Aqua Metals (NASDAQ:AQMS) Releases Earnings Results, Beats Expectations By $6.20 EPS

Aqua Metals (NASDAQ:AQMS) posted its quarterly earnings results on Tuesday. The business services provider reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates 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 Trading Up 14.1%

AQMS traded up $0.53 during trading hours on Tuesday, hitting $4.28. 71,418 shares of the company’s stock were exchanged, compared to its average volume of 35,448. The firm has a market cap of $12.75 million, a P/E ratio of -0.14 and a beta of -0.03. Aqua Metals has a 12-month low of $3.37 and a 12-month high of $39.40. The firm has a 50 day moving average of $4.70 and a 200 day moving average of $6.25.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Aqua Metals in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Aqua Metals currently has an average rating of “Hold” and a consensus target price of $30.00.

Hedge Funds Weigh In On Aqua Metals

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE increased its stake in 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 valued at $29,000 after purchasing an additional 4,003 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Aqua Metals during the 4th quarter worth approximately $61,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Aqua Metals in the 4th quarter valued at $77,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Aqua Metals in the 3rd quarter valued at $82,000. Finally, Geode Capital Management LLC purchased a new position in shares of Aqua Metals in the 4th quarter valued at $129,000. 21.98% of the stock is owned by institutional investors and hedge funds.

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.