Around 6 ks and UHaul?

Speaker 2

So timeframes in terms of agreements, We've said that we would be announcing we intend to announce by around the end of this year what the go forward plan is with Okay, based upon that already announced MOU and that will provide the details of what the future looks like, but it will be Likely what I was saying before, which is the co location and the opportunity for us to generate tens, if not 100 of 1,000,000,000 of dollars a year As we get into year 2 and beyond with 6 ks Energy and supply agreement with them alone. And that's not cumulative, that's per year. So that hopefully gives you some insight on to the timing on that. And then on the Yulho side of the equation. We do have a business series of business meetings just in a matter of a few weeks in South Korea For further discussions on the licensing agreement and due diligence on our part at a business level on their And then there's a further series of technical meetings It will be taking place in Q1 and we expect that we'll be able to announce together what the go forward plan is on the licensing arrangements with Yoho On a more formal level, at the conclusion of those due diligence and final meetings that we'll be having.

Speaker 2

And we're really excited to be out there with them and see the facility as they begin to really bring it online as we get into Q1 of next year, so coming soon.

Operator

Thank you. We've reached the end of our I'd like to turn the floor back over to management for any further or closing comments.

Speaker 2

All right. Well, thank you. And I'll just conclude by Thank you everybody for your interest and support and attention today. And I'll just add that we believe as a management team that we've got the right technology, That is environmentally correct technology, a strong balance sheet that we've secured already and we have a very rational and methodical approach to our business plan And our growth plan and we feel that our multifaceted business model can really differentiate us in the industry To be able to really work with anyone that rather than compete and we see that as a really strong asset for Aqua Metals that we can continue to leverage as evidenced by what we've already done with 6 ks Energy and Yulho and Dragonfly Energy. We really appreciate everyone's time and look forward to pending updates and see you all next

Operator

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

Powered by Quartr
Earnings Conference Call
Aqua Metals Q3 2023
00:00 / 00:00