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Aqua Metals, Inc. (NASDAQ: AQMS) is a Reno, Nevada–based company that has developed AquaRefining™, a proprietary hydrometallurgical process for closed-loop metal recycling. Founded in 2013, the firm’s water-based, room-temperature technology produces ultra-pure lead and is being adapted for lithium-ion battery materials. Aqua Metals aims to reduce the environmental impact and operating costs associated with traditional smelting, offering equipment supply, services, and licensing to recyclers worldwide.
Corporate Structure
Aqua Metals operates with an estimated 51–200 employees and is led by President and Chief Executive Officer Steve Cotton, who joined the board in January 2019. Chief Engineering and Operating Officer Ben Taecker oversees process development and facility operations. The company’s Innovation Center in Sparks, Nevada, supports research into next-generation lithium-ion battery recycling, while the Sierra AquaRefinery Campus (ARC) in Sparks is intended to scale lead-acid battery recycling capacity. Reporting and investor relations functions are managed through its headquarters at 5370 Kietzke Lane, Reno.
AquaRefining by Pawel Czerwinski
Recent Developments and News
- September 16, 2025: Signed a memorandum of understanding with Impossible Metals to advance a sustainable U.S. critical minerals supply chain.
- September 8, 2025: Regained compliance with the Nasdaq minimum bid price requirement, allowing for the continued listing of AQMS common stock.
- August 13, 2025: Reported strategic progress in the second quarter of 2025, including lithium quality from AquaRefining™ trials.
- August 6, 2025: Hosted over 100 industry professionals at the NAATBatt International tour of its Innovation Center and Demonstration Plant.
- May 15, 2025: Entered a non-binding term sheet for a $33 million credit facility to complete phase one of the Sierra ARC.
- Mid-2025: Joined a consortium led by Pennsylvania State University on a $4.99 million U.S. Department of Energy grant project to establish a domestic supply chain for critical minerals.
Financial and Strategic Analysis
| Metric | Value |
|---|---|
| Stock Price (2025-09-24) | $5.50 |
| Daily Change | +35.80% |
| Volume | 2,127,008 shares |
| Market Capitalization | $5.69 million |
| 52-Week Range | $3.37–$39.60 |
| Trailing EPS (TTM) | -35.48 |
| Net Income (TTM) | -$27.74 million |
| Return on Assets (TTM) | -45.21% |
| Return on Equity (TTM) | -182.91% |
| Total Cash (MRQ) | $1.93 million |
| Total Debt/Equity (MRQ) | 11.59% |
The stock’s 35.80% gain on September 24, 2025, followed the announcement of the Impossible Metals MOU and Nasdaq compliance. Aqua Metals has minimal debt relative to equity and held $1.93 million in cash at the most recent quarter-end. Negative profitability metrics reflect ongoing research and development, along with scale-up costs. The $33 million credit facility and DOE grant support the expansion of its modular AquaRefining™ installations.
Market Position and Industry Context
Aqua Metals is the only company with a commercially proven, closed-loop AquaRefining™ process for lead-acid batteries. As traditional lead smelters face stricter emissions regulations, the global lead-acid battery market—projected to reach approximately $85.5 billion in 2025—relies increasingly on low-emission recycling solutions. The firm’s introduction of lithium-ion battery “black mass” recycling positions it within the emerging circular supply chain for electric vehicle (EV) and energy-storage systems. With a beta of 0.28, AQMS exhibits lower volatility than the broader market, and its modular technology is designed for licensing partnerships across the battery recycling sector.
tl;dr
On September 24, 2025, AQMS shares closed at $5.50, an increase of 35.80%, following a memorandum of understanding with Impossible Metals on September 16 and confirmation of Nasdaq compliance on September 8. In mid-2025, the company secured a $33 million term sheet for the Sierra ARC phase one and joined a $4.99 million DOE grant consortium. Aqua Metals continues to scale its AquaRefining™ technology for lead-acid and lithium-ion battery recycling, aiming to establish a domestic supply chain for critical minerals.
