Aqua Metals (AQMS)
Recovers battery materials from black mass through electrochemical AquaRefining.
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Develops an electrochemical, water-based process to recover lithium, nickel-cobalt, and iron-phosphate materials from battery black mass. A pre-revenue battery-recycling technology business, it is working toward a first U.S. commercial facility while considering licensing, tolling, co-location, and joint ventures.
Develops AquaRefining, an electrochemical, water-based process intended to recover battery materials from lithium-ion black mass. Runs an innovation center and demonstration plant in Reno, where NMC and LFP feedstocks are processed at pilot or demonstration scale. Intended outputs include battery-grade lithium carbonate, nickel-cobalt mixed hydroxide precipitate, and iron phosphate.
Pursues a first U.S. commercial facility alongside tolling, licensing, co-location, and joint-venture structures. Commercialization depends on a selected site, feedstock supply, customer qualification, offtake commitments, permitting, utility economics, and project financing; no commercial-scale lithium recycling plant or recurring product revenue is in place.
Company facts
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $4.7M · Total debt $441.0K · Total assets $12.6M · Shareholders' equity $9.5M
- Revenue
- $0
- Operating income
- −$2.5M
- Net income
- −$4.5M
No dividends on record.
| Institutions | 7.96% | 283.6K shares | |
|---|---|---|---|
| 29 holders · as of Jun 30, 2026 | |||
| Insiders | 16.98% | 605.1K shares | |
| 8 holders · as of Aug 26, 2026 | |||
| Other | 75.06% | 2.67M shares | |
| remainder | |||
3.56M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Stephen CottonInsiderdirector, officer: Chief Executive Officer | 8.95% | 318,784 | filed Aug 26, 2026 |
Stifel Financial CorpInstitution | 2.88% | 102,642 | as of Jun 30, 2026 |
Eric WestInsiderofficer: Chief Financial Officer | 2.82% | 100,476 | filed Aug 26, 2026 |
Benjamin S. TaeckerInsiderofficer: Chief Eng and Opr Officer | 2.45% | 87,274 | filed Aug 26, 2026 |
Hamilton Capital Partners, LLCInstitution | 1.75% | 62,204 | as of Jun 30, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
- American Battery Technology
Nevada black-mass recycler with a more advanced commercial ramp.
- Electra Battery Materials
Ontario black-mass recovery and cobalt refining vie for battery customers.
- Albemarle
Large-scale lithium carbonate supplier with established battery qualifications.
- SQM (ADR)
Large lithium supplier with operating carbonate scale and a U.S. ADR.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Aqua Metals | $2.53 | +1.61% | $8.9M | — | — | — | — |
| American Battery Technology | $2.34 | +0.53% | $317.8M | — | — | 14.6 | +194.0% |
| Electra Battery Materials | $0.5677 | −1.93% | $61.0M | — | — | — | — |
| Albemarle | $113.78 | +0.76% | $13.32B | — | 11.6 | 2.3 | +31.1% |
| SQM (ADR) | $70.45 | +1.32% | $19.86B | 14.3 | 8.9 | 2.9 | +136.7% |
| Median | 14.3 | 10.3 | 2.9 | +136.7% |