AQMS
Aqua Metals, Inc.
NasdaqCMUSDEQUITY
Industrials
DELAYED
Strong sell
-67/100
Last price
2.11
▲ 0.00 (0.24%)
MARKET · —
Price
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Tool
1D
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Range —
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Open
—
Prev close
2.10
Day high
2.12
Day low
2.10
Volume
18.74K
Market cap
$7.50M
P/E (TTM)
—
52W range
2.06 – 39.40
Trailing performance
Returnvs SPY
1W
-20.27%
-22.2%
1M
-29.83%
-31.0%
3M
-23.18%
-27.7%
6M
-44.31%
-62.5%
YTD
-56.15%
-70.4%
1Y
-69.89%
-86.3%
3Y
-99.07%
-181.3%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on AQMS open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
460.41K
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Aug 24, 26 | COTTON STEPHEN Chief Executive Officer |
STOCK | 104.82K | $0 | Direct |
| Aug 24, 26 | DIVITO VINCENT L Director |
STOCK | 15.64K | $0 | Direct |
| Aug 24, 26 | HENDERSON STEVEN K. Director |
STOCK | 10.43K | $0 | Direct |
| Aug 24, 26 | TAECKER BENJAMIN S. Chief Operating Officer |
STOCK | 30.96K | $0 | Direct |
| Aug 24, 26 | GANGLOFF ERIC Director |
STOCK | 10.43K | $0 | Direct |
| Aug 24, 26 | WEST ERIC Chief Financial Officer |
STOCK | 37.35K | $0 | Direct |
| Feb 13, 26 | COTTON STEPHEN Chief Executive Officer |
STOCK | 79.87K | $377.00K | Direct |
| Feb 13, 26 | TAECKER BENJAMIN S. Chief Operating Officer |
STOCK | 23.31K | $110.00K | Direct |
| Feb 13, 26 | WEST ERIC Chief Financial Officer |
STOCK | 28.39K | $134.00K | Direct |
| Dec 18, 25 | COTTON STEPHEN Chief Executive Officer |
STOCK | 14.75K | $0 | Direct |
| Sep 19, 25 | COTTON STEPHEN Chief Executive Officer |
STOCK | 11.25K | $0 | Direct |
| Aug 19, 25 | COTTON STEPHEN Chief Executive Officer |
STOCK | 46.82K | $184.96K | Direct |
| Aug 19, 25 | TAECKER BENJAMIN S. Officer |
STOCK | 14.24K | $56.24K | Direct |
| Aug 19, 25 | WEST ERIC Chief Financial Officer |
STOCK | 17.18K | $67.86K | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
COTTON STEPHEN |
Chief Executive Officer | 318.78K | Stock Award(Grant) |
DIVITO VINCENT L |
Director | 26.40K | Stock Award(Grant) |
GANGLOFF ERIC |
Director | 22.35K | Stock Award(Grant) |
HENDERSON STEVEN K. |
Director | 16.84K | Stock Award(Grant) |
MERRILL JUDD B. |
Chief Financial Officer | 244.12K | Stock Award(Grant) |
TAECKER BENJAMIN S. |
Chief Operating Officer | 87.27K | Stock Award(Grant) |
WEST ERIC |
Chief Financial Officer | 100.48K | Stock Award(Grant) |
ZHANG MOLLY PEIFANG |
Director | 86.08K | Stock Award(Grant) |
Fundamentals
Market cap$7.50M
Enterprise value$3.20M
Revenue (TTM)—
Gross profit$-1.97M
EBITDA$-15.15M
Net income$-15.99M
EPS (TTM)$-2.53
Free cash flow$-9.59M
Total cash$4.74M
Total debt$441.00K
Book value / share$2.69
Shares outstanding3.56M
Float3.32M
Short % of float5.26%
Dividend yield0.00%
Beta (5Y)0.32
Valuation & profitability ratios
Trailing P/E—
Forward P/E-1.32
PEG ratio0.72
Price / sales—
Price / book0.78
EV / revenue—
EV / EBITDA-0.21
Gross margin0.00%
Operating margin0.00%
Profit margin0.00%
Return on equity-218.39%
Return on assets-92.88%
Debt / equity4.63
Current ratio2.43
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $0 | $0 | $25.00K | $4.00K | — |
| Operating revenue | $0 | $0 | $25.00K | $4.00K | — |
| Cost of revenue | $2.41M | $7.21M | $6.28M | $3.96M | -66.6% |
| Gross profit | -$2.41M | -$7.21M | -$6.26M | -$3.96M | +66.6% |
| Research & development | $1.32M | $1.59M | $1.74M | $1.81M | -16.5% |
| Selling, general & admin | $10.48M | $11.97M | $11.64M | $9.81M | -12.4% |
| Total operating expense | $11.81M | $13.55M | $13.38M | $11.63M | -12.9% |
| Operating income | -$14.22M | -$20.77M | -$19.64M | -$15.58M | +31.5% |
| Net interest income | $246.00K | -$198.00K | $526.00K | $137.00K | +224.2% |
| Pre-tax income | -$22.64M | -$24.55M | -$23.94M | -$15.43M | +7.8% |
| Tax provision | $2.00K | $3.00K | $0 | $2.00K | -33.3% |
| Net income | -$22.65M | -$24.55M | -$23.94M | -$15.43M | +7.8% |
| Net income to common | -$22.65M | -$24.55M | -$23.94M | -$15.43M | +7.8% |
| Basic EPS | -15.15 | -38.30 | -51.00 | -40.00 | +60.4% |
| Diluted EPS | -15.15 | -38.30 | -51.00 | -40.00 | +60.4% |
| EBIT | -$21.98M | -$23.98M | -$23.32M | -$15.30M | +8.3% |
| EBITDA | -$20.84M | -$22.70M | -$22.05M | -$14.24M | +8.2% |
| Basic shares | 1.49M | 641.96K | 469.66K | 379.06K | +132.8% |
| Diluted shares | 1.49M | 641.96K | 469.66K | 379.06K | +132.8% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $10.81M | $4.08M | $16.52M | $7.08M | — | +165.0% |
| Cash & short-term investments | $10.81M | $4.08M | $16.52M | $7.08M | — | +165.0% |
| Accounts receivable | — | $0 | $67.00K | $12.00K | $269.00K | — |
| Inventory | $244.00K | $251.00K | $929.00K | $278.00K | — | -2.8% |
| Total current assets | $13.40M | $4.64M | $18.30M | $23.21M | — | +188.7% |
| Property, plant & equipment | $6.21M | $17.02M | $10.57M | $7.81M | — | -63.5% |
| Goodwill & intangibles | $76.00K | $146.00K | $281.00K | $461.00K | — | -47.9% |
| Total assets | $19.71M | $26.36M | $33.60M | $33.50M | — | -25.3% |
| Total current liabilities | $4.43M | $8.18M | $4.61M | $12.31M | — | -45.9% |
| Current debt | — | $3.54M | $35.00K | $5.90M | — | — |
| Long-term debt | — | — | $2.92M | — | — | — |
| Total debt | $592.00K | $4.27M | $3.23M | $6.48M | — | -86.1% |
| Total liabilities | $4.94M | $10.12M | $7.54M | $12.59M | — | -51.2% |
| Retained earnings | -$270.42M | -$247.77M | -$223.22M | -$199.28M | — | -9.1% |
| Shareholder equity | $14.77M | $16.24M | $26.06M | $20.92M | — | -9.1% |
| Working capital | $8.98M | -$3.54M | $13.69M | $10.90M | — | +353.7% |
| Net tangible assets | $14.69M | $16.10M | $25.78M | $20.45M | — | -8.7% |
| Shares issued | 3.00M | 776.02K | 541.54K | 397.41K | — | +287.2% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | -$22.65M | -$24.55M | -$23.94M | -$15.43M | +7.8% |
| Depreciation & amortisation | $1.13M | $1.27M | $1.27M | $1.06M | -11.1% |
| Stock-based compensation | $2.27M | $2.74M | $2.53M | $2.25M | -16.9% |
| Change in working capital | -$98.00K | $2.21M | -$583.00K | $1.01M | -104.4% |
| Operating cash flow | -$10.25M | -$13.63M | -$3.19M | -$10.15M | +24.8% |
| Capital expenditure | -$656.00K | -$12.16M | -$9.88M | -$4.77M | +94.6% |
| Investing cash flow | $2.90M | -$11.64M | -$9.81M | -$3.42M | +124.9% |
| Financing cash flow | $14.09M | $12.82M | $22.45M | $12.51M | +9.8% |
| Free cash flow | -$10.91M | -$25.79M | -$13.08M | -$14.92M | +57.7% |
| End cash position | $10.81M | $4.08M | $16.52M | $7.08M | +165.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Total revenue | $0 | $0 | $0 | $0 | $0 | — | — |
| Operating revenue | $0 | $0 | $0 | $0 | $0 | — | — |
| Cost of revenue | $564.00K | $501.00K | $331.00K | $576.00K | $776.00K | — | +12.6% |
| Gross profit | -$564.00K | -$501.00K | -$331.00K | -$576.00K | -$776.00K | — | -12.6% |
| Research & development | $248.00K | $282.00K | $365.00K | $328.00K | $295.00K | — | -12.1% |
| Selling, general & admin | $1.72M | $2.92M | $3.78M | $2.14M | $2.19M | — | -41.0% |
| Total operating expense | $4.03M | $3.64M | $4.14M | $2.46M | $2.49M | — | +10.7% |
| Operating income | -$4.59M | -$4.14M | -$4.47M | -$3.04M | -$3.27M | — | -11.0% |
| Net interest income | $45.00K | $141.00K | $100.00K | $16.00K | $252.00K | — | -68.1% |
| Pre-tax income | -$4.48M | -$3.95M | -$4.44M | -$3.12M | -$6.77M | — | -13.4% |
| Tax provision | $0 | $2.00K | $0 | $0 | $2.00K | — | -100.0% |
| Net income | -$4.48M | -$3.95M | -$4.44M | -$3.12M | -$6.77M | — | -13.3% |
| Net income to common | -$4.48M | -$3.95M | -$4.44M | -$3.12M | -$6.77M | — | -13.3% |
| Basic EPS | -1.31 | -1.22 | — | -2.19 | -7.44 | -10.27 | -7.4% |
| Diluted EPS | -1.31 | -1.22 | — | -2.19 | -7.44 | -10.27 | -7.4% |
| EBIT | -$4.47M | -$3.94M | -$4.43M | -$3.11M | -$6.52M | — | -13.4% |
| EBITDA | -$4.20M | -$3.67M | -$4.15M | -$2.83M | -$6.24M | — | -14.4% |
| Basic shares | 3.41M | 3.24M | — | 1.43M | 910.13K | 809.57K | +5.3% |
| Diluted shares | 3.41M | 3.24M | — | 1.43M | 910.13K | 809.57K | +5.3% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Cash & equivalents | $4.74M | $6.82M | $10.81M | $3.59M | $1.93M | — | -30.4% |
| Cash & short-term investments | $4.74M | $6.82M | $10.81M | $3.59M | $1.93M | — | -30.4% |
| Accounts receivable | — | — | — | — | — | $128.00K | — |
| Inventory | $242.00K | $244.00K | $244.00K | $244.00K | $245.00K | — | -0.8% |
| Total current assets | $6.88M | $11.10M | $13.40M | $3.97M | $2.37M | — | -38.0% |
| Property, plant & equipment | $5.68M | $5.94M | $6.21M | $6.27M | $5.41M | — | -4.4% |
| Goodwill & intangibles | $46.00K | $61.00K | $76.00K | $93.00K | $110.00K | — | -24.6% |
| Total assets | $12.62M | $17.12M | $19.71M | $10.50M | $9.24M | — | -26.3% |
| Total current liabilities | $2.83M | $3.62M | $4.43M | $3.46M | $3.63M | — | -21.8% |
| Current debt | — | — | — | — | — | $3.27M | — |
| Total debt | $441.00K | $518.00K | $592.00K | $520.00K | $593.00K | — | -14.9% |
| Total liabilities | $3.09M | $3.99M | $4.94M | $3.98M | $4.13M | — | -22.6% |
| Retained earnings | -$278.85M | -$274.37M | -$270.42M | -$265.98M | -$262.86M | — | -1.6% |
| Shareholder equity | $9.53M | $13.13M | $14.77M | $6.52M | $5.12M | — | -27.4% |
| Working capital | $4.05M | $7.48M | $8.98M | $508.00K | -$1.26M | — | -45.9% |
| Net tangible assets | $9.48M | $13.06M | $14.69M | $6.43M | $5.01M | — | -27.4% |
| Shares issued | 3.54M | 3.36M | 3.00M | 1.86M | 1.03M | — | +5.6% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Net income | -$4.48M | -$3.95M | -$4.44M | -$3.12M | -$6.77M | — | -13.3% |
| Depreciation & amortisation | $278.00K | $276.00K | $278.00K | $276.00K | $280.00K | — | +0.7% |
| Stock-based compensation | $325.00K | $450.00K | $776.00K | $452.00K | $346.00K | — | -27.8% |
| Change in working capital | -$744.00K | -$915.00K | $715.00K | -$53.00K | -$250.00K | — | +18.7% |
| Operating cash flow | -$2.63M | -$3.84M | -$2.60M | -$2.35M | -$2.55M | — | +31.6% |
| Capital expenditure | — | — | -$4.00K | — | -$177.00K | -$475.00K | — |
| Investing cash flow | $0 | -$2.00M | -$2.07M | $35.00K | $5.31M | — | +100.0% |
| Financing cash flow | $558.00K | $1.85M | $11.90M | $3.97M | -$2.42M | — | -69.8% |
| Free cash flow | -$2.63M | -$3.84M | -$2.61M | -$2.35M | -$2.72M | — | +31.6% |
| End cash position | $4.74M | $6.82M | $10.81M | $3.59M | $1.93M | — | -30.4% |
Options analytics
Put / call volume
—
—
Put / call open interest
—
Positioning, not flow
Max pain
—
—
ATM implied vol
—
Nearest strike to spot
Skew (10% OTM)
—
—
Call volume
0
Contracts, this expiry
Put volume
0
Contracts, this expiry
Heaviest call OI
—
—
Heaviest put OI
—
—
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Sep 2024 | -8.00 | -7.60 | +5.0% |
| Jun 2024 | -10.00 | -10.00 | 0.0% |
| Mar 2024 | -10.00 | -10.00 | 0.0% |
| Dec 2023 | -10.00 | -9.29 | +7.1% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | — | — | $0 | — |
| Next quarter | — | — | $0 | — |
| Current year | — | — | $0 | — |
| Next year | — | — | $0 | — |
Analyst targets & ownership
Mean target$5.00
High target$5.00
Low target$5.00
Implied upside137.53%
Analyst count1
ConsensusNONE
Strong buy / Buy1 / 0
Hold0
Sell / Strong sell0 / 0
Held by insiders12.92%
Held by institutions8.29%
Institutions holding37
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
2.42
-12.91% from price
SMA 20
2.38
-11.47% from price
SMA 50
2.61
-19.34% from price
SMA 100
2.94
-28.33% from price
SMA 200
3.88
-45.76% from price
EMA 12
2.36
-10.99% from price
EMA 26
2.47
-14.80% from price
EMA 50
2.62
-19.79% from price
RSI (14)
34.5
Neutral
MACD (12,26,9)
-0.11
Hist -0.03
ATR (14)
0.17
8.25% of price
Realised vol 30D
86.8%
Annualised
Bollinger upper
2.67
20, 2σ
Bollinger lower
2.08
20, 2σ
50 / 200 cross
Death
2.61 vs 3.88
Trend bias
Below 200
-45.76%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
1.81
More volatile than market
Correlation to SPY
0.10
Largely independent
Realised vol 30D
86.8%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-92.9%
Peak to trough
Max drawdown 5Y
-99.5%
Peak to trough
ATR 14
0.17
8.25% of price
Beta (reported)
0.32
5Y monthly, from filing
Short interest
Shares short
174.07K
Prior 201.31K
Change vs prior
-13.5%
Shorts covering
% of float
5.26%
Normal
% of shares out
4.88%
Against total outstanding
Days to cover
5.4
Crowded exit
Float
3.32M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Jul 31, 26 | Benchmark | MAINTAINED | Speculative Buy | Speculative Buy |
| Oct 23, 25 | Benchmark | MAINTAINED | Speculative Buy | Speculative Buy |
| Apr 2, 25 | Benchmark | MAINTAINED | Speculative Buy | Speculative Buy |
| Aug 6, 24 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| Aug 6, 24 | Benchmark | MAINTAINED | Speculative Buy | Speculative Buy |
| May 16, 24 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| May 16, 24 | Benchmark | MAINTAINED | Buy | Buy |
| Mar 28, 24 | Benchmark | MAINTAINED | Speculative Buy | Speculative Buy |
| Mar 28, 24 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| Mar 15, 24 | Benchmark | INITIATED | — | Speculative Buy |
| Aug 10, 23 | Oppenheimer | DOWNGRADE | Outperform | Perform |
| Aug 10, 23 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio—
Ex-dividend date—
Next pay date—
Last split1:10
Split dateAug 4, 2025
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-09-08
Offering Registrations
S-8 · 2026-08-21
Periodic Financial Reports
10-Q · 2026-07-30
Annual Report to Shareholders
ARS · 2026-07-08
Periodic Financial Reports
10-Q · 2026-05-14
Periodic Financial Reports
10-K/A · 2026-04-30
Corporate Changes & Voting Matters
8-K · 2026-03-31
Corporate Changes & Voting Matters
8-K · 2026-02-11
Headlines
Aqua Metals Signs Five-Year Copper and Aluminum Offtake LOI, Completing Commercial Coverage of Three Project Headwaters Product Streams
GlobeNewswire · 23d ago
Aqua Metals and WMC Sign LOI Covering 100% of Planned Lithium Carbonate Output from First Commercial-Scale AquaRefining™ Facility
GlobeNewswire · 37d ago
Aqua Metals Inc (AQMS) (Q2 2026) Earnings Call Highlights: Strategic Pivot to Phased ...
GuruFocus.com · 68d ago
Aqua Metals: Q2 Earnings Snapshot
Associated Press · 69d ago
Aqua Metals Reports Second Quarter 2026 Results and Advances Phased Commercialization Plan for Headwaters ARC
GlobeNewswire · 69d ago
Aqua Metals to Announce Second Quarter 2026 Financial Results and Host Investor Conference Call on July 30, 2026
GlobeNewswire · 76d ago
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