Aqua Metals (AQMS) Company Report

Aqua Metals, Inc. has entered into a term sheet to acquire Lion Energy, LLC, a U.S.-based provider of energy storage systems and software, aiming to integrate energy storage, software, recycling, and battery materials into a single platform.
Lion Energy achieved approximately $50 million in revenue in 2025.
The acquisition consideration is valued at up to $94.9 million (or $100,000,000 ), comprising an upfront payment of $35 million (consisting of $9.2 million in cash and $25.8 million in Aqua Metals common stock) and an earn-out of up to $65 million contingent on Lion Energy's post-closing performance.
The parties intend to execute a definitive acquisition agreement by March 31, 2026.

Feb 11, 2026, 10:25 PM

Aqua Metals Enters Term Sheet to Acquire Lion Energy

AQMS

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Aqua Metals (AQMS) has entered into a term sheet to acquire Lion Energy, LLC, a U.S.-based provider of commercial, residential, and distributed energy storage systems, consumer power solutions, and proprietary energy management software.
Lion Energy achieved approximately $50 million in revenue in 2025, which is expected to provide immediate scale and meaningful revenue to Aqua Metals.
The acquisition is an all-stock transaction where Lion Energy owners would initially receive approximately $25.8 million of Aqua Metals capital stock, with potential for up to $65 million of additional shares based on Lion Energy’s revenue and EBITDA over the 12 months following closing.
The transaction is anticipated to be completed in the second quarter of 2026 and includes Aqua Metals acquiring Lion Energy’s minority ownership interest in American Battery Factory.

Feb 11, 2026, 2:00 PM

Aqua Metals and 6K Energy Execute Multi-Year Supply Agreement

AQMS

New Projects/Investments

Revenue Acceleration/Inflection

Aqua Metals, Inc. has executed a multi-year Material Supply Agreement (MSA) with 6K Energy, a U.S.-based producer of advanced cathode active materials (CAM).
The agreement, with an initial three-year term, outlines a commercial framework for the future supply of battery-grade nickel metal and lithium carbonate produced using Aqua Metals’ proprietary AquaRefining™ process.
The MSA includes index-based pricing and contemplates material volumes that could represent tens of millions of dollars in annual battery-materials value, contingent on qualification, market conditions, and scale-up.
This collaboration aims to strengthen U.S. battery supply chains and reduce reliance on overseas refining, with materials expected to meet Foreign Entity of Concern (FEOC) compliance requirements.

Jan 21, 2026, 1:00 PM

Aqua Metals Reports Q3 2025 Financial Results, Secures New Funding, and Advances Commercialization Efforts

AQMS

Earnings

New Projects/Investments

Delisting/Listing Issues

Aqua Metals reported a net loss of $2.8 million, or negative $1.52 per share, for Q3 2025, an improvement from the prior year period.
The company ended Q3 2025 with $2.9 million in cash and cash equivalents and subsequently raised over $17 million in new funding, providing multiple quarters of operating runway.
Operationally, Aqua Metals successfully processed one metric ton of lithium iron phosphate (LFP) cathode scrap at pilot scale, producing battery-grade lithium carbonate, and regained compliance with NASDAQ listing requirements.
Strategic advancements include an LOI with Westwind Elements for potential annual supply of 500-1,000 metric tons of recycled nickel carbonate, and progress on site evaluation for its first commercial-scale AquaRefining facility, with updates anticipated as early as this quarter.

Nov 12, 2025, 9:30 PM

Aqua Metals Reports Q3 2025 Results, Secures Funding, and Advances Commercialization

AQMS

Earnings

New Projects/Investments

Delisting/Listing Issues

Aqua Metals, Inc. reported its third quarter 2025 financial results, including a net loss of $(3,121) thousand and a basic and diluted net loss per share of $(2.19).
The company secured $17.1 million in new funding, comprising $4.1 million raised during Q3 2025 and an additional $13 million from an institutional investor in October, providing significant runway for advancing its first commercial-scale facility.
Aqua Metals made significant progress towards commercialization, successfully processing 1 metric ton of LFP cathode scrap at pilot-scale and signing strategic partnership agreements, including an LOI for the potential annual supply of 500–1,000 metric tons of recycled nickel carbonate.
The company regained compliance with the NASDAQ minimum-bid requirement, maintaining its listing and investor confidence.

Nov 12, 2025, 9:15 PM

Aqua Metals Reports Q3 2025 Results and Strategic Progress

AQMS

Earnings

New Projects/Investments

Delisting/Listing Issues

Aqua Metals reported a net loss of $(3,121) thousand and a basic and diluted net loss per share of $(2.19) for the third quarter ended September 30, 2025.
The company significantly bolstered its balance sheet by raising $4.1 million during Q3 2025 and an additional $13 million in October 2025 from an institutional investor, providing several quarters of operational runway.
Aqua Metals advanced its technology by successfully processing 1 metric ton of LFP cathode scrap to produce battery-grade lithium carbonate.
The company pursued strategic partnerships, including an LOI with Westwin Elements for the potential annual supply of 500–1,000 metric tons of recycled nickel carbonate, valued at approximately $12 million in annual contract value, and regained compliance with the NASDAQ minimum-bid requirement.

Nov 12, 2025, 9:05 PM

Aqua Metals Raises $13 Million Through Offering

AQMS

Equity Offering

New Projects/Investments

Aqua Metals, Inc. has raised $13 million in gross proceeds from a leading institutional investor through a registered direct offering and a concurrent private placement.
The offering included the sale of 1,133,794 shares of common stock and/or prefunded warrants at a purchase price of $11.34 per share/prefunded warrant, and unregistered warrants to purchase up to 1,133,794 shares of common stock at an exercise price of $11.34 per share.
The company intends to use the net proceeds from the offering for working capital and general corporate purposes.
The offering is expected to close on October 16, 2025.