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Aqua Metals Inc. (AQMS+6.12%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines Aqua Metals' focus on applying its AquaRefining technology to the recycling of lithium-ion batteries, aiming to develop cost-efficient recycling solutions for both lead and lithium-ion batteries.
The company reported a net loss of $24,555,000 for the year, with cash used in operations totaling $13,632,000. This represents an increase in net loss compared to the previous year.
Total assets as of December 31, 2024, were reported at $26,365,000, with a working capital deficit of $(3,538,000).
Revenue for the year was nominal, as the company did not engage in commercial operations, focusing instead on developing its lithium-ion battery recycling technology.
Aqua Metals has been investing in its recycling campus at the Tahoe-Reno Industrial Center, with plans to process up to 7,000 tonnes of lithium-ion battery material annually.
Significant progress was made on the construction of the first phase of the commercial Li AquaRefinery, although additional financing is required to complete the build-out.
The company has secured a $3 million loan from Summit Investment Services, LLC, with a maturity date extended to April 27, 2025.
Management acknowledges the need for additional capital to fund ongoing operations and complete the recycling campus, expressing substantial doubt about the company's ability to continue as a going concern.
The filing also details various financial agreements, including a private placement of secured promissory notes and warrants issued in December 2024.
Aqua Metals continues to focus on developing its AquaRefining technology for lithium-ion battery recycling, with an emphasis on achieving high yields of recovered minerals with lower waste streams.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aqua Metals Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.