AQMSNasdaqSecondary Smelting & Refining of Nonferrous MetalsFiscal year ends December 31
Aqua Metals, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$1.48−0.22 (-12.94%)
Close on Oct 19, 2026
- Market cap
- $5.04M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
–
Operating margin
–
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -29.9% | -63.8% | -146.0% | |
| Return on assets | -22.8% | -49.3% | -98.3% | |
| Current ratio | 6.79 | 2.42 | 3.03 | |
| Debt to equity | 0.16 | 0.01 | – | |
| Interest coverage | -20.3× | -9.5× | -35.0× | |
| Inventory turnover | – | 4.7× | – | |
| Capex to revenue | – | 3113.9% | – | |
| Diluted shares | 0M | 0M | 1M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Aqua Metals generated $44.29M from operations and spent $21.07M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$44.29M
Used
$21.07M
Capital expenditure$21.07M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-95752.0%
×Asset turnover0.00×
×Equity multiplier1.43×
=Return on equity, FY2023-101.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2023 | -95752.0% | 0.00× | 1.43× | -101.9% |
| FY2022 | -385775.0% | 0.00× | 1.38× | -63.7% |
| FY2021 | -10516.2% | 0.01× | 1.17× | -62.0% |
| FY2020 | -23853.7% | 0.00× | 1.30× | -63.8% |
| FY2019 | -919.1% | 0.07× | 1.41× | -89.9% |
| FY2018 | -904.8% | 0.06× | 1.34× | -73.8% |
| FY2017 | -1273.0% | 0.03× | 1.26× | -45.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
2of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$22.65M
- Cash generatingOperating cash flow above zero-$10.25M
- Return on assets improvedROA up on the prior year-73.1% → -85.9%
- Earnings backed by cashOperating cash flow above net income-$10.25M vs -$22.65M
- Less leverageLong-term debt to assets fell0.0% → –
- Better liquidityCurrent ratio rose0.57 → 3.03
- No dilutionShare count did not rise1M → 1M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.00 → –