Aqua Metals, Inc. reported a net loss of $24.6 million for the fiscal year ending December 31, 2024, compared to a loss of $23.9 million in the previous year. The company did not generate any revenue from commercial operations in 2024, maintaining a focus on developing its lithium-ion battery recycling technology. In 2023, Aqua Metals had nominal revenue of $25, primarily from the sale of lead compounds. The total operating expenses for 2024 were approximately $23.8 million, a slight decrease from $24.5 million in 2023, driven by a reduction in impairment expenses and research and development costs.
In terms of strategic developments, Aqua Metals has made significant progress in its lithium-ion battery recycling initiatives. The company is in the process of constructing a five-acre recycling campus in the Tahoe-Reno Industrial Center, designed to process up to 7,000 tonnes of lithium-ion battery material annually. In February 2023, Aqua Metals acquired the land for this facility, and it has since begun the phased development of the site. The company aims to complete the first phase of the facility within three to four quarters, contingent on securing additional funding.
Operationally, Aqua Metals has focused on enhancing its AquaRefining technology, which is designed to recover critical minerals from lithium-ion batteries with lower emissions and waste compared to traditional methods. The company has successfully demonstrated its ability to recover valuable metals such as lithium, nickel, and cobalt at its pilot facility. As of December 31, 2024, Aqua Metals employed 11 full-time staff, a reduction from previous levels due to a workforce adjustment in response to funding delays.
The company’s financial position remains precarious, with total assets of $26.4 million and a working capital deficit of $3.5 million as of December 31, 2024. Aqua Metals has indicated that it will require additional capital to fund ongoing operations and complete the development of its recycling facility. The company has raised funds through various equity offerings, including a public offering in May 2024 that generated $7.3 million in net proceeds. However, there is substantial doubt about Aqua Metals' ability to continue as a going concern without securing further financing.
Looking ahead, Aqua Metals is optimistic about the future of its lithium-ion battery recycling business, which is expected to grow significantly in response to increasing demand for electric vehicles and renewable energy solutions. The company anticipates that its AquaRefining technology will position it favorably within the expanding market for battery recycling, projected to reach $400 billion by 2030. However, the successful commercialization of its technology and the establishment of strategic partnerships will be critical to achieving its growth objectives.
About Aqua Metals, Inc.
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