Aqua Metals Inc

For the period ended Sep 30, 2024. Filed Nov 14, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 14, 2024

AQMS$1.50+19.5%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Page
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 - Unaudited	1
	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 - Unaudited	2
	Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 - Unaudited	3
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 - Unaudited	4
	Notes to Condensed Consolidated Financial Statements - Unaudited	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	18
Item 4.	Controls and Procedures	18
PART II - OTHER INFORMATION
Item 1A.	Risk Factors	19
Item 6.	Exhibits	20

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets - Unaudited

(in thousands, except share and per share amounts)

	September 30, 2024	December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$2,950	$16,522
Note receivable - LINICO	250	600
Accounts receivable	486	67
Inventory	330	929
Prepaid expenses and other current assets	148	181
Total current assets	4,164	18,299
Non-current assets
Property, plant and equipment, net	16,615	10,347
Intellectual property, net	164	281
Other assets	7,540	4,673
Total non-current assets	24,319	15,301
Total assets	$28,483	$33,600
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$1,477	$1,836
Accrued expenses	2,314	2,467
Lease liability, current portion	286	275
Note payable, current portion	2,988	35
Total current liabilities	7,065	4,613
Non-current liabilities
Lease liability, non-current portion	520	—
Note payable, non-current portion	—	2,923
Total liabilities	7,585	7,536
Commitments and contingencies (see Note 12)
Stockholders’ equity
Common stock; $0.001 par value; 300,000,000 shares authorized; 6,855,991 and 6,826,572, shares issued and outstanding as of September 30, 2024, respectively and 5,415,433 and 5,394,005 shares issued and outstanding as of December 31, 2023, respectively	7	5
Additional paid-in capital	261,410	249,790
Accumulated deficit	(240,327)	(223,215)
Treasury stock, at cost; common shares: 29,419 and 21,428 as of September 30, 2024 and December 31, 2023, respectively	(192)	(516)
Total stockholders’ equity	20,898	26,064
Total liabilities and stockholders’ equity	$28,483	$33,600

Condensed Consolidated Statements of Operations - Unaudited

(in thousands, except share and per share amounts)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Product Sales	$—	$25	$—	$25
Operating cost and expense
Plant operations	1,617	1,770	6,198	4,316
Research and development cost	398	389	1,349	1,359
Loss (gain) on disposal of property, plant and equipment	448	—	448	(23)
General and administrative expense	2,748	2,815	9,170	8,670
Total operating expense	5,211	4,974	17,165	14,322
Loss from operations	(5,211)	(4,949)	(17,165)	(14,297)
Other income and (expense)
Interest expense	(83)	(87)	(273)	(518)
Interest and other income	84	489	329	903
Total other income, net	1	402	56	385
Loss before income tax expense	(5,210)	(4,547)	(17,109)	(13,912)
Income tax expense	—	—	3	—
Net loss	$(5,210)	$(4,547)	$(17,112)	$(13,912)
Weighted average shares outstanding, basic and diluted	6,816,190	5,080,889	6,171,512	4,455,199
Basic and diluted net loss per share	$(0.76)	$(0.89)	$(2.77)	$(3.12)

Condensed Consolidated Statements of Stockholders’ Equity - Unaudited

(in thousands, except share amounts)

Additional · Total
Common Stock · Paid-in · Accumulated · Treasury Stock · Stockholders'
	Shares	Amount	Capital	Deficit	Shares	Amount	Equity
Balances, June 30, 2024	6,690,027	$7	$260,681	$(235,117)	22,832	$(360)	$25,211
Stock-based compensation	—	—	638	—	—	—	638
Common stock issued to employees and directors, includes RSUs vesting and withholdings to satisfy tax withholdings on RSUs vesting	57,183	—	(359)	—	6,587	168	(191)
Common stock issued for consulting fees	20,111	—	150	—	—	—	150
Common stock issued for ATM share sales, net of $34 transaction costs	54,080	—	277	—	—	—	277
Common stock issued for director fees	5,171	—	23	—	—	—	23
Net loss	—	—	—	(5,210)	—	—	(5,210)
Balances, September 30, 2024	6,826,572	$7	$261,410	$(240,327)	29,419	$(192)	$20,898
Balances, December 31, 2023	5,394,005	$5	$249,790	$(223,215)	21,428	$(516)	$26,064
Stock-based compensation	—	—	2,163	—	—	—	2,163
Common stock issued to employees and directors, includes RSUs vesting and withholdings to satisfy tax withholdings on RSUs vesting	91,542	—	(875)	—	7,991	324	(551)
Common stock issued for employee stock purchase plan sales	3,444	—	35	—	—	—	35
Common stock issued for consulting fees	20,111	—	150	—	—	—	150
Common stock and warrants issued for public offering, net of $744 transaction costs	1,006,250	1	7,305	—	—	—	7,306
Common stock issued for ATM share sales, net of $87 transaction costs	306,049	1	2,819	—	—	—	2,820
Common stock issued for director fees	5,171		23	—	—	—	23
Net loss	—	—	—	(17,112)	—	—	(17,112)
Balances, September 30, 2024	6,826,572	$7	$261,410	$(240,327)	29,419	$(192)	$20,898
Balances, June 30, 2023	4,175,372	$4	$224,958	$(208,642)	25,532	$(577)	$15,743
Stock-based compensation	—	—	593	—	—	—	593
Common stock issued to employees and directors, includes RSUs vesting and withholdings to satisfy tax withholdings on RSUs vesting	33,202	—	(576)	—	(4,104)	61	(515)
Common stock issued for public offering, net of $1,713 transaction costs	909,650	1	18,317	—	—	—	18,318
Common stock issued for Yulho agreement, net of $372 transaction costs	227,273	—	4,629	—	—	—	4,629
Warrant expense related to Yulho agreement	—	—	181	—	—	—	181
Common stock issued for ATM share sales, net of $31 transaction costs	41,730	—	1,005	—	—	—	1,005
Common stock issued for director fees	1,362	—	32	—	—	—	32
Net loss	—	—	—	(4,547)	—	—	(4,547)
Balances, September 30, 2023	5,388,589	$5	$249,139	$(213,189)	21,428	$(516)	$35,439
Balances, December 31, 2022	3,974,088	$4	$220,189	$(199,277)	—	$—	$20,916
Stock-based compensation	—	—	1,878	—	—	—	1,878
RSUs issued for consulting services	789	—	12	—	—	—	12
Common stock issued to employees and directors, includes RSUs vesting and withholdings to satisfy tax withholdings on RSUs vesting	77,240	—	(575)	—	21,428	(516)	(1,091)
Common stock issued for public offering, net of $1,713 transaction costs	909,650	1	18,317	—	—	—	18,318
Common stock issued for Yulho agreement, net of $372 transaction costs	227,273	—	4,629	—	—	—	4,629
Warrant expense related to Yulho agreement	—	—	181	—	—	—	181
Common stock issued for employee stock purchase plan sales	9,635	—	122	—	—	—	122
Common stock issued for class action settlement	23,468	—	501	—	—	—	501
Common stock issued for ATM share sales, net of $119 transaction costs	162,215	—	3,789	—	—	—	3,789
Common stock issued for director fees	4,231	—	96	—	—	—	96
Net loss	—	—	—	(13,912)	—	—	(13,912)
Balances, September 30, 2023	5,388,589	$5	$249,139	$(213,189)	21,428	$(516)	$35,439

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.