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Aqua Metals, Inc. (AQMS) stock

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NASDAQ: AQMS Nasdaq Diversified Metals & Mining Next results ~November 3, 2026

Aqua Metals, Inc. is a US-listed company in the diversified metals & mining industry. Its financial year ends in December.

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds7 adding, 9 cuttingOf 1 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Aqua Metals, Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 11 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 100.0% over the last 12 months.
  • Loss-making. Operating margin is -108280.0%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 379079.0 points on a year ago.
  • Burning cash. Free cash flow was -92808.0% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 11092.0% of revenue: a real cost that cash-flow figures leave out.

Latest results: FY2025 Q1

Filed August 13, 2025
Earnings per share
-$7.60 against an average estimate of -$8.00: beat by 5.0%
Share reaction
-8.0% in the first session after the results on July 30, 2026, against +2.4% for the S&P 500
Next report
November 3, 2026

Aqua Metals' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.5%
  • 1 week-9.3%
  • 1 month-41.6%
  • This year-70.6%
  • 1 year-81.4%
  • 5 years-99.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$0

Growth

Revenue growth
−100.0%
Change in growth rate
−2.3 pts

Earnings

Last results
July 30, 2026
Next results (est.)
November 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Shareholder vote
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Aqua Metals, Inc. valuation models and calculator

No model value for Aqua Metals, Inc. at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

Moat

10 /100

Weak moat

How hard Aqua Metals's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -53.8% of total assets over 10 years.

  • Pricing power 0 / 20

    Gross margin has been a median -1914.7%, moving by 11711.5 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -5685.1%; its worst year was -108280.0%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 6 years, at a median -3727.3% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 191.5% over five years; stock-based pay has been a median 674.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, after the close.

Analysts' consensus

No analyst estimates are published for Aqua Metals, Inc.: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2024 −$8.00 −$7.60 +5.0%
Jun 2024 −$10.00 −$10.00 0.0%
Mar 2024 −$10.00 −$10.00 0.0%
Dec 2023 −$10.00 −$9.29 +7.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

1 analysts, Oct 2026
Buy1100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202611
  2. Sep 202611

Counts of recommendations published by analysts covering Aqua Metals, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.1%
of tradable shares
Days to cover
5.84
at average volume
Short interest, 1 month
+53%
to October 15, 2026
Held by institutions
9%
of shares
Held by insiders
14.4%
of shares
Employees
11
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AQMS−59%+2%−39%−83%−81%−71%
Industry peers (median)+33%−32%−1%−22%+75%−43%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AQMS25%50%42%17%33%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AQMS−83%−68%−55%−91%−88%−78%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 100% from March 13, 2017 to October 30, 2026. Getting back needed a 321812% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.36 – $8.10
From 52-week high
−82.6%
vs 50-day average
−36.1%
vs 200-day average
−59.9%
Volatility (1 year)
81%
Beta vs S&P 500
2.14

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±10.6%
After a week
5 up, 7 down
typical move ±13.2%
After a month
1 up, 11 down
typical move ±17.0%
Results releasedNext dayS&P 500 next day5 days21 days
July 30, 2026 −8.0% +2.4% −2.5% −0.7%
May 14, 2026 −17.8% −0.4% −20.8% −34.1%
March 31, 2026 +7.5% +3.7% +8.5% +36.8%
November 12, 2025 +1.8% −1.6% +9.4% −2.0%
August 13, 2025 −3.2% +0.4% −10.7% −11.2%
May 8, 2025 −8.8% +0.6% +8.5% −16.0%
March 31, 2025 −8.8% +1.0% −19.1% −34.3%
November 14, 2024 −14.4% −1.9% −7.2% −1.0%
August 5, 2024 −38.8% −2.0% −34.0% −33.7%
May 15, 2024 −7.2% +1.0% −15.1% −19.1%
March 27, 2024 +1.1% +0.8% +16.0% −6.4%
November 8, 2023 +9.5% −0.7% +7.2% −8.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Aqua Metals, Inc.
$0 $50K $100K $150K $200K FY21 Q2 FY22 Q1 FY22 Q4 FY25 Q1 Revenue (TTM), FY21 Q2: $90K Revenue (TTM), FY21 Q3: $0 Revenue (TTM), FY21 Q4: $173K Revenue (TTM), FY22 Q1: $173K Revenue (TTM), FY22 Q2: $177K Revenue (TTM), FY22 Q3: $177K Revenue (TTM), FY22 Q4: $4K Revenue (TTM), FY24 Q1: $25K Revenue (TTM), FY24 Q2: $25K Revenue (TTM), FY24 Q3: $0 Revenue (TTM), FY24 Q4: $0 Revenue (TTM), FY25 Q1: $0 $0

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY21 Q2 $90K
FY21 Q3 $0
FY21 Q4 $173K
FY22 Q1 $173K
FY22 Q2 $177K
FY22 Q3 $177K
FY22 Q4 $4K
FY24 Q1 $25K
FY24 Q2 $25K
FY24 Q3 $0
FY24 Q4 $0
FY25 Q1 $0
Revenue growth, TTM YoY Aqua Metals, Inc.
-100% -50% 0% 50% 100% FY20 Q1 FY20 Q4 FY21 Q3 FY25 Q1 Revenue growth, TTM YoY, FY20 Q1: -33.6% Revenue growth, TTM YoY, FY20 Q2: -71.7% Revenue growth, TTM YoY, FY20 Q3: -76.6% Revenue growth, TTM YoY, FY20 Q4: -95.7% Revenue growth, TTM YoY, FY21 Q1: -95.7% Revenue growth, TTM YoY, FY21 Q2: -91.4% Revenue growth, TTM YoY, FY21 Q3: -100.0% Revenue growth, TTM YoY, FY21 Q4: 60.2% Revenue growth, TTM YoY, FY22 Q1: 92.2% Revenue growth, TTM YoY, FY22 Q2: 96.7% Revenue growth, TTM YoY, FY22 Q4: -97.7% Revenue growth, TTM YoY, FY25 Q1: -100.0% -100.0%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY20 Q1 -33.6%
FY20 Q2 -71.7%
FY20 Q3 -76.6%
FY20 Q4 -95.7%
FY21 Q1 -95.7%
FY21 Q2 -91.4%
FY21 Q3 -100.0%
FY21 Q4 60.2%
FY22 Q1 92.2%
FY22 Q2 96.7%
FY22 Q4 -97.7%
FY25 Q1 -100.0%
Operating margin (TTM) Aqua Metals, Inc.
-400000% -300000% -200000% -100000% 0% FY20 Q2 FY21 Q1 FY22 Q1 FY24 Q2 Operating margin (TTM), FY20 Q2: -2791.8% Operating margin (TTM), FY20 Q3: -3070.2% Operating margin (TTM), FY20 Q4: -14252.8% Operating margin (TTM), FY21 Q1: -17253.3% Operating margin (TTM), FY21 Q2: -18003.3% Operating margin (TTM), FY21 Q4: -10096.0% Operating margin (TTM), FY22 Q1: -10160.7% Operating margin (TTM), FY22 Q2: -9655.4% Operating margin (TTM), FY22 Q3: -9265.5% Operating margin (TTM), FY22 Q4: -389175.0% Operating margin (TTM), FY24 Q1: -103040.0% Operating margin (TTM), FY24 Q2: -108280.0% -108280.0%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY20 Q2 -2791.8%
FY20 Q3 -3070.2%
FY20 Q4 -14252.8%
FY21 Q1 -17253.3%
FY21 Q2 -18003.3%
FY21 Q4 -10096.0%
FY22 Q1 -10160.7%
FY22 Q2 -9655.4%
FY22 Q3 -9265.5%
FY22 Q4 -389175.0%
FY24 Q1 -103040.0%
FY24 Q2 -108280.0%
FCF margin (TTM) Aqua Metals, Inc.
-400000% -300000% -200000% -100000% 0% FY20 Q2 FY21 Q1 FY22 Q1 FY24 Q2 FCF margin (TTM), FY20 Q2: -3185.6% FCF margin (TTM), FY20 Q3: -3314.3% FCF margin (TTM), FY20 Q4: -13325.9% FCF margin (TTM), FY21 Q1: -12435.6% FCF margin (TTM), FY21 Q2: -11096.7% FCF margin (TTM), FY21 Q4: -5440.5% FCF margin (TTM), FY22 Q1: -6039.9% FCF margin (TTM), FY22 Q2: -5744.1% FCF margin (TTM), FY22 Q3: -8445.8% FCF margin (TTM), FY22 Q4: -372975.0% FCF margin (TTM), FY24 Q1: -30644.0% FCF margin (TTM), FY24 Q2: -92808.0% -92808.0%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY20 Q2 -3185.6%
FY20 Q3 -3314.3%
FY20 Q4 -13325.9%
FY21 Q1 -12435.6%
FY21 Q2 -11096.7%
FY21 Q4 -5440.5%
FY22 Q1 -6039.9%
FY22 Q2 -5744.1%
FY22 Q3 -8445.8%
FY22 Q4 -372975.0%
FY24 Q1 -30644.0%
FY24 Q2 -92808.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 LTM Mar 2025
Income
Revenue 0 2 4 5 0 0 0 0 0 0
Gross profit 0 −7 −18 −20 −5 −7 −4 −6 −7 −6
EBITDA −12 −22 −34 −37 −13 −17 −15 −24 −23 −26
Operating income −13 −25 −37 −41 −15 −17 −16 −24 −24 −27
Net income −14 −27 −40 −45 −26 −18 −15 −24 −25 −27
Diluted EPS −$178.00 −$1.31 −$1.18 −$0.86 −$84.00 −$0.26 — — — —
Growth (year on year)
Revenue — — +111.9% +9.6% −97.8% +60.2% −97.7% +525.0% −100.0% −100.0%
Margins
Gross margin — −354.3% −411.6% −408.8% <−999% <−999% <−999% <−999% — —
EBITDA margin — <−999% −760.4% −765.2% <−999% <−999% <−999% <−999% — —
Operating margin — <−999% −832.3% −837.0% <−999% <−999% <−999% <−999% — —
Net margin — <−999% −904.8% −919.1% <−999% <−999% <−999% <−999% — —
Free-cash-flow margin — <−999% −674.6% −779.2% <−999% <−999% <−999% <−999% — —
Cash flow
Cash from operations −11 −19 −26 −25 −11 −7 −10 −3 −14 −12
Capital spending 29 9 4 13 3 2 5 6 8 5
Free cash flow −40 −28 −30 −38 −14 −9 −15 −9 −22 −18
Stock-based pay 1 1 1 4 4 2 2 3 3 3
Free cash flow after stock pay −41 −29 −31 −42 −18 −12 −17 −11 −24 −20
Balance sheet
Cash 25 23 21 8 7 8 7 17 4 2
Total debt 10 9 13 10 0 0 6 3 4 3
Net debt (negative = net cash) −15 −14 −8 2 −6 −8 −1 −14 −1 2
Diluted shares — — — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Who owns it

Funds buying and selling
Reported value
$819,521
Institutions reporting
28
Shares held vs prior quarter
▲ 31.2%
Positions opened / closed
3 / 6

Top buyers and sellers, Q2 2026: 7 institutions bought and 9 sold ; the biggest buyer was Hamilton Capital Partners, LLC (+62K shares) and the biggest seller Xtx Topco Ltd (−12K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Stifel Financial Corp $296,636 103K 36.2% ▲ 25.5%
Hamilton Capital Partners, LLC $179,770 62K 21.9% New
Geode Capital Management, LLC $99,447 34K 12.1% ▼ 16.5%
Price T Rowe Associates Inc $85,000 29K 10.4% ▲ 19.3%
Vanguard Capital Management LLC $84,431 29K 10.3% 0.0%
Vanguard Fiduciary Trust Co $45,046 16K 5.5% 0.0%
Blackrock, Inc. $14,014 5K 1.7% 0.0%
UBS Group AG $5,026 2K 0.6% ▲ 254.2%
Arax Advisory Partners $3,743 1K 0.5% ▼ 3.4%
Wells Fargo & Company $1,445 1K 0.2% 0.0%
Northwestern Mutual Wealth Management Co $902 0K 0.1% 0.0%
Morgan Stanley $849 0K 0.1% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Aqua Metals, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced

  • July 30, 2026
  • May 14, 2026
  • March 31, 2026
  • November 12, 2025
  • August 13, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Aqua Metals, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Aqua Metals, Inc. in brief

What does Aqua Metals, Inc. do?
Aqua Metals, Inc. is a US-listed company in the diversified metals & mining industry. Its financial year ends in December.
What is Aqua Metals, Inc.'s stock ticker?
Aqua Metals, Inc. trades under the ticker AQMS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Aqua Metals, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Aqua Metals, Inc. reported revenue of $0, 100.0% lower than a year earlier, according to its SEC filings.
Who are Aqua Metals, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Stifel Financial Corp, Hamilton Capital Partners, LLC and Geode Capital Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Aqua Metals, Inc.'s market cap?
On December 31, 2024, Aqua Metals, Inc.'s market capitalisation was about $16.2M and net debt of -$543,000. Market figures come from third-party market data and may be delayed.
When is Aqua Metals, Inc.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Aqua Metals, Inc. announces its own schedule.