(AQMS) Aqua Metals - Overview
Stock: Recycled Lead, Lithium Carbonate, Copper, Nickel
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 130% |
| Relative Tail Risk | -22.7% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.22 |
| Alpha | -94.67 |
| Character TTM | |
|---|---|
| Beta | 1.160 |
| Beta Downside | 2.216 |
| Drawdowns 3y | |
|---|---|
| Max DD | 98.98% |
| CAGR/Max DD | -0.74 |
Description: AQMS Aqua Metals December 23, 2025
Aqua Metals Inc. (NASDAQ:AQMS) commercializes its patented AquaRefining process, an electricity-driven electroplating technique that replaces traditional high-temperature furnaces and hazardous chemicals to recover metals from spent batteries. The company positions its recovered copper, nickel, cobalt and other alloys for resale into battery manufacturers and advanced-material producers, aiming to close the loop in the EV-battery supply chain.
According to the FY 2023 Form 10-K, AQMS generated roughly $0.6 million in revenue and held a cash balance of about $5 million, indicating a cash-burn-intensive, early-stage business model. The firm operates a pilot plant in Reno, Nevada with a reported capacity of ~30 tons of battery scrap per year, and it secured a strategic recycling partnership with Tesla in 2022, which could serve as a catalyst for scaling volume if the pilot proves commercially viable.
The broader battery-recycling market is driven by two macro forces: (1) a projected 10 % CAGR growth in global EV battery demand through 2030, which expands the feedstock of end-of-life packs, and (2) tightening environmental regulations in the U.S. and EU that penalize landfill-based metal recovery, favoring low-emission technologies like AquaRefining.
For a deeper quantitative view of AQMS’s valuation metrics, you may find the ValueRay platform’s analyst toolkit useful.
Piotroski VR‑10 (Strict, 0-10) 1.0
| Net Income: error (cannot be calculated; needs Net Income TTM and Revenue TTM) |
| FCF/TA: -1.05 > 0.02 and ΔFCF/TA 7.37 > 1.0 |
| NWC/Revenue: error (cannot be calculated; needs Current Assets/Liabilities and Revenue current+prev) |
| CFO/TA -0.92 > 3% & CFO -9.64m > Net Income -25.6m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 1.15 > 1.5 & < 3 |
| Outstanding Shares: last quarter (14.3k) vs 12m ago -97.91% < -2% |
| Gross Margin: error (current vs previous; cannot be calculated due to missing/invalid data or negative margin) |
| Asset Turnover: 0.0% > 50% (prev 0.08%; Δ -0.08% > 0%) |
| Interest Coverage Ratio: -22.47 > 6 (EBITDA TTM -20.4m / Interest Expense TTM 961.0k) |
Altman Z'' -15.00
| A: 0.05 (Total Current Assets 3.97m - Total Current Liabilities 3.46m) / Total Assets 10.5m |
| B: -25.32 (Retained Earnings -266.0m / Total Assets 10.5m) |
| C: -1.11 (EBIT TTM -21.6m / Avg Total Assets 19.5m) |
| D: -66.79 (Book Value of Equity -266.0m / Total Liabilities 3.98m) |
| Altman-Z'' Score: -159.8 = D |
What is the price of AQMS shares?
Over the past week, the price has changed by +0.00%, over one month by -15.43%, over three months by -27.84% and over the past year by -78.22%.
Is AQMS a buy, sell or hold?
- StrongBuy: 1
- Buy: 0
- Hold: 0
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the AQMS price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 12 | 151.6% |
| Analysts Target Price | 12 | 151.6% |
| ValueRay Target Price | 1.7 | -63.7% |
AQMS Fundamental Data Overview February 02, 2026
P/B = 2.1722
P/EG = -0.26
Revenue TTM = 0.0 USD
EBIT TTM = -21.6m USD
EBITDA TTM = -20.4m USD
Long Term Debt = 520.0k USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 235.0k USD (from shortTermDebt, last quarter)
Debt = 520.0k USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -3.07m USD (from netDebt column, last quarter)
Enterprise Value = 11.2m USD (14.2m + Debt 520.0k - CCE 3.59m)
Interest Coverage Ratio = -22.47 (Ebit TTM -21.6m / Interest Expense TTM 961.0k)
EV/FCF = -1.01x (Enterprise Value 11.2m / FCF TTM -11.0m)
FCF Yield = -98.85% (FCF TTM -11.0m / Enterprise Value 11.2m)
FCF Margin = unknown (Revenue TTM is 0 or missing)
Net Margin = unknown
Gross Margin = unknown ((Revenue TTM 0.0 - Cost of Revenue TTM 3.09m) / Revenue TTM)
Tobins Q-Ratio = 1.06 (Enterprise Value 11.2m / Total Assets 10.5m)
Interest Expense / Debt = 2.31% (Interest Expense 12.0k / Debt 520.0k)
Taxrate = 21.0% (US default 21%)
NOPAT = -17.1m (EBIT -21.6m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 1.15 (Total Current Assets 3.97m / Total Current Liabilities 3.46m)
Debt / Equity = 0.08 (Debt 520.0k / totalStockholderEquity, last quarter 6.52m)
Debt / EBITDA = 0.15 (negative EBITDA) (Net Debt -3.07m / EBITDA -20.4m)
Debt / FCF = 0.28 (negative FCF - burning cash) (Net Debt -3.07m / FCF TTM -11.0m)
Total Stockholder Equity = 9.35m (last 4 quarters mean from totalStockholderEquity)
RoA = -131.6% (out of range, set to none)
RoE = -274.2% (Net Income TTM -25.6m / Total Stockholder Equity 9.35m)
RoCE = -218.7% (out of range, set to none) (EBIT -21.6m / Capital Employed (Equity 9.35m + L.T.Debt 520.0k))
RoIC = -154.3% (out of range, set to none) (NOPAT -17.1m / Invested Capital 11.1m)
WACC = 9.89% (E(14.2m)/V(14.7m) * Re(10.19%) + D(520.0k)/V(14.7m) * Rd(2.31%) * (1-Tc(0.21)))
Discount Rate = 10.19% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -83.76%
Fair Price DCF = unknown (Cash Flow -11.0m)
EPS Correlation: -52.34 | EPS CAGR: -8.46% | SUE: 4.0 | # QB: 1
Revenue Correlation: -41.16 | Revenue CAGR: -42.85% | SUE: 0.0 | # QB: 0