Aqua Metals (NASDAQ:AQMS) Issues Quarterly Earnings Results, Beats Estimates By $6.20 EPS

Aqua Metals (NASDAQ:AQMS) posted its quarterly earnings results on Tuesday. The business services provider reported $2.20 EPS for the quarter, beating the consensus estimate of ($4.00) by $6.20, FiscalAI reports.

Here are the key takeaways from Aqua Metals’ conference call:

• Management simplified the first commercial ARC to accept NMC and LFP black mass and produce three core outputs—battery‑grade lithium carbonate, nickel‑cobalt MHP, and iron phosphate—to reduce execution risk, lower upfront capital, and shorten time to market.
• Technical milestones included producing lithium carbonate with fluorine <30 ppm at meaningful scale, processing one metric ton of LFP to validated battery‑grade lithium carbonate, and delivering the first cathode active material made entirely from domestically recycled nickel now in Tier‑1 qualification.
• Commercial partnerships and MOU activity broaden optionality—signed supply terms with 6K Energy, LOI with Westwin, MOUs with Impossible Metals and MOBY, and active diligence on a potential Lion Energy acquisition that could add downstream revenue and an equity stake in American Battery Factory.
• Balance sheet improved—ended 2025 with ~$10.8M cash, ~$20M raised during the year, and no long‑term debt—but the company remains pre‑revenue with a $22.6M net loss and expects higher cash use as it advances engineering and site‑readiness work.
• Project execution stance is deliberate: ARC designs cover 10,000–60,000 tpa, site selection and FEL2 engineering are underway, and management will only build with contracted feedstock, committed offtake, and bankable project financing—a prudent approach that could also delay first commercial volumes.

Aqua Metals Stock Performance

Shares of NASDAQ:AQMS traded up $0.53 during midday trading on Tuesday, reaching $4.28. 71,418 shares of the company’s stock were exchanged, compared to its average volume of 35,448. The company’s 50 day simple moving average is $4.70 and its two-hundred day simple moving average is $6.25. Aqua Metals has a 12 month low of $3.37 and a 12 month high of $39.40. The firm has a market capitalization of $12.75 million, a PE ratio of -0.14 and a beta of -0.03.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Aqua Metals in a research report on Wednesday, January 21st. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $30.00.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AQMS. Bank of America Corp DE raised its stake in shares of Aqua Metals by 844.5% in the third quarter. Bank of America Corp DE now owns 4,477 shares of the business services provider’s stock worth $29,000 after acquiring an additional 4,003 shares during the last quarter. Quadrature Capital Ltd bought a new stake in shares of Aqua Metals during the fourth quarter valued at approximately $61,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Aqua Metals in the third quarter valued at approximately $82,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Aqua Metals in the fourth quarter valued at approximately $77,000. Finally, Geode Capital Management LLC bought a new position in Aqua Metals in the 4th quarter worth approximately $129,000. Institutional investors and hedge funds own 21.98% of the company’s stock.

About Aqua Metals

Aqua Metals Inc (NASDAQ: AQMS) is a technology-driven environmental company pioneering sustainable battery recycling solutions. The company’s core offering, branded as AquaRefining, utilizes an electrochemical process to recover lead, silver, and plastic components from spent lead-acid batteries without the need for high-temperature smelting. This water-based approach aims to eliminate air emissions and reduce energy consumption compared to conventional recycling methods.

Based in Reno, Nevada, Aqua Metals develops, manufactures, and licenses its proprietary modular recycling systems to industrial battery recyclers and battery manufacturers.