LinkedIn
WebsiteIntroduction
Aqua Metals, Inc. (NASDAQ: AQMS) is a Reno, Nevada–based company that has developed AquaRefining™, a hydrometallurgical process for recycling spent batteries and other metal-bearing materials. Unlike traditional smelting, AquaRefining operates at room temperature in a closed-loop, water-based system, producing ultra-pure metals with minimal emissions. The company’s technology targets both lead-acid and lithium-ion batteries, aiming to establish a sustainable, circular supply chain for critical minerals.
| Metric | Value |
|---|---|
| Ticker | AQMS |
| Price (10/14/2025) | $17.40 |
| Change | +75.58% |
| Volume | 640,762 |
| Exchange | NASDAQ |
Corporate Structure
Founded in June 2014, Aqua Metals employs between 51 and 200 people across its Reno headquarters and Innovation Center. The executive team includes:
- Steve Cotton, Chief Executive Officer and President since January 2019, who previously co-founded Canara, Inc., a provider of data center battery solutions.
- Ben Taecker, Chief Engineering and Operating Officer since January 2017, with over 20 years of manufacturing and operations leadership, including a key role in scaling a lead-acid battery recycling plant for Johnson Controls.
The company’s offerings encompass equipment supply, operational services, and licensing of its modular “Aqualyzer” systems to recyclers worldwide.
Battery Recycling by John Cameron
Recent Developments and News
- September 25, 2025: Aqua Metals will participate in The Battery Show North America 2025, where its VP of Commercial will discuss critical minerals and trade policy.
- 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 Nasdaq’s minimum bid price requirement.
- August 13, 2025: Announced strategic progress in Q2 2025, including industry-leading lithium quality from AquaRefining and steps toward commercial deployment.
- May 15, 2025: Entered a non-binding term sheet with a privately held company for a $33 million credit facility to complete Phase 1 of the Sierra AquaRefining Campus (ARC).
- Grant Collaboration: Participating in a $4.99 million U.S. Department of Energy project led by Penn State University to establish a fully domestic critical-minerals supply chain.
Financial and Strategic Analysis
On October 14, 2025, AQMS shares traded at $17.40, a 75.58% increase on the day, with 640,762 shares exchanged. According to Yahoo Finance (as of October 13, 2025):
- Market capitalization stands at approximately $18.3 million.
- Trailing net income: –$27.7 million (ttm).
- Diluted EPS (ttm): –$35.48.
- Return on assets: –45.2%; return on equity: –182.9%.
- Total cash: $1.93 million; debt/equity ratio: 11.6%.
Strategically, Aqua Metals is transitioning from lead-acid recycling towards lithium-ion battery materials. Licensing agreements and partnerships, such as the MOU with Impossible Metals, are intended to support its goal to capture upstream and downstream value in the electric vehicle and energy storage markets.
Market Position and Industry Context
Aqua Metals is recognized for its commercially proven, closed-loop, water-based metal recycling process. Its competitive advantages include:
- Ultra-pure metal output, produced one atom at a time.
- Elimination of furnace emissions and reduction of waste streams.
- A modular, scalable business model for deployment on a global scale.
As electric vehicle adoption and environmental regulations increase, demand for recycling solutions that minimize emissions is rising. Aqua Metals is positioned to address the needs of battery manufacturers and recyclers in the renewable energy and critical minerals sectors.
tl;dr
AQMS shares increased 75.58% to $17.40 on October 14, 2025, following regained Nasdaq compliance on September 8, a signed MOU on September 16 to support a domestic critical minerals supply chain, and confirmed participation in The Battery Show on September 25. The company announced Q2 2025 commercialization efforts on August 13 and continues to secure funding, including a May 15 term sheet for $33 million and a $4.99 million DOE grant collaboration. Future growth is contingent on scaling its Sierra ARC facility, executing licensing agreements, and meeting ongoing demand for sustainable lithium-ion battery recycling.
