Aqua Metals Inc

Aqua Metals maintains a conservative capital structure with a debt-to-equity ratio of 0.12, indicating minimal leverage. The company's liquidity position is characterized by $7.83 million in cash and equivalents, which is sufficient to cover its $8.45 million in total liabilities, as reflected in a current ratio of 1.19. However, the company's negative operating cash flow of -$8.00 million and free cash flow of -$10.04 million suggest ongoing operational challenges.

Profitability metrics are underperforming relative to industry norms. Aqua Metals reported a net loss of $6.15 million and an operating loss of $6.16 million, resulting in a negative return on equity of -24.39% and a return on assets of -18.27%. These figures indicate that the company is not generating returns that meet the cost of capital, which is a concern for investors.

The company's revenue concentration is not disclosed in the available data, but as a specialty mining and metals firm, it is likely exposed to specific geographic and commodity price risks. The lack of segment-specific revenue data limits the ability to assess geographic diversification.

Aqua Metals is currently experiencing a negative growth trajectory, with no specific revenue growth or decline figures provided for the current or next fiscal year. The company's negative operating and net income, coupled with significant capital expenditures of -$9.96 million, suggest that it is investing heavily in operations without yet achieving profitability.

Risk factors include the company's negative cash flows and lack of profitability, which could lead to liquidity constraints if the current trend continues. The risk assessment indicates low dilution risk, but the company's negative free cash flow and operating cash flow could necessitate future financing, potentially leading to equity dilution. No immediate filing-based liquidity or dilution flags were detected, but the company's financial position remains fragile.

Recent events include the publication of the latest financial data, which shows continued losses and negative cash flows. No specific recent filings or transcripts were provided in the data, so the narrative is based on the most recent financial snapshot.

Analysts project 144.8% upside to a $7.00 target price, signaling strong confidence in Aqua Metals' future valuation potential.

The company maintains a low debt-to-equity ratio of 0.12, significantly below the 0.01 median for its specialty mining cohort.

Cash conversion metrics rank in the top quartile of the cohort, indicating superior efficiency relative to peer companies.

Dilution and liquidity risks are assessed as low, suggesting manageable capital structure pressures despite ongoing operational challenges.

Free cash flow improved by 37.4% year-over-year in the latest period, showing a positive trend in cash generation.

The company faces high credit risk, reflecting significant concerns regarding its ability to meet financial obligations and service debt.

A current ratio of 0.57 indicates severe liquidity constraints, as current liabilities exceed current assets by a wide margin.

Revenue collapsed to zero in fiscal 2025, highlighting a complete lack of commercial sales and ongoing operational viability issues.

Net losses widened to $24.6 million in fiscal 2025, exacerbating the company's persistent inability to achieve profitability.

Revenue $0.00; Operating income -$6.7M.

• ▍Revenue $0.00
• ▍Operating income -$6.7M

Revenue $0.00; Operating income -$5.2M.

• ▍Revenue $0.00
• ▍Operating income -$5.2M

Operating income -$6.2M.

• ▍Operating income -$6.2M

Revenue $0.00, −100,0% YoY; Operating income +2,5% YoY.

• ▍Revenue $0.00, −100,0% YoY
• ▍Operating income +2,5% YoY
• ▍Net income −2,6% YoY
• ▍Free cash flow −8,9% YoY

Revenue $25.0k, +525,0% YoY; Operating income −51,4% YoY.

• ▍Revenue $25.0k, +525,0% YoY
• ▍Operating income −51,4% YoY
• ▍Net income −55,1% YoY
• ▍Free cash flow −70,9% YoY
• ▍Net margin -95752.0%

Revenue $4.0k, −97,7% YoY; Operating income −25,4% YoY.

• ▍Revenue $4.0k, −97,7% YoY
• ▍Operating income −25,4% YoY
• ▍Net income +15,2% YoY
• ▍Free cash flow +0,5% YoY
• ▍Net margin -385775.0%

Revenue $173.0k; Operating income -$12.9M.

• ▍Revenue $173.0k
• ▍Operating income -$12.9M
• ▍Net margin -10516.2%