Aqua Metals, Inc.

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Aqua Metals AQMS Q2 2025 Earnings Call Transcript

Aqua Metals(NASDAQ:AQMS) reported fiscal second quarter 2025 results for the period ended June 30, 2025, on Aug. 13, 2025, highlighting record lithium purity, a strengthened balance sheet, and internal analysis showing cost competitiveness with Chinese hydrometallurgical recycling. The company emphasized progress toward scalable modular facility design, intellectual property-driven partnership strategies, and prudent cash management, setting the stage for key commercialization milestones.
Lithium purity milestone positions Aqua Metals
During the quarter, the company produced lithium carbonate with fluorine content below 30 parts per million (ppm), a level that exceeds the strict specifications of cathode active material producers. In addition, over one metric ton of high-purity nickel manganese cobalt (NMC) hydroxide was produced for qualification sampling with potential partners.
"We produced lithium carbonate with fluorine content below 30 parts per million, which is likely a best-in-class result globally for recycled lithium. This meets and exceeds the strict specifications of cathode active material producers, and we've already produced approximately 100 kilograms for strategic counterparties to evaluate."
-- Steve Cotton, President & CEO
This technical achievement enhances the company’s credibility with strategic partners and strengthens its competitive positioning in the global battery supply chain.
Aqua Metals cost structure outperforms U.S. peers
Internal analysis showed that the proprietary AquaRefining process is cost competitive with Chinese hydrometallurgical recycling and operates at roughly half the cost of traditional U.S. hydrometallurgical methods. The process architecture regenerates essential chemicals with electricity, reducing both operating and capital expenditures.
"Our internal analysis shows that AquaRefining in the U.S. is cost competitive with Chinese hydrometallurgical recycling and operates at roughly half the cost of traditional U.S. hydrometallurgical methods. This is a critical milestone proving that the state's competitiveness can go hand in hand."
-- Steve Cotton, President & CEO
This cost advantage is pivotal for enabling domestic recycled battery material competitiveness and may catalyze industry-scale partner engagement and U.S. supply chain localization.
Liquidity improvements extend commercialization runway
Following the $4.3 million Sierra facility sale, the company repaid its $3 million Summit building loan and reported a quarter-end cash and cash equivalents balance of $1.9 million. Plant operations and general and administrative (G&A) expenses declined year-over-year due to workforce reductions and prudent cash controls.
"During June, we completed the sale of the Sierra Arc facility and related equipment, generating roughly $4.3 million of cash growth. These proceeds were used to retire the $3 million Summit building loan, which also eliminated the associated interest expense going forward. With the payoff of this note, the company now has no debt."
-- Eric West, Chief Financial Officer
With no debt and improved liquidity, the company has increased flexibility to pursue strategic partnerships and commercialization initiatives without near-term financing pressure.
Looking Ahead
Management did not provide explicit quantitative revenue or margin guidance, but reiterated that near-term milestones center on securing strategic supply and offtake partners to underwrite the first commercial ARC facility. The company will leverage its newly granted foundational patent and flexible output offerings, while modular facility design and expansion into new feedstocks such as undersea nodules remain active research and development priorities. No further short-term financial metrics or commercialization timelines were disclosed during the call.
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This article was created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.