Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $2.09M | $4.45M | $4.87M | $108K | $173K | $4.00K | $25.0K | $0.00 | — |
| Revenue growth | — | — | 113.1% | 9.6% | -97.8% | 60.2% | -97.7% | 525.0% | -100.0% | — |
| Operating income | -$13.0M | -$24.9M | -$37.0M | -$40.8M | -$15.4M | -$17.5M | -$15.6M | -$24.5M | -$23.8M | -$23.3M |
| Operating margin | — | -1190.5% | -832.3% | -837.0% | -14252.8% | -10095.4% | -389150.0% | -97856.0% | — | — |
| Net income | -$13.6M | -$26.6M | -$40.3M | -$44.8M | -$25.8M | -$18.2M | -$15.4M | -$23.9M | -$24.6M | -$22.6M |
| Net margin | — | -1273.0% | -904.8% | -919.1% | -23853.7% | -10516.2% | -385775.0% | -95752.0% | — | — |
| EPS (diluted) | -$0.89 | -$1.31 | -$1.18 | -$0.86 | -$0.42 | -$0.26 | — | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$11.1M | -$19.0M | -$26.3M | -$25.2M | -$11.0M | -$7.06M | -$10.1M | -$3.19M | -$13.6M | -$10.3M |
| Capital expenditures | $29.2M | $8.82M | $3.69M | $12.8M | $3.36M | $2.35M | $4.77M | $5.60M | $7.92M | $425K |
| Free cash flow | -$40.3M | -$27.8M | -$30.0M | -$38.0M | -$14.4M | -$9.41M | -$14.9M | -$8.79M | -$21.6M | -$10.7M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $25.5M | $22.8M | $20.9M | $7.58M | $6.53M | $8.14M | $7.08M | $16.5M | $4.08M | $10.8M |
| Total assets | $71.5M | $74.4M | $71.4M | $69.5M | $35.1M | $33.3M | $33.5M | $33.6M | $26.4M | $19.7M |
| Total liabilities | $14.5M | $15.5M | $21.3M | $19.9M | $4.00M | $5.74M | $12.6M | $7.54M | $10.1M | $4.94M |
| Long-term debt | $9.92M | — | $9.54M | $9.31M | $332K | — | — | — | — | — |
| Shareholders' equity | $57.0M | $59.0M | $50.1M | $49.6M | $31.1M | $27.5M | $20.9M | $26.1M | $16.2M | $14.8M |
| Retained earnings | -$28.3M | -$54.8M | -$95.1M | -$140M | -$166M | -$184M | -$199M | -$223M | -$248M | -$270M |
| Shares (wtd avg diluted) | 17.9M | 27.6M | 38.9M | 58.0M | 64.5M | 70.0M | 75.8M | 4.70M | 642K | 1.49M |
Every figure is extracted from Aqua Metals, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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