Company Overview
Aqua Metals, Inc. operates within the Industrials sector, specifically focusing on the Waste Management industry, where it engages in reinventing metals recycling activities through its proprietary AquaRefining technology. This patented technology enables the production of metals and alloys capable of being reintroduced into the battery manufacturing supply chain or sold for utilization in various advanced manufacturing applications. The company maintains a market capitalization of $10.82M and employs a workforce of 11 individuals to support its operational scope. These valuation and staffing figures indicate that Aqua Metals functions as a small-cap entity with a highly specialized operational model, reflecting a company in a specific developmental stage where capital allocation is directed toward scaling patented recycling solutions rather than broad market diversification.
Financial Health
The company reported a Net Income (TTM) of $-25,649,000 and an EBITDA of $-12,649,000, while specific Revenue (TTM) data is currently unavailable; however, the significant disparity between the net loss and the EBITDA loss reveals a substantial cost structure burden, likely driven by high operating expenses that consume the majority of earnings before interest and taxes. Free Cash Flow stands at $-6,465,625, indicating that the company is currently burning cash, which suggests limited immediate financial flexibility and a reliance on external capital sources to fund ongoing operations and technology development. All three margin metrics—Gross Margin, Operating Margin, and Profit Margin—are recorded at 0.0%, a figure that indicates the company is currently in a pre-profitability phase where revenue generation does not yet cover the direct costs of production, operating overhead, or total expenses. The balance sheet shows a Cash position of $3.59M against a Debt obligation of $520,000, resulting in a Debt to Equity ratio of 7.97, which characterizes the company as having a leveraged profile despite holding more cash than debt, as the high debt-to-equity ratio reflects a capital structure heavily reliant on equity financing relative to its debt load. The Current Ratio is 1.15, indicating that the company holds slightly more current assets than current liabilities, suggesting a marginally comfortable but not robust short-term liquidity position. Return on Equity is -187.1% and Return on Assets is -44.2%, metrics that reveal that management has not yet achieved positive returns on the capital invested or the assets deployed, highlighting the significant financial pressure and the early-stage nature of the business model.
Valuation Assessment
The Trailing P/E Ratio is N/A due to the absence of net income, while the Forward P/E is listed at -2.27, implying that earnings are expected to be negative in the near term or that the current valuation model relies on price-to-sales or book value multiples rather than earnings multiples. The Price to Book ratio is 1.03, suggesting that the stock trades slightly above its book value, which may indicate that the market places a premium on the company's underlying assets and its potential for future value creation despite current losses. Since Revenue (TTM) is N/A, the Price to Sales ratio is also N/A, and the EV/EBITDA stands at -0.61, these alternative valuation metrics suggest that the company is being valued based on asset backing and projected cash flow potential rather than current earnings power or sales revenue. The 52-Week High is $39.40 and the 52-Week Low is $3.37; given the market cap of $10.82M and the negative forward earnings, the current trading price sits significantly below the 52-week high, reflecting high volatility and a wide range of investor expectations regarding the company's turnaround potential. The Beta is -0.01, a unique metric that suggests the stock price moves in a manner largely uncorrelated or inversely correlated to the broader market, indicating extreme idiosyncratic volatility rather than standard market-driven price movements.
Growth & Income
Revenue Growth (YoY) and Earnings Growth (YoY) are both listed as N/A, meaning historical growth rates cannot be calculated from the available financial statements, which precludes a direct comparison of whether earnings are growing faster or slower than revenue. The company does not pay a dividend, as evidenced by a Dividend Yield of N/A and a Payout Ratio of 0.0%, indicating that the company reinvests all available earnings into growth initiatives such as scaling the AquaRefining technology and expanding manufacturing capacity rather than distributing income to shareholders. The overall growth and income profile is characterized by a total absence of current profitability and dividend distribution, with the company operating in a phase where capital retention is prioritized for operational scaling. This financial structure presents a high-risk, high-reward scenario where income generation is currently zero, and growth is measured by technological advancement and market penetration rather than traditional financial metrics.