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Aqua Metals Inc(AQMS)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for AQMS
11/10/2026: AQMS (1-star) is currently NOT-A-BUY. Pass it for now.
Aqua Metals Inc is a speculative environmental technology company focused on recycling lithium-ion batteries using a proprietary, cleaner electrochemical process. The company's main strength is its innovative AquaRefining technology, which offers a potentially sustainable way to recover critical metals like lithium and nickel. The primary growth story revolves around successfully scaling these facilities to meet the surging demand from the electric vehicle sector. However, the company faces high risks, including the challenge of commercializing new technology, intense competition from large incumbents, and the need for ongoing capital. This stock may suit investors who are comfortable with high volatility and long-term, technology-driven growth narratives.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Mixed fit | The company offers potential for high growth in the recycling space but carries significant execution and commercialization risks. |
| Momentum investor | Strong fit while signal remains positive | The stock often experiences sharp moves based on technological breakthroughs or strategic updates, favoring those watching for positive momentum. |
| Value investor | Weak fit | The lack of consistent earnings and high speculative nature makes this a poor fit for traditional value strategies. |
| Dividend investor | Weak fit | The company is in an early growth phase and does not provide income through dividends. |
| Low-risk investor | Weak fit | High volatility and the developmental stage of the business are unsuitable for risk-averse investors. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | High | The stock's speculative nature leads to frequent and significant price swings. |
| Valuation risk | High | Current valuations are heavily dependent on future success rather than current financial performance. |
| Competition risk (incumbent smelters) | Medium / high | Established players have massive capital resources that create significant barriers to entry. |
| Business quality | Medium | While the technology is innovative, the company is still in the process of proving its business model quality. |
| Dividend income | Low / none | The company does not pay dividends and is unlikely to do so in the near term. |
| Execution risk | High | Scaling technology to industrial levels presents substantial operational challenges. |
Price Behavior
Steep Decline
The stock price has dropped sharply with strong downward pressure.
Extreme Price Shocks
The stock has experienced exceptionally large and disruptive price movements during the period.
Analysis of Past Performance
Type Stock | Historic Profit -28.71% | Avg. Invested days 7 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 11/10/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 5.35M USD | Price to earnings Ratio - | 1Y Target Price 5 |
Price to earnings Ratio - | 1Y Target Price 5 | ||
Volume (30-day avg) 42.3K shares | Beta 0.43 | 52 Weeks Range 1.02 - 8.39 | Updated Date 11/10/2026 |
52 Weeks Range 1.02 - 8.39 | Updated Date 11/10/2026 | ||
Dividends yield (FY) - | Basic EPS (TTM) -2.53 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Battery Recycling | Sale of recovered metal concentrates and potential future licensing of the AquaRefining platform. | The company intends to make money by turning old batteries into valuable raw materials and potentially selling its recycling technology to others. |
Valuation
Trailing PE - | Forward PE 67.57 | Enterprise Value 169.23K | Price to Sales(TTM) 865.53 |
Enterprise Value 169.23K | Price to Sales(TTM) 865.53 | ||
Enterprise Value to Revenue 899.77 | Enterprise Value to EBITDA -2.21 | Shares Outstanding 3.56M | Shares Floating 3.31M |
Shares Outstanding 3.56M | Shares Floating 3.31M | ||
Percent Insiders 14.45 | Percent Institutions 8.71 |
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
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