Aqua Metals, Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
View on SEC.govAbout 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, 2025 · Filed Nov 12, 2025
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 exhibitsContents
Table of Contents
| Page | ||
|---|---|---|
| PART I - FINANCIAL INFORMATION | ||
| Item 1. | Financial Statements | 1 |
| Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 - Unaudited | 1 | |
| Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 - Unaudited | 2 | |
| Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2025 and 2024 - Unaudited | 3 | |
| Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 - Unaudited | 4 | |
| Notes to Condensed Consolidated Financial Statements - Unaudited | 5 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 15 |
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 19 |
| Item 4. | Controls and Procedures | 19 |
| PART II - OTHER INFORMATION | ||
| Item 1A. | Risk Factors | 20 |
| Item 5 | Other Information | 20 |
| Item 6. | Exhibits | 21 |
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets - Unaudited
(in thousands, except share and per share amounts)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $3,586 | $4,079 |
| Note receivable - LINICO | — | 100 |
| Inventory | 244 | 251 |
| Prepaid expenses and other current assets | 137 | 214 |
| Total current assets | 3,967 | 4,644 |
| Non-current assets | ||
| Property and equipment, net | 5,911 | 16,473 |
| Intellectual property, net | 93 | 146 |
| Other assets | 533 | 5,102 |
| Total non-current assets | 6,537 | 21,721 |
| Total assets | $10,504 | $26,365 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities | ||
| Accounts payable | $718 | $1,227 |
| Accrued expenses | 2,506 | 3,130 |
| Lease liability, current portion | 235 | 289 |
| Notes payable related-party, current portion | — | 306 |
| Note payable, current portion | — | 3,230 |
| Total current liabilities | 3,459 | 8,182 |
| Non-current liabilities | ||
| Lease liability, non-current portion | 285 | 446 |
| Warrant liability | 238 | 1,493 |
| Total liabilities | 3,982 | 10,121 |
| Commitments and contingencies (see Note 13) | ||
| Stockholders’ equity | ||
| Common stock; $0.001 par value; 300,000,000 shares authorized; 1,856,815 and 1,848,968, shares issued and outstanding as of September 30, 2025, respectively and 776,026 and 773,084 shares issued and outstanding as of December 31, 2024, respectively | 2 | 1 |
| Additional paid-in capital | 272,527 | 264,205 |
| Accumulated deficit | (265,976) | (247,770) |
| Treasury stock, at cost; common shares: 7,847 and 2,942 as of September 30, 2025 and December 31, 2024, respectively | (31) | (192) |
| Total stockholders’ equity | 6,522 | 16,244 |
| Total liabilities and stockholders’ equity | $10,504 | $26,365 |
Condensed Consolidated Statements of Operations - Unaudited
(in thousands, except share and per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Operating cost and expense | ||||
| Plant operations | $576 | $1,617 | $2,076 | $6,198 |
| Research and development cost | 328 | 398 | 960 | 1,349 |
| Impairment and loss on disposal of property, plant and equipment | 25 | 448 | 9,037 | 448 |
| General and administrative expense | 2,136 | 2,748 | 6,707 | 9,170 |
| Total operating expense | 3,065 | 5,211 | 18,780 | 17,165 |
| Loss from operations | (3,065) | (5,211) | (18,780) | (17,165) |
| Other income and (expense) | ||||
| Interest expense | (12) | (83) | (659) | (273) |
| Loss on extinguishment of debt | — | — | (825) | — |
| Interest and other income | 28 | 84 | 805 | 329 |
| Change in fair value of warrant liability | (72) | — | 1,255 | — |
| Total other income, net | (56) | 1 | 576 | 56 |
| Loss before income tax expense | (3,121) | (5,210) | (18,204) | (17,109) |
| Income tax expense | — | — | 2 | 3 |
| Net loss | (3,121) | (5,210) | (18,206) | (17,112) |
| Weighted average shares outstanding, basic and diluted | 1,426,216 | 681,619 | 1,049,376 | 617,151 |
| Basic and diluted net loss per share | $(2.19) | $(7.64) | $(17.35) | $(27.73) |
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, 2025 | 1,027,701 | $1 | $268,039 | $(262,855) | 2,648 | $(67) | $5,118 |
| Stock-based compensation | — | — | 548 | — | — | — | 548 |
| Common stock issued to employees and directors, includes RSUs vesting and withholdings to satisfy tax withholdings on RSUs vesting | 34,700 | — | (77) | — | 5,199 | 36 | (41) |
| Common stock issued for ATM share sales, net of $95 transaction costs | 621,745 | 1 | 3,185 | — | — | — | 3,186 |
| Common stock issued for ELOC share sales, net of $25 transaction costs | 165,283 | — | 834 | — | — | — | 834 |
| Common stock cancelled for cash in lieu of fractional shares reverse split | (461) | — | (2) | — | — | — | (2) |
| Net loss | — | — | — | (3,121) | — | — | (3,121) |
| Balances, September 30, 2025 | 1,848,968 | $2 | $272,527 | $(265,976) | 7,847 | $(31) | $6,522 |
| Balances, December 31, 2024 | 773,084 | $1 | $264,205 | $(247,770) | 2,942 | $(192) | $16,244 |
| Stock-based compensation | — | — | 1,509 | — | — | — | 1,509 |
| Common stock issued to employees and directors, includes RSUs vesting and withholdings to satisfy tax withholdings on RSUs vesting | 43,126 | — | (269) | — | 4,905 | 161 | (108) |
| Common stock issued for ATM share sales, net of $165 transaction costs | 833,219 | 1 | 5,920 | — | — | — | 5,921 |
| Common stock issued for ELOC share sales, net of $28 transaction costs | 177,283 | — | 903 | — | — | — | 903 |
| Common stock cancelled for cash in lieu of fractional shares reverse split | (461) | — | (2) | (2) | |||
| Common stock issued for broker fees | 22,717 | — | 261 | — | — | — | 261 |
| Net loss | — | — | — | (18,206) | — | — | (18,206) |
| Balances, September 30, 2025 | 1,848,968 | $2 | $272,527 | $(265,976) | 7,847 | $(31) | $6,522 |
| Balances, June 30, 2024 | 669,003 | $1 | $260,687 | $(235,117) | 2,283 | $(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 | 5,718 | — | (359) | — | 659 | 168 | (191) |
| Common stock issued for consulting fees | 2,011 | — | 150 | — | — | — | 150 |
| Common stock issued for ATM share sales, net of $34 transaction costs | 5,408 | — | 277 | — | — | — | 277 |
| Common stock issued for director fees | 517 | — | 23 | — | — | — | 23 |
| Net loss | — | — | — | (5,210) | — | — | (5,210) |
| Balances, September 30, 2024 | 682,657 | $1 | $261,416 | $(240,327) | 2,942 | $(192) | $20,898 |
| Balances, December 31, 2023 | 539,401 | $1 | $249,794 | $(223,215) | 2,143 | $(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 | 9,154 | — | (875) | — | 799 | 324 | (551) |
| Common stock issued for employee stock purchase plan sales | 344 | — | 35 | — | — | — | 35 |
| Common stock issued for consulting fees | 2,011 | — | 150 | — | — | — | 150 |
| Common stock and warrants issued for public offering, net of $744 transaction costs | 100,625 | — | 7,306 | — | — | — | 7,306 |
| Common stock issued for ATM share sales, net of $87 transaction costs | 30,605 | — | 2,820 | — | — | — | 2,820 |
| Common stock issued for director fees | 517 | — | 23 | — | — | — | 23 |
| Net loss | — | — | — | (17,112) | — | — | (17,112) |
| Balances, September 30, 2024 | 682,657 | $1 | $261,416 | $(240,327) | 2,942 | $(192) | $20,898 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.