InsiderClue
Stocks · Materials · Secondary Smelting & Refining of Nonferrous Metals

Aqua Metals, Inc.

AQMS Clue Score28
United States Fiscal year ends December CIK 0001621832
$2.03 -1.93% Close, 9 Oct 2026
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Price $2.03 −2.87% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue0.0Operating income−13.0Net income−13.6Fiscal year 2017Revenue2.1Operating income−24.9Net income−26.6Fiscal year 2018Revenue4.4 +113.1%Operating income−37.0Net income−40.3Fiscal year 2019Revenue4.9 +9.6%Operating income−40.8Net income−44.8Fiscal year 2020Revenue0.1 −97.8%Operating income−15.4Net income−25.8Fiscal year 2021Revenue0.2 +60.2%Operating income−17.5Net income−18.2Fiscal year 2022Revenue0.0 −97.7%Operating income−15.6Net income−15.4Fiscal year 2023Revenue0.0 +525.0%Operating income−24.5Net income−23.9Fiscal year 2024Revenue0.0 −100.0%Operating income−23.8Net income−24.6Fiscal year 2025Operating income−23.3Net income−22.6
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 0.0 2.1 4.4 4.9 0.1 0.2 0.0 0.0 0.0 n/a
Growth +113.1% +9.6% −97.8% +60.2% −97.7% +525.0% −100.0%
Operating income −13.0 −24.9 −37.0 −40.8 −15.4 −17.5 −15.6 −24.5 −23.8 −23.3
Net income −13.6 −26.6 −40.3 −44.8 −25.8 −18.2 −15.4 −23.9 −24.6 −22.6
Growth

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Fiscal year 2017Operating margin−1,190.5%Net margin−1,273.0%Free cash flow margin−1,332.4%Fiscal year 2018Operating margin−832.3%Net margin−904.8%Free cash flow margin−674.6%Fiscal year 2019Operating margin−837.0%Net margin−919.1%Free cash flow margin−779.2%Fiscal year 2020Operating margin−14,252.8%Net margin−23,853.7%Free cash flow margin−13,325.9%Fiscal year 2021Operating margin−10,095.4%Net margin−10,516.2%Free cash flow margin−5,440.5%Fiscal year 2022Operating margin−389,150.0%Net margin−385,775.0%Free cash flow margin−372,975.0%Fiscal year 2023Operating margin−97,856.0%Net margin−95,752.0%Free cash flow margin−35,164.0%Fiscal year 2024Fiscal year 2025
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin n/a −1,190.5% −832.3% −837.0% −14,252.8% −10,095.4% −389,150.0% −97,856.0% n/a n/a
Net margin n/a −1,273.0% −904.8% −919.1% −23,853.7% −10,516.2% −385,775.0% −95,752.0% n/a n/a
Free cash flow margin n/a −1,332.4% −674.6% −779.2% −13,325.9% −5,440.5% −372,975.0% −35,164.0% n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−11.1Capital expenditure−29.2Free cash flow−40.3Fiscal year 2017Operating cash flow−19.0Capital expenditure−8.8Free cash flow−27.8Fiscal year 2018Operating cash flow−26.3Capital expenditure−3.7Free cash flow−30.0Fiscal year 2019Operating cash flow−25.2Capital expenditure−12.8Free cash flow−38.0Fiscal year 2020Operating cash flow−11.0Capital expenditure−3.4Free cash flow−14.4Fiscal year 2021Operating cash flow−7.1Capital expenditure−2.4Free cash flow−9.4Fiscal year 2022Operating cash flow−10.1Capital expenditure−4.8Free cash flow−14.9Fiscal year 2023Operating cash flow−3.2Capital expenditure−5.6Free cash flow−8.8Fiscal year 2024Operating cash flow−13.6Capital expenditure−7.9Free cash flow−21.6Fiscal year 2025Operating cash flow−10.3Capital expenditure−0.4Free cash flow−10.7
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −11.1 −19.0 −26.3 −25.2 −11.0 −7.1 −10.1 −3.2 −13.6 −10.3
Capital expenditure −29.2 −8.8 −3.7 −12.8 −3.4 −2.4 −4.8 −5.6 −7.9 −0.4
Free cash flow −40.3 −27.8 −30.0 −38.0 −14.4 −9.4 −14.9 −8.8 −21.6 −10.7
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash25.5Total debt9.9Net cash (debt)15.5Shareholders’ equity57.0Debt to equity0.17Fiscal year 2017Cash22.8Shareholders’ equity59.0Fiscal year 2018Cash20.9Total debt9.5Net cash (debt)11.3Shareholders’ equity50.1Debt to equity0.19Fiscal year 2019Cash7.6Total debt9.3Net cash (debt)−1.7Shareholders’ equity49.6Debt to equity0.19Fiscal year 2020Cash6.5Total debt0.3Net cash (debt)6.2Shareholders’ equity31.1Debt to equity0.01Fiscal year 2021Cash8.1Shareholders’ equity27.5Fiscal year 2022Cash7.1Shareholders’ equity20.9Fiscal year 2023Cash16.5Shareholders’ equity26.1Fiscal year 2024Cash4.1Shareholders’ equity16.2Fiscal year 2025Cash10.8Shareholders’ equity14.8
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 25.5 22.8 20.9 7.6 6.5 8.1 7.1 16.5 4.1 10.8
Total debt 9.9 n/a 9.5 9.3 0.3 n/a n/a n/a n/a n/a
Net cash (debt) 15.5 n/a 11.3 −1.7 6.2 n/a n/a n/a n/a n/a
Shareholders’ equity 57.0 59.0 50.1 49.6 31.1 27.5 20.9 26.1 16.2 14.8
Debt to equity 0.17 n/a 0.19 0.19 0.01 n/a n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
25.5 22.8 20.9 7.6 6.5 8.1 7.1 16.5 4.1 10.8
n/a 0.9 0.7 0.2 0.0 0.3 0.0 0.1 0.0 n/a
0.1 1.2 0.8 1.3 1.1 0.1 0.3 0.9 0.3 0.2
41.4 45.7 45.5 37.6 24.9 2.4 7.3 10.3 16.5 5.8
71.5 74.4 71.4 69.5 35.1 33.3 33.5 33.6 26.4 19.7
Growth +4.1% −4.1% −2.7% −49.4% −5.3% +0.7% +0.3% −21.5% −25.3%
Liabilities
9.9 n/a 9.5 9.3 0.3 n/a n/a n/a n/a n/a
calc 9.9 n/a 9.5 9.3 0.3 n/a n/a n/a n/a n/a
14.5 15.5 21.3 19.9 4.0 5.7 12.6 7.5 10.1 4.9
Equity
−28.3 −54.8 −95.1 −139.9 −165.7 −183.8 −199.3 −223.2 −247.8 −270.4
57.0 59.0 50.1 49.6 31.1 27.5 20.9 26.1 16.2 14.8
Growth +3.5% −15.1% −1.0% −37.2% −11.6% −24.0% +24.6% −37.7% −9.1%
Per share and net cash
calc 15.5 n/a 11.3 −1.7 6.2 n/a n/a n/a n/a n/a
17.9 27.6 38.9 58.0 64.5 70.4 79.5 5.4 0.8 3.0
calc 3.19 2.14 1.29 0.86 0.48 0.39 0.26 4.83 21.01 4.92

Lines marked calc are worked out here from filed figures; point at one for how.