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Aqua Metals, Inc., headquartered in Reno, Nevada, has developed AquaRefining™: a room-temperature, water-based metal recycling process capable of producing ultra-pure lead and advancing sustainable lithium-ion battery recycling. The company offers modular equipment, services, and licensing of its patented hydrometallurgical technology to recyclers worldwide, aiming to close the loop on critical minerals for energy storage applications.
Corporate Structure and Leadership
Aqua Metals employs between 51 and 200 professionals across engineering, operations, and commercial functions. Key executives include:
- Steve Cotton, Chief Executive Officer and President, leading commercial strategy since 2018
- Ben Taecker, Chief Engineering and Operating Officer, overseeing process development and facility scaling since 2017
The board comprises industry veterans and advisors with backgrounds in battery manufacturing, environmental regulation, and clean-tech commercialization.
AquaRefining by Pawel Czerwinski
Recent Developments and News
On September 26, 2025, AQMS shares closed at $6.5049—a 32.21 percent increase—trading 531,717 shares on the NASDAQ. Notable milestones in September and August 2025:
- September 25, 2025: Participation at The Battery Show North America 2025, with the Vice President of Commercial discussing critical minerals and trade policy
- September 16, 2025: Signed a memorandum of understanding with Impossible Metals to advance a sustainable U.S. critical minerals supply chain
- September 8, 2025: Filed Form 8-K confirming compliance with Nasdaq’s minimum bid price requirement
- August 13, 2025: Announced Q2 2025 progress on AquaRefining™ commercialization, highlighting advancements in lithium product quality (Form 8-K and 10-Q filed)
Additional partnerships include participation in a $4.99 million U.S. Department of Energy grant project, targeting the establishment of a domestic battery-grade materials supply chain.
Financial and Strategic Analysis
As of September 26, 2025:
- Market capitalization: approximately $7.2 million
- Trailing twelve-month net loss: $27.7 million; diluted EPS: –35.48
- Total cash: $1.93 million; debt/equity ratio: 11.6 percent
- Levered free cash flow (TTM): –$9.08 million
- Price/Book ratio: 1.35; beta (5-year monthly): 0.28; one-year target estimate: $7.00
Strategically, Aqua Metals is scaling its modular Aqualyzer™ systems, pursuing licensing agreements, and collaborating with industry and government partners to reduce recycling costs, lower emissions, and increase capacity for both lead-acid and lithium-ion batteries.
Market Position and Industry Context
The global lead-acid battery recycling market is projected to grow from $46.6 billion in 2015 to $85.5 billion by 2025. Concurrently, lithium-ion battery recycling is gaining importance as electric vehicles and energy storage installations expand. AquaRefining™ offers an 80 percent reduction in emissions compared with traditional smelting, operates in a closed loop, and delivers 99.996 percent-plus pure metal. The company’s first licensed AquaRefinery is under development in Taiwan, which is one of the fastest-growing lead-recycling regions.
Aqua Metals competes with conventional smelters and hydrometallurgical recyclers by focusing on modular deployment, lower capital intensity, and real-time production monitoring through its PureMetrics™ software.
tl;dr
On September 26, 2025, AQMS stock increased 32.21 percent to $6.50 amid high trading volume. In late September, Aqua Metals participated in The Battery Show, signed an MOU to secure a domestic critical minerals supply chain, and confirmed Nasdaq compliance (Form 8-K, Sept. 8). In Q2 2025, the company reported advancements in AquaRefining™ lithium recycling (Form 8-K/10-Q, Aug. 13). With a one-year price target of $7.00 and ongoing DOE grant efforts, Aqua Metals is focusing on the commercial rollout of its modular recycling systems and licensing partnerships.
