Aqua Metals (NASDAQ: AQMS) is a battery recycling technology company that develops and operates an electrochemical process called AquaRefining to recover metals from used batteries without smelting or conventional chemical refining. The company is pre-commercial revenue, funding operations through equity issuances including ATM offerings, a registered direct offering, and an equity line of credit. Aqua Metals was incorporated in Delaware on June 20, 2014, and operates its Innovation Center at the Tahoe-Reno Industrial Center in Nevada. Its initial focus was lead-acid battery recycling, and in 2021 it pivoted to lithium-ion battery recycling. As of the 10-K filed March 31, 2026, the company has 4 issued U.S. patents and 1 international patent covering AquaRefining, with additional applications pending in 15 jurisdictions. It has not generated material product revenue and has financed itself entirely through capital markets activity, raising approximately $18.8 million in net proceeds during the year ended December 31, 2025.

Revenue model

No product revenue is supported by the filing excerpts. The company funds operations through equity capital markets: ATM share sales ($5.9 million net proceeds, year ended December 31, 2025), an equity line of credit with Lincoln Park Capital Fund LLC ($0.9 million net proceeds, year ended December 31, 2025), and a registered direct offering closed October 16, 2025 ($11.9 million net proceeds). Future revenue is expected from sale of recovered battery materials and potential technology licensing or joint ventures, but neither stream has been established as of the filing date.

Products and services

AquaRefining: a proprietary electrochemical recycling process using non-toxic solvents and modular Aqualyzer cells to dissolve and plate metals from battery feedstock. Target output materials for lithium-ion batteries include lithium carbonate, lithium hydroxide, mixed hydroxide precipitate, cobalt, nickel, copper, and manganese dioxide, recovered from black mass. The company completed a multi-week continuous 24-hour operating campaign at its pilot facility in late 2024 and refined its commercialization strategy in 2025 to prioritize a simplified product slate including lithium carbonate and mixed hydroxide precipitate. The company is also evaluating acquisition of Lion Energy, LLC.

Customers and end markets

Target end markets are battery supply chains for electric vehicles, data centers, and stationary energy storage, as well as broader commodities markets for recovered metals. No commercial customers are disclosed in the filing excerpts. The company has no material product revenue as of December 31, 2025.

Value-chain role

Midstream battery recycler and technology developer. Aqua Metals processes end-of-life lithium-ion battery black mass and lead-acid battery paste, converting them into refined metal outputs for resale into battery material supply chains. It occupies the recycling and refining step between battery collectors and battery material manufacturers. The company also intends to license its AquaRefining technology to third-party operators.

Geographic exposure

Operations are based at the Tahoe-Reno Industrial Center in Nevada. Executive offices are in Reno, Nevada (4,183 square feet). Patent applications are pending in 15 international jurisdictions beyond the U.S. No commercial international operations are disclosed.

Source: SEC 10-K, filed 2026-03-31

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