Is Aqua Metals going out of business?

Aqua Metals, Inc. (AQMS) Fundamentals

A quick summary of the latest filed figures while the full analysis loads.

Aqua Metals, Inc. (AQMS) scores 12 out of 100 on fundamentals, Distressed / Caution, based on SEC filing data.

Leading signal: Shares dilution YoY: 286.32% (YoY) - Heavy dilution suggests continuous equity raises; survival depends on external capital.

Five questions, kept separate

Survival - Critical

4-7 mo of estimated runway from 2026-06-30, based on $4.7M of cash and short-term investments against $10.7M of annual burn. A disclosed filing event caps this reading; Event Risk carries the detail.

Business quality - Evidence incomplete

Only 35% of the Business Quality model is covered; the partial component result is not a company-level verdict.

Trajectory - Evidence incomplete

Comparable evidence covers 0% of this trajectory model. No comparable revenue evidence.

Valuation - Extreme expectations

-129.7% normalized FCF yield supports an extreme expectations Valuation assessment on the annual basis.

Event risk - Critical event risk

Going-Concern Warning is the decisive filing event; one adverse event family is active. It appears across 3 scanned filings. Favorable events are shown separately and do not offset adverse risk.

What the rules read

• Shares dilution YoY: 286.32% (YoY) - Heavy dilution suggests continuous equity raises; survival depends on external capital.
• Debt / Equity: -0.45x (Net Cash)
• ROE quality: -237.63%
• ROIC: -387.08%
• Filing event risk: Going-Concern Warning (-8 pts)
• Revenue CAGR (3Y): -100.00%
• Net Debt / FCF: 0.0y
• Return on Assets: -179.42%
• Price / Earnings: Unprofitable (see Valuation)
• Effective Tax Rate: 0.00% (loss-making)

Read from filings through 2026-08-21.

Price as of 2026-09-11.