AQMS net incomeQ2 2026-$4.48M
AQMS net income was -$4.48M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$6.77M a year earlier. For the full fiscal 2025 it was -$22.65M, compared with -$24.55M in fiscal 2024.
Aqua Metals Inc. (AQMS) financials
For the twelve months ended Jun 30, 2026, Aqua Metals Inc. reported -$15.99M of net income.
- Net income, TTM
- -$15.99M
- Free cash flow, TTM
- -$11.43M
- Cash
- $4.74M
- Market cap
- $4.5M
FY2016FY2024
FY2016FY2025
FY2016FY2025
AQMS revenue and earnings growth
AQMS free cash flowQ2 2026-$2.63M
AQMS free cash flow was -$2.63M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$2.68M a year earlier. For the full fiscal 2025 it was -$10.68M, compared with -$21.55M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | $0 | $25.0K | $4.0K | $173.0K | $108.0K | $4.87M | $4.45M | $2.09M | $0 |
| Cost of revenue | $2.41M | $7.21M | $6.28M | $3.96M | $7.02M | $5.48M | $24.80M | $22.76M | $9.54M | $0 |
| Gross profit | - | -$7.21M | -$6.26M | -$3.96M | -$6.84M | -$5.37M | -$19.93M | -$18.31M | -$7.45M | $0 |
| Research and development | $1.32M | $1.59M | $1.74M | $1.81M | $933.0K | $1.03M | $1.55M | $4.50M | $8.10M | $6.35M |
| Selling, general and admin | $10.48M | $11.97M | $11.64M | $9.81M | $9.69M | $9.00M | $19.31M | $14.21M | $600.0K | $6.61M |
| Operating income | -$23.33M | -$23.85M | -$24.46M | -$15.57M | -$17.46M | -$15.39M | -$40.79M | -$37.03M | -$24.86M | -$12.96M |
| Interest expense | $667.0K | $574.0K | $621.0K | $125.0K | $21.0K | $1.62M | $3.48M | $3.45M | $1.76M | $639.0K |
| Pre-tax income | -$22.64M | -$24.55M | -$23.94M | -$15.43M | -$18.19M | -$25.76M | -$44.79M | -$40.25M | -$26.58M | -$13.56M |
| Income tax | $2.0K | $3.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $1.0K |
| Net income | -$22.65M | -$24.55M | -$23.94M | -$15.43M | -$18.19M | -$25.76M | -$44.80M | -$40.25M | -$26.58M | -$13.56M |
| EPS, basic | -$15.15 | -$38.25 | -$5.10 | -$0.20 | -$0.26 | -$0.42 | -$0.86 | -$1.18 | -$1.31 | -$0.89 |
| EPS, diluted | - | - | - | - | -$0.26 | -$0.42 | -$0.86 | -$1.18 | -$1.31 | -$0.89 |
| Diluted shares | - | - | - | - | 70.0M | 60.9M | 52.3M | 34.2M | 20.3M | 15.3M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $10.81M | $4.08M | $16.52M | $7.08M | $8.14M | $6.53M | $7.58M | $20.89M | $22.79M | $25.46M |
| Receivables | - | $0 | $67.0K | $12.0K | $269.0K | $32.0K | $244.0K | $725.0K | $882.0K | - |
| Inventory | $244.0K | $251.0K | $929.0K | $278.0K | $123.0K | $1.09M | $1.26M | $765.0K | $1.24M | $59.0K |
| Current assets | $13.40M | $4.64M | $18.30M | $23.21M | $12.44M | $8.36M | $27.50M | $22.75M | $25.68M | $27.37M |
| Total assets | $19.71M | $26.36M | $33.60M | $33.50M | $33.27M | $35.14M | $69.45M | $71.37M | $74.44M | $71.53M |
| Current liabilities | $4.43M | $8.18M | $4.61M | $12.31M | $4.08M | $3.45M | $9.81M | $11.80M | $3.83M | $4.03M |
| Long-term debt | - | - | - | - | - | - | $0 | $0 | $1.33M | $307.0K |
| Total debt | - | - | - | - | - | $332.0K | $0 | $0 | $1.33M | $307.0K |
| Total liabilities | $4.94M | $10.12M | $7.54M | $12.59M | $5.74M | $4.00M | $19.86M | $21.28M | $15.48M | $14.54M |
| Shareholders' equity | $14.77M | $16.24M | $26.06M | $20.92M | $27.53M | $31.14M | $49.59M | $50.09M | $58.97M | $56.99M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$10.25M | -$13.63M | -$3.19M | -$10.15M | -$7.06M | -$11.03M | -$25.18M | -$26.32M | -$19.00M | -$11.12M |
| Capital expenditures | $425.0K | $7.92M | $5.60M | $4.77M | $2.35M | $3.36M | $12.80M | $3.69M | $8.82M | $29.16M |
| Free cash flow | -$10.68M | -$21.55M | -$8.79M | -$14.92M | -$9.41M | -$14.39M | -$37.98M | -$30.01M | -$27.82M | -$40.28M |
| Investing cash flow | $2.90M | -$11.64M | -$9.81M | -$3.42M | -$2.23M | $6.63M | -$10.57M | -$3.93M | -$9.78M | -$29.61M |
| Financing cash flow | $14.09M | $12.82M | $22.45M | $12.51M | $10.89M | $3.35M | $22.43M | $28.35M | $24.99M | $35.50M |
| Stock-based compensation | $2.27M | $2.74M | $2.53M | $2.25M | $2.20M | $3.57M | $4.21M | $1.20M | $1.08M | $1.06M |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | - | -100.0% | 525.0% | -97.7% | 60.2% | -97.8% | 9.6% | 113.1% | - | - |
| Gross margin | - | - | -25028.0% | -98875.0% | -3956.1% | -4970.4% | -408.8% | -411.6% | -356.9% | - |
| Operating margin | - | - | -97856.0% | -389150.0% | -10095.4% | -14252.8% | -837.0% | -832.3% | -1190.5% | - |
| Net margin | - | - | -95752.0% | -385775.0% | -10516.2% | -23853.7% | -919.1% | -904.8% | -1273.0% | - |
| Free cash flow margin | - | - | -35164.0% | -372975.0% | -5440.5% | -13325.9% | -779.2% | -674.6% | -1332.4% | - |
| Return on equity | -153.3% | -151.2% | -91.8% | -73.8% | -66.1% | -82.7% | -90.3% | -80.4% | -45.1% | -23.8% |
| Return on assets | -114.9% | -93.1% | -71.2% | -46.1% | -54.7% | -73.3% | -64.5% | -56.4% | -35.7% | -19.0% |
| Current ratio | 3.03 | 0.57 | 3.97 | 1.89 | 3.05 | 2.42 | 2.80 | 1.93 | 6.70 | 6.79 |
| Debt to equity | - | - | - | - | - | 0.01 | 0.00 | 0.00 | 0.02 | 0.01 |
Income statement
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | $0 | $0 | $0 | $0 | $0 | $0 | $25.0K |
| Cost of revenue | $564.0K | $501.0K | $331.0K | $576.0K | $776.0K | $724.0K | $1.01M | $1.62M | $2.37M | $2.21M | $1.97M | $1.77M |
| Gross profit | - | - | - | - | - | -$724.0K | -$1.01M | -$1.62M | -$2.37M | -$2.21M | -$1.97M | -$1.75M |
| Research and development | $248.0K | $282.0K | $365.0K | $328.0K | $295.0K | $336.0K | $238.0K | $398.0K | $363.0K | $588.0K | $382.0K | $389.0K |
| Selling, general and admin | $1.72M | $2.92M | $3.78M | $2.14M | $2.19M | $2.38M | $2.80M | $2.75M | $3.43M | $3.00M | $2.97M | $2.81M |
| Operating income | -$4.59M | -$4.14M | -$4.55M | -$3.06M | -$7.03M | -$8.68M | -$6.68M | -$5.21M | -$6.16M | -$5.79M | -$10.17M | -$4.95M |
| Interest expense | $6.0K | $8.0K | $8.0K | $12.0K | $245.0K | $403.0K | $301.0K | $83.0K | $84.0K | $106.0K | $103.0K | $87.0K |
| Pre-tax income | -$4.48M | -$3.95M | -$4.44M | -$3.12M | -$6.77M | -$8.31M | -$7.44M | -$5.21M | -$6.15M | -$5.75M | -$10.03M | -$4.55M |
| Income tax | - | - | - | - | - | - | $0 | $0 | $3.0K | $0 | $2.0K | $0 |
| Net income | -$4.48M | -$3.95M | -$4.44M | -$3.12M | -$6.77M | -$8.31M | -$7.44M | -$5.21M | -$6.15M | -$5.75M | -$10.03M | -$4.55M |
| EPS, basic | -$1.31 | -$1.22 | - | -$2.19 | -$7.44 | -$10.27 | - | -$7.64 | -$9.94 | -$1.05 | - | -$0.89 |
Balance sheet
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.74M | $6.82M | $10.81M | $3.59M | $1.93M | $1.59M | $4.08M | $2.95M | $7.83M | $8.29M | $16.52M | $25.60M |
| Receivables | - | - | - | - | - | $128.0K | $0 | $486.0K | $0 | $0 | $67.0K | $76.0K |
| Inventory | $242.0K | $244.0K | $244.0K | $244.0K | $245.0K | $245.0K | $251.0K | $330.0K | $908.0K | $1.04M | $929.0K | $891.0K |
| Current assets | $6.88M | $11.10M | $13.40M | $3.97M | $2.37M | $2.22M | $4.64M | $4.16M | $9.31M | $10.08M | $18.30M | $26.74M |
| Total assets | $12.62M | $17.12M | $19.71M | $10.50M | $9.24M | $18.07M | $26.36M | $28.48M | $33.66M | $31.45M | $33.60M | $41.98M |
| Current liabilities | $2.83M | $3.62M | $4.43M | $3.46M | $3.63M | $7.16M | $8.18M | $7.07M | $7.85M | $8.45M | $4.61M | $3.59M |
| Total liabilities | $3.09M | $3.99M | $4.94M | $3.98M | $4.13M | $8.53M | $10.12M | $7.58M | $8.45M | $8.59M | $7.54M | $6.54M |
| Shareholders' equity | $9.53M | $13.13M | $14.77M | $6.52M | $5.12M | $9.53M | $16.24M | $20.90M | $25.21M | $22.85M | $26.06M | $35.44M |
Cash flow
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2.63M | -$3.84M | -$2.60M | -$2.35M | -$2.55M | -$2.75M | -$2.00M | -$3.63M | -$3.75M | -$4.25M | -$5.42M | -$3.25M |
| Capital expenditures | $0 | $0 | $4.0K | $0 | $132.0K | $289.0K | $469.0K | $1.01M | $3.70M | $2.74M | -$544.0K | $639.0K |
| Free cash flow | -$2.63M | -$3.84M | -$2.61M | -$2.35M | -$2.68M | -$3.04M | -$2.46M | -$4.65M | -$7.45M | -$6.99M | -$5.96M | -$3.89M |
| Investing cash flow | $0 | -$2.00M | -$2.07M | $35.0K | $5.31M | -$375.0K | -$574.0K | -$1.30M | -$4.18M | -$5.58M | -$3.52M | -$783.0K |
| Financing cash flow | $558.0K | $1.85M | $11.90M | $3.97M | -$2.42M | $638.0K | $3.70M | $52.0K | $7.47M | $1.60M | -$142.0K | $23.43M |
| Stock-based compensation | $325.0K | $450.0K | $776.0K | $452.0K | $346.0K | $701.0K | $574.0K | $638.0K | $751.0K | $774.0K | $654.0K | $594.0K |
Key ratios
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | - | - | - | - | - | - | - | -100.0% | - | - | - | - |
| Gross margin | - | - | - | - | - | - | - | - | - | - | - | -6980.0% |
| Operating margin | - | - | - | - | - | - | - | - | - | - | - | -19796.0% |
| Net margin | - | - | - | - | - | - | - | - | - | - | - | -18188.0% |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - | - | -15556.0% |
| Current ratio | 2.43 | 3.07 | 3.03 | 1.15 | 0.65 | 0.31 | 0.57 | 0.59 | 1.19 | 1.19 | 3.97 | 7.45 |
Source: XBRL data Aqua Metals Inc. files with the SEC, latest filing dated Jul 30, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
AQMS peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| AQMS | - | - | -$15.99M | - | $4.5M |
| PH | $22.41B | +11.9% | $3.72B | 16.6% | $115.74B |
| HWM | $9.73B | +22.0% | $2.05B | 21.1% | $81.84B |
| RS | $17.37B | +24.7% | $1.11B | 6.4% | $21.24B |
| RBC | $2.02B | +17.4% | $354.40M | 17.5% | $15.02B |
| CR | $2.76B | +21.5% | $342.00M | 12.4% | $11.63B |
| WTS | $2.79B | +18.7% | $447.00M | 16.0% | $11.56B |
| MLI | $5.00B | +20.8% | $863.59M | 17.3% | $11.54B |
| GNRC | $4.62B | +6.1% | $301.26M | 6.5% | $10.43B |
AQMS FAQ
5 questionsIs AQMS profitable?
No. Aqua Metals Inc. reported a net loss of $15.99M for the twelve months ended Jun 30, 2026.How much cash and debt does AQMS have?
Aqua Metals Inc. reported $4.74M in cash and cash equivalents on its most recent balance sheet in SEC filings.What is AQMS free cash flow?
Aqua Metals Inc. generated -$11.43M of free cash flow for the twelve months ended Jun 30, 2026, which is operating cash flow of -$11.43M less capital expenditures.When did AQMS last report financial results?
The latest statements here come from Aqua Metals Inc.'s 10-Q filed on Jul 30, 2026, covering the period ended Jun 30, 2026.Where does this AQMS financial data come from?
Quantisnow builds these statements from the structured XBRL data Aqua Metals Inc. files with the SEC. It is provided for information only and is not investment advice.