Aqua Metals (AQMS) Financials

Aqua Metals (NASDAQ: AQMS) remains a highly cash-dependent, pre-profit company with no revenue in the latest quarter and ongoing operating losses. The most recent quarter, Q1 2026, showed continued heavy spending, but there were also signs of a healthier balance sheet than a year ago, largely due to financing activity and a much larger cash position than earlier periods.

• Cash balance improved sharply year over year: cash and equivalents were $6.8 million in Q1 2026, up from $3.6 million in Q3 2025 and far above the sub-$2 million level seen in Q2 2025.
• Current assets now exceed current liabilities: total current assets were $11.1 million versus current liabilities of $3.6 million, suggesting better near-term liquidity than in several earlier quarters.
• Leverage appears limited right now: total liabilities were just $4.0 million at the end of Q1 2026, well below the company’s equity base of $13.1 million.
• Operating cash burn improved from late 2025: cash used in operations was $3.8 million in Q1 2026, better than $4.4 million in Q4 2025 and $2.5 million in Q2 2025.
• Share count was lower than some prior periods: weighted average basic shares of 3.2 million in Q1 2026 were below Q4 2025’s 1.5 million diluted base? No, the more relevant point is that recent share issuance did not appear as extreme as some earlier quarters.
• The company recorded a note and lease receivable of $3.7 million: this may be a source of future cash, but its timing and collectability matter.
• Property, plant and equipment remained meaningful at $5.6 million: AQMS continues to carry an operating asset base that may support its commercialization efforts, but it has not yet translated into revenue growth.
• Revenue was still zero in Q1 2026: the company has not yet established consistent commercial sales, which keeps the investment thesis highly speculative.
• Operating losses remain large: Q1 2026 net loss was $4.0 million, with operating loss of $4.1 million.
• Accumulated losses are still enormous: retained earnings were negative $274.4 million, reflecting years of losses and capital-intensive development.

Quarter-over-quarter, Q1 2026 was somewhat better than Q4 2025 on the bottom line and cash usage, but the company is still far from profitability. Q4 2025 had a net loss of $4.4 million, while Q1 2026 improved slightly to a $4.0 million loss. Operating cash outflow also narrowed somewhat.

Looking back over the last four years, the main trend is repeated dilution and recurring losses. Aqua Metals has repeatedly funded operations through equity issuance, and its diluted share count has varied dramatically. That can help keep the company afloat, but it also creates dilution risk for shareholders.

Bottom line: AQMS enters 2026 with better liquidity than it had in much of 2025, but the business still shows no revenue, persistent losses, and ongoing dependence on external financing. Until the company can generate meaningful sales and reduce cash burn, the stock remains a high-risk speculative name.