Monitor cash runway closely — at $6.8M and ~$1.3M/quarter burn, Aqua Metals likely needs additional capital within 2 quarters. The Lion Energy deal termination removes a potential near-term revenue path, increasing reliance on partnership milestones or equity raises. Watch for site selection announcement or new strategic partnership as next catalyst.
Price Chart
Executive Summary
Aqua Metals reported Q1 2026 results with no revenue, a net loss of -$3.954M (improved from -$8.315M in Q1 2025), and cash burn from $10.8M to $6.8M. The company terminated its non-binding term sheet to acquire Lion Energy, removing a near-term revenue catalyst, while continuing to advance site selection and technical milestones for its AquaRefining commercialization.
Key Financial Metrics
Key Facts
- Net loss of -$3.954M for Q1 2026, improved from -$8.315M in Q1 2025
- Cash and cash equivalents declined to $6.8M from $10.8M at Dec 31, 2025
- Total operating expenses reduced to $4.14M from $8.68M YoY, driven by absence of $5.25M impairment in Q1 2025
- Terminated non-binding term sheet to acquire Lion Energy; no alternative deal announced
- No revenue reported; company remains pre-commercial
- Weighted average shares outstanding increased to 3.24M from 0.81M YoY due to reverse stock split and equity raises
- Cash runway at current burn rate (~$1.3M/month) supports approximately 5 months of operations
Financial Impact
Cash burn of ~$4.0M in Q1 2026; no revenue; $6.8M cash remaining provides ~5 months runway at current burn rate
Risk Factors
- Cash runway of ~5 months at current burn rate; likely need for additional capital
- Lion Energy acquisition terminated — no near-term revenue catalyst
- Pre-revenue with no guaranteed commercialization timeline
- Dilution risk from future equity raises given $17M market cap
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-017044 |
| Document: aqms20260107_8k.htm | 0001437749-26-017044 |
| Document: 0001437749-26-017044-index-headers.html | 0001437749-26-017044 |
| Document: 0001437749-26-017044-index.html | 0001437749-26-017044 |
| Document: 0001437749-26-017044.txt | 0001437749-26-017044 |
| 8-K Data (Synthetic) | 0001437749-26-017044 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 8, 2026 7w ago | 8-K | $2.41 | awaiting T+60 | — | $1.50 (−37.63%) |
Jul 30, 2026 12w ago | Press Release | $2.53 $1.47 | ▼ −41.90% | ▼ −44.35% | $1.50 (−40.71%) |
May 14, 2026 23w ago | 8-K | $4.12 $2.64 | ▲ +35.92% | ▲ +40.44% | $1.50 (+63.59%) |
Mar 31, 2026 30w ago | 8-K | $4.03 $2.97 | ▼ −26.30% | ▼ −39.68% | $1.50 (−62.78%) |
Mar 27, 2026 30w ago | Press Release | $3.75 $2.88 | ▼ −23.20% | ▼ −39.69% | $1.50 (−60.00%) |
US Market Status
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