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AQMSAqua Metals, Inc.

Is Aqua Metals struggling financially?

Yes, by its own account. Aqua Metals told the SEC on 14 May 2026, in Form 10-Q, that there is substantial doubt about its ability to continue as a going concern.

Going concern disclosed May 2026

15/100

Critical

Cries for help

  • Inventory

    The Company records a write-down, if necessary, to reduce the carrying value of inventory to its net realizable value. The effect of these write-downs is to establish a new cost basis in the related inventory, which is not subsequently written up.

    Form 10-K, filed 31 Mar 2026. Read it on SEC.gov

Signs of a way out

Nothing in the filings we have read names a way out.

Sector
Energy/Materials
Market cap
$10.0M
Source filing
10-Q 14 May 2026
Balance sheet
30 Jun 2026

Cash runway

  • 4months

    If the burn speeds up

    Empty by Oct 2026

  • 7months

    If it eases off

    Empty by Jan 2027

Both rows are the same reported burn flexed 15% either way, and neither assumes the company raises a cent.

Out of cashTwo years or more

The runway math

Cash and short-term investments

$4.7M

÷

Cash burned over the last 12 months

$10.7M

What Aqua Metals told the SEC

…requirements. Further details of the agreement and accounting treatment are included in Note 11 – Stockholders’ equity. Management believes that there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued. Given the Company’s continuing losses and expected cash requirements, additional capital will be necessary to fund…

Aqua Metals, Inc., Form 10-Q, filed 14 May 2026.

Read the filing on SEC.gov

What this means

  • Not a bankruptcy filing, and not a prediction.
  • It is the company’s own statement, agreed with its auditor, that the doubt is material enough to disclose.
  • The runway is arithmetic on two reported numbers, not a forecast. Companies carry this language for years, raise money and keep going.

What else the numbers show

  • 286.3% share-count increase The company issued stock. Each share now owns 74.1% less of the business than a year ago, before any change in the price.
  • Cash burn is narrowing It is spending 65% less cash per year than it was, so the runway above is lengthening rather than shortening.

Other Energy/Materials companies that filed the doubt