Aqua Metals Announces Progress on Operational Achievements and Ongoing Commercial Development, Reports Third Quarter 2024 Results
Aqua Metals (NASDAQ: AQMS) reported Q3 2024 results and operational updates, highlighting its progress in sustainable lithium battery recycling. The company's pilot facility has demonstrated 24-hour operational capacity, producing high-purity battery-grade lithium carbonate at over 99.5% purity. The Sierra AquaRefining Campus (ARC) is being prepared for commissioning, with plans for a two-phase buildout targeting 3,000 tonnes initial capacity, expandable to 10,000 tonnes of black mass processing annually. The company is currently evaluating term sheets for long-term financing and advancing commercial partnerships, with facility commissioning expected within 6-9 months after securing funding.
Aqua Metals (NASDAQ: AQMS) ha riportato i risultati del terzo trimestre del 2024 e aggiornamenti operativi, evidenziando i suoi progressi nel riciclo sostenibile delle batterie al litio. L'impianto pilota dell'azienda ha dimostrato una capacità operativa di 24 ore, producendo carbonato di litio di grado batteia ad alta purezza con oltre il 99,5% di purezza. Il Sierra AquaRefining Campus (ARC) è in fase di preparazione per la messa in servizio, con piani per una costruzione in due fasi che mira a un capacità iniziale di 3.000 tonnellate, ampliabile a 10.000 tonnellate di processo di massa nera all'anno. Attualmente, l'azienda sta valutando le proposte per il finanziamento a lungo termine e sta creando partenariati commerciali, con la messa in servizio dell'impianto prevista entro 6-9 mesi dopo l'ottenimento del finanziamento.
Aqua Metals (NASDAQ: AQMS) informó sobre los resultados del tercer trimestre de 2024 y actualizaciones operativas, destacando su progreso en el reciclaje sostenible de baterías de litio. La instalación piloto de la compañía ha demostrado capacidad operativa de 24 horas, produciendo carbonato de litio de alta pureza para baterías con más del 99,5% de pureza. El Campus Sierra AquaRefining (ARC) se está preparando para su puesta en marcha, con planes para una construcción en dos fases que apunta a una capacidad inicial de 3,000 toneladas, ampliable a 10,000 toneladas de procesamiento de masa negra anualmente. La empresa actualmente está evaluando hojas de términos para financiamiento a largo plazo y avanzando en asociaciones comerciales, con la puesta en marcha de la instalación esperada dentro de 6-9 meses después de asegurar fondos.
Aqua Metals (NASDAQ: AQMS)는 2024년 3분기 결과와 운영 업데이트를 발표하며 지속 가능한 리튬 배터리 재활용의 발전을 강조했습니다. 회사의 시범 시설은 24시간 가동 능력을 입증하였으며, 99.5% 이상의 순도를 가진 고순도 배터리 등급 리튬 카보네이트를 생산하고 있습니다. 시애라 아쿠아리파이닝 캠퍼스(ARC)는 가동 준비 중이며, 초기 3,000톤 용량을 목표로 하는 두 단계의 건설 계획이 있습니다. 연간 10,000톤의 블랙 매스 처리로 확장 가능. 현재 회사는 장기 자금 조달을 위한 조건서를 평가하고 상업적 파트너십을 진행하고 있으며, 자금 확보 후 6-9개월 이내에 시설 가동이 예상됩니다.
Aqua Metals (NASDAQ: AQMS) a annoncé ses résultats du troisième trimestre 2024 ainsi que des mises à jour opérationnelles, mettant en avant ses avancées dans le recyclage durable des batteries au lithium. L'installation pilote de l'entreprise a démontré une capacité opérationnelle de 24 heures, produisant du carbonate de lithium de haute pureté pour batteries avec plus de 99,5% de pureté. Le campus Sierra AquaRefining (ARC) est en préparation pour sa mise en service, avec des projets de construction en deux phases visant une capacité initiale de 3 000 tonnes, extensible à 10 000 tonnes de traitement de masse noire par an. L'entreprise évalue actuellement des propositions pour un financement à long terme et fait avancer des partenariats commerciaux, la mise en service de l'installation étant prévue dans les 6 à 9 mois suivant l'obtention du financement.
Aqua Metals (NASDAQ: AQMS) hat die Ergebnisse des dritten Quartals 2024 und betriebliche Updates veröffentlicht, die ihren Fortschritt beim nachhaltigen Recycling von Lithium-Batterien hervorheben. Die Pilotanlage des Unternehmens hat eine betriebliche Kapazität von 24 Stunden gezeigt und produziert hochreinen Lithiumcarbonat in Batteriequalität mit über 99,5% Reinheit. Der Sierra AquaRefining Campus (ARC) wird für die Inbetriebnahme vorbereitet, mit Plänen für einen zweiphasigen Ausbau, der eine anfängliche Kapazität von 3.000 Tonnen anstrebt, die auf 10.000 Tonnen an Verarbeitung schwarzer Masse jährlich erweitert werden kann. Das Unternehmen bewertet derzeit die Bedingungen für eine langfristige Finanzierung und treibt kommerzielle Partnerschaften voran, wobei die Inbetriebnahme der Anlage innerhalb von 6-9 Monaten nach Sicherung der Finanzierung erwartet wird.
- Successfully producing battery-grade lithium carbonate at 99.5% purity
- Demonstrated 24-hour operational capacity at pilot facility
- Infrastructure ready for rapid 6-9 month deployment once funding secured
- Technology eliminates costly sodium sulfate byproduct production
- Pending financing required for facility completion
- Commercial operations delayed until funding secured
- No current revenue generation from main operations
Insights
The Q3 update reveals critical operational progress but persistent financial challenges for Aqua Metals. The company's pilot facility has achieved a significant technical milestone by producing battery-grade lithium carbonate at >99.5% purity through 24-hour operations. However, the company's
The two-phase development plan for Sierra ARC targets 3,000 tonnes initial capacity, scaling to 10,000 tonnes. While the 6-9 month commissioning timeline post-funding appears aggressive, the pre-completed infrastructure work supports this timeline. The elimination of sodium sulfate byproduct could provide meaningful cost advantages, but this remains theoretical until commercial scale operations begin.
The lack of concrete financing commitments or signed commercial agreements in the update suggests ongoing execution risks. Investors should monitor the company's cash position and potential dilution risks as it seeks capital for facility completion.
The technical achievement of producing high-purity lithium carbonate through sustainable recycling represents a significant competitive advantage in the growing battery materials market. The AquaRefining process's ability to eliminate sodium sulfate waste while maintaining battery-grade output quality (>
The pilot facility's 24-hour operational capability provides important validation of process scalability. However, the transition from pilot to commercial scale operations at Sierra ARC still carries technical risks. The phased approach to reaching 10,000 tonnes capacity appears prudent for managing scale-up challenges.
Company Produces High-Purity, Battery-Grade Lithium Carbonate from Pilot Operations, Working to Advance Financing and Commercial Agreements
RENO, Nev., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS), a leader in sustainable lithium battery recycling, today reported financial results for the third quarter ended September 30, 2024 and provided an update on its operations, commercial initiatives, and ongoing strategic financing efforts.
The past quarter has seen Aqua Metals make significant strides in producing high-purity lithium carbonate and conducting advanced due diligence processes with potential financing and commercial partners. The Company is focused on preparing its Sierra AquaRefining™ Campus (ARC) for commissioning, supported by a financing strategy designed to secure capital for the facility's full buildout in two phases, while also positioning the Company as a future-ready solution for cost-effective, environmentally sustainable battery recycling.
Recent Highlights and Progress:
1. Pilot Facility Operations
Aqua Metals’ pilot facility has continued to demonstrate 24-hour operational capacity, producing high-purity, battery-grade lithium carbonate at over
2. Strategic Financing and Commercial Initiatives
The Company is evaluating term sheets as it advances long-term financing and commercial supply and off-take partnerships. Aqua Metals’ management is actively engaged in due diligence to finalize these agreements, with anticipated milestones in the months ahead. The Company is in active discussions to secure strategic financing and additional commercial supply agreements that support its long-term growth objectives, enabling the efficient build-out of recycling capacity at the Sierra ARC.
3. Sierra ARC Development and Partner Engagement
While the Sierra ARC facility awaits final financing for completion, Aqua Metals has continued preparing the site for rapid commissioning, with structural and infrastructure upgrades already in place. The facility has hosted site visits from industry leaders, underscoring its preparedness for rapid equipment installation and commissioning upon securing necessary capital. Once funding is complete, the Company anticipates an accelerated turnaround of six to nine months to bring the facility into commercial operation, initially with a 3,000 tonne per year black mass processing capacity, with plans to expand to 10,000 tonnes.
4. Cost and Environmental Efficiency
Aqua Metals’ AquaRefining™ technology represents a next-generation recycling approach designed to eliminate the production of sodium sulfate, a costly byproduct of traditional recycling methods. Unlike other processes that require extensive chemical usage and lead to significant byproduct handling and disposal costs, AquaRefining™ is designed to reduce both expenses and environmental impact. This approach is intended to not only ensure a decarbonized, clean workplace but also result in millions of dollars in savings on chemical purchases, waste handling, and compliance each year as the Company reaches scale at the Sierra ARC.
Looking Ahead
Aqua Metals’ main priority is securing long-term funding to complete Phase 1 and Phase 2 of the Sierra ARC facility, with commissioning expected within two to three quarters after securing capital. The facility site is prepped for a rapid buildout, with infrastructure in place to support an efficient, six to nine month timeline to operational readiness once funding is finalized.
The Company is also advancing commercial partnerships to ensure consistent feedstock supply and additional offtake customers, building on recent samples sent to OEMs and battery material companies. In parallel, pilot operations continue to validate AquaRefining™ technology, underscoring our commitment to efficient, low-cost, and sustainable recycling solutions.
Shareholders and the public can expect further updates on progress with secured funding, commercial partnerships, and operational milestones early in the new year as due diligence processes conclude. Aqua Metals remains committed to transparency and will continue to keep stakeholders informed as key milestones are achieved.
“Our team has been hard at work, advancing key strategic partnerships and preparing the Sierra ARC for commercial deployment as we move forward with long-term financing and commercial discussions,” said Steve Cotton, President and CEO. “This quarter’s accomplishments and recent milestones showcase both the scalability of our technology and our commitment to building a financially resilient and environmentally sound recycling business. We’re encouraged by the validation from industry leaders and are fully focused on bringing the Sierra ARC online to drive sustainable growth in the U.S. battery materials supply chain.”
Conference Call and Webcast
The Company will hold a conference call to discuss results and corporate developments today at 4:30 p.m. ET. Investors can access the live conference call at https://event.webcasts.com/aqms or from the investor relations section of the Company’s website at https://ir.aquametals.com/. Alternatively, interested parties can access the audio call by dialing 877-407-9708 (toll-free) or 201-689-8259 (international).
Following the conclusion of the live event, a replay will be available by dialing 877-660-6853 or 201-612-7415 and using passcode 13749849. The webcast replay will also be available in the “News / Events” section of the Aqua Metals website.
About Aqua Metals
Aqua Metals, Inc. (NASDAQ: AQMS) is reinventing metals recycling with its patented AquaRefining™ technology. The Company is pioneering a sustainable recycling solution for materials strategic to energy storage and electric vehicle manufacturing supply chains. AquaRefining™ is a low-emissions, closed-loop recycling technology that replaces polluting furnaces and hazardous chemicals with electricity-powered electroplating to recover valuable metals and materials from spent batteries with higher purity, lower emissions, and minimal waste. Aqua Metals is based in Reno, NV and operates the first sustainable lithium battery recycling facility at the Company’s Innovation Center in the Tahoe-Reno Industrial Center. To learn more, please visit www.aquametals.com.
Aqua Metals Social Media
Aqua Metals has used, and intends to continue using, its investor relations website (https://ir.aquametals.com), in addition to its Twitter, Threads, LinkedIn and YouTube accounts at https://twitter.com/AquaMetalsInc (@AquaMetalsInc), https://www.threads.net/@aquametalsinc (@aquametalsinc), https://www.linkedin.com/company/aqua-metals-limited and https://www.youtube.com/@AquaMetals respectively, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Safe Harbor
This press release contains forward-looking statements concerning Aqua Metals, Inc. Forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements that contain words such as "expects," "contemplates," "anticipates," "plans," "intends," "believes", "estimates", "potential" and variations of such words or similar expressions that convey the uncertainty of future events or outcomes, or that do not relate to historical matters. The forward-looking statements in this press release include our expectations for our pilot and commercial-scale recycling plants, our acquisition of the necessary funding to fully develop the Sierra ARC facility, our ability to recycle lithium-ion batteries on a scaled and economically efficient basis and the expected benefits of recycling lithium-ion batteries. Those forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially, including, but not limited to, (1) the risk that we may not be able to successfully acquire the funding necessary to develop our Sierra ARC facility, (2) even if we are to able acquire the necessary funding, the risk we may not be able to successfully develop the Sierra ARC facility or realize the expected benefits from such facility; (3) the risk that we may not be able to acquire the funding necessary to maintain our current level of operations; and (4) those risks disclosed in the section "Risk Factors" included in our Annual Report on Form 10-K filed on March 28, 2024. Aqua Metals cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by law.
Contact Information
Investor Relations
Bob Meyers & Rob Fink
FNK IR
646-878-9204
aqms@fnkir.com
Media
David Regan
Aqua Metals
415-336-3553
David.Regan@aquametals.com
Source: Aqua Metals
| AQUA METALS, INC. Condensed Consolidated Balance Sheets - Unaudited (in thousands, except share and per share amounts) | ||||||||
| September 30, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 2,950 | $ | 16,522 | ||||
| Note receivable - LINICO | 250 | 600 | ||||||
| Accounts receivable | 486 | 67 | ||||||
| Inventory | 330 | 929 | ||||||
| Prepaid expenses and other current assets | 148 | 181 | ||||||
| Total current assets | 4,164 | 18,299 | ||||||
| Non-current assets | ||||||||
| Property, plant and equipment, net | 16,615 | 10,347 | ||||||
| Intellectual property, net | 164 | 281 | ||||||
| Other assets | 7,540 | 4,673 | ||||||
| Total non-current assets | 24,319 | 15,301 | ||||||
| Total assets | $ | 28,483 | $ | 33,600 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 1,477 | $ | 1,836 | ||||
| Accrued expenses | 2,314 | 2,467 | ||||||
| Lease liability, current portion | 286 | 275 | ||||||
| Note payable, current portion | 2,988 | 35 | ||||||
| Total current liabilities | 7,065 | 4,613 | ||||||
| Non-current liabilities | ||||||||
| Lease liability, non-current portion | 520 | — | ||||||
| Note payable, non-current portion | — | 2,923 | ||||||
| Total liabilities | 7,585 | 7,536 | ||||||
| Commitments and contingencies (see Note 12) | ||||||||
| Stockholders’ equity | ||||||||
| Common stock; | 7 | 5 | ||||||
| Additional paid-in capital | 261,410 | 249,790 | ||||||
| Accumulated deficit | (240,327 | ) | (223,215 | ) | ||||
| Treasury stock, at cost; common shares: 29,419 and 21,428 as of September 30, 2024 and December 31, 2023, respectively | (192 | ) | (516 | ) | ||||
| Total stockholders’ equity | 20,898 | 26,064 | ||||||
| Total liabilities and stockholders’ equity | $ | 28,483 | $ | 33,600 | ||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
| AQUA METALS, INC. Condensed Consolidated Statements of Operations - Unaudited (in thousands, except share and per share amounts) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Product Sales | $ | — | $ | 25 | $ | — | $ | 25 | ||||||||
| Operating cost and expense | ||||||||||||||||
| Plant operations | 1,617 | 1,770 | 6,198 | 4,316 | ||||||||||||
| Research and development cost | 398 | 389 | 1,349 | 1,359 | ||||||||||||
| Loss (gain) on disposal of property, plant and equipment | 448 | — | 448 | (23 | ) | |||||||||||
| General and administrative expense | 2,748 | 2,815 | 9,170 | 8,670 | ||||||||||||
| Total operating expense | 5,211 | 4,974 | 17,165 | 14,322 | ||||||||||||
| Loss from operations | (5,211 | ) | (4,949 | ) | (17,165 | ) | (14,297 | ) | ||||||||
| Other income and (expense) | ||||||||||||||||
| Interest expense | (83 | ) | (87 | ) | (273 | ) | (518 | ) | ||||||||
| Interest and other income | 84 | 489 | 329 | 903 | ||||||||||||
| Total other income, net | 1 | 402 | 56 | 385 | ||||||||||||
| Loss before income tax expense | (5,210 | ) | (4,547 | ) | (17,109 | ) | (13,912 | ) | ||||||||
| Income tax expense | — | — | 3 | — | ||||||||||||
| Net loss | $ | (5,210 | ) | $ | (4,547 | ) | $ | (17,112 | ) | $ | (13,912 | ) | ||||
| Weighted average shares outstanding, basic and diluted | 6,816,190 | 5,080,889 | 6,171,512 | 4,455,199 | ||||||||||||
| Basic and diluted net loss per share | $ | (0.76 | ) | $ | (0.89 | ) | $ | (2.77 | ) | $ | (3.12 | ) | ||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
FAQ
What is Aqua Metals' (AQMS) current lithium carbonate production purity level?
What is the planned processing capacity for AQMS Sierra ARC facility?
How long will it take AQMS to commission the Sierra ARC facility once funding is secured?
