Aqua Metals, Inc. (AQMS)

Aqua Metals' stock price has experienced a significant decline. In November 2025, Aqua Metals reported its Q3 earnings and highlighted progress toward commercialization and new funding. Benchmark maintained a "Speculative Buy" recommendation for AQMS in October 2025. In August 2025, the company announced it hit a lithium purity record and held its Q2 earnings call. Aqua Metals signed a Letter of Intent with Westwin Elements for U.S.-produced nickel carbonate supply around October-November 2025. In Q2 2024, the company reported a net loss and faced the suspension of a credit facility. In October 2025, Aqua Metals secured an additional investment, bringing the total recent capital raised to over $17 million.

As Aqua Metals, Inc. is in a transitional phase from research and development to commercialization, specific demand seasonality for its products and services has not been clearly established or publicly reported. Demand may be influenced by broader trends in the electric vehicle and energy storage markets, as well as the overall need for sustainable waste management.

Aqua Metals, Inc. is a cleantech company focused on reinventing metals recycling through its patented AquaRefining™ technology, a hydrometallurgical, room-temperature, water-based process designed to recycle metals with significantly lower emissions and reduced environmental impact compared to traditional smelting. The company recovers ultra-pure metals and materials from spent batteries and offers equipment supply, services, and technology licensing to recyclers globally, aiming to close the sustainability loop for the energy storage economy.

Aqua Metals, Inc. is based in Reno, Nevada, with facilities in the Tahoe-Reno Industrial Center. The company is exploring an expanded geographic presence through a strategic partnership for proposed licensing of its Li AquaRefining™ technology in South Korea and is negotiating and planning for a battery metals production pilot facility in Jackson, Tennessee.

Aqua Metals has seen positive developments that could enhance its brand reputation, such as achieving a lithium purity record and advancing toward commercialization with new funding. The company is focused on sustainable lithium-ion battery recycling. However, the significant decline in stock price and challenges in securing financing could negatively impact investor confidence and overall reputation. Analyst ratings are mixed, with concerns about financing and meeting production timelines.

Aqua Metals, Inc. has a mixed ownership structure comprising institutional, insider, and retail investors. Stephen R. Clarke is the largest individual shareholder. Other major individual insider shareholders include David Kanen, Selwyn Mould, David McMurtry, and Thomas Michael Murphy. Prominent institutional owners include Jane Street Group, Llc, UBS Group AG, Baird Financial Group, Inc., Ieq Capital, Llc, Schonfeld Strategic Advisors LLC, Two Sigma Securities, Llc, BlackRock, Inc., Bank Of America Corp /de/, Tower Research Capital LLC (TRC), and Northwestern Mutual Wealth Management Co.