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Aqua Metals, Inc. (NASDAQ: AQMS) is a Reno, Nevadaâbased public company specializing in sustainable metals recycling. Founded in 2013, the company has developed AquaRefiningâ˘, a room-temperature, water-based hydrometallurgical process that produces ultra-pure metals without traditional smelting emissions. Aqua Metals licenses its modular âAqualyzerâ˘â systems and offers equipment and services to recyclers globally, with a focus on lithium-ion battery materials.
Corporate Structure and Management
Aqua Metals employs between 51 and 200 staff members, according to LinkedIn, and maintains headquarters at 5370 Kietzke Lane, Suite 201, Reno, NV 89511. Key executives include:
- Steve Cotton, Chief Executive Officer and President. Cotton joined the companyâs board in January 2019 after serving as Chief Commercial Officer from 2015 to 2017 and has led Aqua Metals through the scale-up of its lead-recycling technology.
- Ben Taecker, Chief Engineering and Operating Officer. Taecker has over 20 years of experience in manufacturing and operations leadership, including his previous role at Johnson Controlsâ lead-acid battery recycling facility, contributing to Aqua Metalsâ closed-loop processes.
AquaRefining by Pawel Czerwinski
Recent Developments and News
- September 25, 2025: Participation at The Battery Show North America 2025, where the VP of Commercial discussed critical minerals and trade policy.
- September 16, 2025: Memorandum of Understanding signed with Impossible Metals to enhance domestic critical minerals supply chain.
- September 8, 2025: Regained compliance with Nasdaq's minimum bid price requirement.
- August 13, 2025: The Q2 2025 report outlined progress in commercializing AquaRefining⢠for lithium quality.
- May 15, 2025: Executed a non-binding term sheet with a major private company to secure a $33 million credit facility for the Sierra AquaRefining Campus.
Financial and Strategic Analysis
As of October 13, 2025, AQMS shares closed at $8.29, representing a 46.47% increase for the day on a volume of 649,586. Key metrics include:
- Market Capitalization: approximately $11.8 million
- 52-Week Range: $3.37â$34.84
- Earnings Per Share (TTM): â$35.48
- Return on Equity (TTM): â182.91%
- Total Cash (most recent quarter): $1.93 million
- Total Debt/Equity (most recent quarter): approximately 3.2%
The companyâs strategy involves licensing its lead-acid battery recycling process while expanding its AquaRefining⢠platform to include lithium-ion battery materials. Collaborations with government consortia, such as a consortium led by Penn State University under a $4.99 million Department of Energy (DOE) grant, aim to establish a fully domestic critical minerals supply chain.
Market Position and Industry Context
Aqua Metals is recognized for its water-based technology that eliminates the need for high-temperature smelting, minimizing associated greenhouse gas emissions. In lead-acid recycling, it has established its first licensed facility in Taiwan. With the increasing global demand for electric vehicles and energy storage, the company's expansion into lithium-ion battery recycling targets the recovery of nickel, cobalt, and other critical minerals. Industry insights indicate that regulatory pressure to reduce emissions and promote circular supply chains may enhance adoption of AquaRefining⢠systems in North America, Europe, and Asia.
tl;dr
On October 13, 2025, AQMS shares increased by 46.47% to $8.29 amid investor interest following Nasdaq compliance updates, the signing of a Memorandum of Understanding with Impossible Metals, and participation in The Battery Show. The company reported progress in Q2 2025 regarding its lithium-ion recycling technology and is pursuing further licensing deals and potential DOE-backed projects. Earnings are projected for November 8, 2025.
